Law & Accounting Offices of Stanley F. Bronstein
Scottsdale, AZ 85260
Client signs a $55 million contract to purchase several assets. The contract was reviewed by their attorneys when it was negotiated. The client hires us to manage those assets. On the day before closing, I'm asked to review the contract just to be familiar with it. Upon reviewing it, Stanley Bronstein notices there is some compensation due to one of the parties that is based upon a formula. Several attorneys had agreed to the formula, but apparently none of them pulled out a calculator to see how much the party's compensation would be. Being a CPA, Stanley Bronstein calculates the compensation and brings it to the attention of his clients (the Buyers) that they are about to pay $40,000 more compensation than they expected. Stanley Bronstein offers an alternative solution wherein his company is hired to do the work of the third party and saves the client $40,000.
Client gets down to the day before closing on purchase of a shopping center. Being a CPA, Stanley Bronstein checks the figures on the closing statement and discovers a $5,000 error. Client saves $5,000.
Client brings in their income tax files for Tax Return Preparation services the week before they are due. Our offices promptly prepares a draft of their tax return. Staff brings it to the attention of Stanley Bronstein that one of the numbers from some property sales were rather large. Stanley Bronstein looks at the numbers and decides that basis information provided by the client's stock broker seems "out of whack". Upon the suggestion of Stanley Bronstein, client calls the stock broker and asks them to recheck their numbers. Upon rechecking the numbers, they discover a massive error on the part of the stock broker. Upon inserting the corrected numbers into the tax return, it lowers the client's tax liability by approximately $125,000. Client is understandably pleased that this error was discovered.
Client hires Stanley Bronstein to perform the legal work only on a property purchase that is part of a 1031 exchange. Client indicated, several times, that their CPA looked over the tax structure of the deal and everything would be fine. Day before closing, Cllient informs Stanley Bronstein that the deal would not work and that they would incur a massive tax liability as a result. Stanley Bronstein immediately gets on the phone with the lender's attorney and restructures the deal in about 30 minutes, in a manner that allows the closing to still take place and that addresses the 1031 exchange problem so that Client will not incur the unexpected tax liability.
Client has a 1031 exchange deadline by which they need to purchase their replacement property before their deadlines expire. Stanley Bronstein is hired to structure a Tenancy In Common ( TIC ) deal with the Sellers to meet the tax deadline. Upon notifying the Sellers that he is now working on the deal, the Sellers indicate they will waive some fees the Client would normally have had to pay, as a professional courtesy and because they knew the restructured deal would proceed smoothly based upon their previous history of having worked with Stanley Bronstein in the past.
Client hires Stanley Bronstein to put together a Tenancy In Common ( TIC ) deal with 5 of their investors. 3 days before closing, a lien search performed by the lender indicates that the Client had other liens outstanding that violated the lender's requirements. This required an immediate, on the spot, restructuring of the deal in order for it to still close on time. After a massive scramble, the deal still closes on time and client is happy.
Client works for a company that goes bankrupt with outstanding liabilities to IRS of over $1,000,000 for unpaid payroll taxes. IRS says Client is liable. Client hires Stanley Bronstein and matter is appealed. Eventually IRS appeals is convinced that Client is not responsible and does not owe the IRS the money.