TAX PREPARATION SERVICE ACCOUNTING BOOKKEEPING FINANCIAL SERVICE

TAX PREPARATION SERVICE ACCOUNTING BOOKKEEPING FINANCIAL SERVICE

Maria Elena Lopez Accountant. Preparation Service Prices Start at 50.00 If you have tax problems give us a call. I offer excellent representation and services includingtax collection bank levy wage levy and seizure defense.I offer electronic tax preparation of 990 non profit charitable taxes for 501(C)(3) s 1040 individual self employment household nanny taxes 1041 706 estate and trust taxes 1065 partnership and limited liability company taxes 1120 corporate taxes and sales taxes Current past years dating to 1983 secure old refunds Amendments IRS prepared returns Abatements Remove old tax liens Offers in Compromise and Payment Agreements Tax and Accounting Audits innocent & injured spouse Research credits expenses deductions & capital gainsIncorporation of businesses & charitable non profit organizations for child care centers churches etc4416 Georgia Avenue NW Washington DC 20011 (202) 882-0935. Fax (202) 248-6169. Email maelenalopez1(at)yahoo.com Business Services Bank ReconciliationReconciling your business checking account each month allow us to keep your bank account accounting and taxes up-to-date.Having us reconcile your account each month allows you to... Identify lost checks lost deposits and unauthorized wire transactions.Detect and prevent excess unjustified bank charges and ensures transactions are posted correctly by your bank. Detect and prevent embezzlement of funds from within your company. Know how your business is doing You can t really know unless all accounts are reconciled and properly accounted for on your financial statement. Manage your cash more effectively. Proper management of funds not only saves money it makes money for you. Protect yourself. By timely reconciling and promptly objecting to your bank about any unauthorized fraudulent or forged checks presented to your bank and paid by that bank you can relieve your agency of responsibility for the shortfall and transfer the risk to the bank. This reason to reconcile alone should be enough. Crime exists. Sleep Better. You will sleep more peacefully at night knowing your bank accounts are reconciled in balance and that all escrow funds accounts checks and disbursed funds are properly accounted for. Income StatementAn income statement otherwise known as a profit and loss statement basically adds an itemized list of all your revenues and subtracts an itemized list of all your expenses to come up with a profit or loss for the period. An income statement allows you to... Track revenues and expenses so that you can determine the operating performance of your business. Determine what areas of your business are over-budget or under-budget. Identify specific items that are causing unexpected expenditures. Like phone fax mail or supply expenses. Track dramatic increases in product returns or cost of goods sold as a percentage of sales. Determine your income tax liability. Balance Sheet A balance sheet gives you a snapshot of your business financial condition at a specific moment in time. A balance sheet helps you... Quickly get a handle on the financial strength and capabilities of your business. Identify and analyze trends particularly in the area of receivables and payables. For example if your receivables cycle is lengthening maybe you can collect your receivables more aggressively. Determine if your business is in a position to expand. Determine if your business can easily handle the normal financial ebbs and flows of revenues and expenses Determine if you need to take immediate steps to bolster cash reserves Determine if your business has been slowing down payables to forestall an inevitable cash shortage Balance sheets along with income statements are the most basic elements in providing financial reporting to potential lenders such as banks investors and vendors who are considering how much credit to grant you. Maintaining a Clean General Ledger The general ledger is the core of your company s financial records. These records constitute the central books of your system. Since every transaction flows through the general ledger a problem with your general ledger throws off all your books. Having us review your general ledger system each month allows us to hunt down any discrepancies such as double billings or any unrecorded payments. Then we ll fix the discrepancies so your books are always accurate and kept in tip top shape. Unlimited Consultations We are always available to spend time with you so you fully understand how to interpret and utilize the financial information we provide. Our consultations are already included in our price so please feel free to call us whenever you have a question or concern. Part-Time CFO Services Growing businesses often reach a point where they need professional financial advice but can t afford a full-time CFO or controller. If you re fortunate enough to be in this position then we have the perfect solution for you. Our Part-Time CFO service gives you a professional financial manager who works with you to help guide your business to success. The cost of hiring a full-time CFO can range from 60 000 to over 100 000 per year plus bonuses and benefits. Our Part-Time CFO services provides you with experienced support at a small fraction of that cost. Here s what you get with our Part-Time CFO services... More time to focus on new services new customers and other core business issues. Better understanding of the financial side of your business. So you have less surprises and more control over the money. Improved decision-making capabilities from clearly seeing the hard and true numbers of your business. A readily available sounding board to help you with those tough business decisions and help you clarify your business plans. The comfort from knowing that a professional is overseeing protecting and constantly improving the financial side of your business. A professional who establishes strong financial controls in your business to reduce employee theft and increase profits. Training and managing your accounting staff. Improved quality and timeliness of financial information. Budget preparation and monitoring. Profitability analysis by service or product line. Tax saving strategies. Trend analysis. Assistance in defining long-range plans and the quantification of goals. Cash management. Liaison with bankers attorneys vendors insurance agents etc. Assistance in obtaining financing from banks including assistance with negotiations. Review negotiation of insurance policies. Development of company accounting procedure manuals. Analysis of equipment purchases expansions etc. Mergers and acquisitions assistance Custom designed collection policies and procedures Audits - Reviews - Compilations Stockholders creditors and private investors often need assurance that the financial statements accurately represent the true financial position of a company. Your stockholders creditors or private investors have different levels of risk tolerance so we provide three levels of assurance to meet your needs. Audit - Highest Level of Assurance An audit provides the highest level of assurance. An audit is a methodical review and objective examination of the financial statements including the verification of specific information as determined by the auditor or as established by general practice. Our work includes a review of internal controls testing of selected transactions and communication with third parties. Based on our findings we issue a report on whether the financial statements are fairly stated and free of material misstatements. An Audit allows you to... Satisfy stakeholders such as employees customers suppliers and pressure groups as well as the investing community as to the credibility of published information. Facilitate the payment of corporate tax goods and services tax and other taxes on-time and accurately thereby avoiding interest penalties and investigations. Comply with banking covenants. Help deter and detect material fraud and error. Facilitate the purchase and sale of businesses. Here s what you get...You get the highest level of assurance because we go outside your company to obtain more information. Typically we ll have written communication with Your customers to check outstanding receivable balances Your banks to confirm cash or debt balances and terms Your vendors to verify outstanding payable balances and Your attorneys for information on pending or threatened legal action. We also perform physical inspections by observing your inventory counting methods and perform test counts. We document and test each operating cycle including sales and cash receipts expenses and cash disbursements and payroll. Our audit papers include a detailed work program to document the examinations and testing performed as well as the client s supporting work papers.Audits Not Just for Public EntitiesAll public companies are required to have an annual audit but some nonpublic entities must undergo an annual audit as well. These include local governments not-for-profit agencies and other organizations receiving government grants.Moreover some financial institutions require audits of nonpublic companies based on the financing amount and or the bank s assessment of the company s risk. Also companies with absentee ownership (such as those owned by investment firms or individuals who no longer run the business) may order audits as checks of their management teams. Review - Limited AssuranceLess extensive than an audit but more involved than a compilation a review engagement consists primarily of analytical procedures we apply to the financial statements and various inquiries we make of your company s management team. If the financial statements or supporting information appear inconsistent or otherwise questionable we may need to perform additional procedures.A review doesn t require us to study and evaluate your company s internal controls or verify data with third parties or physically inspect assets. Rather a review report expresses limited assurance in the form of the statement We are not aware of any material modifications for the financial statements to be in conformity with the Generally Accepted Accounting Principles (GAAP). Reviewed financial statements must include all required footnotes and other disclosures.Why might a business request a review engagement It can be a good middle ground providing the advantages of a CPA s technical expertise without the work and expense of an audit.Compilation - Lowest Level of Assurance In compiling financial statements for a client we present information that is the representation of management and expresses no opinion or assurance on the statements. Compilations don t require inquiries of management or analytical procedures. Instead we rely on our knowledge of accounting principles and a general understanding of your business.Banks often require compilations from an independent CPA as part of their lending covenants.Which Report Should You Use Each type of financial statement report may suit specific circumstances depending on requirements from your client s bank or other parties as well as meet budgetary needs.Understanding each report s unique strengths and weaknesses can help you choose the most appropriate one. Please call if you have questions about which type of report is right for you.Cash Flow managementA wise business owner once said Happiness is a positive cash flow. As a business owner I m sure you agree. Everything is better when your cash-in exceeds your cash-out.A cash crisis can be emotionally devastating and it can even kill your business. If you ve ever had to beg borrow and steal to cover tomorrows payroll you know what I mean.Our cash management service allows you to... know when where and how your cash needs will occur. know what the best sources are for meeting your additional cash needs. be prepared to meet these needs when they occur by keeping good relationships with bankers and other creditors. The starting point for avoiding a cash crisis is allowing us to develop a cash flow projection for you. We can help you develop both short-term (weekly monthly) cash flow projections to help you manage daily cash and long-term (annual 3-5 year) cash flow projections to help you develop the necessary capital strategy to meet your business needs.We also prepare historical cash flow statements to help you gain an understanding about where all the money went.Creating an accurate cash flow projection is just one of the many cash management services we provide. You also get... Help obtaining an appropriate line of credit Cash collection acceleration techniques Proven effective collection policies Proven effective payment policies Help obtaining the maximum rate of return on your idle cash New Business Formation Thinking of owning your own business Opening your own business is exciting and thrilling. It s everything that comes after the excitement and thrill has worn off that dictates whether a small business will make it or not. It s up to you to maintain and stretch out the thrill and excitement period forever.A methodical plan of action is needed to fulfill your dream or goal of being your own boss and running a successful business. Success lies in the approach you choose to take. We help you avoid the common pitfalls that many new small business owners make when starting their new venture.We help you...1. Prepare an initial business plan to clarify your marketing management and financial plans.2. Determine your start-up capital needs.3. Identify sources of start-up capital and backup sources if needed.4. Evaluate and quantify your borrowing power so you know how much money you can get your hands on if needed.5. Select a business structure that best fits your needs by evaluating tax advantages legal exposure ease of operation and portability should you need to relocate.6. Select the right accounting software by evaluating your budget needs and hardware.7. Prepare a Cash Flow Budget so you know exactly how much money you need to keep the business alive each month for the first few years. Unplanned cash requirements are always emotionally painful.8. Establish billing and collection procedures to maximize your cash flow.9. Establish procedures to monitor and control costs.10. Setup a home office so you can maximize your tax deductions.11. Prepare and file all required state and local licenses and permits.12. Prepare and file your application for your Federal Employer Identification Number.13. Provide payroll and payroll tax filing when you bring on your first employee.14. Comply with employment laws so you don t get hit with fines and unhappy employees.15. Identify your business insurance needs.16. Develop a solid Partnership Agreement. This is an extremely important document for all new partnerships and will help prevent a tremendous amount of financial and emotional problems down the road.Let us help you succeed by getting your new business off to a good strong start.Non-Profit Organizations We can help you setup and maintain your non-profit organization s tax-exempt status by handling all the IRS reporting for you.Each year the IRS requires most tax-exempt organizations to submit the Form 990 and its relations which includes the following items.1. Income Statement with very specific revenue and expense categories like donations salaries postage rent...2. Balance Sheet with specific categories like cash accounts receivable accounts payable...3. Functional Expense Statement with all the expenses allocated to either program services fundraising or operations.4. Individual Program Expense Statement that reports all of the expenses for each program or service like seminar programs or educational mailings.5. Revenue Support Schedules that detail the organization s sources of income in specific categories like charitable donations membership fees investment income.The IRS uses these very specific revenue and expense classifications to determine if your organization will retain its tax-exempt status. So it s imperative that you build your accounting system around these revenue and expense classifications.Here s what we do for you... Review and compile your financial statements Design install and maintain your Accounting System Weekly bi-weekly or monthly payroll preparation Payroll Tax Preparation and Deposits Provide training for your accounting personnel Complete and file your non-profit status application Provide training for your board on non-profit financial statement usage and effective budgeting practices Prepare and file the 990 and 990T tax forms Prepare your initial start-up documentation including incorporation federal employee identification number (FEIN) and payroll setup with federal and state agencies. Churches We prepare the pastoral housing allowance and other required benefit documentation to meet the complex dual status of ministers. If you re starting a new not-for-profit organization we can help you prepare your organization s 501 (c)(3) application for tax-exempt status.Here s what s needed... Articles of Incorporation containing the Exempt Purpose Statement as described in IRS Code section 501(c)(3) and defined in Treasury Regulation 1.501(c)(3)-1 Paragraph d and the Dissolution Statement described in Treasury Regulation 1.501(c)(3)-1 Paragraph b subparagraph 4 ( Organizational Test ). Employer Identification Number By-laws of the Organization Minutes of Board Meetings Names Addresses and Resumes of Board Members Names and addresses of all Active Member Inventory of Assets like cash furniture equipment property pledges... Inventory of Liabilities like mortgages accounts payable loans... Rent Lease Agreements and Contracts Revenue and Expense Statements for the last four years or as far back as possible if your organization has been in existence for less than four years. Written Reason for Formation and History of the organization. Organization Mission Statement or Statement of Faith or Beliefs for Churches and other Religious Organizations. Organization Activities Operations and Programs Documentation including your statement of purpose & operations food programs fundraisers flyers brochures pamphlets... Financial Support Documentation including all sources of revenue like contributions tithes offerings fundraisers... Fund Raising Program Descriptions IRS Processing Filing Fee