Businesses Archives | Warshaw Group Accounting Partners

Tax Relief

With the IRS auditing less than one percent of tax returns in recent years, you may be thinking it can’t happen to you. But you could be wrong, especially if you have a lot of business expenses, your tax return is complicated, or you’re in a higher income bracket. The good news is that nearly 75% of those audits are notices or letters sent by the IRS requesting additional information or clarification. The rest are actual field audits.

While you may be tempted to respond to a letter or notice from the IRS, it’s not always a good idea even if you have a firm grasp of tax law. Because as friendly as IRS auditors might seem, they represent the IRS — not you. Sure, taxpayers can and do prevail during IRS audits, but without an experienced tax professional on your side, it’s less likely that it will happen…and you just might end up owing the IRS money instead of getting a refund. Here is how we can assist with tax notices and audits:

Take care of all audit correspondence
Make sure you take the steps needed to minimize your tax liability
Handle all discussions with auditors to reduce the risk of additional liability
Appeal a decision, if necessary

Compilations

As a business owner, you may be accountable to creditors, private investors, and shareholders, all of whom are interested in ensuring that the company’s financial statements accurately represent the true financial position of the company.

There are three types of CPA certified financial statements: audits, review and compilations. Our firm currently offers compilation services to our clients, as banks often require compilations from an independent CPA as part of their lending covenants. In compiling financial statements for a client, we present information that is the “representation of management” and expresses no opinion or assurance on the statements.

Compilations don’t require inquiries of management or analytical procedures. Instead, we rely on our knowledge of accounting principles and a general understanding of your business.

Bookkeeping Services

Accurate bookkeeping is essential to your company’s long-term viability. Experienced, affordable, and reliable, we serve a variety of industries and clients from self-employed home-based business owners to small and medium-sized businesses with employees. If you’re just starting a business, we’ll set up reporting and recordkeeping systems that make it easy for you to keep track of where your money is going. If you’ve been in business for a while, but need help cleaning up your books, we’ll work with you to streamline your bookkeeping systems and set up a system of checks and balances. Our bookkeeping services can be completed on a monthly, quarterly or annual basis (or other frequency) and include:

Accounting software set up, conversion and implementation
Setting up a chart of accounts
QuickBooks training and consultation
Entering cash disbursements and deposits, as well as credit card charges
Preparing bank and credit card reconciliations
Entering accounts payable and receivables
Preparing or cleaning up the general ledger
Booking standard and adjusting journal entries
Calculating and booking depreciation and amortization
Processing of payroll
Preparing tax forms for consultants (1099s and 1096)
Generating income statement and balance sheet
Full outsourcing of bookkeeping

Small Business Accounting

We’re accountants and we enjoy crunching numbers, but chances are good that as a small business owner, you don’t. In fact, you probably started your business because you had a great product or service to offer and not because you were excited about cash flow analysis, profit and loss statements, budget forecasting, and strategic tax planning.

Whether we meet with you monthly, quarterly, or once a year, we help you take financial control of your business, enabling you to focus on your core business tasks and make informed decisions about your financial future. Our small business accounting services include:

Generate reports and analyze financial data
Evaluate cash flow and improve profitability
Prepare budgets
Strategic tax planning and financial forecasting
Accounting systems set-up, Chart of Accounts and General Ledger
Quarterly, monthly, and annual financial statements
Use and sales tax processing
Profit statements and balance sheets
Custom financial reports
Business tax returns
Outsourced CFO services

Tax Planning

Tax strategy encompasses different aspects including the timing of income, purchases and other expenditures, selection of investments and types of retirement plans. The goal of having an effective tax strategy is to arrange your financial affairs in order to minimize your tax obligations within the constraints of the laws that are currently in place. We constantly stay abreast on legislative changes which offer prospective planning opportunities as well. Our tax planning services include:

Based on careful analysis of your tax situation, we ensure you take every tax credit and deduction you deserve on your tax return.
We help you set up a recordkeeping system that meets IRS requirements.
We work with you all year long–not just at tax time–to develop tax planning strategies that lower your tax bill. Advanced tax experience, backed by industry-leading tax research resources, provide us with a unique ability to analyze interim results, model one or more scenarios, and then recommend actions to businesses to minimize tax liabilities.
We analyze your tax footprint to understand the taxing jurisdictions where your company is doing business and focus on tax planning strategies appropriate for those states and localities.
We advise you on choosing an entity type and later restructuring if advantageous, including any necessary Federal and state election filings.
We can assist with new business formations – determining which business entity best meets your goals and minimizes tax liability, partnership agreements, review of business plans and cash flow budgets, setting up accounting systems and policies, ensuring you are compliant with tax laws (i.e., Federal EIN and sales tax/payroll registrations), preparing annual tax returns and quarterly estimated taxes, and assisting you in the filing of paperwork for state and local licenses and permits.

Tax Preparation

As a business owner, you’re busy developing new products or services and making sure your business runs smoothly. You probably don’t have time to reconcile your bank account or generate balance sheets to manage your cash flow, let alone read up on the latest tax laws to find out which tax breaks are applicable to your business. As your advisors, we evaluate your business tax situation and guide you through any tax challenges that develop.

Our goal is to minimize your tax liability so that you can keep more of your hard-earned money. It’s also our job to stay up-to-date on current federal and state tax laws through continuing education and we use our in-depth knowledge of tax codes when we prepare your business tax returns — so you don’t miss out on any tax credits and deductions that you are entitled to take. Our tax preparation services for businesses include:

Preparing accurate income tax returns (including all related forms and schedules) that are filed on time using our best-in-class professional software
Meeting local and state sales tax compliance requirements
Assisting with personal property and business license requirements
Preparing amended tax returns
Minimizing tax liabilities through the use of proven tax planning strategies
Electronically filing and direct deposits for a faster tax refund
Filing extensions and calculating estimated tax to avoid interest and penalties

Assistance with Tax Notices & Audits

With the IRS auditing less than one percent of tax returns in recent years, you may be thinking it can’t happen to you. But you could be wrong, especially if you have a lot of business expenses, your tax return is complicated, or you’re in a higher income bracket. The good news is that nearly 75% of those audits are notices or letters sent by the IRS requesting additional information or clarification. The rest are actual field audits.

While you may be tempted to respond to a letter or notice from the IRS, it’s not always a good idea even if you have a firm grasp of tax law. Because as friendly as IRS auditors might seem, they represent the IRS — not you. Sure, taxpayers can and do prevail during IRS audits, but without an experienced tax professional on your side, it’s less likely that it will happen…and you just might end up owing the IRS money instead of getting a refund. Here is how we can assist with tax notices and audits:

Take care of all audit correspondence
Make sure you take the steps needed to minimize your tax liability
Handle all discussions with auditors to reduce the risk of additional liability
Appeal a decision, if necessary

Tax Planning

There is more to preparing your taxes than simply filling out forms at tax time. It’s also about understanding our clients’ needs and helping them plan for a secure future. Our tax planning services include:

Based on careful analysis of your tax situation, ensure you take every tax credit and deduction you deserve on your tax return.
We help you set up a recordkeeping system that meets IRS requirements.
We work with you all year long–not just at tax time to develop tax planning strategies that lower your tax bill.
We review and adjust your paycheck withholding so that it accurately reflects your tax situation and helps with your current cash flow and avoids unpleasant surprises on April 15th.
We help you understand how to defer tax liabilities through pension plans, retirement contributions, Health Savings Accounts, and similar plans.
We make sure you take advantage of certain investments to produce tax-exempt income (federal or state or both).

Federal & State Tax Returns

As your trusted advisors, we evaluate your individual tax situation and guide you through any tax challenges that develop. Our goal is to minimize your tax liability so that you can keep more of your hard-earned money. It’s also our job to stay up-to-date on current federal and state tax laws through continuing education and we use our in-depth knowledge of tax codes when we prepare your individual tax returns — so you don’t miss out on any tax credits and deductions that you are entitled to take, but don’t run afoul of the tax code. Our tax preparation services for individuals include:

Preparing accurate tax returns (including all related forms and schedules) that are filed on time using our best-in-class professional software
Calculating estimated taxes for self-employed small business owners
Developing tax planning strategies that reflect individual financial goals
Electronically filing and direct deposits for a faster tax refund
Filing extensions and calculating estimated tax to avoid interest and penalties

Contact Bertolo & Warshaw

Category Service: Businesses

Tax Relief

Business Compilations

Bookkeeping Services

Small Business Accounting

Business Tax Planning

Business Tax Preparation