Cost segregation is the practice of identifying assets and their costs, and classifying those assets for federal tax purposes. For both new and existing properties, the IRS requires that engineering-based cost segregation studies be performed in order to realize the maximum depreciation benefits. Here at Focus Accounting & CPA Firm, we help you achieve all this and more. The benefits of a cost segregation study include:
An immediate increase in cash flow
A reduction in current tax liability
The deferral of taxes
The ability to reclaim “missed” depreciation deductions from prior years (without having to amend tax returns)
Employee Benefits, Pension, and Profit-sharing Plans
Focus Accounting & CPA Firm can help you implement, develop, and administer your benefit, retirement, and profit-sharing plans with a vision toward rewarding your employees and reaching your company’s financial and business goals. The success of any business depends on hard work. Deciding and implementing benefit plans for your employees is usually a complex process. We can also help maximize tax advantages in implementing these plans. As your business grows, your business and your employees will be rewarded for the hard work that contributed to the success of your business.
Financial Projections and Forecasts
Businesses can benefit from a perfect business strategy. It is required at startup phase and helps to manage a business more effectively. Focus Accounting & CPA Firm combines expertise and experience with a gained understanding of your business to produce financial projections that can help you manage your business plan and spending. Forecasting for the future is imperative to your company’s success. We make it a point to keep current with market trends and updates so that your business can be prepared for what is to come. Depending on your needs, our work can range from top-level reports to detailed financial models.
The range of needs for valuing businesses continues to widen. Focus Accounting & CPA Firm provides in-depth analysis to help you identify and analyze the factors that drive the value of your company or one in which you have an interest. The uses for this service include family limited partnerships, ESOPs, estate planning and compliance, buying and selling businesses, and divorce matters. There are many factors that contribute to the perceived value of a business. Our experts can help you evaluate entities that you have an interest in and guide you toward making business decisions that you feel confident with.
Financial and Retirement Planning
Retirement planning includes managing assets, estimating expenses, identifying source of income, and implementing a savings program. Whether you are developing an investment strategy or evaluating current investments, Focus Accounting & CPA Firm can assure that your portfolio will take into account tax implications for an advantageous after-tax return. Focus Accounting & CPA Firm’s goal is to help you reach your financial goals and maintain financial independence through a comfortable retirement. We can guide you through tough decision-making processes such as insurance, tax, estate, business succession planning, asset allocation, investment performance monitoring, college education funding, and retirement plans. The road to retirement is a long one and we can help you take the proper steps to reach your goals.
Audits, Reviews, and Compilations
Focus Accounting & CPA Firm’s financial statement services comprise all three levels of assurance depending on your company’s needs.
An audit provides assurance that an organization’s financial statements are free of material misstatement. Audits offer the highest level of assurance to third parties, and include in-depth examination and confirmation of account balances, inventories, selected transactions and internal control system of the organization. We perform audits for you to remove errors, ascertaining the validity and reliability of your information.
Reviews provide limited assurance to outside interests and involve inquiries and analytical procedures that confirm financial statement matters and identify any items requiring further analysis. We perform reviews to ensure the integrity of your data.
A compilation provides no assurance on an organization’s financial statements. Compilations are usually requested for internal purposes and are based on information provided by a company’s management. They do not offer assurance but may involve some adjustment to accounting records. The CPA takes financial data provided by a non-profit and puts them in a financial statement format that complies with generally accepted accounting principles.