Services Offered by William J Krause, CPA, P.C.

Tax Preparation

Our firm has experience preparing many tax returns for many clients. We prepare tax returns for individuals, corporations, partnerships, and nonprofit organizations throughout the year. We also prepare estate, trust, and gift tax returns.

Tax Planning

Tax planning can be a key component for individuals, companies, and estates. We will meet with clients throughout the year for short- and long-term tax planning. Areas we address with our clients include estate, gift, business, and individual tax planning.

Business Consulting

We work with business owners from cradle to grave. During the year, we will meet with business owners to develop long-term plans focusing on the business’s financial success. Typically, the plan starts with a review of the choice of entity, or in the case of a new business, taking care of the latest business formation, putting in place the proper accounting procedures, and making the client aware of federal and state regulatory compliance from a tax standpoint. We will also address the issue of succession planning with business owners to ensure smooth transitions when management shifts from generation to generation. Our firm provides business valuation services to business owners, whether they are looking to buy, sell, or value their business for estate planning purposes. Additionally, we advise clients on various retirement vehicles available to their organization and the tax benefits of those particular plans.

Representation

Are you experiencing concerns with the IRS?

We possess considerable expertise in representing clients across a spectrum of IRS-related issues, including:

·         IRS Audits and Examinations

·         Back Taxes

·         IRS Collections Representation

·         Payroll Tax Problems

·         Seizures and Wage Garnishments

·         IRS Liens and Levies

·         Late or Unfiled Tax Returns

·         Payment Plans and Installment Agreements

·         Reduction of Penalties

·         Offers in Compromise

·         Innocent or Injured Spouse Relief

Accounting Services

Our firm offers business owners and managers training on accounting and software implementation. We also provide outsourced CFO services to small businesses that may not have a dedicated accountant on staff.

These services include:

· Bill payments

·         Deposit recording

·         Payroll and payroll tax return preparation

·         Year-end reporting (W-2s, 1099s, and annual federal and state tax returns)

·         Regular financial statements

·         Financial and tax advice

Assurance Services

Our assurance team provides audits and reviews for private corporations, partnerships, and nonprofit organizations that need dependable, independently examined financial statements. Whether you’re satisfying a lender’s requirement, reassuring investors and board members, or simply strengthening your financial reporting, we tailor the level of service to what your organization actually needs.

Audits

An audit is the highest level of assurance we provide. We examine your financial statements, test underlying transactions and account balances, and evaluate your internal controls in accordance with generally accepted auditing standards (GAAS). At the conclusion of the engagement, we deliver a management letter with practical observations on your controls and operations — not just a signed opinion.

Reviews

A review provides a more limited level of assurance through analytical procedures and inquiries of management, performed in accordance with Statements on Standards for Accounting and Review Services (SSARS). Reviews are often the right fit for organizations that need more assurance than a compilation provides but do not require the full scope of an audit.

Our assurance clients include:

· Private corporations and partnerships

· Organizations subject to lender, bonding, or licensing requirements

· Family- and owner-managed businesses preparing for growth or transition