Walpole & Co

A Full Service Acccounting Firm

Walpole & Co is a full service accounting firm specializing in Income Tax, Business Accounting, Estates & Trusts, Financial and Estate planning throughout California and the Central Coast.

If you ask our customers to reflect on their relationship with Walpole, two messages come through again and again. First, they trust and appreciate our sound judgment and advice. Second, they acknowledge the importance of our working partnership. As one of our long-time customers put it, “Your advice is valuable, innovative, creative, but realistic. You are more than an accountant, you’re a mentor as well.”

Clients often mention the friendly, caring attitude we bring to our very personal associations with them—a welcome respite from the unforgiving world of budgets, audits and government regulations. A client who’s been with us since our beginning had this to say, “For over 30 years, Walpole has been more than an accounting firm. They have been a friend who cared about our business.”

We know our customers expect much more from us today than they did when we opened our doors back in 1974. Traditional accounting functions—tax preparation, payroll, audits, bookkeeping and financial statements—only scratch the surface of Walpole’s current capabilities.

In order to adequately protect your financial position today and build a feasible plan for your fiscal future, Walpole employs a diverse team of specialists with complementary strengths. They’re well-trained experts who know how and when to employ the latest information and innovative technologies to achieve financial success. A local business controller confirmed this when he said, “Walpole has a reputation for being able to employ different and workable systems for a variety of businesses and projects.”

Our customer base is as diverse as the individuals and businesses that make up our Central Coast community. Whether you’re filing an individual tax return or are the CFO of a $50 million corporation, your perception of our service is the fundamental way by which we measure ourselves. A thriving agricultural business owner recently remarked, “We were impressed with the casual and straightforward attitude of Walpole. It seemed they were more interested in helping us learn about our own company and how we could become more self-sufficient than they were about increasing their own business.”

You should feel confident that your accounting firm very clearly understands your unique financial position. You should also expect a realistic plan for growth that assures the protection of your hard-earned assets. Walpole’s seasoned financial team meets and often surpasses client expectations on a regular basis. The successful proprietor of a local exporting company described his feelings this way, "You might be amazed what a leading-edge accounting firm full of realistic people with optimistic attitudes can do for your peace of mind. Why not see where Walpole’s friendly experts can take you or your business?"

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Tips for Nonprofits

Non-Profit Tax Considerations:

Almost all exempt organizations, except religious organizations, are required to file annual information returns with the IRS. The IRS Form 990 is to be filed from the inception of the organization if the criteria for filing are met. Therefore, even if the organization has not filed a Form 1023 or 1024 for exemption and has not received a determination letter, a Form 990 is still required. Some organizations have filed Form 1120 up until receiving their determination letters, which is incorrect. Only if the IRS determines that the organization is not exempt are Form 1120 and any other applicable forms required.

Lobbying & Political Activities:

IRC Sec. 501(c)(3) prohibits lobbying activities that constitute a “substantial part” of the organization's activities.

In addition to the lobbying restrictions, there are prohibitions against a Section 501(c)(3)'s partisan intervention in a political campaign either for or against a candidate. Unlike the lobbying rules discussed above, all political campaign activity is prohibited. No de minimis rule exists, and no election is available that would allow such activity. Violation of the political activity rules can result in loss of tax-exempt status. Organizations may take sides on political issues but not political candidates. Because candidates align themselves with sides of issues, it can be difficult to distinguish between supporting an issue and supporting a candidate.

The IRS specifically identified the following activities as unallowable for 501(c)(3) organizations when performed in relation to a political candidate:

•  Engaging in fund-raising.

• Donating money.

• Endorsing a candidate.

• Distributing information.

• Performing any service or action that is detrimental or beneficial to a candidate.

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