Our Services
Welcome to Watter CPA, your trusted partner in accounting and advisory services. Located in Rockville, Maryland, we take pride in offering personalized service to our clients nationwide including a substantial number of New York and expat clients. We are dedicated to providing a comprehensive range of accounting, tax, and consulting services designed to meet the needs of individuals, small businesses, families, and non-profit organizations.
Our Services
Advisory Services for Businesses
Strategic tax, accounting, and business advisory from licensed CPAs at Watter CPA. Year-round guidance for owners, families, and growing companies.
Learn moreCPA Services
Tax preparation, planning, and advisory for individuals, retirees, and business owners. CPA-reviewed returns from Watter CPA. Free 30-min initial session.
Learn moreTax Services for Businesses & Individuals
Professional tax services for individuals, retirees, and business owners in Maryland and Washington. CPA-reviewed returns. Free 30-min initial session.
Learn moreFinancial Statement Audits
Independent financial statement audits for private companies, nonprofits, and lender-required filings. Watter CPA delivers GAAP-compliant assurance work.
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Tax Services
At Watter CPA, we understand that tax preparation and planning can be overwhelming. Our goal is to simplify the process and ensure that you maximize your tax benefits while staying compliant with all regulations. Our tax services include:
View tax servicesIndividual Tax Preparation
At Watter CPA, our individual tax preparation services are designed to simplify your tax season and ensure you maximize your tax benefits. We offer specialized assistance in equity planning, helping you manage and strategize your equity compensation to minimize tax liabilities. Our capital gains planning service provides expert guidance on managing your investments to achieve optimal tax outcomes. Additionally, we offer inheritance planning, assisting you in handling inheritances in a way that maximizes benefits and minimizes tax implications. Trust us to navigate the complexities of your personal finances and deliver precise, compliant tax preparation.
Business Tax Preparation
We support businesses with comprehensive tax preparation services tailored to meet their unique needs. Our business tax consulting service offers expert advice to optimize your tax position. We provide business structure planning, guiding you on the most tax-efficient structures such as S-Corps, MMLLCs, and SMLLCs. Our tax minimization planning helps you implement strategies to reduce your business tax liabilities. Whether you're a sole proprietor, partnership, LLC, or corporation, our team ensures you navigate the complexities of business taxes with ease and compliance.
State Tax Compliance
Navigating the varied and complex state tax laws can be challenging. At Watter CPA, we help you stay compliant with state tax regulations across all jurisdictions. Our state tax compliance service includes preparing and filing state returns, managing state-specific tax issues and ensuring you meet all regulatory requirements. We are dedicated to helping you understand and navigate state tax laws to avoid penalties and optimize your tax position.
Non-Profit Tax Services
Non-profit organizations face unique tax challenges and requirements. At Watter CPA, we offer specialized tax services to help non-profits navigate these complexities. Our services include preparing and filing annual tax returns, ensuring compliance with federal and state regulations, and advising on tax-exempt status maintenance. We help you understand and manage the intricacies of non-profit tax laws, allowing you to focus on achieving your mission while remaining compliant.
CPA Services
Our CPA services are designed to support your financial well-being and business success. We offer a range of services to keep your financial operations running smoothly and efficiently.
View cpa servicesAudit Services
Our audit services provide thorough and objective assessments of your financial statements, ensuring compliance with regulatory requirements. We offer valuable insights into your business operations and financial health, helping you identify areas for improvement and ensuring transparency and accuracy in your financial reporting.
Bookkeeping
Accurate bookkeeping is the foundation of a successful business. Watter CPA offers comprehensive bookkeeping services to help you maintain precise financial records. Our services include tracking income and expenses, ensuring compliance with accounting standards, and preparing for tax season, allowing you to focus on running your business.
Non-Profit Bookkeeping Services
Non-profit organizations have unique accounting needs, and our specialized bookkeeping services are designed to meet those needs. We help you maintain accurate and transparent financial records, ensuring compliance with regulatory requirements and providing the financial clarity needed to achieve your mission.
Payroll Services
Managing payroll can be complex and time-consuming. Our reliable payroll services handle all aspects of payroll processing, from wage calculations and tax withholdings to reporting. We ensure your employees are paid accurately and on time, allowing you to focus on other aspects of your business.
Financial Reporting
Understanding your financial position is crucial for making informed business decisions. Our financial reporting services provide detailed and accurate financial statements, including balance sheets, income statements, and cash flow statements. We help you analyze these reports to gain insights into your business performance and plan for future growth.
Advisory Services
Our consulting services are tailored to help you achieve your business and financial goals. We provide expert advice and strategic planning to drive growth and success.
View advisory servicesTax Advisory Services
Our tax advisory services are designed to help you navigate the complexities of tax planning and compliance. We offer strategic tax planning and strategy services, helping you develop and implement plans to optimize your tax position. Additionally, our tax compliance services ensure you meet all regulatory requirements, minimizing the risk of audits and penalties.
At Watter CPA, we pride ourselves on our commitment to providing personalized, community-focused service. We understand the unique needs of our clients and are dedicated to building long-lasting relationships based on trust and mutual respect. Our team is always available to answer your questions, provide guidance, and ensure you feel confident and supported in your financial decisions.
Why Choose Us?
Local Expertise
We have deep roots in the Maryland and DC area and understand the specific needs of our community.
Personalized Service
We take the time to get to know you and your business, offering tailored solutions that meet your unique needs.
Comprehensive Support
From tax preparation to financial planning, we provide a full range of services to support your financial success.
Trusted Advisors
Our experienced team is dedicated to providing you with expert advice and reliable support.
Additional Services
- HOA/Buildings/Co-Ops/Condos Audit
- Non-Profit/NGO Audit
- PCAOB/SEC Audit
- SEC Regulation A/A+ Audit
- Rule 144A Audit
- Streamlined Domestic Offshore Compliance
- Amending Tax Returns
- International Taxation Services
- Real Estate Accounting
- Estate and Trust Tax
- Corporate and Partnership Taxation
- Forensic Accounting
- H1 and L1 Visa Holders
- FBAR
- FBAR and Form 8938
- QDRO
- Bonus Depreciation and Section 179
- Airbnb Tax Considerations
- Expat Tax Solutions
- Notification from IRS or State Tax Authority
- Forms 3520 and 3520-A
- World Bank Employee Tax
- NASDAQ Audit
- Multi-State Tax Filing
- Offshore Account Compliance
What our clients say
I needed an IRS Form 1041 to be completed for my mother's estate, but I was only one week from the fiscal year deadline of August 15, due to family demands. Having found this responsive company, after being put off by many firms who told me a consultation would be days away, I was pleased at the prompt and clear email communication. I then received a prompt follow-up call from Salvatore Sotelo, who spent time answering my questions, with courtesy and patience. I was so relieved to be sent verification of IRS having accepted the forms. In this company, I found professionalism, personal courtesy, efficiency and good natured individuals along the way. I cannot recommend Watter CPA high enough!
My wife and I used to do our Federal and State Tax Returns by ourselves, but when they started to get too complicated we thought there had to be a better solution. About seven years ago, we found the firm of Kenneth J. Watter, CPA. Since then, we no longer had to struggle our way through the confusing tax codes. We provided Ken and Alice with the information and they prepared our tax returns and submitted them with no errors and on time. Every member of the office is willing to answer our questions. Ken, Alice and the office staff are the best and we highly recommend them to our family and friends.
I have been a client of Kenneth J. Watter, CPA, PA for fifteen years. With the complicated nature of my returns, I can give them my information and they are able to explain my tax information in a way that I understand. The firm is courteous and professional no matter which accountant handles my return in any given year. Although this firm is an hour away from where I live, I highly recommend them for any taxpayer in the Maryland area.
Thank you for considering Watter CPA as your trusted partner in accounting and advisory services. We look forward to serving you and helping you achieve your financial goals with confidence and clarity. Contact us today to learn more about how we can assist you.
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Frequently Asked Questions
At Watter CPA, we believe that understanding your needs is the first step toward providing exceptional service. Determining the specific service required involves a thorough review of your financial situation, which is only possible with proper documentation and accurate data. This approach helps us deliver tailored solutions that best meet your needs and compliance requirements.
Below, you will find answers to some of the most frequently asked general questions. If you have more specific inquiries or require additional information, please feel free to Contact Us.
Contact Us01What types of tax planning services do you offer?
We offer a wide range of tax planning services, including individual and business tax planning, estate and trust planning and retirement planning. Our goal is to help you minimize your tax liability and ensure compliance with all relevant tax laws.
02How often should I meet with my CPA?
The frequency of meetings with your CPA depends on your specific needs and circumstances. For some clients, quarterly or annual meetings may be sufficient, while others may benefit from more frequent consultations, especially during major financial or business changes.
03Can you help with IRS issues or tax problems?
Yes, we provide comprehensive support for resolving IRS issues and tax problems. Our services include audit representation, negotiating payment plans, handling tax liens and levies and assisting with offers in compromise. We aim to help you navigate and resolve your tax issues efficiently.
04What is the process for starting a new business with your help?
Starting a new business with our help involves several key steps: 1. Initial consultation to understand your business idea and goals. 2. Assistance with business entity selection (e.g., LLC, corporation). 3. Guidance on registration and compliance with local, state and federal regulations. 4. Setting up accounting systems and procedures. 5. Ongoing support with bookkeeping, tax planning and financial reporting.
05Do you offer virtual consultations?
Yes, we offer virtual consultations to accommodate clients who prefer remote meetings. This allows us to provide our services regardless of your location, making it convenient and flexible for you to receive the support you need.
06How do you ensure the confidentiality and security of my financial information?
We take the confidentiality and security of your financial information very seriously. Our firm employs robust security measures, including secure data storage, encrypted communications and strict access controls. We are committed to maintaining your privacy and protecting your sensitive information.
07What should I do if I receive a tax notice from the IRS?
If you receive a tax notice from the IRS, it is important to contact us immediately. We will review the notice, explain its implications, and help you respond appropriately. Our team will work with you to resolve any issues and ensure compliance with IRS requirements.
08How do I get started with Watter CPA?
Getting started with Watter CPA is easy. Simply contact us to schedule an initial consultation. During this meeting, we will discuss your needs, explain our services and determine how we can best support you. From there, we will develop a customized plan to address your financial and accounting requirements.
09Do you electronically file my tax return or do I have to mail it in myself?
Yes, we e-file most tax returns. If a paper filing is required, we prepare it for certified mailing and ensure its delivery to the appropriate taxing authority.
10Do you prepare out-of-state tax returns?
Yes, we routinely prepare tax returns for all U.S. states and territories as well as necessary city or locality returns.
11Can you help with Cryptocurrency, Blockchain, or NFTs?
Yes, our tax professionals can evaluate your holdings and determine the most efficient and cost-effective way to report your assets.
12Can you file an extension for my tax return?
Yes, we file extensions for our clients. Note that filing an extension grants additional time for filing the tax return but does not extend the due date for any taxes owed.
13What documents do I need to bring to do my taxes?
Common documents needed include: - W-2 (wages) - 1099-NEC (independent contractor income) - 1099-MISC (rents) - 1099-INT (interest) - 1099-R (retirement) - 1099-SSA (social security) - 1099-DIV (dividends) - K-1 (from partnership, S-corp, or trust) - 1095-A, 1095-B, 1095-C (health insurance) - Property Taxes - Closing Disclosure (real estate transactions) - Income and Expenses records for Schedule C business or Schedule E rental property - Cryptocurrency transactions
14Should I file my tax return as Married Filing Joint or Married Filing Separate?
This depends on your personal situation. We calculate the tax outcomes for both options to determine the most advantageous filing status for you.
15My child is in college. Can I still claim them on my tax return?
In certain situations, yes. Contact us so we can learn more about your situation and advise you on the best filing option.
16I received an inheritance. Do I have to report that on my tax return?
This depends on the type and method by which you received the inheritance. Contact us to learn more about inheritance reporting and filing requirements.
17My elderly parents are not sure if they have filed taxes for the past few years. Can you help me find out?
Yes, we can prepare state and federal Power of Attorney forms to access transcripts and determine which returns have been filed.
18My ex-spouse claimed our child erroneously on their tax return. What can I do?
We can help you remedy the situation to properly claim your child/children on your return when we prepare and file your return.For more detailed information or specific queries, feel free to Contact Us. Our team is here to provide the clarity and support you need to navigate your financial and tax-related questions effectively.