Abid CPA, P.C.

Certified public accountant in Garden City, NY (show on map)

5.0

★★★★★

1 reviews

Full-service accounting firm offering tax preparation, planning, and advisory services for businesses, sole proprietors, and individuals.

Call (516) 590-0064

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About

Abid CPA, P.C. is a full-service accounting firm that differentiates itself with a hands-on approach, working closely with businesses, sole proprietors, and individuals to fulfill their specific service requirements. The firm guides clients on budgeting and advanced tax liability planning to reduce tax liabilities.

Moeed Abid and Ouneeb Abid, both CPAs with extensive experience in taxation and accounting, lead the practice, offering expertise in tax issues, small business tax planning, and non-profit auditing.

hands-on approach

budget guidance

advanced tax liability planning

Services

Tax Preparation & Planning

Quality, up-to-date tax return preparation and planning for personal and business clients, ensuring compliance with tax laws and accuracy of tax data.

Ongoing partnership with clients Accurate tax return preparation Mitigation of tax issues Compliance with tax laws

Real Estate Audit

Specialized audit services for co-ops and condos, ensuring accurate financial statements and compliance with banking covenants.

Expertise in co-op and condo financial problems Assurance for stakeholders Compliance facilitation Fraud and error detection

Accounting Service

Comprehensive bookkeeping and financial management for small businesses, allowing owners to focus on core operations.

Monthly or quarterly bookkeeping Income statement generation Balance sheet generation General ledger cleanup Unlimited consultations

Financial Disclosure

Professional presentation of financial statements, ensuring accuracy and attractiveness for business credibility.

Accurate financial statement content Attractive presentation design Internal control procedures Error avoidance

Tax Resolution Services

Expert assistance with IRS notices, audits, payment plans, offers in compromise, and the Fresh Start Program.

Representation in tax audits Negotiation of payment plans Assistance with offers in compromise Guidance on the Fresh Start Program

Computer System Consulting

Guidance on selecting and implementing the latest accounting software and technology solutions to maintain a competitive edge.

Stay updated on accounting technology Assessment of current computer capabilities Recommendations for optimal technology solutions

Credentials & Certifications

CPA (Certified Public Accountant)

Reviews

Rating

★★★★★

Reviews

Frequently Asked Questions

What is a Net Operating Loss (NOL) and how does the new rule affect corporations? +

A Net Operating Loss (NOL) occurs when a company's deductions exceed its taxable income. The new tax law changes the treatment of NOLs for corporations, affecting carryforward rules and potentially increasing tax liabilities.

How are meal expenses deductible under the Tax Cuts and Jobs Act? +

Meal expenses are deductible up to 50% of the cost when provided to current or potential business customers, employees, or similar contacts, provided receipts are kept for substantiation.

What changes does the Tax Cuts and Jobs Act bring for C-Corporations? +

The Act reduces the C-Corporation tax rate to a flat 21%, repeals the corporate AMT, doubles the Section 179 deduction to $1 million, and expands bonus depreciation to 100% for assets acquired after September 27, 2017, and before January 1, 2023.

What is the impact of the Tax Cuts and Jobs Act on charitable contribution deductions for individuals? +

Individuals can still itemize charitable contributions, but many other itemized deductions are eliminated, potentially reducing the tax benefit of charitable giving unless the standard deduction is insufficient.

How does the Tax Cuts and Jobs Act affect alimony deductions? +

Beginning in 2019, alimony payments are no longer deductible by the payer or included in the income of the payee, effective for modifications after 2018, unless the modification expressly provides otherwise.

What are the new rules for meal deductions under the Tax Cuts and Jobs Act? +

Meal expenses are deductible up to 50% when provided to business clients or contacts, with receipts required for substantiation, and must be separate from entertainment expenses.