ACCOUNTING AND AUDITING SERVICES
Our staff’s wide-ranging experience in both the private and public accounting to sector enables us to help you determine the most effective services for your organization. We are committed to making a vital contribution to the success of your business. Through our accounting and audit services area, we work with clients on multiple levels. These areas include:
- Audits: Preparation of monthly Financial Statements and an intensive level of service that yields an opinion on all financial statements. Most often, an audit is performed because outside third parties (such as banks, creditors and outside investors) require an auditor’s opinion on financial statements. The objective of an audit is to express an opinion about whether the financial statements are fairly presented, in all material respects, in conformity with generally accepted accounting principles (GAAP) or some other financial reporting framework.Our audit includes obtaining an understanding of the entity and its environment, including internal control. This is used to assess the risk of misstatement of the financial statements and to design the nature, timing and extent of audit procedures. An audit is not designed to provide assurance on internal control or to identify deficiencies in internal control. However, our efforts during the audit process and related services often help us to identify and address issues related to:
- Internal Controls
- Business processes and inefficiencies
- Areas for cash flow improvement
- Company and industry trends
- General business advice and concerns
- Reviews: The next level of service which provides limited assurance that no material modifications need to be made to financial statements The objective of a review is to obtain limited assurance that there are no material modifications that should be made to the financial statements. A review is typically performed because outside third parties or investors are looking for some comfort that the financial statements are not materially misstated, but do not require audited statements.A review is significantly less in scope than an audit in accordance with GAAS and only provides limited assurance that there are no material modifications that should be made to the financial statements. There is no expression of an opinion on the financial statements taken as a whole.
- Compilations: The lowest level of service that does not include an opinion or assurance of financial statements. A compilation is typically performed when a higher level of service on the financial statements is not required by outside parties or others.In a compilation, the accountant assists management in presenting financial information in the form of financial statements without providing any assurance that there are no material modifications that should be made to the financial statements. It does not contemplate any of the procedures ordinarily performed in an audit or a review. A compilation is limited to presenting in the form of financial statements information that is the representation of management. There is no expression of an opinion or any other form of assurance on the financial statements.
- Agreed-Upon Procedures: This is provided when an audit, review or compilation is not necessary. If your organization has a reporting need outside the scope of an audit, review or compilation, an agreed-upon procedures (AUP) engagement may be an effective alternative. An AUP engagement is typically performed when the specified parties can agree upon the procedures needed to meet their needs, and those parties do not require the expression of an opinion or any other form of assurance on the subject matter or financial statements. Examples might include procedures to test the existence or quality of loan collateral, due diligence procedures for a potential acquisition or calculation of return statistics on an investment.
Our business advisory professionals have a broad range of experience servicing diversified, small closely held businesses in various sectors. Our services are designed to enable you to succeed and grow your company. We can assist you with:
- Forecasting and Projections
- Financing decisions including loan procurement
- Payroll Tax Preparation Services
- QuickBooks Training
- Starting a new business
MAWC is committed to helping our clients realize savings through efficient tax compliance and effective tax planning. We emphasize timely communication and a team approach to servicing our clients’ needs. Hands-on tax partner and tax specialist involvement is provided to ensure that our clients receive the most experienced and in-depth technical expertise that we have to offer.
The following are brief descriptions of some of the tax services that we offer:
Our tax professionals have the experience and expertise to provide, among others, the following tax services:
- Tax Return Compliance Our core tax service is the preparation of federal and state tax returns. With our high-level of technical expertise, industry specific tax professionals and thorough understanding of federal and state tax laws, our clients are assured that their tax returns are prepared accurately, efficiently and on a timely basis.
- Transactional Structuring We help businesses structure specific transactions in the most tax-efficient manner. In addition, we help businesses minimize the tax impact and take advantage of tax opportunities by advising them on appropriate and advantageous ways to structure business acquisitions, sales or mergers.
- Accounting Method Reviews We review businesses’ tax accounting methodologies to determine if they are properly accounting for income and deductions under current tax law as well as employing available accounting method strategies to maximize income tax benefits.
- Tax Due Diligence Reviews Before a business acquires a new business, we perform tax due diligence reviews to identify federal, state and international tax consequences and opportunities associated with the potential acquisition.
- Tax Credits Identification Our tax professionals have experience in identifying and applying tax credits to a business’ tax liability in order to obtain the maximum tax benefit.
We have dedicated state and local tax specialists that can provide, among others, the following services:
- Nexus Consulting and State Tax Liability Analysis We assist businesses with understanding where they are required to file state and local tax returns and pay state and local taxes based on a business’ multistate activities. In conjunction, we make state and local tax return filing recommendations and quantify potential tax liabilities associated with filing in various jurisdictions.
- Sales and Use Tax Determinations We determine the taxability of a business’ sales and purchases of goods and services by jurisdiction as well as the sales and use tax consequences of specific transactions
Our tax consulting professionals work with you to identify strategies for maximizing tax savings over both the short and long term:
- Federal Income Tax Planning We help businesses with all aspects of federal income tax planning, including implementing effective federal income tax strategies that allow a business to maximize tax savings, increase profits, manage cash flow and increase net worth.
- State and Local Tax Planning Our state and local tax professionals provide tax planning with respect to all types of state and local taxes including income and franchise, sales and use, property, employment, transfer and other miscellaneous taxes. We assist businesses with identifying and managing their state and local tax liabilities in the most efficient and effective manner. It encompasses structural, reorganizational, transactional and state-specific solutions to mitigate state and local tax liabilities.
- Business Succession Tax Planning We advise closely held businesses on ways to ensure that their businesses will continue to prosper when owners or key personnel are no longer able or willing to lead the company. Proper business succession planning preserves family and business legacies while also planning for potential tax consequences resulting from a substantial change in business leadership and/or a transfer of ownership.
- Individual, Estate & Trust Tax Planning Our tax specialists recommend individual, estate and trust tax planning techniques for preserving wealth and transferring assets in a tax-efficient manner. Our services include tax planning strategies for gifting, retirement, education funding, IRA and pension distributions and charitable giving.
- Tax Updates Our clients are kept up-to-date on the latest federal, state and regulative and administrative developments through our eNewsletters, MAWC website and face-face to meetings. We are committed to helping our clients’ businesses be successful by keeping them informed of tax changes and new legislation that will impact their operations. We are in the forefront of identifying emerging tax issues and can communicate them quickly so that they can be immediately addressed and properly acted upon.
Changes in the tax environment may result in opportunities for you. Our tax professionals keep abreast of these changes to provide you with tax counsel that may minimize tax payments. Planning is the foundation of our work. Count on us for creative and objective planning and guidance, along with the hands-on attention of a partner. We can assist when a special situation arises, particularly those that affect your current and long-term financial picture. Turn to us for help with:
- Income tax projections
- Real estate purchases
- Business purchases
- Business investments
- Timing of income and deductions
- Education funding
- Financial planning
- Retirement planning
- Estate planning
- Estate settlement
- IRS and state controversy representation
- Residency issues
- Federal and state tax return preparation