As the list below is by no means all-inclusive, please feel free to inquire about a service if you do not see it listed. If it is not a service we provide, we would be more than happy to refer you to a qualified professional.
Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis and are the foundation of a successful business. Our qualified staff can assist you with the day-to-day tasks associated with the bookkeeping function. Desmond & Ahern, Ltd. offers more than just accounting and tax services. Our Accounting Services Department has professionally trained experienced personnel who are available to assist you, the business owner, on as as-needed basis in a number of ways. We can computerize your accounting records; prepare your payroll and all your payroll tax returns; prepare unaudited financial statements; reconcile and analyze general ledgers.
Audits, Reviews and Compilations
Audits - afford the most comprehensive level of financial statement preparation. When preparing audited financial statements, we conduct an examination of your organization's financial reports, in accordance with auditing standards generally accepted in the United States of America. This enables us to express our opinion on the fairness of the presentation of your financial position and operational reports. Audited financial statements are helpful in negotiating bank loans and other credit; reporting to regulatory authorities; assuring credibility of financial statements for use by partners, stockholders, or bankers; developing stock buy/sell agreements; meeting bonding requirements; and safeguarding business assets. The audit examination includes a review of internal controls and systems. Often, we are able to suggest improvements in financial planning.
Reviews - a review is a level of service that results in an expression of limited assurance. D&A communicates this limited assurance in a report stating that the reviewer is not aware of any material modifications that should be made to the financial statements in order for them to be in conformity with Generally Accepted Accounting Principles. The members of our team perform sufficient inquiry and procedures to give a reasonable basis for that conclusion.
Compilations - D&A can present, in the form of financial statements, information that is the representation of management (owners) without undertaking to express any assurance on the statements. These statements are considered compilations.
Tax Planning & Preparation
Minimizing your tax liability requires careful advance planning, rather than preparing tax returns as deadlines near. Our tax professionals provide complete tax services, and are assisted by our extensive tax library and the latest computer software.
We pay careful attention to your unique circumstances, such as your current requirements and your plans for the future. Then we recommend a plan that best suits your needs, while minimizing financial risk.
Our tax planning services encompass professional corporations; “S” corporations; family partnerships; limited liability corporations; limited liability partnerships; lifetime gifts in trust; short-term trusts; estate plans; tax-sheltered investments analysis; charitable contributions; tax deferral plans; tax accounting methods; stock option plans; flexible spending accounts; split-dollar insurance; group term life insurance; corporate medical reimbursement plans; and business incorporation.
Our tax preparation services include sales and payroll tax returns; excise tax returns; highway use tax returns; pension and profit-sharing plan returns; special tax reports; and income tax returns for corporations, partnerships, individuals, estates, and trusts.
Pension & Profit Sharing Plans
In recent years, employees have become increasingly aware of the importance their retirement savings plan plays in providing financial security for the future. Employers have also seen the value of offering pension and deferred compensation plans as part of a comprehensive compensation and benefits package in order to attract and retain quality individuals.
Desmond & Ahern, Ltd. is responsible for the administration of over 125 employee benefit plans. The plan size ranges from the one participant sole-proprietor to plans with more than 300 lives. Our services include but are not limited to:
• Plan Document design and implementation
• Participation, eligibility and 401(k) discrimination testing
• Annual administration including contribution / earnings allocation and participant statements
• IRS Form 5500 preparation
• IRS reporting of participant distributions
• Certified audits
• Employee meetings (typically in association with 401(k) requirements)
Desmond & Ahern’s annual administration includes eligibility determination, allocation of contribution, earnings and forfeitures, preparation of participant statements and IRS Form 5500.