Tax Services

Tax Preparation

Preparing your own income tax return can be a task that leaves you with more questions than answers. According to a study released by the US Government’s General Accounting Office, most taxpayers (77% of 71 million taxpayers) believe they benefited from using a professional tax preparer.
Whether we like it or not, today’s tax laws are so complicated that filing a relatively simple return can be confusing. It is just too easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program there’s no substitute for the assistance of an experienced tax professional.

Here’s what you get…

  • Your tax return will be checked and rechecked by our computer software identifying potential problems the IRS may look at more closely and reviewing the math to limit IRS contacts.
     
  • Your tax return can be filed electronically so you will get a refund back quicker.
     
  • Our staff will show you how to adjust your payroll withholding to get more money back each week. Why give the IRS an interest free loan for up to 16 months.
     
  • We will show you potential deductions to limit your tax liability for next year. In addition, we will give you a sheet of commonly overlooked deductions to limit the following year’s tax liability.

Books a Mess? No Problem!
If you own a small business and haven’t kept up your bookkeeping, don’t worry. We can help you. We’ll prepare your bookkeeping for the year, prepare a full Schedule C, as well as your personal income tax return. Then we’ll help you set up an easy system that allows you to keep your books in tip-top shape next year.

Tax Problems

Are you having problems with the IRS? We’re here to help you resolve your tax problems and put an end to the misery that the IRS can put you through. We pride ourselves on being very efficient, affordable, and of course, extremely discreet. The IRS problems will not just go away by themselves; they just keep getting worse with penalties and interest being added each day.
If you owe the IRS, you have a very serious problem. It may take the IRS several years to catch up to you, but they’re relentless and have no mercy in collecting all the money that is owed. When the collection process starts, they’ll make your life miserable and literally ruin all aspects of your life.

IRS Audit Representation

Rarely do our clients have to talk with the IRS. We handle it all for you so that you need not take time off of your job to handle the bureaucracy and paperwork of the IRS.

Non-Filed Tax Returns 
If you do not file, you can be prosecuted and punished with potential jail time, one year for each year not filed. Why risk potentially losing your freedom for failing to file your tax returns?
Back Taxes Owed

It’s amazing how fast tax penalties and interest add up. Luckily, we offer several options when it comes to resolving unpaid taxes. Complete this form to get a Free Consultation with our tax specialist.

IRS Liens 
Liens filed against you by the IRS also show up on your credit report and often prevent you from opening a checking account or borrowing against any assets, like your home.
IRS Levies 
We are often able to get levies released and help you get out of a terrible situation. Our goal is to get you even with the IRS and let you start life anew.
IRS Payment Plan 

If you don’t qualify for the IRS Offer In Compromise program, a Payment Plan may be the way to resolve your problem.

Offer In Compromise 

Did you know that you can settle your debt with the IRS for just pennies on the dollar with their Offer in Compromise program?

Bankruptcy 
Your back taxes, interest and penalties can be wiped out by filing bankruptcy. If you qualify, bankruptcy can be the best solution to resolve your crushing tax problems.
Innocent Spouse Relief
Innocent Spouse Relief was designed to alleviate unjust situations where one spouse was clearly the victim of fraud perpetrated by their spouse or ex-spouse.
Get Your IRS File 

Most people would be surprised to learn how much the IRS knows about them. Obtaining a copy of your IRS file is critical in analyzing the options available to resolve your tax problems.

Accounting

As a small business owner you have more important things to do than to keep your own books. We take care of your books for you, so you can get back to the job of running your business and generating profits.

Each month or quarter we’ll do the following things for you…

  • Reconcile your bank account
  • Generate an income statement 
  • Generate a balance sheet
  • Clean up your general ledger
  • Provide unlimited consultations

These tasks form the solid foundation of your small business accounting system. You can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services.

Audit – Reviews – Compilations

Stockholders, creditors, and private investors often need assurance that the financial statements accurately represent the true financial position of a company.
Your stockholders, creditors, or private investors have different levels of risk tolerance, so we provide three levels of assurance to meet your needs.

Which Report Should You Use?

Each type of financial statement report may suit specific circumstances, depending on requirements from your client’s bank or other parties, as well as meet budgetary needs.
Understanding each report’s unique strengths and weaknesses can help you choose the most appropriate one.

1

AUDIT

Hightest Level of Assurance

An audit provides the highest level of assurance. An audit is a methodical review and objective examination of the financial statements, including the verification of specific information as determined by the auditor or as established by general practice.

2

REVIEWS

Limited Assurance

Less extensive than an audit, but more involved than a compilation, a review engagement consists primarily of analytical procedures we apply to the financial statements, and various inquiries we make of your company’s management team. If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures.

3

COMPILATION

Lowest Level of Assurance

In compiling financial statements for a client, we present information that is the “representation of management” and expresses no opinion or assurance on the statements. Compilations don’t require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business.

Cash Flow Management

Our cash management service allows you to…

  • know when, where, and how your cash needs will occur.
  • know what the best sources are for meeting your additional cash needs.
  • be prepared to meet these needs when they occur, by keeping good relationships with bankers and other creditors.

The starting point for avoiding a cash crisis is allowing us to develop a cash flow projection for you. We can help you develop both short-term (weekly, monthly) cash flow projections to help you manage daily cash, and long-term (annual, 3-5 year) cash flow projections to help you develop the necessary capital strategy to meet your business needs.

We also prepare historical cash flow statements to help you gain an understanding about where all the money went.

Creating an accurate cash flow projection is just one of the many cash management services we provide. You also get…

  • Help obtaining an appropriate line of credit
  • Cash collection acceleration techniques
  • Proven effective collection policies
  • Proven effective payment policies
  • Help obtaining the maximum rate of return on your idle cash

Bank Financing

Need money to grow your business?

Requesting a business loan without adequate preparation sends a clear message to the lender: High Risk! Therefore, it pays to be prepared and organized in your approach for financing.

Put your best foot forward by allowing us to prepare a winning loan proposal for you. Our proposals have a high likelihood of success because they’re created from the lender’s perspective.

You get the money you need because we know exactly what banks want to see. Even more importantly, we know how to prove to them that you’ll be able to pay them back.

Our winning loan proposals come complete with…

  • Executive Summary: Where we concisely state the purpose of the loan, the exact amount of money required, an explanation of what the loan will be used for and why it’s needed.
  • Pro-forma Cash Budgets and Financial Statements: We use your data and underlying assumptions to prepare information that your banker can easily read and buy in to.
  • Owners Personal Financial Statements: We make copies of the last 3 years of personal tax returns for the bank as well as identify the collateral being pledged as security for the loan.
  • Representation: We help substantiate your financial needs/position to your banker in person.

Business Valuation

Few things are more important to business owners than the value of their business. The valuation you get for your business can make or break a proposition.

Whether you’re negotiating a merger, considering new shareholders, attempting to resolve disputes associated with liability, shareholder equity, estate planning or marital dissolution, objective valuation can make the difference between loss or gain, success or failure.

Business valuation is not an exact science. It’s based on judgment, experience and relevant information. So, you need professionals who are well qualified, with significant experience in evaluating all types of organizations.

Our approach is to intimately know your business in order to understand what constitutes its value. We work closely with you to analyze your operations and historical financial data. Our in-depth knowledge of your business enables us to provide a well-reasoned, fully documented and defensible valuation opinion.

We provide a full range of business valuation services for the following needs:

  • Bankruptcy
  • Business Disputes
  • Buyouts
  • Divorce
  • Estate Planning
  • Financing
  • Gifting
  • Mergers & Acquisitions
  • Other Business Valuation Scenarios

Planning

A Strategic Business Plan is much more than a tool to obtain financing. If you still have all your plans and ideas locked up inside your head, preparing a strategic plan can help you clarify your company’s direction. It can ensure that your key leaders are all on the same page, and keeps both management and staff focused on the tasks at hand.

A Strategic Plan is often needed when…

STARTING A NEW VENTURE
EXPADING A CURRENT ORGANIZATION
BUYING A NEW BUSINESS
TURNING AROUND A DECLINING BUSINESS

Succession Planning

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 is essential to the survival of a family business from one generation to the next.
We 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.

Non-Profit Organizations

We can help you setup and maintain your non-profit organization’s tax-exempt status by handling all the IRS reporting for you.

Each year the IRS requires most tax-exempt organizations to submit the Form 990 and its relations, which includes the following items.

  • Income Statement with very specific revenue and expense categories like donations, salaries, postage, rent…
  • Balance Sheet with specific categories like cash, accounts receivable, accounts payable…
  • Functional Expense Statement with all the expenses allocated to either program services, fundraising, or operations.
  • Individual Program Expense Statement that reports all of the expenses for each program or service like seminar programs or educational mailings.
  • Revenue Support Schedules that detail the organization’s sources of income in specific categories like charitable donations, membership fees, investment income.

The IRS uses these very specific revenue and expense classifications to determine if your organization will retain its tax-exempt status. So it’s imperative that you build your accounting system around these revenue and expense classifications.

Internal Controls

At times you may need a trained outside professional to evaluate your company’s operations to determine if the appropriate controls are in place to ensure proper handling of resources and to protect yourself from employee theft.

We assess your internal control systems to determine the efficiency and effectiveness of your operating procedures. Then we make recommendations that help your company become stronger and more profitable by correcting any inefficient or ineffective operating procedures we find.

SEGREGATION OF DUTIES

Implement segregation of duties so that duties are divided, or segregated, among different people to reduce risk of error or inappropriate actions. No one person has control over all aspects of any financial transaction.
TRANSACTION AUTHORIZATION

Make sure transactions are authorized by a person delegated approval authority when the transactions are consistent with policy and funds are available.

RECORDS

Ensure records are routinely reviewed and reconciled, by someone other than the preparer or transactor, to determine that transactions have been properly processed.

SECURITY

Make certain that equipment, inventories, cash and other property are secured physically, counted periodically, and compared with item descriptions shown on control records.

TRAINING

Provide employees with appropriate training and guidance to ensure they have the knowledge necessary to carry out their job duties, are provided with an appropriate level of direction and supervision, and are aware of the proper channels for reporting suspected improprieties.
POLICIES & PROCEDURES

Document policies and procedures and making them accessible to employees. The documented policies and procedures provide day-to-day guidance to your staff and continuation of duties in the event of prolonged employee absences or turnover.

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