Services

 

Our Services

At Precision CPA Services, the careful management of your finances is our top priority. We pride ourselves on giving you personalized and thorough service that meets your business or individual needs.

We provide our clients with a full range of tax and accounting services and offer consulting services for special needs.

 

Estate and Tax Services

We excel in leveraging life's major events, like childbirth and retirement, to minimize your tax burden. Our experts offer personalized strategies and advice, aligning your tax planning with significant milestones and long-term financial goals, ensuring optimized outcomes during these pivotal life changes.

We collaborate with you and your personal financial planner to strategically minimize taxes and safeguard your assets, ensuring they are distributed as per your wishes, not just state laws. Our comprehensive assistance includes:

  • Review wills and trust instruments for tax implications.
  • Estimate estate taxes and strategize alternatives that may provide tax savings.
  • Review business issues, including valuation and the transfer and/or disposition of business interests.
  • Develop a lifetime gifting program using vehicles such as family limited partnerships, charitable trusts, and qualified personal residence trusts.
  • Prepare estate, gift, fiduciary, and non-profit tax returns.
  • Advise you on the possible use of various trust structures, including charitable remainder trusts, grantor annuity trusts, personal residence trusts, family partnerships, credit shelter trusts, marital deduction trusts, and revocable lifetime trusts.
  • Identify potential liquidity problems caused by federal and state estate taxes for the continued operation of the family business, probate, administration costs, etc.
  • Business Succession Tax Planning. You spent your life building your business, and now you want to pass it on to the next generation or sell the value you built. We advise businesses on the proper succession planning to preserve your family and business legacy while also looking out for potential tax consequences that may result.

Income Tax Advice and Preparation

At Precision CPA Services, we prioritize prompt service and strategic planning to maximize tax savings for our clients.

We offer the following business tax services:

  • Business Federal Tax Services

We can help you with all aspects of federal income tax planning and filing.  This includes implementing federal income tax strategies that maximize savings, increase profits, and manage cash flows. 

  • Accounting for Business Income Taxes

We help you calculate tax withholding liabilities, account for uncertain tax provisions, analyze current and deferred taxes, and keep you up to date with regulatory guidance and disclosure requirements. We will minimize any year-end tax surprises to you. We review your tax accounting methodologies for proper accounting and accounting method strategies to maximize income tax benefits.

  • Business State Tax Liability Analysis

We can help you understand and navigate where your business is required to file and pay state and local taxes based on multistate activities.  Additionally, we will make recommendations of where to file and quantify potential tax liabilities associated with various state and local jurisdictions.

  • Research Tax Credit Calculations

We can help your business determine if it is eligible to claim certain federal and state research credits, assist with the documentation requirements, and quantify the amount of the tax credit.

  • Business Transactional Structuring

We help structurally economic transactions in ways that minimize the tax impact by advising them on acquisitions, sales, and mergers.

  • Business Real Estate Cost Segregation Studies

We have proven cost segregation strategies to accelerate real estate tax depreciation deductions for businesses. This results in a deferral of taxes which in turn increases cash flow. There are certain limitations based on your industry and the year acquired, enhanced, or expanded.

  • Tax Audit & Appeal Representation

We possess the expertise and experience to represent you before tax authorities. We understand the dispute resolution and appeals process and work diligently to obtain the most favorable results.

  • International Tax Assistance

We can help you navigate the complexities of a variety of international tax planning issues, including the following:

  • Choosing the most advantageous type of entity and corporate structure
  • Subpart F income determinations
  • Foreign tax credit utilization
  • Using IC-DISC for tax reduction
  • Transfer pricing
  • Foreign earnings repatriation
  • Foreign withholding and reporting obligations
  • Treaty interpretation

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Auditing Services

Compilation, Review, and Audits

When an outside third party requires an auditor’s opinion on your financial statements, we can perform the following services according to the level of assurance and comprehensiveness required.

  • Agreed Upon Procedures

Agreed-upon procedures are tailored engagements where specific tasks are performed as mutually decided upon by the involved parties. Ideal for instances where you or a third party require reassurance on aspects like inventory or cash, these procedures offer focused insight without the extensive time and cost of a full review and audit. They can address a wide range of subjects, from collateral quality to due diligence in business acquisitions. It's important to note that these procedures are the responsibility of the specifying parties and do not constitute an opinion on the overall subject matter or financial statements.

  • Compilations

Compilations, offering a narrower scope and lower cost than reviews and audits, provide the most basic level of financial statement services. It is a good, cost-effective alternative to satisfy external entities and internal needs. We assist in presenting accurate financial data, requiring industry understanding and client-specific knowledge. While ensuring statements are error-free, compilations do not extend to expressing opinions, differentiating them in scope and expense.

  • Reviews

Reviews serve as a balanced medium between cost and assurance, ideal for third parties seeking confidence that financial statements are free of material misstatements. Offering more assurance than compilations but less than audits, reviews forego expressing opinions or testing controls. They involve detailed inquiries with company personnel and analytical procedures, providing a reliable yet cost-effective assessment of financial health.

  • Audits

Audits are the most thorough attest services, encompassing extensive procedures like inquiries, analytical procedures, physical inspection, observation, and independent confirmation, all underpinned by a deep understanding of the entity and its internal controls. While audits primarily focus on financial accuracy and don't guarantee the identification of internal control deficiencies, the in-depth process often yields insights into internal controls, operational inefficiencies, cash flow issues, and industry trends. Consequently, the comprehensive nature of an audit can enable us to offer you valuable business advice, leveraging insights gained during the engagement.

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Fraud Risk and Control Assessment

Fraud often eludes detection for years and is frequently perpetrated by seemingly "trusted" employees. It affects all organizations, regardless of size, with potentially significant financial repercussions. We are Certified Fraud Examiners (CFEs) and Certified Internal Auditors (CIAs) who specialize in fraud detection and prevention, including evaluating your organization's fraud risk, identifying potential fraud schemes, assessing risk tolerance, and formulating robust internal control policies and strategies for mitigation. We implement and rigorously evaluate these strategies to safeguard against future fraud incidents.

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