Services
If you’re looking for a firm that will focus on your individual needs, and always treat you like a client who matters, look no further. We offer a full range of professional services and will give you the individual attention that you deserve.
We thoroughly and conscientiously study your personal situation, and tailor our advice to your specific needs.
Compilations and Review
We tailor each process to the unique needs of your business. We work closely with you and your key employees to develop and execute a plan to complete this work by minimizing employee time spent on the process and without disrupting operations.
Compilation Engagements
The objective of a compilation engagement is to compile unaudited financial information into financial statements, schedules or reports based on information supplied by the client. Our review and compilation capabilities are a core part of our services. We deliver financial statements and reports that are clear, concise and acceptable to outside parties and that can provide information and insight to help you run your business more effectively. A compilation engagement is most appropriate where the client and other users do not need audited financial information.
Audited Reviews
For some non-profits, for SEC Regulations and for certain financial transactions, an Audited Review Assurance is required. In such cases, we will refer you to a certified public accountant with active audit certification. Surprisingly many certified public accountants do not maintain or are eligible to perform an audited review. These engagements are more in-depth than the Financial Statements primarily requested. Fees range from $2,500 to $7,500 plus depending upon the complexity of the business. In an audit, a certified public accountant (must be audit certified) will perform substantial analysis of your financial information, gather additional information from management, and verify certain information through contacts external to the business. An audit is a complex investigation and analysis of your financial records, including the general operating practices of your business. This is always an expensive project, so do not approach it lightly, and most businesses will not need this level of certification. The most common reason a business might need such level of certified audit would be for a public securities offering.
Bookkeeping/Write-Up
If your business does not currently have accounting staff or if your business is outgrowing its current bookkeeping system, we can provide comprehensive bookkeeping and write-up services to ensure the smooth operation of the financial side of your business. As your business needs grow and change, we can provide input and planning assistance to make sure your accounting and financial systems keep pace with your business needs.
Business Consulting
As a true business partner, we are available to help you deal with most business problems or opportunities. We stand ready to engage in business consulting projects to help you make the right decisions for the future of your business. Whether you face questions related to expanding, selling or restructuring your business, we have the necessary business acumen and analytical capabilities to help you make the right decisions.
Business Entity Selection
The business entity—LLP, LLC, sole proprietorship, partnership, corporation, etc.— that you select for your business has enormous financial and tax implications. It is important that you make the right decision. We can explain each choice and its implications. As your business grows and changes, the type of business entity you choose may need to change also. An entity usually requires formal business accounting records.
Buying or Selling a Business
Few business decisions are more important, complex and potentially business altering than a buy or sell decision. When you are ready to sell your business, we can provide support at every step, preparing necessary forms and analysis, and supporting due diligence. If a buying opportunity presents itself, we can help by providing evaluation services, developing negotiation and financing strategies, and managing the due diligence process.
Compensation Planning for Closely Held Businesses
Compensation planning is a vital key to success in business. As the owner of a closely held business entity, salary requirements regulations exist for Corporate Officers, Managing Partners or other key personnel. Certain entities, such as S-Corporations, also have a Fair and Reasonable Wage Base requirement to avoid double taxation and allow a proportionate pass through of corporate profits. Additionally, certain benefits are taxable to some shareholders, members or owners. Our firm can provide regular reviews to assist with compliance in this arena.
Estate & Trust Tax Preparation
Estate matters affect everyone. By taking proactive steps today, you can ease the way for your heirs during a very difficult time. We can work with your legal counsel to help you to structure your estate and trusts to minimize taxes and ensure the smooth transition to your heirs. We are available to handle estate and trust tax-related matters plus assist you with necessary reports to support your duties as executor/trustee.
Financial Analysis
When a business is able to undertake strong financial analysis, it opens up new opportunities to improve management, planning and decision making. Financial analysis provides the numbers to support, reject or contemplate a course of action. Prospective analysis can show how situations may evolve under various scenarios, providing a new dimension to decision making. We are ready to provide this type of financial analysis to support the continued prosperity of your business.
Financial Statements
Financial statements are an important tool for management decision making. Financial statements also represent your business to lenders, partners, potential buyers and other interested parties. We will work closely with your key personnel to develop and finalize accurate and timely unaudited financial statements.
IRS Representation
An IRS audit can be an intimidating and complex process. If you or your business faces an IRS audit, we can bring to bear years of experience in dealing with tax matters and IRS audit procedures to ensure that you are properly represented when dealing with the IRS and other tax authorities. We have years of experience with tax agency interventions, debt negotiations, payment plans and offers-in-compromise.
Payroll Services
Constantly changing federal, state and local laws and tax regulations make payroll management an ongoing challenge for business owners. Our payroll service professional is well versed on these laws and regulations. We can proactively alert you to material changes that will affect your business and your employees while also keeping payroll running smoothly. We offer multiple levels of services from After-the-Fact Quarterly Payroll Reports to Full Service Weekly Payroll with all reporting including W-2s and/or vendor 1099s. Quarterly Review and Reporting is also an option for many closely held businesses. We also provide company analysis for retirement and other benefit plans.
Pay Yourself First
Everyone hears about Pay-It-Forward. At Foothill Tax Service Inc., we coach our clients on how to Pay Yourself First. Often deferrals into certain retirement plans or a strategically timed benefit contribution can change the tax picture greatly. The instant investment return from tax savings is often gratifying. Opportunities for tax saving through investments into available pre-tax investment accounts provides future retirement dollars partially funded by today’s federal and state tax reduction dollars.
QuickBooks Software Start up
There is no shortage of accounting software solutions for your business. Software as a service (SaaS), cloud computing, and other technological innovations are adding more dimensions to technology decisions. Most of our business clients prefer the ease of QuickBooks. We can analyze the nature of your business and financial transactions, current technology, future business plans and emerging needs to identify and implement a software solution and chart of accounts that is flexible enough to grow and change with your business.
Retirement Planning
Retirement planning is critical in these uncertain times. Investment returns are not what they used to be. We are a small firm who will work with your investment advisor as a team to help you to make the choice that is most appropriate for your own financial situation. If you are choosing a retirement plan for your business, we will base our recommendations on the unique characteristics of your business and your employee population, as well as provide an overview of compliance issues related to each type of plan.
Sales, Use & Business Property Tax Services
State and local tax authorities are looking to maximize tax revenue collections. We can help you understand and manage the different state and local tax obligations. We prepare sales, use and business property tax returns in an efficient and timely manner.
Tax Preparation & Planning
Effective tax preparation and planning can help you to minimize your future tax liability. We can help you proactively manage both your personal and your business tax issues, including understanding how upcoming business opportunities impact your tax status and vice versa. Not all tax planning opportunities are readily apparent. By working as a team, you are more likely to benefit from those opportunities. We understand how the latest federal, state and local tax legislation and other developments affect you and your business and we keep up on continuing education topics to help identify new ways to reduce federal, state or local tax liabilities.
Call today to schedule an appointment!