The public puts their trust in your organization. You must continuously prove to be worthy.

At Phillips & Associates, LLC, we know that understanding your industry is just the beginning.

We take real interest in you and your organization. Helping you achieve your goals puts us one-step closer to ours.

Services

We strive to make your financial statements meaningful and informative, because we know that vital business decisions are made on the basis of these statements. Not all users of financial statements need the same degree of assurance. We therefore offer a number of distinct services: audits, reviews, compilations, and specialized examinations.

An audit report provides the highest degree of assurance regarding an organization’s financial statements. Third parties, such as bankers, other credit grantors, donors, and granting organizations often require an audit. During an audit, our skilled audit team performs tests on and examines an organization’s financial statements and underlying financial transactions in accordance with U.S. generally accepted auditing standards. Our team then expresses an opinion as to whether the statements are fairly presented in conformity with U.S. generally accepted accounting principles.

A review report provides the reader with a limited degree of assurance on an organization’s financial statements. To perform a review, our team is required to have a working knowledge of your industry and the key aspects of your organization. We make inquiries relating to the financial statements and then apply analytical procedures designed to identify unusual items or trends that may need explanation.

A compilation report carries no degree of assurance, yet it is adequate for certain purposes, such as internal management reports or interim reports to your bank. We familiarize ourselves with the accounting practices common to your industry and acquire a general understanding of your organization’s transactions and how they are recorded. We then prepare the financial statements and put them in proper form, without applying audit-type procedures.

Whether your tax needs are simple or complex, compliance or consulting, personal, business, or not-for-profit, our Firm can help. We are knowledgeable about and experienced with Federal and State tax laws and the interpretations of those laws.

Our tax specialists assist many organizations in meeting their tax filing requirements each year. We also service other entities, including estates, trusts, partnerships, and employee benefit plans. Returns are computerized and prepared in-house, and our internal system of processing assures timeliness and efficiency.

Whether it is planning for your personal or organizational financial goals, taxes play a significant role. Our tax planning services include:

  • Improving current tax positions
  • Building and preserving assets
  • Minimizing estate and inheritance taxes
  • Interpreting changing and complex tax rules and regulations
  • Handling liquidations and reorganizations

Industries

Not-For-Profit Organizations

Just as the communities you serve require diverse services from you, the not-for-profit sector has a special set of needs for accounting and tax reporting. Our staff understands these needs and has the knowledge and experience to help you focus on fulfilling your mission. We work with many cemeteries, membership organizations, community welfare associations, and foundations.

IRS Nonprofit Tax Information

Maryland Association of Nonprofit Organizations

Center for Non-Profit Advancement

Closely Held Businesses

Tax planning and accurate financial figures are key in any business. At Phillips & Associates, LLC our client-partner interactions and the years of experience we have in finding sound business solutions for closely held businesses is what makes us a great resource for you. We offer our clients a number of valuable accounting services necessary for any business to succeed.

IRS Small Business / Self-Employed Tax Resource Center

Professional Services

Due to the often complex nature of professional service companies, it is important to select a firm with the understanding, insight, and experience in financial and tax reporting for your industry. Phillips & Associates, LLC has a number of professional service clients, such as medical service providers, arborists, architects, and engineers, which throughout the years, has given us the ability to provide clients with successful business solutions. Whether you require an audit, review, or compilation, or simply need accounting or tax advice, we are here to help.

About Us

Welcome to Phillips & Associates, LLC. The key to providing you with excellent service is our partnership with you. We focus on finding solutions to your accounting and tax problems in your business, personal or not-for-profit organization.

You need highly skilled, experienced professionals with a commitment to client satisfaction. Our responsiveness to clients’ needs builds the long-lasting relationships on which we at Phillips & Associates, LLC pride ourselves. Our willingness to accept your goals as our own makes us worthy of your consideration. Explore our website to find out about Phillips & Associates, LLC.

History

Phillips & Associates, LLC, Certified Public Accountants, was formed in November of 1982 to provide professional accounting, auditing, tax, management, and related services to its clients located in the Washington DC Metro area. The Firm is the result of the combination and refinement of several professional public accounting practices.

The Firm has its origins in the late 1940’s when Frank C. Frantz, CPA, established an accounting practice in Washington, DC. Throughout the years our firm has continued with the same goal as our predecessors – to provide timely service of the highest quality to our clients.

Firm Leadership

Andrew W. Phillips, CPA
Allison M. Brown
Greg Von Behren
Natasha Dahmen

Resources

New this year! Complete your income tax organizer online! Simply click on the Tax Notebook. You will be prompted for a user name and password. If we have not provided you with one, please e-mail our office. Once you have securely logged on, you can enter your information in the forms.

View the Events Calendar

The interactive calendar highlights federal and state tax due dates, special firm events and other important dates that may be of interest to you. Because the calendar is continually updated, check back often to keep track of filing requirements, deadlines and other events that will help you stay current and up-to-date.

The interactive calendar highlights federal and state tax due dates, special firm events and other important dates that may be of interest to you. Because the calendar is continually updated, check back often to keep track of filing requirements, deadlines and other events that will help you stay current and up-to-date.

Download the Tax Organizer

A tax organizer can facilitate the process of pulling together your tax information. This basic tax organizer is designed for new clients and allows you to enter your information right on the screen. You can then print the completed tax organizer and fax or mail it to the office. Current clients should contact the office to request a “proforma” tax organizer that includes prior year information and carryover data.

Looking for a federal tax form? Browse this online tax forms library to find downloadable IRS forms. The forms are presented in PDF format and are acceptable for filing with the IRS. You may also choose from dozens of helpful tax publications developed by the IRS to help taxpayers have a better understanding of various tax issues. Available in PDF format, these publications are written in a plain language format geared specifically to taxpayers.

Should I refinance my mortgage? How much do I need to save for my child’s college education? As accounting professionals, these are some of the questions that are posed to us on a daily basis. We are providing these interactive financial calculators and other tools to assist you with some of the day-to-day questions and concerns that may arise. While these financial tools are not a substitute for financial advice from a qualified professional, they can be used as a starting point in the decision making process.

Auto

Car Loan Calculator

Determine your car loan payment based on your purchase price or find out how much you can buy based on your monthly payment.

Home Equity Loan vs. Auto loan

Use this calculator to determine if a home equity loan makes sense for your next automobile purchase.

Lease vs. Buy

Should you lease your next automobile or finance it? Find out with this calculator!

Business

Breakeven Analysis

Find out how many and what price you must sell your product at to make a profit.

Cash Flow Calculator

Having adequate cash flow is essential to keep your business running. Use this calculator to help you determine the cash flow generated by your business.

Equipment Buy vs. Lease

Should you lease your equipment or finance it? Find out with this calculator!

Financial Ratios

This calculator helps you to zero in on areas of your business that may need attention. Areas such as solvency, liquidity, operational efficiency and profitability.

Debit and Credit Cards

Credit Card Pay Off

Use this calculator to see what it will take to pay off your credit card balance, and what you can change to meet your repayment goals.

Insurance

Life Insurance Calculator

Find out how much life insurance you really need!

Long Term Care Calculator

Long term care is needed by those who can’t perform the basic tasks required to take care of themselves. This calculator can help you determine if you are financially prepared for this impending expense.

Loan

Alternative Payment Frequencies

Use this calculator to determine your payment or loan amount for different payment frequencies.

Amortizing Loan Calculator

Enter your desired payment – and let us calculate your loan amount. Or, enter in the loan amount and we will calculate your monthly payment!

Debt Consolidation Calculator

Should you consolidate your debt? Use this calculator to find out.

Home Equity Line of Credit Calculator

How big of a home equity line of credit can you receive? Use this calculator to find out!

Loan & Credit Line Payment

This calculator helps determine your loan or credit line payment.

Mortgage

Adjustable Rate Mortgage Calculator

This calculator helps you to determine what your adjustable mortgage payments will be.

ARM & Interest Only ARM vs. Fixed Rate Mortgage

Use this calculator to compare a fixed rate mortgage to two types of ARMs, a Fully Amortizing ARM and an Interest Only ARM.

Mortgage Comparison: 15 Years vs. 30 Years

Use this calculator to compare these two mortgage terms, and let us help you decide which term is better for you.

Mortgage Loan Calculator

Use this calculator to determine your monthly payment and amortization schedule.

Mortgage Payoff

Save thousands of dollars in interest by increasing your monthly mortgage payment.

Mortgage Points Calculator

Should you buy points? Use this calculator to find out.

Mortgage Refinance Break Even

Should you refinance your mortgage? Use this calculator to determine when you will break even.

Mortgage Required Income

Use this calculator to determine how much income you need to qualify for a mortgage and how different interest rates affect your required income.

Mortgage Tax Savings Calculator

Interest and points paid for a home mortgage are tax deductible. Use this calculator to determine how much your mortgage could save you in income taxes.

Refinance Interest Savings

Use this calculator to see how much interest you can save by refinancing your mortgage!

Personal Finance

Checkbook Balancer

Balance your checkbook with this quick and easy calculator.

Credit Assessment

How is your credit? Use this calculator for a quick assessment!

Home Budget Analysis

Analyze your budget, see where your money goes and find out where you can improve!

Life Expectancy

This calculator can give you an idea of your life expectancy based on your current age, smoking habits, gender and several other important lifestyle choices.

Retirement

401(k) Calculator

A 401(k) can be one of your best tools for creating a secure retirement. Use this calculator to see why this is a retirement savings plan you cannot afford to pass up.

401(k) Spend It or Save It Calculator

There are several ways to manage your 401(k) when you leave an employer. Making the wrong decision can cost you thousands of dollars both in taxes and lost earnings.

403(b) Savings Calculator

If you are an employee of a non-profit tax-exempt organization, a 403(b) can be one of your best tools for creating a secure retirement.

Retirement Pension Planner

Plan your retirement with a company pension, find out if you are on track – and learn how to stay there.

Retirement Planner

Quickly determine if your retirement plan is on track – and learn how to keep it there.

Roth IRA Calculator

Use this calculator to compare the Roth IRA to an ordinary taxable investment.

Roth IRA Conversion

This calculator will show the advantage, if any, of converting your IRA to a Roth.

Roth IRA vs. Traditional IRA

Use this calculator to determine which IRA may be right for you.

Social Security Benefits

Use this calculator to estimate your Social Security benefits.

Traditional IRA Calculator

How can contributing to a regular IRA help you in your retirement?

Savings

College Savings

Use this calculator to help develop or fine tune your education savings plan.

Cool Million

Find out when your savings plan may make you a millionaire!

Savings Goals

What will it take to reach your savings goal? This financial calculator helps you find out.

Tax

1040 Tax Calculator

Enter your filing status, income, deductions and credits and we will estimate your total tax. Based on your projected withholdings for the year, we can also estimate your tax refund or amount you may owe the IRS next April.

Estate Tax Planning

Knowing your potential estate tax liability is a great place to start your estate tax plan. Use this calculator to estimate your estate tax liability.

Marginal Tax Rate Calculator

Use this calculator to determine your marginal and effective tax rates. This calculator sorts through the tax brackets and filing options to calculate your true tax liability.

Payroll Deductions Calculator

Use this calculator to help you determine the impact of changing your payroll deductions.

1040 Individual
Due Date: April 15
First Extension: 6 Months (October 15)
Form 4868
Second Extension: N/A

1065 Partnership and LLC
Due Date: 15th Day of the 4th Month after year end
First Extension: 3 Months
Form 8736
Second Extension: 3 Months
Form 8800

1120 Corporation
Due Date: 15th Day of the 3th Month after year end
First Extension: 6 Months
Form 7004
Second Extension: N/A

1120S Corporation
Due Date: 15th Day of the 3th Month after year end
First Extension: 6 Months
Form 7004
Second Extension: N/A

1041 Estates & Trusts
Due Date: 15th Day of the 4th Month after year end
First Extension: 3 Months
Form 2758
Form 8736
Second Extension: 3 Months
Form 2758
Form 8800

706 Estate
Due Date: 9 Months after date of death
First Extension: 4 Months
Form 4868
Second Extension: 2 Months
Form 2688

709 Gift Tax
Due Date: April 15th following year of gift
First Extension: 4 Months
Form 4868
Second Extension: 2 Months
Form 2688

990 Exempt Organization
Due Date: 15th Day of the 5th Month after year end
First Extension: 3 Months
Form 8868
Second Extension: 3 Months
Form 2758

5500 Employee Benefit Plan
Due Date: Last Day of the 7th Month after year end
First Extension: 2 ½ Months
Form 5558
Or the due date of the Federal Income Tax Return of the Employer
Second Extension: N/A

Just as the communities you serve require diverse services from you, the not-for-profit sector has a special set of needs for accounting and tax reporting. Our staff understands these needs and has the knowledge and experience to help you focus on fulfilling your mission. We work with many cemeteries, membership organizations, community welfare associations, and foundations.

Internal Revenue Service

Comptroller of Maryland Ğ Homepage

Virginia Department of Taxation

D.C. Office of Tax and Revenue

IRS Tax Information for Individuals

Contact Us

CONTACT INFORMATION

  Location

2400 Research Blvd, Suite 215
Rockville, Maryland 20850

  Get Directions

  301.519.3280 / 301.519.2790 (FAX)

  contact@pallcfirm.com

Contact us to find solutions to your accounting and tax problems in your business, personal or not-for-profit organization.