If you’re looking for a firm that will focus on your individual needs, and always treat you like a client who matters, look no further. Our firm is large enough to offer a full range of professional services, but small enough to give you the individual attention that you deserve.
We will thoroughly and conscientiously study your personal situation, and tailor our advice to your specific needs.
Accounting Software Selection & Implementation
There is no shortage of accounting software solutions for your business. Software as a service (SaaS), cloud computing, and other technological innovations are adding more dimensions to technology decisions. Choosing the right solution that will meet the needs of your business now and in the future while also providing a necessary level of security is crucial. We can analyze the nature of your business and financial transactions, current technology, future business plans and emerging needs to identify and implement a software solution that is flexible enough to grow and change with your business.
What is an accounting clean-up? Most companies will go through the accounting nightmare at some point in the life cycle. The disorganized accounting department usually starts one of two ways: 1) there was no skilled accounting person in-charge from the day the business started or 2) key employees leave the company with no competent replacement(s).
These scenarios happen. Most business owners try their best to make sure this is prevented. Some business owners just do not know it has happened. The accounting mess surfaces when the company is growing and needs a loan to expand. A staff member from the accounting department prints out the balance sheet and income statement. They do not make sense.
Our firm possesses vast experience at efficiently and properly cleaning up the accounting software system. Once our services are completed, the financials will make sense. We will train your staff how to keep the accounting up to date and meaningful. Running the business by how much is in the bank account each morning is not “running a business”.
Reviews and Compilations
Our financial statement (review and compilation) capabilities keep you in touch with your business and the bank. We tailor each process to the unique needs of your business. We deliver financial statements and reports that are clear, concise and acceptable to the bank and outside parties that provide information and insight to help you run your business more effectively. We will work closely with you and your key employees to develop and execute a plan to complete this work by minimizing employee time spent on the process and without disrupting operations.
If your business does not currently have accounting staff or if your business is outgrowing its current bookkeeping system, we can provide comprehensive bookkeeping and write-up services to ensure the smooth operation of the financial side of your business. As your business needs grow and change, we can provide input and planning assistance to make sure your accounting and financial systems keep pace with your business needs.
Business Advisory Services
Our Business Advisory Services focus on improving the efficiency and effectiveness of your business and its operations. We can provide support in business planning, mergers, acquisitions, and other advisory support. Contact our office to learn about the full range of services we provide.
As a true business partner, we are available to help you deal with any business problem or opportunity. We stand ready to engage in business consulting projects to help you make the right decisions for the future of your business. Whether you face questions related to expanding, selling or restructuring your business, we have the necessary business acumen and analytical capabilities to help you make the right decisions.
Business Entity Selection
The business entity—LLP, LLC, sole proprietorship, partnership, corporation, etc.— that you select for your business has enormous financial and tax implications. It is important that you make the right decision. We can explain each tax choice and its implications. As your business grows and changes, the type of business entity you choose may need to change also.
Buying or Selling a Business
Few business decisions are more important, complex and potentially business altering than a buy or sell decision. When you are ready to sell your business, we can provide support at every step, including valuing the business, vetting potential buyers, and supporting due diligence. If a buying opportunity presents itself, we can help by providing valuation services, developing negotiation and financing strategies, and managing the due diligence process.
Cash Flow Management
Cash flow is as important as employees showing up to work each day. This must be managed daily. Your company can be making a profit but still go bankrupt. How can that happen? If the cash coming into the business is less than going out, there will be a breaking point. Is there fraud? Are tighter controls needed? Are we purchasing more than needed just to obtain small vendor discounts? Scenarios like this cannot go on for very long. The owner will need to loan money to the company, obtain a bank loan or obtain a line of credit from the bank. If there is fraud, this must be detected immediately. Are the financial statements up to date and ready for bank submittal? The company has to be ready. We can assist in these vital areas, call us.
Dissolution of Corporation
What happens when a business owner decides to close down their business? There are many things that need to occur. The federal and state payroll tax accounts need to be closed. The sales tax, bank accounts, building lease, vendors, customers, etc. need to be informed. And finally, the corporation needs to be dissolved with the Secretary of State. If the corporation is not dissolved officially in California, the Franchise Tax Board will continue to invoice the corporation for the $800 minimum franchise tax. Don’t let this happen. Call us and will assist in all the aspects of closing the business.
As our parents and loved ones get older, new financial challenges arise that you may not have thought about before. The simple tasks in life that we don’t think about take on new meaning. We take care of paying our own bills, reviewing and reconciling our checking accounts, making deposits into our accounts, renewing insurance policies, etc.
What about our elders that can no longer take care if these basic financial decisions and tasks? At some point in time, they will need help. If your schedule seems overloaded each day, consider having a professional to take care of the basic financial needs. We provide elder financial care. We will assist with making sure their social security, pension or other retirement income is properly accounted for, the bank statements are reconciled, bills paid.
Estate & Trust Tax Preparation
Estate matters affect everyone. By taking proactive steps today, you can ease the way for your heirs during a very difficult time. We can work with your legal counsel to help you to structure your estate and trusts to minimize taxes and ensure the smooth transition to your heirs. We are available to handle all estate and trust tax-related matters.
When a business is able to undertake strong financial analysis, it opens up new opportunities to improve management, planning and decision making. Financial analysis provides the numbers to support, reject or contemplate a course of action. Prospective analysis can show how situations may evolve under various scenarios, providing a new dimension to decision making. We are ready to provide this type of financial analysis to support the continue prosperity of your business.
Financial statements are an important tool for management decision making. Financial statements also represent your business to lenders, partners, potential buyers and other interested parties. We will work closely with your key personnel to develop and finalize accurate and timely financial statements.
According to Investopedia, the definition of forensic accounting is “Forensic Accounting utilizes accounting, auditing, and investigative skills to conduct an examination into a company’s financial statements. Thus, providing an accounting analysis that is suitable for court”.
Forensic accounting is the process of uncovering misstatements in the accounting records of a business. These misstatements might be unintentional or intentional. This could be a small task or a very large task.Plain and simply said, this takes skill. It takes are real deep understanding of the relationships in accounting transactions. It takes an understanding of how to recognize patterns that should be in the transactions and the variances in normal patterns when something is wrong. This evaluation and probing process is not easy. It takes a lot of time, interviewing staff, examining documents and a good understanding of how the client business operates. Call us if you suspect that “something just does not seem right with our accounting.”
“I always hear people say I should incorporate”. What is incorporation? What are the procedures? Why should I incorporate? These are all great questions. Many new business owners do not incorporate their business. Incorporation is a choice. A business does not have to incorporate.
However, incorporation provides many benefits. The main benefit is liability protection against your personal assets, family, house, cars, and bank accounts. Contact an attorney to learn the legal aspects of corporation liability protection. There are different types of entity formations such as, C-corporations, S-corporations, Limited Liability Company (LLC), General Partnerships or Limited Partnerships. We can incorporate your business and explain the different income tax choices to consider.
An IRS audit can be an intimidating and complex process. If you or your business face an IRS audit, we can bring to bear years of experience in dealing with tax matters and IRS audit procedures to ensure that you are properly represented when dealing with the IRS and other tax authorities.
Retirement planning is critical in these uncertain times. Whether you are developing a retirement plan for yourself or choosing a retirement plan to offer to your employees, we can help you evaluate the available options. Our focus is on helping you to make the choice that is most appropriate for your own financial situation. If you are choosing a retirement plan for your business, we will base our recommendations on the unique characteristics of your business and your employee population, as well as the legal and compliance issues related to each type of plan.
Sales Tax Services
State and local tax authorities are looking to maximize sales tax collections. We can help you understand and manage your sales tax obligations and prepare sales tax returns in an efficient and timely manner. If your company is informed of a sales tax audit, we highly recommend, do NOT go this alone. There are many issues that will come up. Please call us for assistance.
What is succession planning? This is planning for the future. Who will take over your company? Do you want to sell it? Is there a son or daughter that will subsequently take over the business when you are ready to step aside? There are many planning opportunities in order to make a smooth transition. These should be discussed and planned for today.
There are many places to have your tax returns prepared. The assumption is “any place that prepares tax returns can prepare mine”. The preparer “probably knows” the basics of preparing a tax return. But is that really good enough? Is allowing someone to prepare your taxes that has little or no through knowledge of income tax education or experience really what you want? Don’t you deserve better? After all, it is your hard earned money. Don’t you deserve to have an experienced firm with knowledgeable staff prepare your return?
We take great pride in preparing tax returns. We understand the tax laws that will allow the maximum allowable deductions. We review each client’s situation in preparing their return. Our staff does not “just throw” your tax return together. If there is an audit, we will explain the issues, what documents are needed, and the inherit risks.
Business tax returns need a professional to prepare. Our firm handles and prepares C-corporation, S-corporation, partnerships, and LLC tax returns. We start with the accounting. Is the accounting correct? Are the transactions recorded properly to minimize corporate taxes? Are they recorded correctly to minimize the tax effect on your personal return if you have an S-Corporation, partnership or LLC? Call us for our extensive accounting and tax knowledge.
Effective tax preparation and planning can help you to minimize your future tax liability. We can help you proactively manage both your personal and your business tax issues, including understanding how upcoming business opportunities impact your tax status and vice versa. Not all tax planning opportunities are readily apparent. By having us on your team, you are more likely to benefit from those opportunities. We understand how the latest federal, state and local tax legislation and other developments affect you and your business and we are constantly identifying new ways to reduce federal, state or local tax liabilities.
Tax Resolution (Back Taxes)
Tax Resolution is the process of assisting a taxpayer with their back taxes. Even the best of us might get behind on paying our taxes. There are many reasons for this to occur. An individual may have lost their job, had to withdrawal money from their 401(k) or retirement plan to make ends meet. Or maybe, for some reason, tax returns have not been filed for one or more years. These life events happen.
We specialize in this area of taxes. There are many options to help taxpayers resolve back taxes. Our firm understands how the collection and audit processes of the Internal Revenue Service or Franchise Tax Board (FTB, California state taxes) works. If you have a corporation, LLC or sole proprietorship, we can assist with collections and audits of: sales taxes (BOE) , state payroll (EDD) or federal (IRS) payroll taxes, federal and state income taxes, and unsecured property taxes.
When we take a tax case, we take care of all communication with the IRS, FTB, EDD, or BOE. In most cases, you will not have to talk with the taxing agency. We will review what the tax issue(s) is or are, explain where you are in the process of collections or auditing, and lay out the possible options. Our professionals will keep you informed and give you relief that there is hope. This huge burden will be lifted from your shoulders almost immediately.
If you receive an audit letter, don’t panic. Although the letter is intimidating, it is not the end of your personal or business life. There are many phases and aspects of a tax audit. This is true whether it is an IRS, State, Sales Tax, Payroll tax or personal property tax audit. We understand the process of protecting you and/or your business. We recommend you obtain professional assistance and don’t try to handle any audit on your own. There are many tax laws that come into play. We possess a lot of experience in taking over these audits and protecting our clients. Plain and simple, call our firm today.
The collection process is very scary. Many times, taxpayers don’t even open the IRS or State tax collection letters. The letters are piled up on the corner of a desk unopened. There they sit. Many people think if “I don’t open and don’t respond to the letter, they will go away”. No chance. This does not happen. The longer you wait to open the letter and do something about it, the higher the risk of losing your rights. Yes, that is what happens. You will loss your rights as time passes. What happens when rights are lost? It means too much time has passed to allow you to dispute the assessed tax they have demanded. Many times the tax bill you received is wrong. It could be wrong because the IRS or state does not have all the information. When your rights are lost, due to procrastination, If you can’t pay the outstanding tax, don’t wait. Don’t wait until your bank account is levied, call us. We can help.
Sales Tax, 571L, & Payroll Tax Returns
Proper preparation of sales tax returns, 571L (personal property tax returns) & payroll tax returns are essential. Sales tax returns depend on proper accounting software setup. If the sales tax codes are not properly setup in the company’s accounting software, sales tax might be under or over stated. This could lead to audits. Our can assist with all aspects of your business’s accounting and accounting software.
Does your company properly track the fixed asset purchases? Fixed asset tracking is important to maintain the proper depreciation, disposals and acquisitions of machinery & equipment, vehicles, building improvements, and office equipment. When fixed assets are tracked properly, the county 571L audits are a breeze.
One of the most important tax return is the payroll tax return. If your company runs the payroll in house, proper setup and payroll reporting is a must. The penalties and interest for not timely paying payroll taxes or timely filing a payroll tax return can create a tremendous hardship on the company. If your payroll is prepared in house, call us. We will make sure the payroll is setup properly.