Services
Tax Services
Tax law is a complicated affair that changes with each season. Through rigorous professional training and routine participation in industry briefings, we sustain mastery of the current tax law, complex tax code, and new tax regulations. This discipline enables us to offer a full range of tax planning, preparation, and support services.
Tax Preparation
Are you anxious about filing your own tax returns? Even a simple return may require multiple forms. The instructions often evoke more questions than answers. While a computer software program may help, there’s no substitute for the quality of service and advice you’ll receive from an experienced tax professional.
Here are a few of the benefits you’ll reap when using our service:
We’ll prepare all of the appropriate forms and record all figures and calculations accurately.
We’ll make sure that you receive all of the deductions and credits to which you are entitled.
We’ll file your return electronically to speed delivery of refunds.
We’ll work with you to adjust your payroll withholding to make sure you send the right amount to each tax authority – no more, no less.
We’ll show you how to adjust your finances to take advantage of tax benefits on future returns.
Are you a sole proprietor? Have you been so focused on your business that you haven’t paid close attention to your books? No worries! We'll tidy things up and prepare your Schedule C as part of your personal income tax return. Then we'll help you set up an easy system to keep your books current going forward.
Tax Planning
Proactive planning is the key to minimizing your tax liability. We work with businesses and individuals to pay the least amount of tax required by law. A few of the strategies that we consider include:
Splitting income among several family members or legal entities to take advantage of lower income tax brackets
Shifting income or expenses from one year to another when it can yield a lower tax rate
Deferring or eliminating tax liability through use of tax-advantaged investment vehicles
Tracking all expenses eligible for itemized deduction
Taking advantage of tax credits
Your unique circumstances will determine the strategies that we can employ to maximize the money you keep in your pocket.
IRS Audit Representation
If you have been selected for an IRS audit, professional representation can set your mind at ease. We’ll take the lead in dealing with the tax authorities based on our familiarity with their procedures and our intimate knowledge of the tax code. We’ll make sure that you don’t get an unpleasant and unwarranted surprise at the end of the process.
Tax Problems
Even if you have not been targeted for an IRS Audit, you may be aware of problems that will catch up with you eventually. Common examples include:
Missed tax filings for one or more years
Insufficient funds to pay the tax liability when due
Failure to remit payroll taxes
We’ll work with you to review your prior tax years and make sure that all of your tax filings have been submitted accurately. If you don’t know what’s included in your tax record, we’ll help you get copies from the tax authorities without raising any “red flags.” We’ll assess your tax liability and the associated interest and penalties. Then, we’ll work with you on an approach to negotiation. For example:
You may be able to settle your tax debt for less than the full amount owed if the tax authority deems your offer to be the most they might collect within a reasonable time period. This arrangement is referred to as an Offer In Compromise.
We could work with the tax authority on a Payment Plan to resolve your debt. This approach protects you from asset seizure to settle your obligations. It may be possible to secure relief on penalties and/or compound interest.
The IRS provides Innocent Spouse Relief when for an aggrieved party, his or her spouse or former spouse failed to report income, reported income improperly, or claimed improper deductions or credit.
If your circumstances do not lend themselves to a negotiated settlement, then it may be necessary to seek protection through a Bankruptcy filing.
It is far better to face your problems than to wait for them to land on your doorstep. We’re here to help in any way we can.
Contact us to receive more information about our Tax Preparation, Planning, Audit Support, and Troubleshooting services.
Questions?
Advisory Services
We offer value added services that help you structure and manage your business to its best advantage. We help new businesses get off the ground and provide objective assessments of existing ones. We help you establish policies and procedures to protect vital assets and perform audits to ensure the integrity of your records. You reap the benefit of increased efficiency, control, and insight.
New Business Formation
Are you thinking of joining the ranks of small business owners? Along with a great idea and strong sense of the market you’ll serve, you’ll need a business and financial advisor who can help your dream take flight while keeping your feet firmly planted on the ground.
We can help you:
Develop or refine your business plan with the associated pro forma financial statements (Balance Sheet, Income Statement, Cash Flow) and budget
Select a business structure that suits your needs by considering tax advantages, legal exposure, ease of operation, and portability
Assist in the development of partnership agreements, as needed, to avoid financial and/or emotional trauma downstream
Apply for your Federal Employer Identification Number.
Identify start-up capital needs and available resources to address them
Examine your borrowing power and provide coaching on how to cultivate a mutually beneficial banking relationship
Select the right accounting software and establish the appropriate chart of accounts
Establish billing and collection procedures to maximize your cash flow
Establish procedures to monitor and control costs
Provide payroll and payroll tax filing when and if you hire employees
We’re eager to get your business off to a good start.
Contact us to learn more about our New Business Formation services.
Business Valuation
We provide objective assessments of business interests by helping you identify and analyze the relevant factors that drive value. We examine:
The strength and stability of the customer base and the associated revenue stream
Prospects for growth given the available market and competitive positioning
The overall financial health of the business
Valuations for comparable entities
The results inform your decision making as you buy or sell business interests, forge partnerships, negotiate with third parties for debt or equity financing, navigate martial separation, or settle estates. Our professionals can serve as advisors during due diligence and provide expert testimony in legal proceedings.
We welcome your subscription to Mark Boulanger's quarterly newsletter on matters pertaining to business valuation. Email Mr. Boulanger directly at mboulanger@raichecpa.com to be added to the mailing list.
Contact us to get a free consultation on our Business Valuation services.
Non-Profit Organizations
Most people get involved with a non-profit because they have a passion for the mission. It’s work of the heart. But it’s also a business with a whole lot of reporting requirements to satisfy governmental agencies, funders, partners, donors, and a variety of other interest groups. It takes the right accounting system and associated processes to manage the business end of the operation and satisfy all of its constituencies.
We can help you:
Establish appropriate asset classifications (e.g., permanently restricted, temporarily restricted, and unrestricted) for monies received from funders
Develop processes and management controls to address your day-to-day bookkeeping activities (receipts, invoicing, bill payment), and train your accounting personnel
Administer payroll and attend to all related reporting requirements and tax filings
Prepare appropriate monthly, quarterly, and annual financial statements for your board of directors, program managers, and major funders
Prepare and file your annual 990 and 990T forms
If you're starting a new non-profit organization, we can help you prepare your organization's application for tax-exempt status. Here’s a brief listing of what you may need:
Articles of Incorporation containing your exempt purpose statement
Employer Identification Number
By-Laws for the Organization
Written reason for formation and organizational history
Mission statement
Description of activities, operations, and programs
Names, addresses, and resumes of board members
Minutes from recent board meetings
Names and addresses of active members (if a membership organization)
Inventory of Assets and Liabilities
Rent/Lease Agreements and Contracts
Revenue and Expense Statements
Sources of Funds (including a description of fundraising activities)
IRS Processing/Filing Fee
Contact us for a free consultation on your planned or existing non-profit organization.
Financial Statement Services
Reviews and Compilations
We offer two levels of assessment of your financial statements based on your company’s needs:
A review is a more limited investigation to provide some level of assurance that material modifications to the financial statements need not be applied. Testing primarily consists of high level examination, year-over-year comparison, inquiry, and analysis. It does not examine back-up data to substantiate the financial data. A review may suffice for selected outside interests.
A compilation presents client-supplied data in financial statement format. No assurance is provided by the accountant as no testing, inquiry, or analytical procedures are performed. This service typically serves an internal audience.
Contact us to discuss your needs for financial statement assessment.
QuickBooks Consulting
QuickBooks Set-Up
Although QuickBooks is very easy to use, it takes a bit of expertise and foresight to design the system for maximum benefit and effective control. Moreover, a new system set-up or conversion presents the opportunity to address long-standing gaps, inefficiencies, and annoyances. You don’t do it often, so you might as well do it right!
Although we tailor each engagement to each client’s needs, here is a list of QuickBooks Set-Up services that we offer:
Assess accounting and reporting requirements
Establish hardware and software specifications
Install the accounting software
Design and implement the chart of accounts, loading balances as of the start date
Record outstanding accounts receivables and payables
Enter ending statement bank balances and outstanding checks, deposits
Enter transactions since the start date
Compare trial balances from the old and new systems to ensure that all data was transferred correctly
QuickBooks Training
Whether you’ve engaged us to help with your implementation or you simply need a refresher course on the system, we can provide training on using QuickBooks to manage your business. We conduct sessions at your location and adapt the course content to your set-up and business issues. [No need to spend time on capabilities that you won’t use!] We’ll spend as much or as little time as you need on each topic, and respond to any questions and concerns.
QuickBooks Tune-Up
A QuickBooks Tune-Up is a great way to prepare for tax time, an important meeting, or a periodic review of your business strategy. In a few short hours, your QuickBooks professional can review transactions, clean up stray entries, balance the general ledger to subsidiary ledgers, and adjust the chart of accounts to reflect changes in your business model. A Tune-Up can help you make better decisions, minimize the ill-effects of undetected errors, and keep money flowing in the right direction,
A QuickBooks Tune-up is a smart and affordable way to get a handle on your books. Accurate records allow you to make educated decisions for your business and will save you money!
QuickBooks Answers
When folks find QuickBooks baffling, it’s generally not because they haven’t mastered the mechanics of using the system. It’s because they’re facing an unusual transaction that doesn’t quite fit the patterns with which they’re familiar. Fortunately, we’re just a phone call, fax, or email away. For a nominal fee, we’ll provide a detailed answer to your problem or question, usually within 24 hours. Our QuickBooks Answers are money-back guaranteed.
Buy QuickBooks and Save
We can save you money on your QuickBooks purchase! Not sure which version is right for you? Click on the appropriate link to get a brief snapshot of each package.
Contact us to discuss your accounting needs, take a test drive on QuickBooks, and purchase the solution that’s right for you.
CPA Firm Peer Review
Per AICPA Bylaws, an AICPA member active in the practice of public accounting must be associated with a firm that participates in an AICPA-approved practice-monitoring program if the firm performs services within the scope of the peer review standards and issues reports in accordance with AICPA professional standards.
Payroll Services
Managing the employee payroll is not a simple matter of calculating the amounts due, writing checks, and handing them out. There’s a host of government reporting and recording keeping requirements that comes with the job. And there are adverse consequences if you get it wrong.
There are 5 good reasons for outsourcing this function:
You’ll save money by letting the experts attend to the task efficiency and accurately.
You’ll avoid penalties associated with payroll tax calculation errors or missed filing deadlines.
We’ll handle employee questions and concerns, and research any issues they uncover.
You’ll receive comprehensive reporting to help manage your business and attend to any special requirements.
You’ll gain valuable time to focus on running your business.