Allera Technologies– 2026 Financial Roadmap
What we completed, what it produced, and what remains pending under your agreement
Allera Technologies Agreement
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The main goal of this engagement is to move you from reactive tax cleanup into a more proactive, tax-efficient financial strategy that:
-keeps your books accurate
-reduces surprise tax bills
-supports smarter business decisions throughout the year.
As that foundation becomes cleaner and more predictable, we are also beginning to build a longer-term strategy around:
-business value
-future liquidity and
-potential exit planning
...so your financial structure supports both current-year tax efficiency and future wealth-building opportunities.
January
Your Goals and Concerns
- You needed the 2026 books to begin cleanly after year-end activity from 2025.
- You needed prior-year temporary distribution activity cleaned up so it would not distort current-year reporting.
- You wanted January accounts completed accurately.
- You needed payroll-related year-end adjustments reviewed, including whether certain net pay and payroll-related items should remain on the profit and loss statement or be moved to owner distributions.
- You wanted guidance on whether a First Lien HELOC could be financially beneficial compared to your current mortgage arrangement.
- You wanted to understand whether the HELOC structure could help reduce interest over time.
- You needed clarity on the tax treatment of mortgage or HELOC interest depending on how the funds were used.
What We Completed
Goal: Clean up prior-year temporary equity activity so the 2026 books opened cleanly.
Status: ✅ Completed
We completed a January 1 year-end adjustment to close temporary accounts by moving prior-year Owner’s Distributions to Prior Period Distributions. This helped separate prior-year equity cleanup from current-year activity and supported a cleaner 2026 bookkeeping structure.
Goal: Review year-end payroll-related cleanup and temporary distribution accounts.
Status: ✅ Completed
We reviewed the December payroll-related activity and confirmed the treatment of the net pay journal, employee benefits, health insurance, payroll taxes, and wages. The net pay was moved to distributions, the employee benefits were confirmed as year-end contributions, and the temporary accounts were cleared for closure.
Goal: Complete January accounts.
Status: ✅ Completed
The January accounts were completed, supporting the first monthly close of the year and giving the team a cleaner foundation for Q1 reporting.
Goal: Evaluate whether a First Lien HELOC could be worth exploring.
Status: ✅ Substantially Completed
We reviewed the First Lien HELOC concept and explained how it generally works as a revolving credit line that can replace a primary mortgage. We also outlined potential benefits, including daily-average-balance interest calculations, the ability to reduce principal more quickly, and the importance of disciplined cash flow management.
We also identified the major risk areas, including variable interest rates, rate caps or floors, fees, draw terms, and the importance of comparing any HELOC terms directly against your current mortgage structure.
Goal: Clarify whether HELOC interest could be deductible.
Status: ✅ Completed
We explained that home equity interest may be deductible only when the debt is used to buy, build, or substantially improve the home. We also noted that using HELOC proceeds for other purposes, such as consumer debt, generally would not support the same deduction treatment.
Goal: Determine what information was needed for a more complete HELOC recommendation.
Status: ✅ Completed
We identified the additional information needed to compare your current mortgage against a potential First Lien HELOC, including your current mortgage rate, remaining balance, HELOC rate and terms, whether the rate would be fixed or variable, the index and margin, rate caps or floors, income consistency, surplus cash flow, expected time in the property, and any known HELOC fees.
What this produces
January created a cleaner opening position for 2026 and reduced the risk that prior-year temporary distribution activity would distort current-year financial reporting. It also created a structured decision framework for evaluating the First Lien HELOC opportunity rather than relying only on advertised benefits.
This month moved your overall goal forward by turning prior-year cleanup into a cleaner 2026 financial foundation, while also beginning the shift from reactive decisions to proactive tax-efficient planning around debt structure, cash flow, and long-term financial strategy.
Pending Items as of January
Pending Item Status Key
✅ Completed — The materials clearly show the item was later completed.
🔶 Partially Completed — The materials show meaningful progress, but not full completion.
⚠️ Still Open — The materials do not show the item was completed.
Pending Items for Us
✅ Completed — Review your current mortgage details once provided.
You later uploaded current loan information, including the last loan statement from 2025, and we reviewed the loan structure. We noted that it did not appear to be a standard traditional mortgage because of balance-increase activity.
🔶 Partially Completed — Compare your current mortgage rate and term against any proposed HELOC terms once available.
We reviewed your current loan structure and gave preliminary guidance that your current arrangement appeared better financially based on the information available. However, no final HELOC provider terms were available for a direct comparison.
⚠️ Still Open — Determine whether a mortgage broker or HELOC provider should be involved in the comparison if you decide to move forward.
You indicated you were open to speaking with someone recommended, but the materials do not show that a provider was selected, contacted, or used for a formal comparison.
Pending Items for You and Your Team
✅ Completed — Provide current loan documentation.
You later uploaded information on your current loan, including the last loan statement from 2025.
🔶 Partially Completed — Provide the current mortgage rate and remaining balance.
You uploaded loan documentation, but the materials do not clearly confirm that the exact rate and remaining balance were separately confirmed and finalized for comparison.
⚠️ Still Open — Provide any proposed HELOC rate, terms, and provider information if available.
The materials do not show proposed HELOC terms from a provider.
⚠️ Still Open — Confirm whether the HELOC would be fixed or variable.
No final HELOC product terms were provided.
⚠️ Still Open — Confirm your expected time horizon for staying in the property.
The materials do not show this was answered.
⚠️ Still Open — Provide known HELOC fees or closing cost information if available.
No HELOC fee or closing cost information was provided.
February
Your Goals and Concerns
- You wanted February accounts completed.
- You wanted to continue evaluating the First Lien HELOC option and were open to speaking with a recommended provider.
- You planned to gather additional current-loan information so a call could be scheduled.
- You forwarded a Maryland annual filing notice for review or awareness.
- You needed the 2025 tax preparation process set up for both the business return and personal return.
What We Completed
The February accounts were completed, keeping the monthly close process current and supporting Q1 reporting preparation.
Goal: Continue moving the HELOC comparison forward.
Status: ✅ Substantially Completed
We followed up on the HELOC analysis and asked for your current mortgage rate, proposed HELOC rates, whether a fixed rate was possible, whether the proposed rate would be variable, and whether you wanted our team to help identify a potential HELOC provider.
You confirmed that you did not currently have a HELOC provider and were open to speaking with someone we recommended. You also indicated that you would gather the current loan information so the discussion could continue.
Goal: Preserve and route Maryland annual filing awareness.
Status: ✅ Substantially Completed
You forwarded the Maryland Annual Report and Personal Property Tax Return notice. The notice was brought to the team’s attention for review and tracking.
Goal: Set up the 2025 tax preparation workflow.
Status: ✅ Completed
We issued the tax preparation invoices for both the Allera Technologies business return and your personal tax return. This supported the administrative setup of the 2025 tax preparation process.
What this produces
February kept the monthly bookkeeping process current, moved the HELOC review from general education into a more practical comparison process, and started the administrative setup for 2025 tax preparation. It also surfaced a Maryland compliance item that needed to be reviewed and tracked.
This month moved your overall goal forward by keeping your financial reporting current, moving tax preparation into a proactive workflow, and identifying state compliance and financing decisions early enough to reduce surprises later in the year.
Pending Items as of February
Pending Item Status Key
✅ Completed — The materials clearly show the item was later completed.
🔶 Partially Completed — The materials show meaningful progress, but not full completion.
⚠️ Still Open — The materials do not show the item was completed.
Pending Items for Us
✅ Completed — Confirm whether any action remains needed after the Maryland annual filing notice.
The April 1 update states that the Maryland Personal Property Tax/Annual Report filing was filed through Abid on March 10, 2026.
✅ Completed — Continue preparing the 2025 tax workflow once intake items are received.
The 2025 tax workflow moved forward. The questionnaire was sent, the organizer was completed, documents were uploaded, Meg was assigned, and the returns moved into preparation and review.
⚠️ Still Open — Identify or coordinate with a potential HELOC provider if you confirm that you want us to assist with that process.
You were open to a recommended provider, but the materials do not show that a provider was selected, contacted, or coordinated.
Pending Items for You and Your Team
✅ Completed — Provide your current loan documentation.
You later uploaded current loan documentation for review.
✅ Completed — Confirm whether the Maryland annual filing was already submitted or still needed to be handled.
The record later states the Maryland Personal Property Tax/Annual Report filing was filed through Abid on March 10, 2026.
🔶 Partially Completed — Provide your current mortgage rate and term.
The current loan documentation was provided, but the materials do not clearly show that the rate and term were fully confirmed for a final HELOC comparison.
🔶 Partially Completed — Confirm whether you want us to help locate or coordinate with a HELOC provider.
You said you did not currently have a HELOC provider and were open to talking to someone we recommended, but the materials do not show a final decision to proceed with provider coordination.
March
Your Goals and Concerns
- You needed a 2025 personal tax document checklist.
- You needed the formal 2025 tax questionnaire.
- You wanted clarification on whether we already had access to your W-2 and K-1 for Allera Tech.
- You wanted to understand what the 2025 Composite Substitute Statement was.
- You wanted clarification on whether MTD expenses referred to your accountability report or other expense documentation.
- You wanted mortgage interest and related mortgage documentation considered.
- You needed the last two years of tax return information for a lease or financing-related request.
- You needed March accounts completed, but some transactions required clarification on whether they were personal or business.
What We Completed
Goal: Provide a 2025 personal tax document checklist.
Status: ✅ Completed
We reviewed your 2024 file and provided a checklist based on documents received in the prior year. The checklist included items such as WesBanco mortgage interest documentation, Northwestern Mutual and Signal Financial interest forms, Raymond James information, W-2 and K-1 items from Allera Tech, Marketplace health insurance documentation, estimated tax payments, and MTD expenses.
Goal: Start the formal 2025 tax preparation intake process.
Status: ✅ Completed
We sent the 2025 tax preparation questionnaire for your review on March 19, giving you the formal organizer path needed to complete the personal tax intake process.
Goal: Complete the tax questionnaire so the 2025 return could move into preparation.
Status: ✅ Completed
The tax organizer was initially identified as still missing on March 30, but you completed the questionnaire on March 31. This allowed the tax preparation workflow to move forward.
Goal: Clarify whether you needed to upload the Allera Tech W-2 and K-1.
Status: ✅ Completed
We confirmed that you did not need to worry about uploading the W-2 and K-1 from Allera Tech because our team would pull those directly. Your W-2 was later uploaded into the team’s sync folder.
Goal: Explain the Composite Substitute Statement request.
Status: ✅ Completed
You located the 2025 Composite Substitute Statement and explained that it was tied to Angela’s HSA account. You also indicated that you were working with CareFirst to close that account and have the funds sent by check so they could be deposited into your existing HSA account.
Goal: Clarify the MTD expense request.
Status: ✅ Completed
We explained that the MTD expense request was based on what had been on file from the prior year, including property-related costs such as down payment, Timberlake payment, trees, legal fees, buyer’s agent fee, upgrades, interest-only payments, and mortgage payments. We asked you to upload similar information for 2025 if applicable.
Goal: Submit or clarify 2025 expense information.
Status: ✅ Substantially Completed
You provided a spreadsheet of calculated expenses and noted that some items may or may not already have been captured in the 2025 accountability spreadsheet, credit card activity through QuickBooks Online, or other records available to us. You also stated that mortgage statements had been uploaded for mortgage interest support.
Goal: Move the tax return preparation process forward.
Status: ✅ Completed
The tax organizer was completed, tax documents were uploaded, and the return file was moved into the preparation workflow. The tax team was assigned to begin once the business return and related information were ready.
Goal: Complete March accounts.
Status: ✅ Completed
The March accounts were initially delayed because the team needed clarification about whether certain transactions were personal or business. A follow-up email was sent on April 6 to request clarification, and March was later marked complete.
Goal: Continue the HELOC and mortgage review using current loan documentation.
Status: ✅ Substantially Completed
You uploaded information on your current loan, including the last loan statement from 2025. We reviewed the available facts and noted that your current arrangement did not appear to be a standard traditional mortgage because it showed balance-increase activity that suggested a construction loan, renovation loan, or other hybrid arrangement.
We explained that, based on the information available so far, your current loan appeared better financially both short-term and long-term, but we requested confirmation of several facts before issuing a final recommendation.
Goal: Respond to the request for prior-year tax information for a lease or financing request.
Status: ✅ Completed
The last two years of tax returns were identified as needed for a loan or lease-related request and were sent on March 13.
Goal: Acknowledge travel expense documentation rules.
Status: ✅ Completed
You confirmed receipt of the travel expense receipt policy. The policy reminded you that lodging receipts are required regardless of amount, other travel receipts are required for individual expenses of $75 or more, and credit card statements alone are not sufficient.
What this produces
March concentrated on getting your 2025 tax file organized and clarifying what documents were needed, what our team could obtain directly, and what still had to come from you. It also advanced the mortgage and HELOC analysis by bringing actual loan documentation into the review, kept Q1 bookkeeping moving, and confirmed the travel receipt documentation standards needed to support audit-ready records.
This month moved your overall goal forward by converting tax preparation from reactive document collection into a more complete and organized intake process, while also advancing the mortgage vs. First Lien HELOC review so future debt, cash-flow, and interest decisions could be evaluated using actual loan information instead of assumptions.
Pending Items as of March
Pending Item Status Key
✅ Completed — The materials clearly show the item was later completed.
🔶 Partially Completed — The materials show meaningful progress, but not full completion.
⚠️ Still Open — The materials do not show the item was completed.
Pending Items for Us
✅ Completed — Continue preparing the business return first so the related K-1 and personal return items could be finalized.
The Allera Technologies 2025 S corporation return was completed and uploaded for review, and the K-1/pass-through items were used in the personal return process.
✅ Completed — Follow up on transaction-classification questions needed for March close.
March was later marked complete after initially being delayed due to questions about whether some transactions were personal or business.
🔶 Partially Completed — Review the current-loan documentation and evaluate the answers to the open mortgage and HELOC questions once provided.
The loan documentation was reviewed, and we gave a preliminary view that the current loan appeared financially better than the HELOC option based on the information available. However, several follow-up questions remained unanswered, so this was not fully completed as a final recommendation.
⚠️ Still Open — Review the submitted expense spreadsheet against QuickBooks Online, accountability records, and uploaded tax documents.
The expense spreadsheet was received and the return moved forward, but the materials do not clearly show a completed reconciliation of the spreadsheet against QBO, accountable plan records, and uploaded documents.
⚠️ Still Open — Confirm whether mortgage interest and related mortgage statements were fully captured for tax preparation.
You indicated mortgage statements were uploaded, but the materials do not clearly confirm that mortgage interest was fully captured and reconciled.
Pending Items for You and Your Team
✅ Completed — Respond to transaction-classification questions where we needed to confirm whether activity was personal or business.
March was later marked complete, which supports that the transaction-classification issue was resolved enough to complete the March accounts.
🔶 Partially Completed — Confirm whether any 2025 estimated tax payments were made.
Later materials confirmed several payments, including the $45,600 federal estimated payment, $12,200 federal safe harbor payment, $8,700 Maryland payment, and business tax payments. However, this item was only partially resolved until the $45,600 payment issue was identified and corrected.
⚠️ Still Open — Confirm whether all mortgage statements supporting interest were uploaded.
You stated that you believed mortgage statements had been uploaded, but the materials do not show final confirmation that all needed statements were received and reviewed.
⚠️ Still Open — Confirm whether the 2025 expense spreadsheet includes all property-related expenses or whether additional expenses exist outside the spreadsheet.
You noted some expenses may or may not already have been captured, but the materials do not show a final confirmation that the spreadsheet was complete.
⚠️ Still Open — Answer the open mortgage and HELOC questions.
Several specific questions remained unanswered, including whether the current loan was traditional, construction, renovation, or hybrid; what the balance increases represented; whether additional funds could still be drawn; whether the loan converted from a draw phase; whether principal could be re-borrowed; current market value; and property type.
April
Your Goals and Concerns
- You needed guidance on unresolved IRS and Maryland notices, including notices with an April 6 payment date.
- You wanted clarity on the status of unresolved 2022 tax matters.
- You needed to know whether a 2024 personal IRS balance was valid or whether proof of payment could resolve it.
- You needed safe harbor payment recommendations for your extended 2025 return.
- You wanted to know whether forms were needed with the recommended federal and Maryland payments.
- You needed working electronic payment instructions.
- You needed the 2025 S corporation return completed and reviewed.
- You needed the correct home address reflected on the business tax return documents.
- You needed to confirm all 2025 federal, Maryland, personal, and PTE payments were properly captured.
- You wanted to understand why the initial 2025 individual return showed a large federal balance due.
- You wanted the team to confirm whether the $45,600 estimated tax payment had been properly accounted for.
- You wanted clarity on why the business still had a Maryland balance due after PTE-related payments.
- You needed a cleaner 2026 state tax strategy to avoid surprise tax payments and reduce underpayment exposure.
- You wanted to begin thinking through longer-term wealth and tax strategy, including potential business-sale planning.
- You asked whether a ROBS strategy had merit.
- You received Q1 2026 financial reports and needed a meeting scheduled to review them.
- The team needed clarification on specific Q1 transactions, including a $40,000 Raymond James-related credit and two insurance refund deposits.
What We Completed
Goal: Review and respond to tax notices with near-term payment deadlines.
Status: ✅ Substantially Completed
You uploaded six pages covering two separate tax notices, including one related to the ongoing 2022 matter and another related to a more recent tax year. We reviewed the notices and identified the next steps for each issue, including escalation of the unresolved 2022 IRS matter after the filing deadline, continued monitoring of the related Maryland issue, review of the 2022 ATA Maryland business balance, and confirmation that the 2024 personal IRS balance appeared valid unless proof of prior payment could be located.
Goal: Clarify unresolved 2022 tax matters.
Status: ✅ Substantially Completed
We explained that the 2022 personal IRS balance issue was ongoing and would need to be escalated to the Taxpayer Advocate Office after the filing deadline. We also explained that the related 2022 Maryland personal balance would likely remain open until the IRS adjustment was processed.
Goal: Review the 2022 ATA Maryland business tax balance issue.
Status: ✅ Substantially Completed
We identified that Maryland appeared to adjust the 2022 ATA business matter to reflect two shareholders instead of one. We noted that the state would need to be contacted because our position was that the return had been filed correctly based on one shareholder.
Goal: Address the 2024 personal IRS balance notice.
Status: ✅ Completed
We explained that the 2024 personal IRS balance appeared valid unless you had proof that the payment had already been made and not posted. After searching for proof of payment and not locating it, you made the payment through the portal and provided confirmation.
Goal: Provide safe harbor payment recommendations.
Status: ✅ Completed
We recommended minimum payments by April 15, 2026 of $12,200 federal and $8,700 Maryland if your goal was to reduce or eliminate potential underpayment and late-payment penalties. We clarified that these were recommended payments, not final tax results, and that a balance could still remain after the return was completed.
Goal: Explain whether payment forms were required.
Status: ✅ Completed
We explained that electronic payment instructions would be provided rather than paper check instructions. Payment guidance was then provided for IRS and Maryland payment options, including bank draft and credit card options.
Goal: Provide working federal payment instructions.
Status: ✅ Completed
When the prior IRS credit-card link did not work, we provided the direct federal payment link:
Goal: Confirm the recommended safe harbor payments were made and saved.
Status: ✅ Completed
You confirmed that you made both recommended payments and provided receipts. The federal 2025 payment receipt and Maryland payment receipts were reviewed, and the records were saved to your tax folder. We also asked you to confirm that the Maryland 2025 payment was applied to the correct tax year because the receipt did not clearly show the tax year.
Goal: Complete the 2025 S corporation return.
Status: ✅ Completed
The 2025 S corporation tax return for Allera Technologies was completed and uploaded for review. The return reflected S corporation ordinary business income of $340,901, with federal and state tax obligations passing through to shareholders through the Schedule K-1.
Goal: Correct the address on the business tax return documents.
Status: ✅ Completed
You identified that the system still reflected your old home address and asked for the return documents to be updated to 17601 Kirk Lane, Rockville, MD 20853. The correction was requested before you downloaded and signed the filing documents.
Goal: Confirm all 2025 tax payments were properly captured.
Status: ✅ Substantially Completed
The tax preparer asked for a list of all IRS and Maryland payments made for 2025 taxes, including personal and PTE tax payments, excluding W-2 withholding. This was needed because Allera’s income had increased significantly from the prior year and the team wanted to make sure all payments were captured correctly.
Goal: Identify and correct the $45,600 estimated tax payment issue.
Status: ✅ Completed
During the April 25 tax discussion, we reviewed the $45,600 estimated tax payment and identified that it had been miscategorized as a personal draw instead of a tax payment. Because the payment was paid from the business account but related to personal tax, it was not properly reflected for tax preparation purposes.
Once corrected, the 2025 individual result changed from a large federal balance due to an estimated total refund of approximately $4,200, including approximately $1,800 federal and approximately $2,400 state.
Goal: Clarify the 2025 business Maryland balance due.
Status: ✅ Completed
We explained that the business still had an approximate $6,000 Maryland balance due tied to the Maryland Pass-Through Entity election. The PTE election allows the S corporation to pay Maryland state taxes at the entity level, creating a business return balance due while generating a corresponding credit on the personal return.
Goal: Explain why the business had a Maryland balance due even after PTE-related payments.
Status: ✅ Completed
We explained that the balance was related to underpayment of 2025 estimated taxes. Only one quarterly payment had been made, and 2025 net income was significantly higher than 2024, which made the earlier estimated payment schedule insufficient.
Goal: Build a better 2026 state tax strategy.
Status: ✅ Substantially Completed
We outlined a 2026 state tax approach that uses year-end payroll withholding to help cover state taxes instead of relying only on quarterly estimates. The strategy was discussed because withholding is treated as paid evenly throughout the year, which can reduce the risk of missed-quarter estimated payment penalties.
We also confirmed that the first 2026 PTE payment of approximately $8,200 was still needed to preserve the 2026 PTE election.
Goal: Explain final tax numbers after the April tax review.
Status: ✅ Completed
We summarized the tax numbers discussed with you. Before correcting the $45,600 payment issue, the individual return showed a 2025 federal balance due of $43,131 and a 2025 state refund due of $2,403. The business return showed no 2025 federal balance, a 2025 Maryland balance due of $6,431, and an optional 2026 first-quarter Maryland PTE payment of $8,203 if electing PTE for 2026.
After the $45,600 payment was identified and corrected, the individual return was expected to shift to a refund position.
Goal: Confirm business tax payments were made.
Status: ✅ Completed
You later confirmed that you paid the two business tax payments and provided receipts.
Goal: Confirm the personal refund account.
Status: ✅ Completed
You confirmed that the personal state refund could go to the personal credit union account already on file.
Goal: Review whether a ROBS strategy was appropriate.
Status: ✅ Completed
We reviewed the ROBS concept and explained that it can be legitimate in limited cases but does not create tax-free wealth. We explained that the structure generally allows retirement funds to be invested into a business on a tax-deferred basis, but later distributions are generally taxed as ordinary income and may be subject to penalties if taken early.
We also discussed that the arrangement generally requires a C corporation, adds compliance complexity, must comply with ERISA and IRS prohibited transaction rules, and can increase risk by concentrating retirement assets into a single business. Based on your goals, we did not recommend this strategy, but we offered to explore it further in a future tax meeting if it became relevant.
Goal: Begin long-term tax and wealth planning.
Status: ✅ Substantially Completed
During the April 25 tax discussion, we discussed a long-term strategy focused on shifting from highly taxed earned income toward lower-taxed or potentially tax-advantaged capital gains. The discussion included using a new C corporation structure to explore Qualified Small Business Stock planning and using Opportunity Zone planning in connection with a future sale of the existing ATA S corporation.
The QSBS portion remains pending because Randy still needs to confirm whether the strategy applies to an offshore C corporation structure.
Goal: Discuss mid-term 2027 tax strategy.
Status: ✅ Substantially Completed
We discussed a possible 2027 strategy involving strategic six-figure business investments, such as hiring a high-value employee, where the investment could provide an immediate deduction while also increasing the long-term value of the business.
Goal: Deliver Q1 2026 financial reports.
Status: ✅ Completed
We sent your Q1 2026 financial reports and noted that page two included commentary covering performance, key variances, and areas to focus on heading into Q2. A corrected copy was later sent because the first copy was in the wrong order.
Goal: Schedule time to review Q1 2026 financial results.
Status: ✅ Substantially Completed
We requested time to review the Q1 financial reports with you and followed up to schedule the call. The report materials show the review meeting was being scheduled, but they do not show that the Q1 financial review meeting was completed.
Goal: Clarify specific Q1 transactions.
Status: ✅ Substantially Completed
The team reviewed internal notes regarding a $40,000 credit from Raymond James Financial and two insurance deposits. The available note indicates the $40,000 credit may have been repayment of an earlier $110,000 overpayment in December, but this still needed confirmation. The insurance deposits of $483 and $1,427 were identified as Chubb insurance return premium refunds related to a provider switch and mistaken renewal charge.
What this produces
April was the most significant month in the reporting period. It moved your tax work from document intake into return preparation, return review, payment reconciliation, tax notice review, and long-term strategy.
Most importantly, April produced a major correction to the 2025 tax picture. The $45,600 estimated tax payment had been miscategorized as a personal draw, which caused the individual return to appear to have a much larger balance due than expected. Once corrected, the individual tax result shifted from a large balance-due concern to an expected refund position.
April also clarified the Maryland PTE position, confirmed the business payment responsibilities, outlined a better 2026 state tax payment strategy, and began a longer-term wealth strategy around future business growth, possible entity structuring, QSBS planning, Opportunity Zone planning, and eventual capital-gain reduction.
This month moved your overall goal forward by resolving the immediate tax-payment classification issue that created the surprise 2025 balance, while also building a more proactive strategy for 2026 state tax payments and connecting your current tax structure to longer-term business value, liquidity, and potential exit planning.
Pending Items as of April
Pending Item Status Key
Completed — The materials clearly show the item was later completed.
Partially Completed — The materials show meaningful progress, but not full completion.
Still Open — The materials do not show the item was completed.
Pending Items for Us
Completed — Confirm whether all payment receipts have been saved in the correct tax folders.
The materials show receipts were received and saved in the tax folder, including the recommended safe harbor payments and related payment confirmations.
Partially Completed — Confirm whether the 2024 personal IRS balance is fully resolved after the payment confirmation.
You made the payment and provided confirmation. The materials support that the payment was made, but they do not show final IRS account resolution or posting confirmation.
Partially Completed — Confirm final federal and state refund amounts after the correction is applied.
The April 25 meeting summary states that correcting the $45,600 payment flips the result to an estimated total refund of approximately $4,200, including about $1,800 federal and $2,400 state. The materials do not show final processed return confirmations after that correction.
Partially Completed — Update the 2025 individual return to reflect the corrected $45,600 estimated tax payment treatment.
The issue was identified and the expected corrected result was discussed. However, the materials do not clearly show that the updated return was finalized and reissued after the correction.
Still Open — Escalate the unresolved 2022 personal IRS issue to the Taxpayer Advocate Office after the filing deadline.
The materials identify this as the intended next step, but do not show that the escalation was completed.
Still Open — Monitor the related 2022 Maryland personal balance until the IRS correction is processed.
The materials state Maryland would likely not adjust until the IRS issue is corrected. No final Maryland correction is shown.
Still Open — Contact Maryland regarding the 2022 ATA business tax balance and shareholder-count issue.
The materials identify the need to call Maryland, but do not show that the call was completed or resolved.
Still Open — Confirm whether the $40,000 Raymond James Financial credit was repayment of the earlier $110,000 overpayment.
The materials say it may have been a repayment, but confirmation from you was still needed.
Still Open — Complete or schedule the Q1 2026 financial review meeting.
Q1 reports were sent and a meeting was requested, but there is no clear confirmation that the Q1 financial review meeting was scheduled or completed.
Still Open — Review the Q1 financial report commentary with you and identify Q2 focus areas.
The Q1 report was delivered, but the materials do not show that the review conversation occurred.
Still Open — Confirm whether QSBS treatment can apply to the proposed offshore C corporation structure.
The April 25 meeting summary specifically lists this as Randy’s next step.
Still Open — Model the long-term tax strategy for a possible 2027 start.
The April 25 meeting summary lists this as Randy’s next step.
Still Open — Prepare the proposal for Scott’s organization.
The April 25 meeting summary lists this as Randy’s next step.
Pending Items for You and Your Team
Completed — Provide or confirm any remaining payment receipts not yet uploaded.
You provided proof of the $45,600 IRS Direct Pay transaction and bank statement support. You also later confirmed that you paid the two business tax payments and provided receipts.
Completed — Confirm the bank account for any personal refund if the account on file should not be used.
You confirmed that the personal refund could go to the personal credit union account on file.
Partially Completed — Confirm that the 2025 Maryland business balance due payment has cleared.
You confirmed that the business tax payment was made and provided receipts. The materials do not show bank-clearing confirmation.
Partially Completed — Confirm that the 2026 Q1 Maryland PTE estimate has cleared.
You confirmed that the business tax payment was made and provided receipts. The materials do not show final clearing confirmation.
Still Open — Confirm the nature of the $40,000 Raymond James Financial credit if you have supporting details.
The team suspected it may have been repayment of an earlier $110,000 overpayment, but the materials do not show your confirmation.
Still Open — Confirm whether there are any additional insurance refunds, loan draws, or tax payments not yet reflected in the records.
The insurance refunds were identified, and several tax payments were later confirmed, but the materials do not show a final confirmation that no other items exist.
Still Open — Confirm availability for the Q1 2026 financial review meeting if it has not yet been completed.
The team requested availability, but the materials do not show your confirmed meeting time.
Still Open — Secure an invitation for Randy to the September gala for Scott’s organization.
This was listed as your next step from the April 25 meeting, but no completion is shown.
May
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December
Prepared by Seven Figure Profits™