Tax Planning and Compliance

We can help ensure all federal, state and local income tax returns have been accurately filed, and appropriate documentation is maintained to support amounts reported and positions taken on the returns.  We are available to continually monitor your tax situation on a quarterly basis, looking for opportunities to minimize tax and assist with calculation of quarterly estimated tax obligations.

Additionally, we are available to assist you with understating the types of retirement plans you can participate in.  We will explain the benefits of each type of plan, contribution limitations, timing for making contributions, and the tax savings to be expected.

For closely held businesses, we understand the importance of continually monitoring profitability and evaluating accounting methods to ensure the methods selected minimize tax liability.  Furthermore, we communicate the impact an accounting method has on a taxpayer and how it affects current and future year’s tax liability.

IRS, State and Local Representation

An important part of our practice is resolving disputes with the Internal Revenue Service, Department of Revenue, Employment Security Department and Department of Labor & Industries, as well as other local tax jurisdictions.  Whether you have been selected for audit and need representation, need guidance substantiating a position taken on a tax return, or simply want assistance replying to a notice requesting interest and penalties be abated, we can correspond with the appropriate authorities to resolve the matter as quickly as possible.

Bookkeeping/Accounting

Maintaining accurate accounting records is not only a requirement to prepare and provide support for tax returns, but they also can be a powerful management tool.  Accurate books enable us judge the overall health of the company, including assessing cash flow needs, liquidity, and comparing the company against competitors in the same industry.

Additionally, well maintained books can serve as a valuable tool for establishing budgets.  Often times a useful budget can be quickly prepared when historical accounting information is accurate. Once established, we can regularly monitor variances between actual performance and the budget, and make recommendations to achieve the goals in areas where the business is under performing.

Succession Planning

If you are considering acquiring a business, you cannot merely base your decision on the representations made by the seller. You need to consult an accounting professional with the experience to analyze and interpret information provided by the seller.  We often examine seller’s accounting records, including source documents, tax returns, make inquiries and compare the seller’s data against industry trends and ratios.

If you are selling a business, we can assist with the valuation to obtain the best possible price for the owners.  We can help you through the negotiation process and formulating a buy/sell agreement.

Starting a Business

There are many decisions to make when starting a business.  Based on the type of business, you must make a decision as to what type of entity you wish to be.  Of the various forms of entities available, each has unique strengths and weaknesses, which must be contemplated before making the final determination.  Selecting the improper entity type could have dramatic tax or legal implications at a later date.

Additionally, you must notify the IRS and any states you plan to operate in that you will be conducing business.  We are here to walk you through the startup process, advising you of forms to be filed and fees to pay to both federal and state agencies.  You can then focus your efforts on building and running your business, not filing forms.