Accounting Services - Providing meaningful, well-organized financial information to our clients is typically the most critical service we can provide. Our firm provides a wide-range of cost effective accouting services including the following:
- Financial Statements - Compilations, Reviews and Audits
- Bookkeeping/Write Up - Our firm is affiliated with Bookworx, LLC who has experienced bookkeepers ready to assist with account reconciliations, data entry, and reconciling to the general ledger
- Financial Forecasts and Projections - From simple projections to complex financial modeling and forecasting, our goal is to ensure your business has a realistic strategy for success
- Payroll Services - Quarterly and annual filing
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Accounting Software Installation and Support - Selecting the right software package for your business can be a difficult task. As experts in understanding accounting systems, we can recommend the software that best suits your needs. We are also a Certified QuickbooksPro Advisor.
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Bank Relations and Financing - Our clients routinely take advantage of our long-standing relationships with funding sources, attorneys and government assistance programs to design and execute a well-coordinated plan to finance their business.
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Business Valuations
- Whether you are preparing a succession plan for estate purposes or thinking of buying or selling a business, perhaps due to a marital situation, we can provide objective analysis to assist in the valuation of any business.
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Choice of Entity Analysis - Choosing the form of entity for your business ("S" corporations, "C" corporations, LLC, etc.) is a critical decision with serious tax implications. We can assist you in evaluating each entity type and recommend the most advantageous form for your situation.
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Estate and Succession Planning - Effective estate planning facilitates the orderly transfer of assets to your chosen beneficiaries. For business owners, providing for continuity and succession, while at the same time providing for your spouse, is essential. We leverage our relationsips with several leading local estate planning attorneys to guide you through this process while reducing to the lowest extent possible taxes due on the transfer of your assets.
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Personal Financial Planning - Our belief is that planning doesn't stop at the entity level. Our goal is to take a wholistic approach to managing our clients' financial needs.
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Tax Planning and Preparation
- Individual Tax Preparation
- Corporation, Partnerships, LLCs/LLPs
- Estates, Trusts and Gift Returns
- Not-for-Profit Tax Preparation
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Tax Representation
- Internal Revenue Service
- New York State Income and Sales Tax
- Workers Compensation
- General Liability
- New York State Department of Labor
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Tax Credit Generation and Compliance
- New York State - Qualified Empire Zone Enterprises
- Federal - R & D Tax Credit Program and Renewal Communities
New York State Empire Zones - Empire Zones (EZs) are designated areas throughout the State that offer special incentives to encourage economic and community development, business investment and job creation. Certified businesses located within an EZ are eligible to receive significant tax credits and benefits.
Qualified Empire Zone Enterprises (QEZEs) are eligible for sales tax exemption, real property and business tax credits for businesses locating and expanding in EZs. The purpose of the Empire Zones Program is to give companies that increase employment the opportunity to operate on an almost "tax-free" basis for up to 10 years in designated areas of the State, with additional savings available on a declining basis in years 11 through 15.
- QEZE Sales Tax Exemptions - QEZEs are granted a 10-year exemption from State sales tax on purchases of goods and services (including utility services and owned vehicles) used predominantly in such zone (effective March 1, 2001).
- QEZE Credit for Real Property Taxes - QEZEs are allowed a refundable credit against their business tax equal to a percentage of real property taxes paid based upon increased employment in the zone (effective for taxable years beginning on or after January 1, 2001).
- QEZE Tax Reduction Credit - QEZEs are allowed a credit against their tax equal to a percentage of taxes attributable to the zone enterprise (effective taxable years beginning on or after January 1, 2001).
Visit the NYS Tax Department for more information on Empire Zone tax incentives.
Additional Benefits
- Wage Tax Credit (WTC) - This credit it available for up to five consecutive years for companies hiring full-time employees in newly created jobs. For employees in special targeted groups, this credit equals $3,000 per year, with a credit of $1,500 per year effective 1/1/01, for all other new hires.
- EZ Investment Tax and Employment Incentives Credit (ITC-EIC) - Businesses that create new jobs and make new investments in production, property and equipment may qualify for tax credits of up to 19% of the company's eligible investment.
- New Business Refund - Businesses new to New York State are entitled to a 50% cash refund of unused EZ-WTC and ITC amounts. Other businesses may carry forward unused credits indefinitely.
- Utility Rate Savings - Special reduced electric and gas rates may be available through investor-owned utilities in New York State. Businesses that locate or expand their operations in an EZ may receive significantly reduced rates.
- Zone Capital Credit - A 25% tax credit against personal or corporate income taxes is available for contributing or purchasing shares in a zone capital corporation; or for a direct equity investment in a certified zone business; or for contributions to approved community development projects within an EZ.
Contact Anthony DelVecchio to see if you are located in an Empire Zone or if you are a Qualified Empire Zone Enterprise and not currently taking advantage of these benefits.
Federal Tax Incentives
Renewal Communities - Congress enacted three tax bills between 1993 and 2000 that provided tax incentives for businesses operating in designated distressed areas. In January 2002, five cities in New York State became "Renewal Communities", eligible for the federal tax benefits afforded the 40 renewal communities authorized by the Community Renewal Act of 2000. These benefits include:
- Employment tax credit
- Commercial revitalization deduction
- Enhanced IRC section 179 deduction
- Capital gain exclusion
Contact us to see if you are eligible for any of these benefits.
Research and Development Tax Credit Program - Many sophisticated companies have utilized the Federal Reserach and Development Tax Credit program since its inception in the early 1980's. The law was enacted to encourage companies to make investments and stimulate innovative technologies and processes. These economic incentives are government sponsored and backed by Congress and the Internal Revenue Service. We are affiliated with CCR Cost Recovery Services, LLC, a leader in conducting R & D Tax Credit Studies. CCR is a professional services firm consisting entirely of engineers whose sole focus is R & D studies and who complete in excess of 500 studies annually.
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