We specialize in Medical Offices, Attorney Firms, Agricultural and many other types of businesses. We also provide services to law enforcement and firefighters.
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We welcome you to Crane & Ostrowski, An Accountancy Corporation formally known as Howard J. Crane, An Accountancy Corporation.
We have recently changed our name. Management has not changed nor has the dedication and customer service that our clients are accustomed to.
We are here to provide you with sound, winning strategies for your financial health. Our caring, competent, personalized service builds long-term relationships based on mutual respect and integrity.
Either email us, or give us a call 209-478-9616 and we will get started serving you today!
If I wasn’t singing, I’d be an an accountant. – Janet Jackson
Type of Tax Concern: Income Tax
In 2013 we were contacted by a widow of 7 years who had cancellation of debt due to a short-sale on a rental property. The taxpayer had taken her documents to her E.A of many, many years and was presented with a tax bill of over $74,000. Fortunately, she decided to get a second opinion.
We reviewed her last three year’s tax returns and found several substantial errors and omissions on her returns along with an error in the reporting of the cancellation of debt.
We amended her last three years’ tax returns for refunds of more than $10,000. We also prepared her current year return correctly not only saving her the $74,000 but getting her a refund too.
Cancellation of debt income is a tricky subject. There are so many faucets to it that it there is not one cookie cutter outcome. Each person’s situation is unique. One cannot assume that all taxes on cancellation of debt income will be forgiven. That is simply not true. Since we are abreast on all of the tax laws in connection with cancellation of debt due to foreclosure, short-sale, or lines of credit we are able to provide a real service for our clients.
Helping this client secure her retirement by not having a costly tax bill is the reason we do what we do.