Tax Services
Given the complexity of the ever-changing laws and the
difficulty of interpreting them, you need a tax advisor who not
only can ensure you’ve complied with the law, but who can
help you claim valuable deductions and credits you may have not
been aware of. We do not only prepare your tax
returns in the best-informed, most ethical manner possible, but
also work with you year-round as needed to minimize
your total tax burden. We are qualified to prepare all
federal, state, and local tax returns for: individuals, C and S
corporations, partnerships, limited liability companies,
estates, trusts, and associations. In addition we can
handle multiple state taxation, part-year residencies, which
require allocations of income and deductions by state to
properly compute each state's tax liabilities, and U.S. tax
returns for foreign nationals.
IRS and State/Local Representation
We know the tax laws and we know how your tax return was
prepared. We can provide complete representation services
before the IRS as well as state and local taxing
authorities. We are also experienced in negotiating
Offers in Compromise with the IRS.
Accounting Services
Our accounting experience runs the gamut from cash basis,
modified cash basis, income tax basis, accrual basis, GAAP
(Generally Accepted Accounting Principles) basis, SEC
accounting, and OCBOA (Other Comprehensive Basis of
Accounting). We have dealt with the following accounting
issues: When should an item be recognized in the financial
statement, How to quantify the item, How is the item to be
presented in the statement, and what other information
should be disclosed. (Hint to the small business owner
while SEC accounting might be overkill, financial statements
prepared for a bank, for shareholder/partners, or a tax return
requiring a balance sheet,
do require knowledge and
proper treatment of the accounting bases and issues.)
The firm provides the following accounting
services: preparation of financial statements, performing
compilations and reviews, providing accounting and bookkeeping,
tracking and analysis of receivables and payables, preparing
bank reconciliations, bill paying and check preparation, making
and recording deposits, preparing monthly financial reports,
and preparation of court accounting reports for fiduciaries of
estates, trusts, and bankruptcy.
While we are familiar with several accounting systems,
we have found Accounting Relief to be an ideal
accounting package that lets you collaborate with us to make
and record deposits, write checks, enter bills, schedule
bills for payment, and perform other functions. We then
access the system to analyze your trial balance and
prepare your financials. We are able to customize this
system, depending on your needs and your background in
accounting, for your benefit, so that it provides an ideal
comfort level. Because this system is Internet-based,
both of us have 24 hour access and can log in to it
securely, without the cumbersome process of transferring data
back and forth between your computer and ours.
Payroll Services
We offer a state-of-the-art payroll processing system that lets
you collaborate with us and is customized for your
specific needs. Our service includes: setting up
information on your company and employees, entering your
regular payroll data, calculating the payroll, check
printing, direct deposit of paychecks, scheduling your tax
payments and paying them electronically, and filing your
federal and state payroll tax forms. We also will prepare
the various year-end reports, W-2s and W-3s. You
will receive all the payroll reports you need to run your
business efficiently. We also provide advice to comply
with wage and hour laws.
We utilize Payroll Relief, an internet based, payroll
processing system that fully integrates with our accounting
system. This results in less time for recording payroll
and performing bank reconciliations, improves accuracy,
and helps to keep our fee low. Generally, processing a
payroll would entail the client to enter the hours, salaries,
and elective withholdings, print the paychecks and pay stubs
for direct deposits, while we take care of calculating the
payroll, your tax payments, and filing of the tax forms.
The system allows for 24 hour secure access by both of us.
Elder Care Services
Our elder services encompass: care management, housing
management, paying bills, recording income and expenses,
advocacy, needs assessments, referrals, guidance, and
guardianship. The practice does not provide hands on
care, but helps in arranging and monitoring the
care. We are committed to assisting elders maintain
a high quality of life, independence and
safety.
Unique experience gained by caring for parents 6 years and
clients 4+ years. Experience includes dealing with: heart
conditions, open wounds, amputation, diabetes, dementia,
Alzheimer's disease, hospitalization, discharge, day care, 24
hour home care, physical and occupational therapists, and
Medicare. We also advise homeowners on the option of
using a reverse mortgage as a source of income.
Business Valuations
Valuations are performed for: buy-sell agreements, estates,
divorce, partnership dissolutions, or lost profits
damages. Valuations are particularly useful for medical
or dental practices buy-ins or buy-outs. We provide
litigation support and expert witness testimony. The firm
can assist in market evaluations for a new business and
business valuations for the purchase or sale of an existing
business. Practice is limited to small privately owned
businesses.
Business Services
We provide controllership functions for businesses not large
enough to afford a controller.
Other services we provide include: writing and developing
business plans, projections of profitability, cash flow
and financing needs, review of internal controls and work
flow, start-up company assistance with choice of entity type
and accounting system, and consulting. Consulting
encompasses operations improvement, cost controls, variance
analyses, and management advisory suggestions. Our goal
is to help your business succeed, no matter what the economic
climate.
Our accounting and tax background enables us to deal with the
complex tax issues encountered in organizing and terminating an
LLC/Partnership or S corporation. We also handle
conversions such as: single member LLC to partnership LLC,
partnership to partnership LLC, S corporation to partnership
LLC, C corporation to partnership LLC, and partnership LLC to
single member LLC.
We can assist you in your planning for capital
acquisitions including the tax consequences and benefits.
Our analyses of cash flow sources and uses can be a very
important planning tool for companies with seasonal ebbs and
flows of sales.
Inventions & Patents
We provide assistance in developing an invention or patent
and achieving your goals for the invention or patent.
Your goals may be: an outright sale of the invention or patent,
to hold the invention or patent and license the product's
production and sale, to contract the manufacture and license
the sale of the product, to entirely manufacture and sell
the product, or some variant of the preceding. Developing
an invention or patent includes determining how a product
is to be produced, its cost, what are its markets, how it is to
be marketed and distributed, what will be its sale price and
its profitability. We provide feasibility studies,
cost profit volume analyses, business plans and tax
planning. Our goal is more than to help you achieve your
goal for the invention or patent, it is to help you achieve
your goal for the invention or patent efficiently at the
lowest cost or to show you that further development
of the item is not feasible. It is far less
expensive to spend money on a prototype, a feasibility
study, a cost profit volume analyses, or a business
plan than to abandon a manufacturing facility, terminate
leases, and dispose of unwanted inventory.
We provide assistance in obtaining financing to develop the
invention or patentable product. Development costs
typically include: having models, prototypes and
production quality samples produced, testing performed,
alternative materials compared, design costs, consultation
services with professionals such as engineers
and marketeers, and advertising.
Our experience includes work on several inventions and patents,
and obtaining FDA approval for a class II medical
device.
We are willing to sign nondisclosure agreements.
Medical, Dental and Veterinary Practices
By fulfilling your accounting needs we can lower your
costs and improve your service. How do we do it?
Applying our experience and utilizing the internet based
Accounting Relief system; we can integrate the Accounting
Relief system with your daily receipts, your bank deposits and
your billing system. We can handle insurance
reimbursements and patient co-pays. All checks
received are scanned, electronically deposited in your bank
account, (no more trips to the bank), the amount of the deposit
is recorded electronically in the accounting system, and the
deposit information along with the scanned copies of checks
& EOB's is transmitted to your billing and collection
system. This results in easier bank reconciliations,
billing and collection system reconciliations, which save
time, improve financial controls and reduce our fee.
You can write and print checks, enter bills, and schedule bills
for payment. We are able to customize this system,
depending on your needs and your background in accounting, for
your benefit, so that it provides an ideal comfort level.
You will be able to see your current financial picture and
customized financial reports at any time because the system is
internet-based. Both of us have 24 hour access
and can securely log in.
Legal Practices
Whether you are a solo or a 20 person practice we can not only
meet all the accounting needs of your practice but also serve
as your "back office" for the accounting needs of your
fiduciary clients. We can prepare customized accounting
reports that are needed for court reporting as well as tax
returns for your fiduciary clients. The system we use
allows you to collaborate with us to make and record
deposits, write checks, enter bills, schedule bills for
payment, and perform other functions. We then access the
system to analyze your trial balance and prepare your
financials. We can customize the system, depending upon
your needs and background in accounting, for your
benefit, so that it provides an ideal comfort
level.
Because this system is Internet-based, both of us have 24 hour
access and can log in to it securely. We can prepare
and file electronically all of your 1099's.
Retirement Planning
It is never too early to start planning for retirement.
We will help you compare the relative benefits of stocks,
bonds, and other retirement assets, and will explain the
differences between such retirement plans as standard IRAs,
tax-deferred annuities, and Roth IRAs. We can analyze
your projected income and expenses and suggest investment
funding techniques to help you ensure your golden years 10, 20,
and even 30 years from now live up to your expectations.
Bankruptcy
Bankruptcy is a frightening word to hear when you are
running a business. However, Our Firm, working with your
attorney, will help you through the entire ordeal and
guide you through the maze of financial and tax
implications that arise. We will also consult with
you regarding the benefits of reorganization or the possible
necessity of dissolution. On behalf of
creditor’s committees in Chapter 11 cases, we can assess
the viability of the debtor, and work to maximize distributions
to creditors.
The
firm will assist debtors in filing the required schedules and
statements, developing plans of reorganization, claim
reconciliation, and liquidation analysis.
We support Chapter 7 trustees
in liquidating, accounting, and administering their cases.
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