We provide accounting services from basic bookkeeping through the preparation of corporate and individual tax returns. Our team can provide any of the accounting needs you require. We scale our services to match the needs of each client.

Our team can become your accounting department. We understand that you need reliable financial information to make business decisions. Yet many business owners are pressed for time and cannot keep up with the changes in accounting regulations and software.

We provide full accounting services to enable you to focus on your business. The tasks we can handle for you include the following.

Bank Reconciliations
When you reconcile a bank statement, you compare the bank balance shown in your company’s bank statement with the amounts in your company’s corresponding accounting records. This process makes sure those corresponding accounts match up. You should reconcile your accounts every month. We can do this for you.

Why reconcile bank statements monthly? You should reconcile bank statements each month in order to:

  • Find any discrepancies (caused by missed deposits, lost checks, unauthorized wire transfers, for example)
  • Manage your cash flow and businesses finances more effectively. With proper cash management, you can save money and even increase your revenue. For example, if you consistently hold a large amount of money in cash, you may benefit by opening a money market account to accrue interest.
  • Determine your company’s financial health. You need to reconcile your statements in order to prepare financial statements properly.
  • Uncover any unjustified disbursements or bank charges.
  • Help detect and prevent embezzlement of company funds. Using an outside company to reconcile your statements can reduce the likelihood of embezzlement.
  • Identify check fraud. If your company is the unfortunate victim of check fraud, you must promptly report the event. By promptly alerting the bank of a fraudulent check, you are more likely to get restitution and to stop any future events.

Payroll Preparation
Managing payroll can be a time consuming and risky endeavor. If you make late payroll tax payments, you risk penalties and interest. The Federal and state governments make regular changes to withholding payment schedules and to tax rates. If you pay against an old schedule, you can also incur liabilities.

We can handle your payroll preparation. If you have a large staff, we can also help you setup your payroll with a reputable payroll services company.

Accounts Receivable Management
Cash flow is the lifeblood of every business and nonprofit organizations. If your customers are not paying timely, your business can run out of cash to pay its own expenses. You must monitor your accounts receivable to identify late customer payments. Sometimes invoices get lost for very simple and honest reasons; but you will not know the customer is late if you do not watch your A/R. A well-established account receivable management program will improve your cash flow.

Accounts Payable Management
Proper management of accounts payable can have a significant impact on your cash flow. For example, you can work with your vendors to negotiate terms or use electronic funds transfer to control payment timing, precisely. You may want to alter your account management process based on the economy or your own company’s needs. Sometimes you may want to pay an invoice before it is due, to improve relations with a vendor for example. Other times you may want to pay just as the invoice is do, to maximize cash in a down economy. Whatever your situation, we can help you create the appropriate account payable process for your organization.

Financial Statement Preparation and Analysis
Your financial statements consist of your balance sheet, income statement and cash flow statements. You should compile financial statements on a regular basis to measure the health of your business. These statements are very important if you ever need to seek a loan.

Your income statement calculates your company’s net profit or loss for a given period, whether a year, a quarter or any other time frame. Some people refer to this statement as a profit and loss statement or a P & L. You can use the income statement to:

  • track revenues and expenses and compare the accounts to previous periods or budget to spot trends or errors
  • pinpoint when you are going over budget on certain accounts
  • project cash flow

Your balance sheet gives you a clear picture of the health of your business. The balance sheet details the company’s assets, liabilities and owner equity. When you create a year-to-year comparison, your balance sheet can depict trends.

Your cash flow (technically called the statement of cash flows) reports the cash your company generated and used during a specified time interval. You can use your accounts payable and accounts receivable to project your future statement of cash flows. This statement can help you flag any financial issues before they arise.

Our team will help you prepare and analyze all of your financial statements. For a no obligation discussion about your accounting needs, please complete the form on the right of this page.

Small businesses and new businesses startups are not small to us. We know small companies need qualified accounting expertise. We really enjoy working with startup companies. Our accounting staff has the expertise necessary to help your startup business. Let our years of experience in providing accounting for new businesses get your business off to a great start.

Starting a business can seem daunting. You have many decisions to make in setting up a new business. You must decide on:

  • The proper legal structure (partnership, sole proprietor, LLC, Corporation, etc).
  • A method of accounting (accrual or cash)
  • Your start-up budgets
  • Your staffing, leasing, etc.

When you are starting up in business, you must make these decisions carefully. The legal structure, for example, has implications for your start-up company’s business taxes.

We Understand Accounting Needs of  New Businesses
We have worked with startup businesses in many industries. We can ease some of the stress in starting your new business. We can advise you regarding the financial and accounting implications of your new business decisions. Our CPA also have extensive local contacts and can help you find useful services for your new business.

We can guide you in a range of startup activities from setting up your accounting system to organizing your accounting and bookkeeping records. Without a good financial record keeping and accounting setup, it may be hard for you to know the financial impact of a given course of action.

For your start-up business, we can assist you with the following accounting services:

  • Selecting the appropriate business entity formation (from an accounting and tax perspective)
  • Developing your initial business plan and financial forecasts
  • Setting up your startup budget and providing tax evaluation strategies
  • Selecting and configuring your initial accounting software
  • Establishing your record keeping system
  • Completing and submitting federal and state applications for identification numbers
  • Applying for a business license
  • Registering for state income tax and sales tax collection and remittance

At the end of your firm’s fiscal year, we can also prepare the following tax and financial forms:

  • LLC, Partnership, S Corp and C Corp Returns
  • Employment Tax and 1099 forms
  • Year-to-Year financial analysis

We really understand the accounting needs of new business startups. We have worked with startup companies since 1987.

For a no obligation discussion about the needs of your new business, please contact us.

Tax Services for U.S. Expats

As a U.S. expat, filing federal and state taxes can be a challenge. The tax regulations are constantly changing. If you are not compliant with the current law, you risk incurring penalties. The IRS is increasingly enforcing expat-related regulations. We work with our expat clients, to make sure they are compliant with current tax rules.

Qualifying for Exclusions
If you are a U.S. expat, you may qualify for a number of exclusions, including the Foreign Earned Income Credit and the Foreign Housing Exclusion (or Foreign Housing Deduction). To qualify for these exclusions, U.S. citizens and green card holders must meet one of two tests:

Test One: Physical presence, which means you must:
1. Be physically present in a foreign country (or countries) for at least 330 full calendar days during 12 consecutive months.

2. Be a U.S. citizen or resident alien

Test Two: Bona Fide Resident, which means you must:
1. Live in a foreign country for an uninterrupted period of time, which includes an entire tax year (Jan 1 to Dec 31). You can travel back to the U.S. for brief periods and still meet this test.

2. Be a U.S. citizen or resident alien

Each of these tests has additional provisions. To discuss your specific situation, please contact us.

Expat U.S. Tax Filing Requirements
You must file taxes on the standard 1040 and may need to file state taxes as well. In addition to filing a U.S federal tax return, you must also disclose all foreign financial assets on form Foreign Bank and Financial Accounts (FBAR). Expats not filing a required FBAR can face penalties and potentially criminal prosecution.

If you meet minimum reporting requirements, you may also need to submit a form 8938 along with your 1040. This reporting requirement is part of The Foreign Account Tax Compliance Act (FATCA), requiring foreign financial institutions to report on accounts held by U.S. taxpayers

Our team has many years of experience in helping expats comply with U.S. tax regulations.
We tailor our services to the unique needs of each client. For example, we can help you if you are on a temporary posting in Asia or have bank accounts in Europe.

We will help you complete and file your U.S tax return, FBARS and related forms correctly and on time. We can make sure you are FATCA compliant. We also provide tax services to non-U.S. residents with income from sources within the United States.

We provide the following tax services for Expats.

1. U.S. Federal income tax return preparation – If you are a U.S. citizen or green card holder, you must file a 1040 with the United States IRS. You must file regardless of your source of income or country of residence. Our tax expert will complete your return and make sure you take all available credits such as foreign tax credits.

2. State income tax return preparation – As a resident of a state in the U.S., you typically must also file a return with your home state. Residency rules do vary from state-to-state. Our team will help you identify the residency requirements of your state and file any required state tax forms.

3. Foreign Bank and Financial Accounts (FBAR) Form 114 (formerly Form TDF 90-22.1) reporting – If you are a U.S. citizen and hold financial assets in a foreign country, you must file a report with the IRS. If you do not report foreign assets meeting the reporting criteria, you are subject to significant penalties. The U.S. Federal Crimes Enforcement Network (FinCEN) requires FBAR reporting. There is no extension available for filing after the June 30 deadline.

4. Foreign Account Tax Compliance Act (FATCA) Form 8938 reporting – If you are a U.S. citizen and your foreign assets meet a certain threshold, you are also required to file a Form 8938. Our team can help you determine if your foreign assets meet the requirements of this act.

5. Foreign Currency Exchange Form 2555 completion – If you live abroad you must convert your foreign income to U.S. dollars using an annual currency calculation. There is one specific rate used for asset reporting schedules. For asset reporting, we use the US Department of Treasury schedule. If your tax return has income and expense items we use OANDA, which is a daily average for currency conversion.

6. Abandonment of Lawful Resident Status Form I-407 preparation – If you have decided to relinquish your U.S. Green card and live in another country, you must complete a form I-407. We can help you complete and properly file this form. Once you relinquish your green card, you can visit the U.S. in the future as a tourist. Make sure you retain your approved I-407 and keep it with you whenever you enter the U.S.

Contact us to discuss your Expat Tax Requirements
We can prepare all of the required IRS Expat forms. We can also work with you if you have failed to file the required forms. You must not ignore the U.S Tax filing requirements when you live abroad. If you fail to file your U.S. tax returns, you can incur financial penalties or in extreme circumstances jail time. If you are late and come forward on a voluntary basis, that can help your situation; but do not delay.

Small Business Tax Preparation Services

We can handle all aspects of your small business tax preparation, filing and returns. We handle taxes for all types of small businesses. We can help you find all tax credits and deductions available to your type of business. We can also work with you throughout the year in making decisions with tax implications (such as an equipment purchase vs. a lease).

Our team stays current with tax laws and regularly attends industry training programs. We prepare your taxes with a software program that enables us to double check all tax forms and file your return electronically.

We stay on top of your federal and state tax deadlines. If you are a client, and have not contacted us when your tax due-date arrives, we file an automatic extension for your business.

Nonprofit Tax Preparation Services

To maintain your nonprofit status, you must submit a form 990 and accompanying documents to the IRS each year. Spending the time necessary to compile the supporting documents and to complete the form takes time away from operating your nonprofit services.

We can handle preparing your 990 form and the following related documents:

  1. Income Statement, which must include specific revenue and expense categories, such as donations, salaries, postage, rent…
  2. Balance Sheet, which covers categories such as cash, accounts receivable, accounts payable…
  3. Functional Expense Statement, where you must allocate expenses to programs, services, fundraising, or operations.
  4. Individual Program Expense Statement, which reports your entity’s expenses for each program or service.
  5. Revenue Support Schedules, which provides specific information on your nonprofit’s sources of income in precise categories like charitable donations, membership fees, investment income.

The IRS reviews these detailed revenue and expense classifications to determine if your organization will retain its tax-exempt status. Consequently, it is critically important for you to build your accounting system around these revenue and expense classifications.

Individual Tax Preparation Services

Even for Individuals, today’s tax laws are very complicated. Unless your financial affairs are extremely simple, you will likely benefit from the guidance of a tax professional. If you prepare only one return a year, you can easily overlook deductions and credits available to you. While you can purchase good tax preparation software, these programs cannot replace the knowledge of a seasoned tax professional.

We have prepared hundreds of tax returns over the years for individuals, proprietorships, partnerships, corporations, limited liability companies, and tax-exempt entities. We know what to look for when we prepare your return. More importantly, you have someone to ask questions of during the rest of the year.

Our accounting team can prepare your individual tax returns and tax extension. We will also help you accurately estimate your next year’s taxes and avoid costly underpayment penalties.