Personal Financial Planning

How can you create Financial Freedom?

Building and preserving your personal wealth requires specialized attention. You get  one-on-one guidance and a comprehensive financial plan that helps manage risk,  improve performance, and ensure the growth and longevity of your wealth.

We help you…

• Save enough for a comfortable retirement ​by identifying your retirement  needs, analyzing your assets and sources of retirement income, reviewing  estimated shortfalls, and identifying the best ways to save for retirement  given your financial situation and risk tolerance.
• Pay for your child’s college education​ by accurately estimating the amount of  money you’ll need, analyzing your assets, reviewing estimated shortfalls and  considering general alternatives and strategies to help address these potential  shortfalls, and developing an optimal savings plan given your financial  situation and risk tolerance.
• Protect your family in case of you become disabled​ by ensuring you have  enough money in your emergency fund and analyzing your life, disability,  health, home, and auto insurance coverage. We also review your will and  various powers of attorney designed to take care of your affairs in the event  you are incapacitated and can’t manage them yourself.
• Achieve your investment goals​ by identifying the steps needed to maximize  your investment returns as well as the steps needed to help minimize your risk  while building increased predictability of your investment returns.
• Leave a legacy for your heirs​ by maximizing the value of your estate by  saving tax dollars, professional fees, and court costs. As well as minimizing the  costs of probate, creditors, lawyers, and estate taxes, which can negatively  impact the value of your estate. We also help you stay in control of your  affairs by providing a road map for passing your estate on to your heirs.

Estate Planning

Estate planning on your own can be complicated and costly. And the list is endless…  state taxes, bureaucracy, probate courts, unfair appraisals, health care concerns,  eligibility of heirs, life insurance, IRA’s, 401K’s, annuities, burial or cremation costs,  and intent regarding death-postponing treatment to name a few. Not knowing your  legal and financial rights often ends up costing you more in the end.

Thoughts of estate planning often bring more questions than answers: Could an heir  be too young to inherit? Should the inheritance be given at a certain age? Is the  intended beneficiary in a shaky marriage with divorce as a possibility? Are there  children from a previous marriage? Should inheritance be protected from potential  creditors of the heir? Are there taxes that can be avoided? Are you able to avoid the  probate court rules, delays, and costs?

Planning what happens to your estate when you’re gone can seem frustrating and  intimidating without qualified help.

You may feel that you’re too young to care about estate planning. Or, perhaps the  reminder of death makes you uncomfortable. You might be tempted to put the whole  thing off, assuming that it will just take care of itself. In all cases, estate planning  ends up saving your family lots of time, heartache and money.

And we can help.

Every estate planning situation is different. In order to help you, we want to know  you, your unique situation, and the nature of your relationships. We offer discussion,  recommendations and useful research tools to make your planning simple, efficient,  and worry-free. We are available throughout the process for further discussion  regarding questions, change of circumstances, and alternatives. At every step, we’ll  be there with you.

We help you…

• Clearly define your estate planning goals.
• Organize and create your estate planning team (experts on law, finance, and  taxes) if you need one.
• Evaluate and recommend estate planning options.
• Prepare, organize and review your estate planning documents including  current wills, trusts, health care and power of attorney.
• Decrease the problems and expenses associated with probate.
• Lessen taxes at time of death.
• Arrange for management of your estate in the event you are incapacitated.
• Draft a working plan for conserving and effectively managing your estate after  death.
• Transfer the assets of your estate to heirs the way you want.
• Organize fair and adequate liquidation of estate to cover taxes and other  expenses.
• Amend your plan as needed. You also get help with…
• Living Wills and Trusts.
• Lifetime Family Wealth Transfers.
• Family partnerships and other business relationships.
• Leaving money to charities.
• Preparation for estate and trust tax problems. The hassles and red tape associated with estate planning can be daunting, but you  don’t need to do it alone. Our team is waiting to assist you through every step of the  process.

Elder Care

Financial Assistance for the Elder

As your cherished family member gets older, they may need some help with their  day-to-day financial tasks. Ordinarily simple tasks such as balancing a checkbook and  paying household bills become increasingly difficult for the elderly.

You could take care of their day-to-day financial tasks yourself, if you have the time  and live close. But if you don’t, you may want to consider hiring a professional to help.

With our elder care services, you get the help of a caring, honest and knowledgeable  professional. Someone on your team, looking out for your loved one’s best interest.

Your loved ones get assistance with their daily finances and business duties and you  are kept informed of every step we make. That way, you always know that your  family member’s needs are being met.

Whether your loved one is no longer entirely independent or simply needs extra help  to enjoy their lives, you get help in any of the following areas…

• Reviewing and paying household bills, budgeting, and record keeping.
• Assistance with check writing and checkbook balancing.
• Making sure money is received, receipted, and deposited.
• Offering second opinions regarding household issues and unexpected  situations.
• Handling day-to-day financial transactions such as home repairs, routine  maintenance, and emergency medical expenses.
• Planning retirement account distributions and safeguard against improper  disbursements.
• Organizing and reviewing personal, financial, and legal documents to  determine what needs to be addressed.
• Preparing an inventory of personal assets and investments.
• Identifying and planning their retirement income, needs, and goals.
• Determining current and long-term cash flow needs by analyzing income and  expenses.
• Addressing questions about lifestyle, Social Security, pensions, Medicare, and  long-term insurance.
• Monitoring investment portfolio and other assets in conjunction with their  investment advisor.
• Preparing, planning and filing income, trust, gift and estate tax.
• Providing referrals to local services and agencies.
• Arranging proper level of care, transportation, and caregiver assessment.

Planning for the future is important, and elder care services are crucial to help your  elderly family members maintain their independence and financial freedom. Contact  us today for more information.

Small Business Accounting

As a small business owner you have more important things to do than to keep your  own books. We take care of your books for you, so you can get back to the job of  running your business and generating profits.

Each month or quarter we’ll do the following things for you…

• Reconcile your bank account
• Generate an income statement
• Generate a balance sheet
• Clean up your general ledger
• Provide unlimited consultations

These tasks form the solid foundation of your small business accounting system. You  can customize the package of services you receive by adding payroll, tax planning, tax  preparation, or any of our other services.

Bank Reconciliation

Reconciling 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 Statement

An 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.

Payroll

When it comes to paying employees, laws and the IRS have made the payroll  function a time consuming nightmare for the small business owner.

Small business owners spend an average of eight hours a month performing payroll  functions. That’s 12 full days a year that could be spent generating sales,  prospecting new business opportunities, improving products or services, or  servicing customers.

We offer payroll solutions that meet your business’s needs and enable you to  spend time doing what you do best–running your company.

Why Outsource Your Payroll…

• It’s Cost Effective
  Use your staff more efficiently by letting us handle payroll and the  associated legal details. Reduce overhead by removing the need to hire  specialized employees.
• It’s a Time Saver  Our payroll service eliminates the burden of customizing, updating and  maintaining your own payroll system–no more data entry, no more  researching updates or new laws, no more worries.
• It’s a Time Saver
  Our payroll service eliminates the burden of customizing, updating and  maintaining your own payroll system–no more data entry, no more  researching updates or new laws, no more worries.
• Worry Free Payroll Tax Filing
  Eliminate the risks of calculating and filing your own payroll taxes by  having professionals do it for you. Federal, state and local payroll tax laws  are frequently changing and becoming more complex. How much time do  you want to spend learning all the rules and keeping your information up  to date?
• Allows You To Focus On Core Competencies
  Our professional staff allow you to focus on the core competencies of your  business. We are accounting professionals–you get the experts working for  you and with you.
• Comprehensive Reports  You get a wide variety of user-friendly and accurate payroll reports. For a  nominal fee, we will include union reports, certified payroll, workers’  compensation reports and much more.

Get the Payroll Solution That Best Fits Your Needs

We know that when it comes to payroll service – no one size fits all. That’s why we  offer the following 3 custom payroll processing options.

1. Comprehensive Payroll Services
   Our Comprehensive Payroll Service takes care of all of the payroll processing for  you, so that you won’t have to. You get…
   • Your payroll checks prepared and printed on-time, every-time.
   • All of your payroll checks are laser printed on “blank” check stock to ensure  maximum security and meet the micro encoding standards as set forth by  the Federal Reserve System.
   • Free Direct Deposits
   • Worry Free IRS and State tax reporting as well as EFTPS tax deposits.
   • User friendly, and easy to understand monthly, quarterly, and annual  payroll tax reports, including W-2, W-3 and 1099 forms.
   • Detailed reports on your employee’s vacation, sick days, and personal days  accruals.
   • Creation and filing of the required new hire reports
   • Your payroll records maintained in tip top shape.
2. After-the-Fact-Payroll Services
   We will take your manually-prepared payroll records and other payroll information  and post this information to our data files, so you get…
   • Worry Free IRS and State tax reporting as well as EFTPS tax deposits.
   • User friendly, and easy to understand monthly, quarterly, and annual  payroll tax reports, including W-2, W-3 and 1099 forms.
   • Detailed reports on your employee’s vacation, sick days, and personal days  accruals.
   • Creation and filing of the required new hire reports
   • Your payroll records maintained in tip top shape.
3. Online Payroll Processing
   You can enter your employee’s hours and earnings securely online and get…
   • The ability to instantly print payroll checks on your own printer.
   • Free Direct Deposits
   • Worry Free IRS and State tax reporting as well as EFTPS tax deposits.
   • User friendly, and easy to understand monthly, quarterly, and annual  payroll tax reports, including W-2, W-3 and 1099 forms.
   • Detailed reports on your employee’s vacation, sick days, and personal days  accruals.
   • Creation and filing of the required new hire reports
   • Your payroll records maintained in tip top shape.
4. Custom Payroll Reports Service
   There seems to be an endless amount of special reports Government agencies  require. We can prepare the following reports for you.
   • Worker’s Compensation Audits
   • Unemployment Claims
   • Social Security Audits
   • Child Support Audits
   • W-2 and W-3 processing
   • 1099 and 1096 processing
   • Preparation/assistance with Federal and State registration forms
5. How much do we charge?
   In order to give you an accurate price for our payroll services we need to know a  little more about your business and what services you’re interested in. Our prices  are very affordable.

Part-Time CFO Services

Do you need 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.

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 Entities

All 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 Assurance

Less 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.

Understanding each report’s unique strengths and weaknesses can help you choose the  most appropriate one.

Forensic Accounting

Experiencing Fraud? Paltiel Accounting Services LLC can help

Do you worry that you or your business might be the victim of fraud?

Do you need to analyze your financial data to uncover potential misconduct?

Are you investigating an entity for possible acquisition and need to ensure the absence  of financial irregularities? Maybe you’re involved in litigation and require an expert  witness to testify on your behalf?

If any of these situations apply, you need our Forensic Accounting services.

Who Needs Forensic Accounting?

Forensic accounting – also called financial forensics or forensic auditing – is an area of  accounting that investigates actual or anticipated disputes.

Disputes can range from business-related litigation to marital dissolution. We handle  both litigation support and investigative accounting.

Litigation Support 

This area covers accounting assistance for current or pending litigation.
For a litigation assignment, we…

• assist in obtaining the necessary documentation to support or refute a claim;
• examine the relevant documentation to form an assessment of the case;
• review the damages report by the opposing expert;
• assist with settlement discussions and negotiations; and
• attend trial to hear the testimony of the opposing expert and provide  assistance with cross-examination.

Investigative Accounting 

Occasionally, you may need to explore whether fraud or misconduct has occurred,  such as employee theft of property or inventory, misappropriation of funds by  employees, kickbacks to employees from outside businesses, securities fraud, and  insurance fraud.

With our investigative accounting services, we bring to bear our accounting knowledge  and experience in the field to give you a clear understanding of the situation. When  you retain our expertise, we skillfully…

• review the situation and offer suggestions for possible courses of action;
• assist with the protection and recovery of assets;
• coordinate with other experts, including private investigators, forensic  document examiners, and consulting engineers; and
• assist with any necessary civil action or criminal prosecution.

Forensic Investigations Take a Variety of Forms

The services of a forensic accountant are required for a range of investigations across  many different industries.

Here are the most common assignments in forensic accounting:

Disputes Among Shareholders or Partners. ​The compensation and benefits given to  each of the shareholders or partners is one of the more common issues in these cases.

Personal Injury Claims / Motor Vehicle Accidents. ​When economic losses from a  personal injury or vehicular accident are in question, a forensic accountant is brought  in.

Insurance Claims. ​Because insurance policies vary greatly in their terms and  conditions, such engagements require a thorough policy review to determine the  appropriate method of figuring the loss. A forensic accountant can assist from either  the insured or the insurer’s standpoint.

Business/Employee Fraud Investigations.​The investigation of employee fraud often  requires a determination of the extent of the fraud. It may or may not include the  identification of a perpetrator. Many times, such assignments necessitate interviews  of staff who had access to the funds.

Matrimonial Disputes.​ Usually, when a dispute of this nature arises, forensic  accountants must locate and evaluate the disputed assets, be they businesses,  property, or fiduciary.

Business Economic Losses.​These kinds of engagements include contract disputes,  construction claims, expropriations, product liability claims, trademark and patent  infringements, and losses stemming from an alleged breach of a non-compete  agreement.

Give Us a Call

If you think you have reason to be concerned about financial misconduct, please call  us today

Business Valuation

What is the value of your business?

Few things are more important to business owners than the value of their business. The  valuation you get for your business can make or break a proposition.

Whether you’re negotiating a merger, considering new shareholders, attempting to resolve  disputes associated with liability, shareholder equity, estate planning or marital dissolution,  objective valuation can make the difference between loss or gain, success or failure.

Business valuation is not an exact science. It’s based on judgment, experience and relevant  information. So, you need professionals who are well qualified, with significant experience in  evaluating all types of organizations.

Our approach is to intimately know your business in order to understand what constitutes its  value. We work closely with you to analyze your operations and historical financial data. Our  in-depth knowledge of your business enables us to provide a well-reasoned, fully documented  and defensible valuation opinion.

We provide a full range of business valuation services for the following needs:

• Bankruptcy
• Business Disputes
• Buyouts
• Divorce
• Estate Planning
• Financing
• Gifting
• Mergers & Acquisitions
• Other Business Valuation Scenarios

Strategic Business Planning

Plan your business strategy with Paltiel Accounting Services LLC

A Strategic Business Plan is much more than a tool to obtain financing. If you still have all your  plans and ideas locked up inside your head, preparing a strategic plan can help you clarify your  company’s direction. It can ensure that your key leaders are all on the same page, and keeps  both management and staff focused on the tasks at hand.

A Strategic Plan is often needed when…

• Starting a new venture, product or service
• Expanding a current organization, product or service
• Buying a new business, product or service
• Turning around a declining business

The Strategic Plan provides a blueprint, describing your company, its products, the competitive  environment, management team, financial health, and business risks.

The plan allows you to…

1. Identify and describe the target customer profile, features, advantages and benefits of  your new venture, product or service.
2. Justify that your plans are credible by fully researching the need being filled with your  new venture.
3. Develop marketing plans including full descriptions of targeted promotional campaigns  with implementation timelines. You also get to examine market conditions, the nature  of your customers, as well as your competitors, sales potential, and projected results of  your promotional campaigns.
4. Develop staffing plans including identifying the key players, skills, attitudes and  expertise needed to build the venture.
5. Develop management plans including full descriptions of management systems and  timelines for implementation.
6. Develop financial plans including projected startup costs, operating costs, revenue,  profits, and break-even analysis for the first 3 to 5 years.  Projected financial plans allow you to effectively predict upcoming problems, or prevent  them. In other words, the perspective gained through your Strategic Business Plan can  make a significant contribution to your company’s success, and help you get the funding  you require. In fact, most lending institutions and private investors will not even talk to  you without a solid financial plan.
7. Identify building and equipment needs including vendors and cost estimates.
8. Formulate company milestones including timelines for upcoming products and services in  development.

Remember: Failing to plan is planning to fail.

Let us help you develop a powerful Strategic Business Plan that drives your business to the level  of success you deserve.

Succession Planning

Do you have a succession plan in place?

If you own a family business, retirement isn’t simply a matter of deciding not to go into the office  anymore. You’ve got some critical questions to answer like…

“What happens to the business when you’re no longer running it?” and
“Will you have enough money to retire?”

The family dynamic complicates the whole transition because of the relationships and emotions  involved. Most people are not comfortable discussing topics such as aging, death, and financial  affairs.

Comfortable or not, succession planning should be a priority for any family business considering  that more than seven out of ten family-owned businesses fail to survive the transition from  founder to second generation, typically falling prey either to estate taxes or family discord – or  both.

Developing and implementing a well-designed succession plan is essential to the survival of a  family business from one generation to the next.

We help you with these key issues –

• Keeping it in the family.​ Are you going to pass the business on to your family or sell it to a  third party? We help you weigh the advantages and disadvantages of each of these options.
• Who’s going to run the business when you’re gone?​ Management and ownership are not  one and the same. You may decide to transfer management of your business to just one of  your children but transfer equal shares of business ownership to all your children, whether  they’re actively involved in the business or not.
• Minimizing the tax bite.​ The tax burden when transitioning a family business can be  significant. The challenge is that a family business is not generally a liquid asset, but taxes  are typically due when ownership is transferred.
• Making it fair.​ Transferring family ownership often adds a tremendous amount of stress to  individual family members. We talk with each of the family members to ensure that they  feel they a getting an equitable and fair share of the pie.

What we do for you…

Once we understand how you feel about the key issues above, we begin constructing your  succession plan focusing on these 5 issues…

1. Business Valuation
2. Business Restructuring
3. Tax Consequences
4. Retirement Projections
5. Tax Projections

Let us help you pass on what’s taken a lifetime to build

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

Let us help with your Non-Profit Organization

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 Members
• 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

We are happy to prepare any of these items if you need help.
Let us help you setup and/or maintain your non-profit tax-exempt status

Tax Problems

Are you having problems with the IRS?

We’re here to help you resolve your tax problems and put an end to the misery that the IRS can  put you through. We pride ourselves on being very efficient, affordable, and of course, extremely  discreet. The IRS problems will not just go away by themselves; they just keep getting worse with  penalties and interest being added each day.

If you owe the IRS, you have a very serious problem. It may take the IRS several years to catch up  to you, but they’re relentless and have no mercy in collecting all the money that is owed. When  the collection process starts, they’ll make your life miserable and literally ruin all aspects of your  life.

Please take a look through our complete IRS problem resolution services by clicking on the links  below.

IRS Liens

IRS Liens – Paltiel Accounting Services

Federal Tax Liens can really make your life miserable! When your taxes are not paid the IRS  establishes a lien against all of your assets (especially real estate). This gives the IRS the legal  right to collect taxes from the sale of your assets, which includes just about everything you own.

The lien can be against you, your spouse, or your company. A lien against your company would  seize your accounts receivables. At this point, everything you own is just one short step away from  becoming the property of the United States Government.

Liens filed against you by the IRS also show up on your credit report and often prevent you from  opening a checking account or borrowing against any assets, like your home. The banks don’t want  the extra work when the IRS comes in to take your money.

With a Federal Tax lien on your record, you can’t get a reasonable loan to purchase a car. Think  about paying 18-22% interest on a car that is already too expensive. You definitely cannot buy or  sell any real estate. The list is endless.

IRS Levies

IRS Levies – Paltiel Accounting Services

Levies can really do a lot of damage and even ruin your life. A levy is the IRS’s way of getting your  immediate attention. What they are saying is, we have tried to communicate with you but you  have ignored us. Levies are used to seize your wages and whatever other assets you have. If you  own it, they can take it. That includes checking accounts, autos, stocks, bonds, boats, paychecks,  and even Social Security checks!

Imagine waking up one morning and finding all your bank accounts have been cleaned out. They  will take every dime. If this amount did not cover what is owed, they’ll keep taking your money  until you cover your tax liability. They know that levying your bank account will cause checks to  bounce, alerting many people that you have tax problems. But they don’t care! Their sole  objective is to collect the taxes owed. Period.

As bad as that is, a worse method is a wage levy (or garnishment). That’s when most of your  paycheck goes to the IRS, they don’t leave you enough to pay the bills, and most of your check  goes to the IRS each and every week until the debt is paid.

If that doesn’t accomplish what they want, they’ll pull out all the stops. They’ll ​seize​ your assets,  and ​sell​ them at auction. That includes everything you own; home, cars, boats, jewelry,  motorcycles, insurance policies, retirement funds, anything of value.

We are often able to get those levies released and help you get out of this terrible situation. Our  goal is to get you even with the IRS, with what you can afford, and let you start life anew.

IRS Wage Garnishment

IRS Wage Garnishment – Paltiel Accounting Services

You received an IRS Notice of Intent to Levy 30 days ago and you forgot or ignored it. Now it’s  Payday. Expecting a check, you open the envelope and find that the IRS has taken most of your  money. What’s left is not enough to pay the rent, car payment, buy groceries, or pay the rest of  the bills. This action will continue on every check due you, until the tax owed is paid in full.

Now you’re in big financial trouble. No matter how hard you plead with your employer they cannot  give you your money. Once a wage garnishment is filed with your employer, your employer is  required by law to collect a large percentage of each of your paychecks.

We are regularly retained to negotiate the release of IRS wage garnishments by arranging a  payment plan. The payment plan negotiated by us is always more favorable than any IRS wage  garnishment. It allows you to receive your whole paycheck without fears of future wage  garnishments.

QuickTune-up

Overhaul your accounting system with a QuickBooks Tune-up

Whether you need to prepare for tax time, a financial review or you just need to clean up some  problem areas, you’ll be prepared with a QuickBooks Tune-up. In four (4) hours, a QuickBooks  Professional Advisor will help you clean up and organize your bookkeeping system.

Tune-up Topics:

• Reviewing your transactions for the year
• Cleaning up stray entries
• Customizing reports
• Balancing general ledger to subsidiary records
• Additional personalized training

A QuickBooks Tune-up is a smart and affordable way to get a handle on your books. Accurate  records allow you to make educated decisions for your business and will save you money!