We believe that one of the best defenses against penalties, fines and sanctions from the IRS, Department of Revenue and other government regulators is a clean fiscal house. We also believe that certain legal, compliance and accounting functions should be consolidated under one roof, to the extent practicable, for the purposes of streamlining services and saving costs for clients.
However, Old Colony Law doesn’t operate akin to a typical accounting firm or law firm. Instead, Old Colony Law’s legal accounting and regulatory accounting services focus on Asset Protection and are overseen by our dual-licensed attorney-CPA, Ben Palkowski.
“At the core of most legal issues are disputes about money. As an asset protection lawyer, I lean on my experience as a CPA and as a tax lobbyist to help detect and prevent financial issues before they percolate into legal problems.”Ben Palkowski, Attorney-CPA and co-founder of Old Colony Law
Old Colony Law is not a Massachusetts “CPA firm” and does not perform attestation services such as financial statement audits. Most of our accounting-related services are described below.
Legal and Regulatory Accounting
Campaign Finance & Political Accounting
We help business owners, nonprofits, political entrepreneurs and regular citizens establish political entities and participate in the political process while maintaining compliance with campaign finance laws.
Trust & Estate Administration
As part of our Trust & Estate Administration services, we help surviving spouses and families of decedents perform their Trust and Estate accounting duties and prepare fiduciary tax returns.
Estate Tax Minimization
With an exemption of nearly $13 million, most people don’t have to worry about the federal estate tax. The Massachusetts estate tax, however, with a threshold of only $2 million, is a consideration for many people.
Business & Nonprofit Accounting
We advise companies owners on routine and complex accounting matters to help ensure that business owners and nonprofit directors are not subjected to personal liability due to accounting errors and financial issues.