Accounting & Bookkeeping Runnemede
Servicing Clients for 30 Years! Visit Our Website
My purpose is to aggressively assist my clients in achieving their goals, both business and personal. To provide my clients with quality Accounting, Tax and Management services. My experience and dedication to my clients has established a trust on which my company is based.
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Mr. Massanova holds a B.S. in Accounting from Drexel University and has participated in the Masters of Taxation program at Villanova University. His professional affiliations include the American Institute of C.P.A.'s and the New Jersey State Society of C.P.A.'s. Mr. Massanova has also testified as an expert witness on accounting procedures, and has served as chairperson for a number of community service organizations. Mr. Massanova has been requested to speak on the Topics of Accounting and Tax for both professional and civic organizations. John L. Massanova, CPA and Business Consultant has successfully passed quality review, required by the Private Companies Section of the A.I.C.P.A. Mr. Massanova is Certified in New Jersey and Pennsylvania. He holds a certificate as a Certified Municipal Financial Officer from the State of New Jersey and a certificate as a Chartered Global Management Accountant (CGMA).
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Link: John L. Massanova
Creating Financial Freedom! Building and preserving your personal wealth requires specialized attention. You get one-on-one guidance and a comprehensive financial plan that helps manage risk, improve performance, and ensure the growth and longevity of your wealth. We help you... Save enough for a comfortable retirement by identifying your retirement needs, analyzing your assets and sources of retirement income, reviewing estimated shortfalls, and identifying the best ways to save for retirement given your financial situation and risk tolerance. Pay for your child's college education by accurately estimating the amount of money you'll need, analyzing your assets, reviewing estimated shortfalls and considering general alternatives and strategies to help address these potential shortfalls, and developing an optimal savings plan given your financial situation and risk tolerance. Protect your family in case of you become disabled by ensuring you have enough money in your emergency fund and analyzing your life, disability, health, home, and auto insurance coverage. We also review your will and various powers of attorney designed to take care of your affairs in the event you are incapacitated and can't manage them yourself. Achieve your investment goals by identifying the steps needed to maximize your investment returns as well as the steps needed to help minimize your risk while building increased predictability of your investment returns. Leave a legacy for your heirs by maximizing the value of your estate by saving tax dollars, professional fees, and court costs. As well as minimizing the costs of probate, creditors, lawyers, and estate taxes, which can negatively impact the value of your estate. We also help you stay in control of your affairs by providing a road map for passing your estate on to your heirs.
Estate planning on your own can be complicated and costly. And the list is endless... state taxes, bureaucracy, probate courts, unfair appraisals, health care concerns, eligibility of heirs, life insurance, IRA's, 401K's, annuities, burial or cremation costs, and intent regarding death-postponing treatment to name a few. Not knowing your legal and financial rights often ends up costing you more in the end. Thoughts of estate planning often bring more questions than answers: Could an heir be too young to inherit? Should the inheritance be given at a certain age? Is the intended beneficiary in a shaky marriage with divorce as a possibility? Are there children from a previous marriage? Should inheritance be protected from potential creditors of the heir? Are there taxes that can be avoided? Are you able to avoid the probate court rules, delays, and costs? Planning what happens to your estate when you're gone can seem frustrating and intimidating without qualified help. You may feel that you're too young to care about estate planning. Or, perhaps the reminder of death makes you uncomfortable. You might be tempted to put the whole thing off, assuming that it will just take care of itself. In all cases, estate planning ends up saving your family lots of time, heartache and money. And we can help. Every estate planning situation is different. In order to help you, we want to know you, your unique situation, and the nature of your relationships. We offer discussion, recommendations and useful research tools to make your planning simple, efficient, and worry-free. We are available throughout the process for further discussion regarding questions, change of circumstances, and alternatives. At every step, we'll be there with you. We help you... Clearly define your estate planning goals. Organize and create your estate planning team (experts on law, finance, and taxes) if you need one. Evaluate and recommend estate planning options. Prepare, organize and review your estate planning documents including current wills, trusts, health care and power of attorney. Decrease the problems and expenses associated with probate. Lessen taxes at time of death. Arrange for management of your estate in the event you are incapacitated. Draft a working plan for conserving and effectively managing your estate after death. Transfer the assets of your estate to heirs the way you want. Organize fair and adequate liquidation of estate to cover taxes and other expenses. Amend your plan as needed. You also get help with... Living Wills and Trusts. Lifetime Family Wealth Transfers. Family partnerships and other business relationships. Leaving money to charities. Preparation for estate and trust tax problems. The hassles and red tape associated with estate planning can be daunting, but you don't need to do it alone. Our team is waiting to assist you through every step of the process.
Link: Estate Planning
As your cherished family member gets older, they may need some help with their day-to-day financial tasks. Ordinarily simple tasks such as balancing a checkbook and paying household bills become increasingly difficult for the elderly. You could take care of their day-to-day financial tasks yourself, if you have the time and live close. But if you don't, you may want to consider hiring a professional to help. With our elder care services, you get the help of a caring, honest and knowledgeable professional. Someone on your team, looking out for your parents or grandparents best interest. Your loved ones get assistance with their daily finances and business duties and you are kept informed of every step we make. That way, you always know that your family member's needs are being met. Whether your loved one is no longer entirely independent or simply needs extra help to enjoy their lives, you get help in any of the following areas... Reviewing and paying household bills, budgeting, and record keeping. Assistance with check writing and checkbook balancing. Making sure money is received, receipted, and deposited. Offering second opinions regarding household issues and unexpected situations. Handling day-to-day financial transactions such as home repairs, routine maintenance, and emergency medical expenses. Planning retirement account distributions and safeguard against improper disbursements. Organizing and reviewing personal, financial, and legal documents to determine what needs to be addressed. Preparing an inventory of personal assets and investments. Identifying and planning their retirement income, needs, and goals. Determining current and long-term cash flow needs by analyzing income and expenses. Addressing questions about lifestyle, Social Security, pensions, Medicare, and long-term insurance. Monitoring investment portfolio and other assets in conjunction with their investment advisor. Preparing, planning and filing income, trust, gift and estate tax. Providing referrals to local services and agencies. Arranging proper level of care, transportation, and caregiver assessment. Planning for the future is important, and elder care services are crucial to help your elderly family members maintain their independence and financial freedom. Contact us today for more information.
Link: Elder Care
As a small business owner you have more important things to do than to keep your own books. We take care of your books for you, so you can get back to the job of running your business and generating profits! Each month or quarter we'll do the following things for you... Reconcile your bank account Generate an income statement Generate a balance sheet Clean up your general ledger Provide unlimited consultations These tasks form the solid foundation of your small business accounting system. You can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services. Bank Reconciliation Reconciling your business checking account each month allow us to keep your bank account, accounting, and taxes up-to-date. Having us reconcile your account each month allows you to... Identify lost checks, lost deposits and unauthorized wire transactions. Detect and prevent excess/unjustified bank charges and ensures transactions are posted correctly by your bank. Detect and prevent embezzlement of funds from within your company. Know how your business is doing? You can't really know unless all accounts are reconciled and properly accounted for on your financial statement. Manage your cash more effectively. Proper management of funds not only saves money, it makes money for you. Protect yourself. By timely reconciling and promptly objecting to your bank about any unauthorized, fraudulent or forged checks presented to your bank and paid by that bank, you can relieve your agency of responsibility for the shortfall and transfer the risk to the bank. This reason to reconcile alone should be enough. Crime exists. Sleep Better. You will sleep more peacefully at night knowing your bank accounts are reconciled, in balance and that all escrow funds, accounts, checks and disbursed funds are properly accounted for. Income Statement An income statement, otherwise known as a profit and loss statement, basically adds an itemized list of all your revenues and subtracts an itemized list of all your expenses to come up with a profit or loss for the period. An income statement allows you to... Track revenues and expenses so that you can determine the operating performance of your business. Determine what areas of your business are over-budget or under-budget. Identify specific items that are causing unexpected expenditures. Like phone, fax, mail, or supply expenses. Track dramatic increases in product returns or cost of goods sold as a percentage of sales. Determine your income tax liability. Balance Sheet A balance sheet gives you a snapshot of your business' financial condition at a specific moment in time. A balance sheet helps you... Quickly get a handle on the financial strength and capabilities of your business. Identify and analyze trends, particularly in the area of receivables and payables. For example, if your receivables cycle is lengthening, maybe you can collect your receivables more aggressively. Determine if your business is in a position to expand. Determine if your business can easily handle the normal financial ebbs and flows of revenues and expenses? Determine if you need to take immediate steps to bolster cash reserves? Determine if your business has been slowing down payables to forestall an inevitable cash shortage? Balance sheets, along with income statements, are the most basic elements in providing financial reporting to potential lenders such as banks, investors, and vendors who are considering how much credit to grant you. Maintaining a Clean General Ledger The general ledger is the core of your company's financial records. These records constitute the central "books" of your system. Since every transaction flows through the general ledger, a problem with your general ledger throws off all your books. Having us review your general ledger system each month allows us to hunt down any discrepancies such as double billings or any unrecorded payments. Then we'll fix the discrepancies so your books are always accurate and kept in tip top shape.
Link: QuickBooks Services
When it comes to paying employees, laws and the IRS have made the payroll function a time consuming nightmare for the small business owner. Small business owners spend an average of eight hours a month performing payroll functions. That's 12 full days a year that could be spent generating sales, prospecting new business opportunities, improving products or services, or servicing customers. We offer payroll solutions that meet your business's needs and enable you to spend time doing what you do best--running your company. Why Outsource Your Payroll... It's Cost Effective Use your staff more efficiently by letting us handle payroll and the associated legal details. Reduce overhead by removing the need to hire specialized employees. It's a Time Saver Our payroll service eliminates the burden of customizing, updating and maintaining your own payroll system--no more data entry, no more researching updates or new laws, no more worries. Worry Free Payroll Tax Filing Eliminate the risks of calculating and filing your own payroll taxes by having professionals do it for you. Federal, state and local payroll tax laws are frequently changing and becoming more complex. How much time do you want to spend learning all the rules and keeping your information up to date? Allows You To Focus On Core Competencies Our professional staff allow you to focus on the core competencies of your business. We are accounting professionals--you get the experts working for you and with you. Comprehensive Reports You get a wide variety of user-friendly and accurate payroll reports. For a nominal fee, we will include union reports, certified payroll, workers' compensation reports and much more. Get the Payroll Solution That Best Fits Your Needs. We know that when it comes to payroll service - no one size fits all. That's why we offer the following 3 custom payroll processing options. 1. Comprehensive Payroll Services Our Comprehensive Payroll Service takes care of all of the payroll processing for you, so that you won't have to. You get... Your payroll checks prepared and printed on-time, every-time. All of your payroll checks are laser printed on "blank" check stock to ensure maximum security and meet the micro encoding standards as set forth by the Federal Reserve System. Free Direct Deposits Worry Free IRS and State tax reporting as well as EFTPS tax deposits. User friendly, and easy to understand monthly, quarterly, and annual payroll tax reports, including W-2, W-3 and 1099 forms. Detailed reports on your employee's vacation, sick days, and personal days accruals. Creation and filing of the required new hire reports Your payroll records maintained in tip top shape. 2. After-the-Fact-Payroll Services We will take your manually-prepared payroll records and other payroll information and post this information to our data files, so you get... Worry Free IRS and State tax reporting as well as EFTPS tax deposits. User friendly, and easy to understand monthly, quarterly, and annual payroll tax reports, including W-2, W-3 and 1099 forms. Detailed reports on your employee's vacation, sick days, and personal days accruals. Creation and filing of the required new hire reports Your payroll records maintained in tip top shape. 3. Online Payroll Processing You can enter your employee's hours and earnings securely online and get... The ability to instantly print payroll checks on your own printer. Free Direct Deposits Worry Free IRS and State tax reporting as well as EFTPS tax deposits. User friendly, and easy to understand monthly, quarterly, and annual payroll tax reports, including W-2, W-3 and 1099 forms. Detailed reports on your employee's vacation, sick days, and personal days accruals. Creation and filing of the required new hire reports Your payroll records maintained in tip top shape. Custom Payroll Reports Service There seems to be an endless amount of special reports Government agencies require. We can prepare the following reports for you. Worker's Compensation Audits Unemployment Claims Social Security Audits Child Support Audits W-2 and W-3 processing 1099 and 1096 processing Preparation/assistance with Federal and State registration forms
Link: Payroll
Growing businesses often reach a point where they need professional financial advice, but can't afford a full-time CFO or controller. If you're fortunate enough to be in this position then we have the perfect solution for you. Our Part-Time CFO service gives you a professional financial manager who works with you to help guide your business to success. The cost of hiring a full-time CFO can range from $60,000 to over $100,000 per year plus bonuses and benefits. Our Part-Time CFO services provides you with experienced support at a small fraction of that cost. Here's what you get with our Part-Time CFO services... More time to focus on new services, new customers and other core business issues. Better understanding of the financial side of your business. So you have less surprises and more control over the money. Improved decision-making capabilities from clearly seeing the hard and true numbers of your business. A readily available sounding board to help you with those tough business decisions and help you clarify your business plans. The comfort from knowing that a professional is overseeing, protecting and constantly improving the financial side of your business. A professional who establishes strong financial controls in your business to reduce employee theft and increase profits. Training and managing your accounting staff. Improved quality and timeliness of financial information. Budget preparation and monitoring. Profitability analysis by service or product line. Tax saving strategies. Trend analysis. Assistance in defining long-range plans and the quantification of goals. Cash management. Liaison with bankers, attorneys, vendors, insurance agents, etc. Assistance in obtaining financing from banks, including assistance with negotiations. Review/negotiation of insurance policies. Development of company accounting procedure manuals. Analysis of equipment purchases, expansions, etc. Mergers and acquisitions assistance Custom designed collection policies and procedures
Link: Part-Time CFO Services
Stockholders, creditors, and private investors often need assurance that the financial statements accurately represent the true financial position of a company. Your stockholders, creditors, or private investors have different levels of risk tolerance, so we provide three levels of assurance to meet your needs. Audit - Highest Level of Assurance An audit provides the highest level of assurance. An audit is a methodical review and objective examination of the financial statements, including the verification of specific information as determined by the auditor or as established by general practice. Our work includes a review of internal controls, testing of selected transactions, and communication with third parties. Based on our findings, we issue a report on whether the financial statements are fairly stated and free of material misstatements. An Audit allows you to... Satisfy stakeholders such as employees, customers, suppliers and pressure groups, as well as the investing community, as to the credibility of published information. Facilitate the payment of corporate tax, goods and services tax, and other taxes on-time and accurately, thereby avoiding interest, penalties, and investigations. Comply with banking covenants. Help deter and detect material fraud and error. Facilitate the purchase and sale of businesses. Here's what you get... You get the highest level of assurance because we go outside your company to obtain more information. Typically, we'll have written communication with: Your customers, to check outstanding receivable balances, Your banks, to confirm cash or debt balances and terms, Your vendors, to verify outstanding payable balances, and Your attorneys, for information on pending or threatened legal action. We also perform physical inspections by observing your inventory counting methods and perform test counts. We document and test each operating cycle, including sales and cash receipts, expenses and cash disbursements, and payroll. Our audit papers include a detailed work program to document the examinations and testing performed, as well as the client's supporting work papers. Audits Not Just for Public Entities All public companies are required to have an annual audit, but some nonpublic entities must undergo an annual audit as well. These include local governments, not-for-profit agencies and other organizations receiving government grants. Moreover, some financial institutions require audits of nonpublic companies based on the financing amount and/or the bank's assessment of the company's risk. Also, companies with absentee ownership (such as those owned by investment firms, or individuals who no longer run the business) may order audits as checks of their management teams. Review - Limited Assurance Less extensive than an audit, but more involved than a compilation, a review engagement consists primarily of analytical procedures we apply to the financial statements, and various inquiries we make of your company's management team. If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures. A review doesn't require us to study and evaluate your company's internal controls or verify data with third parties or physically inspect assets. Rather, a review report expresses limited assurance in the form of the statement: "We are not aware of any material modifications" for the financial statements to be in conformity with the Generally Accepted Accounting Principles (GAAP). Reviewed financial statements must include all required footnotes and other disclosures. Why might a business request a review engagement? It can be a good middle ground, providing the advantages of a CPA's technical expertise without the work and expense of an audit. Compilation - Lowest Level of Assurance 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. Banks often require compilations from an independent CPA as part of their lending covenants.
A wise business owner once said, "Happiness is a positive cash flow." As a business owner, I'm sure you agree. Everything is better when your cash-in exceeds your cash-out. A cash crisis can be emotionally devastating and it can even kill your business. If you've ever had to beg, borrow and steal to cover tomorrows payroll you know what I mean. Our cash management service allows you to... know when, where, and how your cash needs will occur. know what the best sources are for meeting your additional cash needs. be prepared to meet these needs when they occur, by keeping good relationships with bankers and other creditors. The starting point for avoiding a cash crisis is allowing us to develop a cash flow projection for you. We can help you develop both short-term (weekly, monthly) cash flow projections to help you manage daily cash, and long-term (annual, 3-5 year) cash flow projections to help you develop the necessary capital strategy to meet your business needs. We also prepare historical cash flow statements to help you gain an understanding about where all the money went. Creating an accurate cash flow projection is just one of the many cash management services we provide. You also get... Help obtaining an appropriate line of credit Cash collection acceleration techniques Proven effective collection policies Proven effective payment policies Help obtaining the maximum rate of return on your idle cash
Link: Cash Flow Management
Need money to grow your business? Requesting a business loan without adequate preparation sends a clear message to the lender: High Risk! Therefore, it pays to be prepared and organized in your approach for financing. Put your best foot forward by allowing us to prepare a winning loan proposal for you. Our proposals have a high likelihood of success because they're created from the lender's perspective. You get the money you need because we know exactly what banks want to see. Even more importantly, we know how to prove to them that you'll be able to pay them back. Our winning loan proposals come complete with... Executive Summary: Where we concisely state the purpose of the loan, the exact amount of money required, an explanation of what the loan will be used for and why it's needed. Pro-forma Cash Budgets and Financial Statements: We use your data and underlying assumptions to prepare information that your banker can easily read and buy in to. Owners Personal Financial Statements: We make copies of the last 3 years of personal tax returns for the bank as well as identify the collateral being pledged as security for the loan. Representation: We help substantiate your financial needs/position to your banker in person.
Link: Bank Financing
Few things are more important to business owners than the value of their business. The valuation you get for your business can make or break a proposition. Whether you're negotiating a merger, considering new shareholders, attempting to resolve disputes associated with liability, shareholder equity, estate planning or marital dissolution, objective valuation can make the difference between loss or gain, success or failure. Business valuation is not an exact science. It's based on judgment, experience and relevant information. So, you need professionals who are well qualified, with significant experience in evaluating all types of organizations. Our approach is to intimately know your business in order to understand what constitutes its value. We work closely with you to analyze your operations and historical financial data. Our in-depth knowledge of your business enables us to provide a well-reasoned, fully documented and defensible valuation opinion. We provide a full range of business valuation services for the following needs: Purchase or sale of closely held business or business interests Management buyouts Leveraged buyout transactions Bank financing Financial restructuring and recapitalization Employee stock ownership plans (ESOP's) Analysis and advice concerning pending offers to purchase Valuation of subsidiaries, divisions and joint ventures for spin-off to shareholders and/or sale Physician buy-in to medical practices Court appointed valuations in disputes Minority shareholder disputes and litigation Divorce (equitable distribution) Business damage assessment and determination Bankruptcy Solvency analysis and fraudulent conveyance Reasonable officer compensation determination in disputes with the Internal Revenue Service Mediation Binding arbitration Litigation consulting services provided to trial counsel in preparing to depose and cross-examine valuation experts
Link: Business Valuation
A Strategic Business Plan is much more than a tool to obtain financing. If you still have all you plans and ideas locked up inside your head... preparing a strategic plan helps you clarify your company's direction, ensures your key leaders are all "on the same page", and keeps both management and staff focused on the tasks at hand. A Strategic Plan is often needed when... Starting a new venture, product or service Expanding a current organization, product or service Buying a new business, product or service Turning around a declining business The Strategic Plan provides a blueprint, describing your company, its products, the competitive environment, management team, financial health, and business risks. The plan allows you to... Identify and describe the target customer profile, features, advantages and benefits of your new venture, product or service. Justify that your plans are credible by fully researching the need being filled with your new venture. Develop marketing plans including full descriptions of targeted promotional campaigns with implementation timelines. You also get to examine market conditions, the nature of your customers, as well as your competitors, sales potential, and projected results of your promotional campaigns. Develop staffing plans including identifying the key players, skills, attitudes and expertise needed to build the venture. Develop management plans including full descriptions of management systems and timelines for implementation. Develop financial plans including projected startup costs, operating costs, revenue, profits, and break-even analysis for the first 3 to 5 years. Projected financial plans allow you to effectively predict upcoming problems, or prevent them. In other words, the perspective gained through your Strategic Business Plan can make a significant contribution to your company's success, and help you get the funding you require. In fact, most lending institutions and private investors will not even talk to you without a solid financial plan. Identify building and equipment needs including vendors and cost estimates. Formulate company milestones including timelines for upcoming products and services in development.
If you own a family business, retirement isn't simply a matter of deciding not to go into the office anymore. You've got some critical questions to answer like... "What happens to the business when you're no longer running it?" and "Will you have enough money to retire?" The family dynamic complicates the whole transition because of the relationships and emotions involved. Most people are not comfortable discussing topics such as aging, death, and financial affairs. Comfortable or not, succession planning should be a priority for any family business considering that more than seven out of ten family-owned businesses fail to survive the transition from founder to second generation, typically falling prey either to estate taxes or family discord - or both. Developing and implementing a well-designed succession plan is essential to the survival of a family business from one generation to the next. We help you with these key issues - Keeping it in the family. Are you going to pass the business on to your family or sell it to a third party? We help you weigh the advantages and disadvantages of each of these options. Who's going to run the business when you're gone? Management and ownership are not one and the same. You may decide to transfer management of your business to just one of your children but transfer equal shares of business ownership to all your children, whether they're actively involved in the business or not. Minimizing the tax bite. The tax burden when transitioning a family business can be significant. The challenge is that a family business is not generally a liquid asset, but taxes are typically due when ownership is transferred. Making it fair. Transferring family ownership often adds a tremendous amount of stress to individual family members. We talk with each of the family members to ensure that they feel they a getting an equitable and fair share of the pie. What we do for you... Once we understand how you feel about the key issues above, we begin constructing your succession plan focusing on these 5 issues... Business Valuation Business Restructuring Tax Consequences Retirement Projections Tax Projections Let us help you pass on what's taken a lifetime to build by requesting a Free Consultation below.
Link: Succession Planning
Thinking of owning your own business? Opening your own business is exciting and thrilling. It's everything that comes after the excitement and thrill has worn off that dictates whether a small business will make it or not. It's up to you to maintain and stretch out the "thrill and excitement" period forever. A methodical plan of action is needed to fulfill your dream or goal of being your own boss and running a successful business. Success lies in the approach you choose to take. We help you avoid the common pitfalls that many new small business owners make when starting their new venture. We help you... Prepare an initial business plan to clarify your marketing, management, and financial plans. Determine your start-up capital needs. Identify sources of start-up capital and backup sources if needed. Evaluate and quantify your borrowing power so you know how much money you can get your hands on if needed. Select a business structure that best fits your needs by evaluating tax advantages, legal exposure, ease of operation and portability should you need to relocate. Select the right accounting software by evaluating your budget, needs and hardware. Prepare a Cash Flow Budget so you know exactly how much money you need to keep the business alive each month for the first few years. Unplanned cash requirements are always emotionally painful. Establish billing and collection procedures to maximize your cash flow. Establish procedures to monitor and control costs. Setup a home office so you can maximize your tax deductions. Prepare and file all required state and local licenses and permits. Prepare and file your application for your Federal Employer Identification Number. Provide payroll and payroll tax filing when you bring on your first employee. Comply with employment laws so you don't get hit with fines and unhappy employees. Identify your business insurance needs. Develop a solid Partnership Agreement. This is an extremely important document for all new partnerships and will help prevent a tremendous amount of financial and emotional problems down the road. Let us help you succeed by getting your new business off to a good strong start.
Link: New Business Formation
We can help you setup and maintain your non-profit organization's tax-exempt status by handling all the IRS reporting for you. Each year the IRS requires most tax-exempt organizations to submit the Form 990 and its relations, which includes the following items. Income Statement with very specific revenue and expense categories like donations, salaries, postage, rent... Balance Sheet with specific categories like cash, accounts receivable, accounts payable... Functional Expense Statement with all the expenses allocated to either program services, fundraising, or operations. Individual Program Expense Statement that reports all of the expenses for each program or service like seminar programs or educational mailings. Revenue Support Schedules that detail the organization's sources of income in specific categories like charitable donations, membership fees, investment income. The IRS uses these very specific revenue and expense classifications to determine if your organization will retain its tax-exempt status. So it's imperative that you build your accounting system around these revenue and expense classifications. Here's what we do for you... Review and compile your financial statements Design, install, and maintain your Accounting System Weekly, bi-weekly, or monthly payroll preparation Payroll Tax Preparation and Deposits Provide training for your accounting personnel Complete and file your non-profit status application Provide training for your board on non-profit financial statement usage and effective budgeting practices Prepare and file the 990 and 990T tax forms Prepare your initial start-up documentation, including incorporation, federal employee identification number (FEIN), and payroll setup with federal and state agencies. Churches: We prepare the pastoral housing allowance and other required benefit documentation to meet the complex dual status of ministers. If you're starting a new not-for-profit organization we can help you prepare your organization's 501 (c)(3) application for tax-exempt status. Here's what's needed... Articles of Incorporation containing the Exempt Purpose Statement as described in IRS Code section 501(c)(3) and defined in Treasury Regulation 1.501(c)(3)-1 Paragraph d and the Dissolution Statement described in Treasury Regulation 1.501(c)(3)-1 Paragraph b subparagraph 4 ("Organizational Test"). Employer Identification Number By-laws of the Organization Minutes of Board Meetings Names, Addresses, and Resumes of Board Members Names and addresses of all Active Members Inventory of Assets like cash, furniture, equipment, property, pledges... Inventory of Liabilities like mortgages, accounts payable, loans... Rent/Lease Agreements and Contracts Revenue and Expense Statements for the last four years or as far back as possible if your organization has been in existence for less than four years. Written Reason for Formation and History of the organization. Organization Mission Statement or Statement of Faith or Beliefs for Churches and other Religious Organizations. Organization Activities, Operations and Programs Documentation including your statement of purpose & operations, food programs, fundraisers, flyers/brochures/pamphlets... Financial Support Documentation including all sources of revenue like contributions, tithes, offerings, fundraisers... Fund Raising Program Descriptions IRS Processing/Filing Fee
Link: Non-Profit Organizations
At times you may need a trained outside professional to evaluate your company's operations to determine if the appropriate controls are in place to ensure proper handling of resources and to protect yourself from employee theft. We assess your internal control systems to determine the efficiency and effectiveness of your operating procedures. Then we make recommendations that help your company become stronger and more profitable by correcting any inefficient or ineffective operating procedures we find. What we do for you... Implement segregation of duties so that duties are divided, or segregated, among different people to reduce risk of error or inappropriate actions. No one person has control over all aspects of any financial transaction. Make sure transactions are authorized by a person delegated approval authority when the transactions are consistent with policy and funds are available. Ensure records are routinely reviewed and reconciled, by someone other than the preparer or transactor, to determine that transactions have been properly processed. Make certain that equipment, inventories, cash and other property are secured physically, counted periodically, and compared with item descriptions shown on control records. Provide employees with appropriate training and guidance to ensure they have the knowledge necessary to carry out their job duties, are provided with an appropriate level of direction and supervision, and are aware of the proper channels for reporting suspected improprieties. Document policies and procedures and making them accessible to employees. The documented policies and procedures provide day-to-day guidance to your staff and continuation of duties in the event of prolonged employee absences or turnover. Review operations to ascertain whether results are consistent with established objectives and goals and whether the operations are being carried out as planned.
Link: Internal Controls
Preparing your own income tax return can be a task that leaves you with more questions than answers. According to a study released by the US Government's General Accounting Office last year, most taxpayers (77% of 71 million taxpayers) believe they benefited from using a professional tax preparer. Whether we like it or not, today's tax laws are so complicated that filing a relatively simple return can be confusing. It is just too easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program there's no substitute for the assistance of an experienced tax professional. Here's what your get... Your tax return will be checked and rechecked by our computer software identifying potential problems the IRS may look at more closely and reviewing the math to limit IRS contacts. Your tax return can be filed electronically so you will get a refund back quicker. Our staff will show you how to adjust your payroll withholding to get more money back each week. Why give the IRS an interest free loan for up to 16 months. We will show you potential deductions to limit your tax liability for next year. In addition, we will give you a sheet of commonly overlooked deductions to limit the following year's tax liability. Books a Mess: No Problem! If you own a small business and haven't kept up your bookkeeping, don't worry. We can help you. We'll prepare your bookkeeping for the year, prepare a full Schedule C, as well as your personal income tax return. Then we'll help you set up an easy system that allows you to keep your books in tip-top shape next year. If you'd like to receive more information about our Tax Preparation Service, please complete this form.
Link: Tax Preparation
Planning is the key to successfully and legally reducing your tax liability. We go beyond tax compliance and proactively recommend tax saving strategies to maximize your after-tax income. We make it a priority to enhance our mastery of the current tax law, complex tax code, and new tax regulations by attending frequent tax seminars. Businesses and individuals pay the lowest amount of taxes allowable by law because we continually look for ways to minimize your taxes throughout the year, not just at the end of the year. We recommend Tax Saving Strategies that help you... grow and preserve assets by keeping Uncle Sam out of your pockets. defer income so you can keep your money now and pay less taxes later. reduce taxes on your income so you keep more of what you make. reduce taxes on your estate so your family keeps more of what you've made. reduce taxes on your gifts so you can give more. reduce taxes on your investments so you can grow your wealth faster. reduce taxes on your retirement distributions so you can retire in style. Here's just a few of the Tax Saving Strategies we use... Splitting income among several family members or legal entities in order to get more of the income taxed in lower bracket. Shifting income or expenses from one year to another in order to have them fall where it will be taxed at a lower rate. Deferring tax liabilities through certain investment choices such as pension plans, contributions and other similar plans. Using certain investments to produce income that is tax exempt from either federal or state or both taxing entities. Finding tax deductions by structuring your money to pay for things you enjoy, such as a vacation home. Remember, we work for you not for the IRS. Many of our clients save many times the fee in reduced tax liability through careful planning and legitimate tax strategies.
Link: Tax Planning
Are you having problems with the IRS? We're here to help you resolve your tax problems and put an end to the misery that the IRS can put you through. We pride ourselves on being very efficient, affordable, and of course, extremely discrete. The IRS problems will not just go away by themselves; they just keep getting worse with penalties and interest being added each day. If you owe the IRS, you have a very serious problem. It may take the IRS several years to catch up to you, but they're relentless and have no mercy in collecting all the money that is owed. When the collection process starts, they'll make your life miserable and literally ruin all aspects of your life. Please take a look through our complete IRS problem resolution services by clicking on the links below. IRS Problems Have you received an IRS audit notification? See IRS Audit Representation. Haven't filed your tax returns for years? See Non-Filed Returns Do you owe Back Taxes? Do you have Payroll Tax Problems? Has the IRS placed tax liens on your home? See Liens. Is the IRS threatening to seize your bank account and take your money out of the bank. See Levies. Is the IRS threatening to take your paycheck, 401(k), and other retirement accounts? See Wage Garnishments. Is the IRS threatening to seize your personal property? See IRS Seizures. IRS Solutions Owe the IRS a lot of money? - Settle for pennies on the dollar! See Offers In Compromise. Need more time to pay. See Payment Plan. Like to get out from under your tax burden completely. See Bankruptcy. Like to get out of a tax debt caused by misdeeds committed by your spouse? See Innocent Spouse Relief. Like to see what the IRS has on you. See Your IRS File.
Link: Tax Problems
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