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Whether you are starting a new business or have an existing business, Vona & Vona can provide any of the following services to fit your specific business needs. Our broad range of experience and expertise provides our clients with a wide range of services and knowledge, which allows our clients to receive timely professional service in response to their needs. Accounting & Financial Statements The backbone of any business is the accumulation of financial information. It is imperative that a business’ financial information be accurate and in a form that is useful to the business owner. At Vona & Vona, we assist our clients in establishing or improving their existing accounting system and record keeping to accomplish these goals. In addition, we can provide assistance in computerizing your accounting system by recommending an appropriate computer system and related software to meet your specific business needs. Once the proper accounting system is in place, we can offer accounting and bookkeeping services that summarize the financial data accumulated by your accounting system. These services typically include the preparation of quarterly summaries for estimated tax purposes and the preparation of annual financial statements for shareholders, lending institutions, investors, and other contractual arrangements. Moreover, our services can be specifically tailored to meet your business' specific needs. For example, monthly summaries can allow you to properly analyze and monitor revenues, cash flow and business expenditures. We believe a business which properly accumulates and analyzes its financial information will be better positioned to make sound business decisions in a timely manner.
Tax Compliance & Tax Audits The growing complexity of federal and state tax laws, and the increased regulatory control by federal and state governmental agencies has led to an increased amount of income, sales, and payroll tax audits and tax compliance issues for all businesses. Today, more so than ever, businesses are required to maintain proper records, prepare financial reports, and remit various taxes to federal, state, and local government agencies. For example, there are numerous tax filing requirements associated with starting a new business, including the registration of a business with local agencies for sales and payroll tax. Additionally, there are federal, state, and city quarterly and annual tax returns for income, sales, payroll, commercial rent, and other applicable taxes for all businesses. Vona & Vona is a full service provider of all of these tax compliance requirements. Today, every business is subject to audit by any tax or government agency. An audit includes a substantiation of the accounting records and compliance with the tax law. For example, a sales tax audit, requires the substantiation of taxable sales reported by a business on their sales tax returns. Other audits include payroll audits by the Department of Labor and the State Insurance Fund under worker's compensation. Vona & Vona specializes in representing clients before various federal and state taxing authorities. We have had great success in representing clients due toour experience and knowledge of the law and the various taxing agencies. At Vona & Vona, we seek to minimize audit exposure by assisting our clients in maintaining proper accounting records and by keeping our clients abreast of changes in the tax law.
Tax Planning From the time an individual decides to start a new business, to the time he/she decides to sell, liquidate, or transfer ownership of a business, taxes play a major role in determining the success and profitability of that business. The tax consequences of operating a business may take many forms and involve all levels of government. At Vona & Vona, we focus on developing a tax plan and business structure to minimize taxes at all levels of government. Our diversified clientele and wide range of experience allow us to specialize in advising clients on all tax aspects relating to their specific business. For example, one of the first and most important decisions a business owner makes is the legal entity under which the business shall operate. In general, the individual must choose between operating as a sole proprietor, C corporation, S corporation, LLC or partnership. We advise our clients as to the present and future tax consequences of operating under the various legal entities and make recommendations based on the type of business and the personal situation of the owner. By analyzing the effects of operating a business on the owner, we can help minimize, through tax planning, the personal and estate taxes of the owner. Oftentimes, the tax consequences of a business decision are ignored or considered after a business decision has already been made. This could lead to disastrous tax results to a business owner. By maintaining a close working relationship with our clients, we are able to provide advance tax planning relating to their business decisions, which allows our clients to make business decisions while considering all the necessary facts and consequences.
Estate Planning & Tax Services The field of estate taxes is constantly evolving. As new legislation becomes effective and the wealth of individuals increases, the estate and gift tax laws are sure to effect many more individuals. In addition to changes in the tax laws, other issues facing an estate include planning for distributions from retirement plans, closely held business interests and recent trends in valuation, charitable planning and the taxation of trusts. Post-mortem estate tax planning and compliance also plays a major role in minimizing the tax burden of an estate. This essentially requires the estate to report all income on fiduciary income tax returns and the preparation of a final individual income tax return. There may be several elections available to an estate that may minimize current income tax to the estate and its beneficiaries. Tax issues also play a major role in the administration of an estate. This requires an administrator or attorney to keep abreast of the complex and broad range of issues to provide their clients with time sensitive tax saving opportunities available throughout the planning process and the administration of an estate. Vona & Vona provides high quality estate tax services to our clients to assist them in this complex area and to provide guidance for estate planning and post-mortem tax strategies that can minimize estate and gift taxes.
Payroll Maintaining and reporting payroll is an essential aspect of running any business. At Vona & Vona, we provide all payroll tax filing and compliance services for all relevant federal, state, and city governmental agencies. Our payroll services include advising our clients as to the tax liabilities and consequences of running a payroll. We advise our clients as to the employer’s responsibilities to collect and remit employee taxes and employer FICA taxes. We further offer assistance and advise in connection with worker's compensation insurance and remittance of taxes under unemployment insurance laws. In conjunction with the above services, we provide tax planning for minimizing other taxes through the use of a payroll. As a full service provider of payroll services, we are constantly keeping our clients abreast of new developing payroll issues as they relate to their specific business. These payroll issues range from the controversial area of classifying workers as employees vs. independent contractors, to the recognition of income by tipped employees.
Financing Financing is a vital part of running a business from the commencement of business operation through and including periods of expansion. Over the years, we have assisted our clients in obtaining bank loans, lines of credit, Small Business Association (SBA) loans, and lease agreements. We respond quickly to our clients needs and requests for financial and buisness information required to secure financing. These services include the preparation of financial statements, financial forecasts and projections, and loan application forms. |
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