Audits, Reviews and Compilations
We view our role in the financial reporting process as an opportunity to provide constructive solutions for your organization. We can assist you in the preparation of your financial statements in accordance with professional standards. These statements can be a useful tool for management for making financial decisions. We provide financial reporting on all three levels of assurance:
*Audit- an intensive examination with the highest level of assurance
*Review - some analytical procedures conducted with limited assurance
*Compilation - based upon client information provided and used primarily for internal use.
Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis and are the foundation of a successful business. Our qualified staff can assist you with the day-to-day tasks associated with bookkeeping.
Tax planning is an essential activity to minimize your tax liability. By making tax planning part of your overall tax strategy, you can use both our experience and our access to the most current new developments in the tax laws to minimize both your current and future tax liabilities.
Many clients seek us out for consultations on the tax implications of exercising NQ and ISO stock options.
Our significant investment in computerized tax preparation and research software enables us to accurately and efficiently prepare returns for various types of entities including individuals, corporations, partnerships, trusts, estates, and not-for-profit organizations.
We gauge our worth by the personal and business successes of our clients. We can help your business identify areas negatively affecting profitability and growth and develop solutions that are practical and technically sound. In addition to acting as a sounding board for management, we provide comprehensive, flexible strategies that address the issues affecting your business. The following is just a few of the areas in which we provide consulting services:
*Accounting software selection and implementation *Type of entity selection *Buying/selling a business *Financial & retirement decisions *Estate, trust & gift planning *Non-profit Compliance Audits
Effective estate and gift planning facilitates the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse, and can reduce or eliminate the tax due on the transfer of your business and other assets. For business owners, providing business continuity and succession of ownership is essential. We can guide you through the complex process of maximizing the amount your family and favorite charities receive from you, while minimizing the amount going to Uncle Sam.
Business Entity Selection
Choosing the form of entity of your business (e.g. "S" corporation, sole proprietor, limited liability company…) is a crucial decision that can have longstanding tax implications, positive or negative. We can assist you in evaluating the pros and cons of each entity type to help you determine the most advantageous form of business for your company.
Organizational Budgeting/Budget Management
Financial accountability is a must if an organization is going to effectively and efficiently reach its target goals. But if managers and department heads can not get the information they need, and in a timely manner, the quality of their decision making will suffer. Let us help you turn your financial system and reports into a management tool that provides information that can be used to make informed, "real time," decisions throughout the organization.
Strategic and Operational Planning
Have a vision for your organization but unable to articulate it? Is there a need to revisit your "mission" statement and purpose for ministry? Our staff has the expertise to assist you and your organization in the development of a comprehensive strategic plan and associated operational strategies.
Accounting Systems & Controls
Have questions on how to set up your chart of accounts? Need an answer on how to record a special gift? Concerned on how to report a specific transaction? GAAP or FASB compliance questions? Our staff is available to assist you in everything from answering a simple question, to setting up a chart of accounts and designing system and operational controls.
Bookkeeping for schools and churches has become a very specialized area due to the many unique accounting challenges these organizations face, such as accounting for net assets and contributions. We understand the practical issues that the current challenges and requirements impose on bookkeeping systems. We are ready to help you establish or refine your bookkeeping system to accurately and efficiently meet these unique accounting needs, and yet be easy to understand.
Preparation of Nonprofit Tax Returns
Non-profit tax returns are not only a means of providing information to the government; they are also a critical source of information to the public regarding the operations and programs of the organization. We recognize this importance and have invested in tax software which allows us to prepare all federal and state non-profit tax returns in an efficient, professional method.
Nonprofit Audit and Review Planning
Nonprofit organizations have new accounting standards which differ from the standards of for-profit organizations. Our audit and review staff are proficient in these specialized areas of nonprofit accounting requirements and are qualified to audit or review your financial statements.
Minister's Compensation/Tax Issues
A unique body of tax laws exists, at both the State and the Federal level, relative to how ministerial compensation is treated for tax purposes. So, whether it's designing a compensation package, setting up a "housing allowance," claiming an exemption from social security, or simply planning for all the unique tax laws that affect ministers, our staff is available to assist you to take full advantage of the special ministerial tax breaks as well as ensuring full compliance with all applicable laws.
Charitable Trust Administration
Charitable trusts have unique tax and accounting considerations which effect the nature and timing of income recognition and distribution requirements to charitable and non-charitable beneficiaries. We have developed extensive expertise and resources to assist you in the administration of your trust and in the preparation of the complex tax return requirements.
Planning for NQ & ISO Stock Options
Alternative Maximum Tax considerations on ISO exercises can only be reasonably calculated using tax projection software. We utilize this along with extensive experience with NQ and ISO planning to develop a plan tailored to your goals and the volatility of the stock you're exercising.
Deferred Gift Planning for Major Donors
Many taxpayers find that in supporting their favorite charities with appreciated assets they can provide a long term cash flow for themselves, their spouse of their heirs. Contact us to find out some of the creative ways you can achieve these dual purposes.
Through accounting professionals and business ministry clients, we often times can connect people with employment opportunities.