What effect will the new Tax Cuts and Jobs Act have on me personally?
We have devised a product approach we call tax profile monitoring. It is a proactive program to regularly visit your situation and monitor the changes in personal circumstances as well as changes in the tax laws and regulations. This is a very effective analysis of your unique circumstances, which is the only way the question posed can be answered. It is unique to your profile how changes affect your tax burden, and strategies to maximize benefits and avoid traps. We invest in quality software to aide us in detailed analysis of your unique profile.
What effect will the new Tax Cuts and Jobs Act have on my business?
Remember that the tax law has always been complex, and even guidance on the business pass-through income deduction under §199A from Internal Revenue Service has been coming out continuously since February 2018. Our service for business tax compliance is limited to entity annual compliance with outcomes that minimize tax costs at the entity and individual level. We do not do quarterly filings for payroll, or sales and excise taxes. The Flagship product for our small and medium size business tax compliance is the Tax Trial Balance. In this product, the client provides the resources to present their annual accounting records and results. We assist with advisory guidance on how to make your financial reporting system as efficient as possible, understanding your resources to accomplish the highest level of quality records and information. As with the profile monitoring for individuals, we develop the profile for your business and monitor expectations to provide proactive planning before the year-end closing. This monitoring is also evaluated and aligned with your personal profile as a business owner. This product we believe, provides the only answer to the question posed. As our client, we have systematic quality programs established so that answers to this question are focused proactively on your unique company and individual circumstances.
I am thinking of expanding my business and have identified potential acquisition targets. How can you help me in this process?
We have business valuation and forensic accounting credentials and extensive experience in this service. In addition, we have extensive practice and experience in financial accounting, tax accounting, and merger and acquisition activities. Like the services for personal and business accounting and tax compliance, we adopt a profile-based approach. In the capacity as a valuation analyst, or strategic consultant, our processes look at a global blueprint of the transaction, and how the individual profiles must adapt, integrate, and unite to provide maximum economic benefits from the proposed transactions.
I own 100% of my family business, which has grown substantially over the years. I am looking at alternatives to provide transition and succession to my children, as well as entertain outside offers for my company. How can you help me?
Our experience and training in valuing enterprises includes methodologies to identify and value specific intangible assets that contribute to the fair market value of your enterprise. We are also experienced in the valuation requirements for gifts of business interests under Internal Revenue Service requirements. The profile analysis helps us discuss the probabilities, as well of as the tax and economic outcomes of business succession and outright sale in the market. From these profile analyses, we can aid you in a very sensitive decision with evaluation of quantitative and qualitative attributes. In these situations, we can also provide management and performance enhancement consulting and guidance to maximize your enterprise value prior to the offer for sale in the market.
We see that ‘Profile Analysis’ drives your products and approaches. How is a profile developed?
A very great question! A profile is developed from years of experience with hundreds of clients with unique attributes and characteristics. Extensive research and consultation with colleagues, along with ongoing educational programs provide additional valuable inputs to the analysis of your enterprise’s unique circumstances. The bottom line is, we understand how to use our experience and outside resources to intimately understand our clients, in the current market circumstances, and preferences and attitudes of individuals affected by decisions to chart the course to the best-case win-win scenario.
I am an attorney representing a client in a business value dispute, what are your qualifications to assist me in arbitration or litigation?
We usually defer to a profile analysis of the client and the other litigants. Our work as credentialed professionals in valuation assignments, whether tangible, intangible, or fair value determination is conducted in accordance with the established professional standards, and always with the expectation that we will be called to the stand as an expert witness to defend our work file and conclusions. We are collaborative in our presentations to meet your requirements for clarity in the legal issues involved and consistency in our expert opinions, yet remain independent and objective with respect to our final conclusions. We have training and experience in various methods of damage calculations and disruption analysis for cases that require an assessment for settlement.
I am an attorney representing a dispute that involves alleged fraud and embezzlement, misappropriation, and defalcation of books and records. What services do you offer?
We are Certified in Financial Forensics. We have extensive experience in these types of cases. Again, our approach starts with profile analysis, examining the existing accounting system controls and how they may have been compromised. In these instances, we are also concentrating on individual behaviors and personalities, of the personnel involved to identify opportunities for collusion. By understanding the individual profiles, we can then be more focused on the records that provide evidence to support allegations against perpetrators. Our studies of criminal behavior and witness interrogation are additional tools we use to prepare an investigation work file.
My banker has requested financial statements in conjunction with my line of credit application. What are you able to provide to help me in this process?
The answer to this question used to be very narrow. As accounting, reporting, audit, attest, and consulting services have evolved over the decades, there are a number of engagement alternatives to satisfy the needs of client’s capital and debt providers. The services may be assurance or non-assurance, full scope, limited scope, historical, prospective, as well as reporting on business valuation, in full or limited scope engagements. The best answer for this question is, ‘what are the exact needs, and what services meet those needs at the highest level of comfort and lowest cost.’
I need tax compliance service, but also need help with my financial planning. What is your approach to helping me in this process?
We are trained, experienced, and competent in this field of financial services, but it is not our specialty. We know and like many other colleagues who do specialize in this area and are more competent to provide a focused quality service in this specialization. We maintain a short list of vetted professionals with proven track records and consistent results that we are comfortable recommending for these needs. This is also a team approach. The personal financial planning team should include, your banker, investment advisor, CPA tax compliance and tax planning advisor, the attorney for asset protection, estate planning, and advice on legal matters that the other advisors are not permitted to opine on. It is really up to the client to select the members of this team, and the client has the responsibility to evaluate how effectively the expert team will execute, as well, the client has the role to foster frequent communication among the professional advisory team.