If you’re looking for a firm that will focus on your individual needs, and always treat you like a client who matters, look no further. Our firm is large enough to offer a full range of professional services, but small enough to give you the individual attention that you deserve.
We will thoroughly and conscientiously study your personal situation, and tailor our advice to your specific needs.
Small Business Accounting & Tax Services
Nothing is more critical to the financial health of your business than reliable financial information. Sound policies and procedures help ensure that you get accurate financial information on which to base management decisions. At WTC we are widely experienced accounting professionals who can do as much or as little as you need. We can be your accounting department, handling everything from payroll to compiling financial statements. Or, we can assist your in-house accounting staff. The extent of our involvement is up to you and we can develop a dynamic support plan that can be flexible with your needs and growth. Our business accounting services include, but are not limited to:
- Establish accounting policies and procedures
- Accounting system design and set-up
- Maintain general ledger and journals
- Payroll processing and tax filing
- Sales tax reporting and payment
- Reconciliation of cash accounts
- Adjust and close the books
- Financial statement preparation and analysis
- Provide interim or ongoing contract controller/CFO
- Train or assist internal bookkeeping staff
- Prepare budgets, cash forecasts and projections
- Internal control assessment and recommendations
Tax Return Preparation, Tax Planning & Consulting
At WTC, we are not your ordinary, everyday accounting firm. Sure, we are capable of preparing all of your business and individual tax returns, but we can offer you so much more. We want to be more than the people you call to help solve a problem. We want to be there to help prevent problems and to be a partner in your success by helping to minimize the tax you pay while increasing your cash flows through proper planning.
We keep up with the almost constant tax law changes so you don’t have to. We go the extra mile: to understand the law and how it will affect you by extensive continuing professional education; by studying critical updates and analysis provided by professional associations; and by maintaining an up to date library of technical resources and official regulatory publications.
We provide a full array of tax services, ranging from advising at the start up point of a business, to income tax planning and preparation. We are professionals experienced in corporate, partnership and individual taxation as well as estate, gift and trust taxation.
Since most business decisions you make have tax consequences, we set our goal to help you pay the least amount of tax required by law. Clients who consult with us prior to making major financial decisions can expect a more favorable outcome. We are a small professional firm that takes pride in the success of our clients and we will always provide the most dedicated and attentive service to maintain quality relationship.
Tax Services For Businesses:
- Tax Return Preparation
- Income Tax Planning
- Choice of Entity Selection
- Deal Structuring For Favorable Tax Consequences
- Tax Controversy Resolution
- Asset Purchase & Financing Strategies
- Sales and Use Tax Return Preparation
Tax Services For Individuals:
- Tax Return Preparation
- Income Tax Planning
- Estate and Gift Tax Planning
- Special Projects: Education Funding, etc.
QuickBooks Installation, Training, and Support
Whether you just purchased QuickBooks or are contemplating the software decision, at WTC we can help you. As QuickBooks ProAdvisors we can set-up the entire system, guide you through the myriad of functional decisions, train employees and provide ongoing support for questions or problems.
- QuickBooks initial installation or annual upgrades
- Master file and preference decisions
- Chart of accounts creation and organization
- Custom financial statement design and format
- Training for daily transaction processing
- Payroll set-up and operation
- Accounts payable, credit card payable, and bank reconciliations
- Accounts receivable, invoicing customization, and transaction processing
- On-going telephone support and “Accountants Copy” transfer
Part-Time Controller/CFO Services
Growing and start-up businesses often reach a point where they need real professional accounting and financial advice and assistance, but can’t afford the cost of a full-time CFO or Controller. If you are fortunate enough to be in this position then we have the perfect solution. As professionals, we strive for excellence in everything we do and are committed to providing services that are tailored to meet the needs and budget of the client.
We have extensive experience and training in accounting, taxation, and general business operations. Our technical experience and broad understanding of business management insures that each client receives highly professional assistance and guidance. Most small businesses cannot afford the talent they need, so we are providing this service to assure the business owner that he has the level of skills and experience that are essential to any successful business operation.
Whether the company is in need of a comprehensive business plan; an accounting system installed; financial statements prepared and interpreted; tax planning; personnel policies developed; or a capital needs assessment and strategy we have the capabilities to provide any or all of the tasks defined. We are not just a “brief case toting” consultant, we actually do the work.
A sample of the typical services performed, in addition to general accounting are:
- Prepare comprehensive business plans
- Train and manage your in-house bookkeeper
- Budget preparation and analysis
- Profitability analysis by service or product line
- Improving quality and timeliness of financial reporting
- Evaluate borrowing opportunities and coordinate with lenders
- Prepare loan application packages
- Due diligence investigations of possible acquisitions
- Perform lease vs. purchase analysis for equipment purchases
- Negotiate contracts or leases
- Evaluate insurance needs and source coverages
- Internal control assessment and recommendations
General Business Assistance & Advisory
Successfully managing a business is a full-time commitment. Within the scope of operating a business there are matters that should be addressed or matters that should be addressed for which the business owner is unaware. Because of the vast number of years and diversity of experience there are countless issues with which we can assist or anticipate. The benefit can be significant to a less experienced, or intensely busy business owner.
There are matters within the scope of this discussion that may be of an accounting nature, or covered in one or more of the functional groups of service described herein, but the summary below is a general collage of potential activities or issues that may arise during the normal course of business.
A limited summary of services or business issues are as follows:
- Preparation of business plan
- Assist with loan application
- Evaluate general insurance coverage and quotations
- Application or renewal of various business licenses
- Make recommendations as to commercial banking relationships
- Create or find source of internal use forms and journals
- Renewal of Corporate Charter
- Arrange for credit card processing – merchant services
- Investigate ordinances regarding commercial signage
- Review leases of offices or retail locations
- Assist with classification of workers compensation ratings
- Collaborate as to marketing philosophy, media, and cost
- Where necessary find resource for third party collection services
Bankruptcy Support Services – Chapters 11 & 7
At WTC, we are not licensed to practice law and therefore make no representations as such, nor do we give legal advice, in any form. However, with regard to the process of filing for bankruptcy protection under Chapters 11 and 7, our experience and knowledge of the forms and process makes it more efficient and certainly cost effective for WTC to assist small businesses or individuals with the initial preparation of the required documents that are financially oriented.
WTC can work under the direction of the client’s attorney/bankruptcy specialist or directly with the client. WTC can complete the initial application package, for the client to provide to the attorney or for the client/debtor to submit directly to the US Bankruptcy Court, depending on the complexity of the issues. Generally an attorney is leading the team especially in the case of small business Chapter 11 Reorganizations and Individual Chapter 7 filings where there are complex asset/liability circumstances.
The services that can be provided are as follows:
Chapter 11 Services For Small Businesses:
- Preparation of Initial Voluntary Petition
- Preparation of all supporting schedules & exhibits
- Preparation of schedule of recent payments to creditors (90 Day Rule)
- Reconciliation of Creditor Proofs of Claim
- Preparation of Monthly Operating Reports (MOR) to Trustee
- Assistance with preparation of Plan of Reorganization & Disclosure Statement
- Operational forecasts & reorganization plan payment schedules
- Assist with negotiation with IRS Insolvency Group & Georgia Dept of Revenue
Chapter 7 Services For Individuals:
- Preparation of initial Voluntary Petition
- Preparation of all supporting schedules & exhibits
- Assist with negotiated payment plans for IRS & State Tax purposes
- Preparation of schedule of recent payments to creditors (90 day rule)
- Analyze Federal/State tax consequences of each form of debt cancellation.
Tax Exempt Organizations – Section 501 IRC.
There are a large variety of exempt organizations but the most common group are those described in Sec. 501 (c) (3) which are generally speaking charitable organizations identified in two broad groups which are either a “public charity” or “private foundation.” Within the meaning of public charities there are a number of activities that will inherently be classified within this group, mostly because they clearly do not act as a foundation.
It is a tedious process to achieve approval by the IRS to function as a exempt organization under Sec 501 (c) (3), but it can be successfully completed by: incorporating properly within the laws of the State as a Non-Profit Corporation and including articles specifically prepared by the IRS for inclusion; by having a credible accounting system to be able to clearly identify all sources of income and properly classify all operating expenses and use of excess revenue; and by being diligent with the preparation of the IRS Form 1023 – Application for Recognition of Exemption.
Although the public charity classification under Sec. 501 (c) (3) is the most common, we can assist with other classifications, such as: 501 (d) Religious; 501 (e) Health Related; 501 (f) Education; 501 (g) Agriculture; and 501 (h) Public Charities For Influencing Legislatures.
We at WTC, possess the knowledge and experience to accomplish a successful application process and then to advise as to operational conduct, matters of governance, and filing of annual information reports, Form 990.
Services that are provided are as follows:
- Conduct a detail review of the objectives and operational concept of the entity
- Make determination as to appropriateness of exempt status
- Assist with the preparation and filing of Non-Profit Incorporation Documents
- Assist or prepare an operational plan document with three years of forecasts
- Begin the process of completing IRS Form 1023, together with all exhibits
- Developing an operating plan to assure ongoing compliance.
- Establish procedures for meetings and selection of governance groups.
- Prepare annual reports, IRS Form 990.
Entity Designations: Election, Change, Revocation
Entity designations are probably one of the single most misrepresented, misinterpreted, and misapplied element of the business and tax planning process. The decision to incorporate or not is first and foremost. Then the mythical process starts about S Corps, LLC’s and other entity forms.
Starting with S Corporations, which are not incorporated as such, but are later elected by applying to the IRS, are probably the most misapplied. The primary myth is that S Corporations can help the shareholder/employee avoid paying payroll taxes, such as social security and medicare. Nothing could be further from the truth.
Then there is the myth that LLC’s are more legally protective of the owners than regular general corporations and possess even greater tax benefits, which is definitely not true in the case of a single member LLC.
Lastly, it is commonly stated that C Corporations are the worst and no small business should adopt this structure. This position could be totally false depending on the owners other sources of income, such as a spouse with high salary income.
We can clearly help you select the best entity structure based on all of the business and personal tax ramifications, the facts of tax law, and the filing requirements and the timing of the decision.
A summary of services in this area are as follows:
- Explain all of the factual characteristics of each entity designation
- Prepare and file incorporation documents for profit or non-profit corporations
- Prepare organization documents for LLC’s
- File Elections with IRS for S Corporations or Disregarded entities for LLC’s
- File Articles of Amenment for name changes
- File Articles of Conversion for changes from LLC’s to Profit Corporations
- Register DBA’s
- Revocation of S Election, to become a C Corporation
HR Regulatory Guidance & Management
Although WTC is not a Human Resources Consultant, we have substantial experience with regard to overseeing the employment process, payroll accounting, and benefit selection and administration. There are so many areas of potential problems with regard to hiring, firing, and managing employees that business owners tend to ignore most of the provisions of the laws and regulations.
Most of our current focus is generally in regards to payroll, but we also have provided advisory assistance with benefit selection, immigration compliance, and the proper maintenance of personnel files. Depending on the size of employment, we also work with outsourcing payroll services and will be the ongoing liason with the payroll service
One of the other regulatory nightmares is in regards to the widespread abuse of the definition of an “Independent Contractor.” The regulations on this subject are extensive and the employer penalties for adverse determinations by the IRS, are significant. We have the knowledge and understanding of the criteria to assist any business with appropriate classifications.
There are a number of legal issues, for which we rely upon one our strategic partners, who is an attorney specializing in these matters. Issues such as: Non-Compete Agreements, Non-Disclosure Agreements, Discrimination (all forms), Sexual Harassment, and Wrongful Discharge all matters with which we consult directly with our attorney advisor.
Payroll Related Issues:
- Wage/Hour Compliance
- Correct & Legal Application of Overtime Policies
- Compliance with obtaining annual W4’s
- Cost center accounting for labor & taxes
- Proper classifications for workers compensation
- Administering programs for holidays, sick leave, and vacation
- Establish records retention policy and procedure
Employment Policy & Procedures:
- Preparation of personnel or company policy manuals
- Display of all regulatory requirements & rights for employee viewing
- Review all claims of unemployment and determine appropriateness
- Assist with decisions regarding group benefits and participate in procurement
- Assist with preparation of job descriptions & wage management