OUR TAX PHILOSOPHY
Our clients count on us to provide solutions to critical tax issues and our philosophy is that effective tax management is far more than an annual conversation. For each tax client we establish a system of active communication so we stay informed about your financial condition and changes which may affect your tax situation. We want to make sure you fully understand and can appropriately plan for the tax consequences resulting from financial decisions.
CORPORATE AND PARTNERSHIP TAX
We are highly specialized in serving privately-held businesses and possess the expertise to manage all types of corporate and partnership tax matters, including entities with complex, consolidated, industry-specific, multi-state and international tax considerations. Our team of seasoned and progressive professionals will develop for you a tax strategy that is as unique as your business and tailored to your risk tolerance.
When you reach certain stages of your business or your life, we re-evaluate existing tax positions, explore new options and ensure your plan is consistent with your business and personal goals. We are continuously monitoring legislative changes so your tax plan is always focused on maximizing wealth and protecting and accumulating assets.
The ultimate goal of our clients is to preserve the income they earn which is why we take the time to research and formulate tax positions and minimization strategies in conjunction with scheduled planning sessions. We know that strategies centered on investments, children, education and retirement can significantly reduce your personal income tax liability and we also recognize that individual tax situations do not exist within a vacuum, which is why we view each tax client and their related entities and individuals as separate pieces and as well as a combined unit so that we devise the most effective and comprehensive solutions.
NEW BUSINESS FORMATION AND STRUCTURING
At the onset of a new venture, one of the most critical decisions is selecting an entity that is appropriate and advantageous from both a tax and legal perspective. We will provide you with the tax advice you need to get your entity set-up correctly as well as work directly with your attorney so that formation and related equity agreements are structured properly.
OTHER TAX PRACTICE AREAS
We will work tirelessly to improve your tax position and find opportunities to reduce your tax obligation through by discussing and addressing State and Local, International, Estate and Property tax. We will also spearhead any communications with the IRS or State agencies either during an audit or as a result of notices or correspondence.
We find too often that business owners are focusing valuable time on accounting instead of growing core business operations or, even worse, pushing financial management to the back burner. We provide the accounting solutions you need to get back on track and keep things current. Our accounting solutions are flexible, scalable and customized to fit your exact needs. As your operations or staff expands, we adjust the nature and the level of our services so that we are growing and changing in unison. We function as an extension of your business to provide you with a comprehensive range of accounting talent, experience and services. We’ll do it all or we’ll provide you with the advice you need so you can get it done right.
We advocate the progressive use of technology to drive project efficiency and we seek out and use cutting-edge software that allows us to minimize data entry and collaboratively share information. The protection, transparency and availability of your financial data is paramount which is why we store data files on remote secure server that are backed up every night and accessible by you through a client portal anywhere and at any time.
Our top-notch professionals are the key ingredient to your success and because you are sharing resources in an outsourced model the economic value you receive is magnified in many ways: eliminating employer tax and benefit costs, reducing personnel issues and training time, minimizing office expenses, improving business continuity, accessing creative and objective solutions, developing internal controls, creating and implementing policies and procedures, and using licensed and bonded professionals. Our goal is to help you to build the most economically efficient and robust financial management and reporting system possible….an infrastructure that provides you with the information you need when you need it.
Our full outsourced engagements typically include all routine, monthly, quarterly and annual tasks outlined below. If you are seeking to complement existing staffing resources, we will design a monthly or quarterly service plan specifically suited to your needs and your budget.
ROUTINE TRANSACTION PROCESSING
- Accounts Receivable Invoicing (and related functions such as payment application, statement generation, reminder emails on open invoices): Daily, Weekly or Monthly
- Bank Updates/Reconciliations and Cash Reporting: Weekly
- Weekly Accounts Payable Bill Payment Processing: Weekly• Payroll Initiation: Semi-monthly, Monthly or As Needed
- Examine Accounts Receivable Aging for Appropriate Usage/Unusual Transactions
- Update Fixed Asset Schedule and Post Related Entries
- Evaluate Prepaid Expenses, Maintain Workpaper and Post Necessary Entries
- Account for Changes in Other Assets
- Input/Download Corporate Credit Card Transactions and Reconcile Accounts
- Prepare Sales Tax Filings – Monthly or Quarterly
- Post Expense Accruals and Track Cumulative Liability Details
- Adjust Notes Payable and Reconcile to Statements
- Perform General Month-End Close Procedures (Thorough Balance Sheet and Income Statement Examination)
- Prepare Financial Statements for Management Use
- Evaluate Financial Records on a Periodic Basis and Provide Feedback/Submit Questions
- Perform Monthly Tasks (Previously Listed), As Necessary
- Ensure Adjustments Posted during Tax Return Preparation are Posted to Books and Update Equity Accounts, As Necessary
- Prepare Forms 1099
- Prepare Employment Tax Returns and Forms W-2
FINANCIAL STATEMENT REVIEWS & COMPILATIONS
We view our role in your financial reporting process as an opportunity to assist management with providing investors, creditors and other stakeholders with a picture of your privately-held company’s performance and its ability to pay debt as well as provide management with constructive feedback on the accounting function. When we assist in the preparation of financial statements, we are required under professional standards to issue a report indicating the level of assurance placed on the statements. We may issue one of two reports: (1) Review Report – limited assurance or; (2) Compilation Report – no assurance. If you are unsure as to your reporting needs, we will discuss with you, your banker or investors the detailed elements of each assurance level to ensure the selected report will suit all of your internal and compliance needs.
We strive to ensure all engagements run efficiently and promote technology, organization and planning. Most importantly, our experienced and personable CPA’s are technically proficient and have access to world-class accounting research materials so that we can help to implement accurate policies as well as identify opportunities for improvement.
We provide financial reporting across a multitude of industries, including manufacturing/distribution, professional services, construction, and technology. From projects involving foreign operations to those with complex equity compensation plans or consolidating variable interest entities, we have the intellectual horsepower and technical dexterity to tackle the job. We will serve as your independent accountant, yet we will also share our insights so that the engagement is positive and beneficial.
We’re committed to being a comprehensive resource for you and your business. That means your success will require more than our traditional tax and accounting services so we’ve spent the last decade building a team of CPA’s with the experience, thought-leadership, and talent you’re going to need and want to enact positive change in your business. Our consulting engagements generally encompass the below task/project areas:
- Completion of Historical Accounting/Backwork
- Conversion accounting records to accrual/GAAP basis
- Revamping of Chart of Accounts and Financial Statement Reporting Presentation
- Re-Engineering of Accounting Processes and Assisting in Conversion to Paperless Environment
- Design, Implementation and Documentation of Accounting Policies & Procedures
- Selection of Accounting Software and Providing Related Training and Conversion Support
- Providing CFO Support/Financial Leadership and Consultation on Growth Objectives/Strategies
- Creation of Management Reports/Dashboards
- Preparation of Budgets, Forecasts or Projections
- Providing Sales Tax and Employment Tax Compliance Consultation and Audit Representation
- Performance of Audit or Financial Due Diligence Support
- Assistance with Business Financing and Consulting
- Providing Employee Benefit Plan Compliance Consulting
- Performance of Forensic Accounting and Providing Expert Testimony/Litigation Support
We embrace our responsibilities to our profession and to our clients and truly desire to be a valuable resource. We champion communication and guarantee that our clients will receive personalized, positive and responsive service.