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Succession Planning and AccountingBookkeeping Firms in Sugar Land / Richmond, TX

Succession Planning Services

If you own a family business, retirement isn't simply a matter of deciding not to go into the office anymore. You've got some critical questions to answer like...

"What happens to the business when you're no longer running it?"
"Will you have enough money to retire?"

The family dynamic complicates the whole transition because of the relationships and emotions involved. Most people are not comfortable discussing topics such as aging, death, and financial affairs.

Comfortable or not, succession planning should be a priority for any family business considering that more than seven out of ten family-owned businesses fail to survive the transition from founder to second generation, typically falling prey either to estate taxes or family discord - or both.

Developing and implementing a well-designed succession plan with a Sugar Land / Richmond is essential to the survival of a family business from one generation to the next.

A Sugar Land / Richmond tax accountant can help you with these key issues -

  • Keeping it in the family. Are you going to pass the business on to your family or sell it to a third party? We help you weigh the advantages and disadvantages of each of these options.
  • Who's going to run the business when you're gone? Management and ownership are not one and the same. You may decide to transfer management of your business to just one of your children but transfer equal shares of business ownership to all your children, whether they're actively involved in the business or not.
  • Minimizing the tax bite. The tax burden when transitioning a family business can be significant. The challenge is that a family business is not generally a liquid asset, but taxes are typically due when ownership is transferred.
  • Making it fair. Transferring family ownership often adds a tremendous amount of stress to individual family members. We talk with each of the family members to ensure that they feel they a getting an equitable and fair share of the pie.

What we do for you...

  • Once we understand how you feel about the key issues above, we begin constructing your succession plan focusing on these 5 issues...
  • Business Valuation
  • Business Restructuring
  • Tax Consequences
  • Retirement Projections
  • Tax Projections

Contact Paramount Tax & Bookkeeping in Sugar Land / Richmond if you'd like us to help you pass on what's taken a lifetime to build. We offer free consultations on all of our financial planning and tax services in Sugar Land / Richmond.

taxes in Sugar Land / Richmond

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Get started with Paramount for your tax services in Sugar Land / Richmond, TX, recommended by family and friends every time.

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Easy Online Booking

Get started with Paramount for your tax services in Sugar Land / Richmond, TX, recommended by family and friends every time.

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Hear Why Our Clients Love Us

  • Amandeep Saluja
    Felicia is dependable, thoughtful, and truly committed to doing what’s right. You can trust them to show up with integrity every time.
  • Kishore G
    The services provided by Wanjing Su were prompt and efficient. She is faster than you might expect! I highly recommend her and Paramount Tax & Accounting for quick and reliable tax filing.
  • Andrew Jones
    I highly recommend Wanjing. After our tax preparer for 20+ years retired we began looking for someone that we could trust to prepare our taxes. We contacted Wanjing and have been very impressed . She is professional and knowledgeable. She will answer all of your questions and keep you updated on your tax preparation. I contacted Wanjing on Monday and now 2 days later it's already finished. Amazing.
  • Alejandro Cervantes
    Felicia did a great job, doing special and deep review of my files and information, explaining and answering all my questions, the outcome was excellent!!
  • jim green
    Wanjing demonstrated professionalism and expertise that made the entire process smooth and stress-free. Her service's was efficient and completed in a timely manner, responsive to emails and calls, providing updates promptly. I highly recommend Wanjing for anyone seeking reliable and trustworthy tax filing services.
  • Paul Gill
    Wanjing made sense of my numerous K-1 statements, explained the tax implications of my company LTIP and helped me begin capturing costs for a business venture. Her expertise is top notch and her explanations very clear. She was always very responsive. Her tax service is a tremendous value. I highly recommend.
  • Steve Statham
    I have done my own taxes for decades, but 2023 had complications - new job, relocation, start of LLC. Felicia provided a great consultation service and worked with me via zoom meeting to explain everything. I provided copies of the needed information to their secure portal and reviewed preliminary return. Felicia quickly answered all my questions. I signed electronically and Felicia submitted my return. I then received a concise file with all forms, schedules, and worksheets for my records. I'm very pleased!
  • Garrett Brisendine
    I used Wanging Su with Paramount Tax service this year. She was great and easy to work with. Was able to do everything over email and phone. She was very thorough and prompt with her services. Will be using her again next year!
  • Aaron B.
    I am thrilled to have found Wanjing to assist with my business taxes. She helped me better understand my S-Corp filing, aided in identifying and maximizing deductions, and is always willing to share her time and expertise to provide me with the guidance I am seeking. Best part? When I text, she returns my text. When I call, she returns my call. This one-on-one relationship provides me the confidence to know she's on my team, and has my best interest in mind. Highly recommend.
  • Jessica Tam
    I highly recommend Wanjing and her services. She is ultra responsive and knowledgeable. She made the filing our personal taxes and several of our businesses as simple and stress free as possible. Very easy to correspond through email, which is optimal when you have questions.
  • Lawrence Tam
    It's that time of year again. I've worked with 3 different firms (big and small) and have been through a ton of different situations with our small business in the last 10 years. In the last couple years, we were looking for a new one to fit our changing needs and I call myself lucky to have found Wanjing. Of course we made some mistakes and forgot to do certain things but she helped tremendously. She knows her stuff and took care of our needs. We did our taxes 100% online which is a first for us. Was a little skeptical but glad we took the plunge in changing to Paramount Tax.
  • Vikram Sinha
    Very prompt and good service . Understood my international tax requirements very well . Would highly recommend
  • Vina Nguyen
    I recently relocated to Houston, TX, from New Orleans, LA, and decided to find a NEW and local firm that I can rely on for this year’s filing. I came across Paramount and read so many great reviews about Felicia. She made me feel at ease during our initial consultation call and was extremely informative and professional. I am pleased with the outcome. Thank you for making this a breezy, easy, and nonstressful tax year. I look forward to working with Felicia for years to come.
  • Keasia Daniels
    I am a new small business owner and I was searching for a tax consultant who would partner with me as I grow and learn in my new business. I found exactly what I needed in Felicia Tchokonte and Paramount Tax & Bookkeeping. Felicia was very patient with my questions and provided great advice. I was very close to a filing deadline, yet, she worked with me through all the documents and each step to make sure I was on time. The technical platform that Paramount uses makes it very easy to share, review and sign documents in a secure environment. Felecia met with me several times using video calls and she communicated often via email. I felt like I was definitely her priority. I look forward to working with her throughout the year for more tax advising and planning.
  • Shannon Reynolds
    Wanjing is amazing. Very detailed and at a fair price. I definitely recommend her.
  • Jasmine Elliott (Feran.Elliott)
    Felicia (Managing Partner) from Paramount Tax and Accounting is simply Phenomenal! She helped us with our tax returns, business set up and I could not have asked for better customer experience. Professional, Timely, Trustworthy, Very knowledgeable, does not rush advise and exceeded all expectations. Consistently above and beyond. We will continue to use paramount tax for all our tax and bookkeeping needs. Keep up the EXCELLENT work! And ThankYou.
  • Nancy Bailey
    I was referred by another of her clients, and I was more than pleased. She did a great job. She is very knowledgeable and pleasant to work with. I will definitely continue to be her client.
  • Helen Wu
    Wanjing was very helpful and knowledgeable. She helped file my family and I’s tax returns quickly and efficiently and was always patient in answering all my questions. I would definitely recommend her services to my friends and family. Thank you Wanjing!
  • John Le
    Excellent income tax return services! My wife & I appreciated their professional, thorough, and prompt services.
  • Andrew Krakower
    Wanjing Su is professional, knowledgeable and wonderful to work with. I've used some of the larger firms and struggled to get a response to my questions or advice, but Wanjing was available to answer and talk through any questions I had.
Sugar Land / Richmond, TX Tax Review

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Paramount Experience

Many people do not know how a professional tax firm differs from a tax preparer. The main difference when working with a professional tax and accountingbookkeeping firm, such as Paramount Tax & Bookkeeping in Sugar Land / Richmond, is that we know taxes!

Paramount has worked hard to create relationships to deliver the value that our clients expect. In fact, our goal is to be the No. 1 Succession Planning firm in Sugar Land / Richmond. So when you ask yourself, "Where can I find accountingbookkeeping services near me?"... think no further than Paramount Tax & Bookkeeping in Sugar Land / Richmond!

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Whether you are filing personal taxes or you own a business, if you are not already using a professional tax and accountingbookkeeping firm, you have most likely already missed out on major tax benefits, deductions and credits. This is because a professional tax and accountingbookkeeping firm utilizes licensed professionals, who can not only advise individuals on personal financial matters but who are qualified to advise businesses, financial institutions, nonprofit organizations and government agencies on a wide range of financial topics. Our strict standards ensure that we understand the complicated tax laws and how to implement strategies that return the most benefits to individuals and businesses. Give Paramount Tax & Bookkeeping in Sugar Land / Richmond a call or visit our tax and accountingbookkeeping firm in Sugar Land / Richmond for a free consultation.

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