We service closely held businesses and individuals in all of Westchester County and the tri-state area with a wide array of services including:
We prepare a financial statement to commemorate with the client’s needs which is usually a compilation or a review. We do not perform audits of financial statements in accordance with generally accepted accounting principles. A compilation is a financial statement reporting with the lowest level of assurance, basically saying that we took managements information and prepared a financial statement, presented herein. A review is the next level which involves analytical procedures applied to the financial data and an opinion that states that nothing came to our attention that the financial statements are not presented fairly. 80% of the business returns we prepare are accompanied by compiled financial statements which are useful throughout the year.
Through our related company, CBAuthentix Business Services we provide bookkeeping services tailored to meet the client’s needs, working with their bookkeeping staff, if any, to systemize the bookkeeping process. Once established the tasks become rote in that they are performed on a timely basis to provide a true reflection of how the business is doing, providing an opportunity for tax minimization, and timely payment of taxes due.
We offer a full range of tax preparation services, individual, corporate, S corporations, Fiduciary (Trusts and Estates), Partnership, Gift and Estate. As a provider of these services for 35 years, here in lower Westchester County, our breadth of experience lends well to a broad range of clientele. We are looking to grow our practice with our clients through a relationship built on trust. We trust one another in respecting how we conduct our business and through the advice we give. Taxes are the means by which we comply with Federal and State financial responsibilities. Understanding the nature of those responsibilities is essential to building confidence with each other. We are available throughout the year to assist with questions clients bring forth to address circumstances that arise.
IRS and State/Local Representation
With over 35 years’ experience in Westchester County, we have represented our clients before the New York State Department of Taxation and Finance for Sale and Use Tax matters, Estate Tax matters, and residency matters. Most recently we successfully defended a taxpayer’s move to Florida in January although the New York residence was not sold until August. We’ve handled a number of IRS (Department of Treasury) examinations including office audits, field audits, and mail audits. In most cases, we have been successful in defending the position taken on a return and solve all tax problems for clients.
Sales Tax Services
We are adept in the preparation of monthly, quarterly and annual sales tax returns and the maintenance of books and records to support the returns filed and which reconcile to related business tax returns. Sales tax liability is taxed on gross sales and therefore can be a company’s largest liability. Therefore we have implemented procedures to ensure the proper reconciliation of sales tax reporting to sales per financial statements and tax returns to ensure accurate recording of sales transactions.
Consulting is the nature of our business. Our clients depend on us to make day to day decisions and decisions in life changes. As professionals, we deal with these matters on a daily basis and encourage clients to call us on an as-needed basis.
Business Succession Planning
Where the need exists we have assisted clients in transferring stock to their children or grandchildren, determining the appropriate buy out price for retiring shareholders based on the buy-sell agreement and structured the buy-sell agreement funded with life insurance. In this process, we were instrumental in putting together the professionals including the attorney, valuation expert, and licensed insurance professional.
While having obtained the Certified Financial Planner designation, we do not provide comprehensive financial planning at this time, nor do we manage investible assets. With the educational background and practical experience, we can give a fact-based opinion on pending decisions and work with financial advisors to achieve our client’s objectives.
Pension and Profit Sharing Plans
We have recommended to many clients, and have been instrumental in its implementation, the current qualified retirement plan they have in place. These plans include cash balance plans, self-employed 401K plans, defined benefit plans, profit sharing plans, and traditional 401K plans. We do not prepare IRS Form 5500 and related schedules as those are best handled by specialists.
Retirement Planning begins early on in life. Throughout the years’ we have been encouraging our clients to save for retirement through company sponsored and self-employed plans as well as through post-tax savings and Social Security benefits so as to achieve peace of mind as approaching and during retirement. Understanding tax obligations during retirement, structuring minimum required distributions and perhaps relocating to a different state are all important aspects we can address.
See accounting services for an overview of financial statement preparation.
Compilation and Review
See accounting services for an overview of our compilation and review services.