From start-ups to established enterprises, businesses rely on accurate and insightful financial information in order to maintain profitability and capitalize on new opportunities. Mackey & Kirkner’s accounting services steer you closer to these goals with accurate record-keeping and reporting as well as support on financial issues such as initial accounting system setup, cost-containment, tax planning, investments, and employee benefit and profit-sharing plans.
We can set up financial reports for your review to streamline your business and save your valuable time. These reports are important tools that can guide your business in making financial decisions, planning, and evaluating performance.
These services include but are not limited to:
- General ledger and financial statement preparation
- Bookkeeping (Monthly, quarterly, or annual)
- Accounting system setup and support
- Payroll processing
- Cash flow budgeting and forecasting
- Personal financial statements
- Employee benefit and profit-sharing plans
- Corporate tax planning and return preparation
- Litigation support
- Quickbook Services
Audited, Reviewed and Compiled Financial Statements
Compiled Financial Statements represent the most basic level of service CPAs provide with respect to financial statements. In a compilation, the CPA must comply with certain basic requirements of professional standards, such as having a knowledge of the client’s industry and applicable accounting principles, having a clear understanding with the client as to the services to be provided, and reading the financial statements to determine whether there are any obvious departures from generally accepted accounting principles (or, in some cases, another comprehensive basis of accounting used by the entity). It may be necessary for the CPA to perform “other accounting services” – such as creating your general ledger, or assisting you with adjusting entries for your books – before the financial statements can be prepared. Upon completion, a report on the financial statements is issued that states a compilation was performed in accordance with AICPA professional standards, but no assurance is expressed that the statements are in conformity with generally accepted accounting principles. This is known as the expression of “no assurance.” Compiled financial statements are often prepared for privately held entities that do not need a higher level of assurance expressed by the CPA.
Reviewed Statements require that the CPA perform inquiry and analytical procedures in addition to the procedures described above for a compilation. Upon completion, a report is issued stating that a review has been performed in accordance with AICPA professional standards, that a review is less in scope than an audit, and that the CPA did not become aware of any material modifications that should be made in order for the statements to be in conformity with generally accepted accounting principles, or if applicable, another comprehensive basis of accounting. This is known as the expression of “limited assurance.” Reviewed financial statements are often prepared for entities that have bank loans, outside investors, or trade creditors, but those third parties do not require audited statements.
Audited Financial Statements are the product of a CPA’s highest level of assurance services. In an audit, the CPA performs all of the steps indicated above regarding compiled or reviewed statements, but also performs verification and substantiation procedures. These verification and substantiation procedures may include direct correspondence with creditors or debtors to verify details of amounts owed, physical inspection of inventories or investment securities, inspection of minutes and contracts, and other similar steps. Also, the CPA gains a knowledge and understanding of the entity’s system of internal control. When the audit is completed, the CPA’s standard audit report states that an audit was performed in accordance with generally accepted auditing standards, and expresses an opinion that the financial statements present fairly the entity’s financial position and results of operations. This is known as the expression of “positive assurance.”
Bookkeeping Services – whether your system is manual or computerized
Bookkeeping services produce financial records for organizations. They record financial transactions, update statements, and check financial records for accuracy. These transactions are accepted in both manual and computerized formats.
Business Tax Filing
Compliance with current tax laws and accurate income tax reporting is crucial to any business future success. We help to develop tax strategies to take advantage of new tax laws and legislations. We prepare tax returns for the following type of entities:
LLC’s and LLP’s
Nonprofit Income Tax Returns
Divorces are most often very difficult and stressful. The divorce preparation for proper settlement will always involve financial scrutiny and analysis in order to fairly divide the marital assets according to the law of the states. The more complicated the marital assets are the more you will need the professional help from Mackey & Kirkner.
Estate – PA Inheritance tax returns
One of the oldest and most common forms of taxation is the taxation of property held by an individual at the time of their death. An estate/inheritance tax is a tax upon the decedent’s entire estate. Taxes imposed upon death provide incentive to consider estate planning to minimize estate taxes. Also, in preparation for the PA Inheritance Tax return you will need to learn what can be used as deductions to minimize the value of the estate.
Gift tax returns
IRS, State and Local Audits
If you are being audited by the IRS, State or local tax authority we can help represent you during your audit. This is a stressful time for any taxpayer. We can help advise you how to be prepared during a government audit. Mackey & Kirkner can also represent you with the government officials.