Parent & Parent LLP began with a father and son, David and Anthony. The two went to law school — at the same time. And the two graduated at the same moment on May 12, 2002. David and Anthony then started to work on a their partnership, growing it to the international presence that is today.
At first, the firm focused on helping taxpayers who were facing the most difficult tax emergen-cies — those facing intense collections actions by the IRS. But as the firm helped get their cli-ents out of trouble, the opportunity to prevent trouble presented itself. The firm then moved to also offer tax advisory and business planning services for their current and new clients.
However, an important piece was still missing. In so many cases a positive resolution comes down to what is on a tax return. And if you think about it, a tax return is essentially a legal claim that you are making with the government year-after-year. For a lot of taxpayers with simple af-fairs, they don’t need an attorney. But for those where there is a lot on the line, it seems to be more logical that this legal claim known as a Form 1040, 1065, 1120-S, et al, be reviewed by tax lawyers.
The problem we experienced with our growth plan is that finding outside tax preparers that could understand the complexities of our clients proved to be a huge limiter. Even the ac-countants who were competent would nearly stop work between the two main tax seasons of March - April and September - October. This can be a large problem when the IRS Agents and Officers set deadlines that are rather indifferent to the availability of tax accounting services.
Our growth was frustrated — but that all changed. We invested millions of dollars in develop-ing not just our own in-house tax preparation department staffed with accountants and CPAs and supervised by attorneys, but we also developed unrivaled practice management software that offers the greatest amount of security allowed by law and allows us to work with the ut-most efficiency. For many of our clients who have left the big accounting firms they tell us they’ve experienced not just a higher level of service but also lower costs.
Additionally, because we are always in control, our legal work is never slowed down or ham-pered by tax preparation work. In fact, at Parent & Parent LLP, the two functions are so closely related it is difficult to imagine having to work with an alternative model.Who We Serve
We offer tax and advisory services for Small/Medium-Sized business with or without interna-tional components. We help existing teams add firepower, and we will take over for growing companies that have outstripped the abilities of their current compliance team.
We are the international leader in offshore disclosure work with the IRS. We have submitted more disclosures and conducted more FBAR audits and opt-out interviews than any other firm.
We are comfortable taking risks when we believe the odds are in our favor and our client is completely informed. Putting down numbers on a page is easy; creating an overall strategy that guides the numbers that should go on a page is a little but more advanced.What We Offer
Parent & Parent LLP on your side. We want to see your business succeed. We want to be a part of that success. Our job to be on the alert for things you don’t have the time or ability to be on the lookout for. And with the 2017 Tax Act and Jobs Act (TCJA) and another round of tax laws in committee, there are abundance of new traps and opportunities.
While we’ve been in business for nearly 20 years we still consider ourselves to be a young firm. Complacency is not allowed.Our Values
If you run a business, it is hard not to feel like the IRS is your enemy. And in a way, the IRS is completely adversarial. Think about it: year-after-year you are compelled to hire, at a great cost, tax professionals to work through convoluted forms to establish a number you have to pay to the US Treasury. Failure to do so can have consequences that could greatly limit your freedom. Essentially, you must ransom your own freedom year after year. Or else.
So the temptation to avoid this rather invasive tax regime is intense. We get that. Unfortunate-ly, the US government is also rather interested in what these schemes are and work hard to bring down promoters who break the rules. And the bad news? These promoters often offer the most compelling testimony against their former clients, who may not have known they were doing something wrong.
Yet this is not the worst of it.
We understand that business owners are tempted to get involved in risky schemes to avoid taxes. Yet this is a tragedy, as there are completely legitimate ways to obtain the same objec-tive. There are techniques are that allowed — techniques that won’t risk your freedom and that will keep that long arm of the IRS from feeling oh-so invasive year-after-year. And some tech-niques also offer incredible asset protection.
Our job is to apply our knowledge for the benefit of our clients ethically but assertively and creatively.