Client Services

Business Audits

Different Levels of Service Can Satisfy Your Needs Privately-owned entities sometimes believe they need an audit, when a review or compilation of financial statements may actually be enough to satisfy their needs. These services are considerably less time-consuming than an audit. They have the added benefit of a lower cost.

Review

A review provides interested parties with a lower level of assurance than an audit, but more assurance than a compilation. During a review, an LLG CPA, following accepted accounting standards, will conduct a battery of analytical procedures such as ratio analysis, or a comparison of results with prior periods or a comparison with industry standards, to gain additional insight into the financial statements. Questions will be asked of management regarding accounting policies and procedures, operations and personnel. However, unlike an audit, a review does not provide for verification of data by a third party or the physical inspection of assets. Internal controls are not evaluated.

Compilation

A compiled financial statement presents information that is the representation of management or the owners without undertaking to express any assurance on the statements. There are no inquiries of management or analytical procedures. Banks often require compilations from an independent CPA as part of their lending covenants. “Whether you choose an audit, review or compilation depends on the specific circumstances, the requirements of the bank or other parties, and sometimes budget considerations.” –Bill Finestone, Managing Partner Start a conversation. Find out what’s best for you – a review or compilation report.

Financial Forecasts, Cash Flow and Budgeting

Anticipate Your Needs and the Market In today’s tight credit markets, your future financial condition and cash flow needs take on great importance. With information gathered and translated by LLG you can anticipate your future operating results and cash positions. This allows you to identify potential issues and take appropriate action sooner, rather than later.

Financial Forecasts

Market conditions change quickly and privately-owned companies need to stay nimble. LLG can help you forecast your projected business results under multiple scenarios. Possibilities open up. Your response time is faster. You can make the most of market opportunities regardless of economic upturn or downturn. We’ll work with our clients to project revenues, profit margins, net income and cash flows 12 to 24 months into the future.

Cash Flow

You can improve your company’s liquidity, reduce costs and increase profitability through good cash management. Growing companies need to know how to anticipate future cash needs. LLG provides advice based on years of hands-on experience with privately held companies like yours. We help you understand the sources and uses of your cash flow so you can track and project this vital part of your business. “When times are tight, cash flow is key. Don’t spend money unnecessarily. Hold back on distributions until you can afford it. Try not to spend more than the cash you have on hand.” –Sander Berman, Partner

Budgeting

Budgeting can help you predict your cash flows and provide a benchmark to measure results throughout the year. Stay on top of your bottom line by generating comparison reports of budgeted vs. actual results. If you are trying to secure credit for lenders or attract private investors, budgeting demonstrates your road map for success. Capital budgeting analysis can help you examine the benefits, costs and risks associated with potential investments and expenditures. To make an informed decision on what and when to purchase, let LLG run the numbers for you. “Overleveraging can result in missed market opportunities.” –Bruce Horwitz, LLG Partner Start a Conversation. Call for a quote on forecasting, cash flows or budgeting services.

Outsourced Accounting and Bookkeeping Services

Anticipate Your Needs and the Market Outsourced accounting is often used by privately held companies to reduce operating costs, add quick response to data, and prioritize business performance. Outsourcing accounting and bookkeeping ensures your company has consistent processes, the best technology and a strong control environment to help achieve high performance in a global marketplace. Your customized financial reports provide an accurate view of your business bottom line. “Outsourced accounting is a growing trend. Companies realize they can get better services, while reducing their operating costs. They don’t have to worry about updating their technology or hiring competent professionals.” –Bill Finestone LLG offers customized scalable solutions for those seeking the following outsource services:

Accounting Services

Accounting System Set Up Income Statements Balance Sheet Cash/Flow Budgeting Preparation of Monthly/Quarterly/Year End Financial Statements and Reports Management Reports Financial Analysis Fixed Asset Management Preparation of Tax Returns and Filings Interim Accounting Staffing

Bookkeeping Services

General Ledger Inventory Management Accounts Payable Accounts Receivable Bank Reconciliations (Checking and Credit Cards) Payroll Transactions Start a conversation. Find out if outsourcing makes sense for your business.

Employee Benefit Plan Audits

There’s No Substitute for Auditing Experience

Federal law requires employee benefit plans with 100 or more participants to hire an independent qualified public accountant to conduct a quality audit. This is in accordance with the Employee Retirement Income Security Act of 1974 (ERISA) and U.S. Department of Labor (DOL) requirements. Due to the complexities of these laws, conducting an employee benefit plan audit requires special expertise. A qualified CPA can provide advice on operational efficiencies, asset management, fiduciary responsibilities, litigation avoidance and proper plan administration.

LLG is an Experienced Benefit Plan Auditor

Together our dedicated benefit plan audit team has more than thirty years of experience. We rely on this experience to conduct your employee benefit plan audit. Changes in regulations, professional standards and best practices require us to master the latest knowledge and training to conduct the audits. LLG is a member of the American Institute of CPAs (AICPA) Employee Benefit Plan Audit Quality Center. Membership requires compliance with rigorous standards and practices specific to employee benefit plan audits. All ERISA employee benefit plan audit personnel must know current standards and practices. LLG has successfully completed all peer reviews since the AICPA’s Peer Review program began.

What You Can Expect

An employee benefit plan audit must be comprehensive to meet standards set forth by the AICPA. You can expect auditors to review payroll records, participant documents, loan plans and hardship withdrawals. Auditors will also determine if plan contributions comply with the document plan provisions. We will evaluate the funding status and methods used for allocated defined plan contributions. “A quality audit can keep employers or plan sponsors out of expensive legal issues with plan participants. Savvy employers/plan sponsors understand the significance of their fiduciary responsibilities to the plan, and don’t cut corners on the selection of an auditor.” –Bruce Horwitz, LLG Partner Start a conversation. Request a quote from LLG on an employee benefit plan audit.

Non-Profit Reviews and Audits

Building Trust Within and Outside Your Organization It is especially important that non-profit organizations maintain the public trust. Such confidence allows them to garner support and pursue their mission. Often a question is posed about whether to conduct an audit or review. Be aware that states differ on their financial requirements for audits or reviews of nonprofits. Check with us to determine what your state requires.

Review

A financial review requires the accountant to gather a series of financial documents to be reviewed. Inquiries and analysis provide assurance that the financial statements conform to generally accepted accounting principles. A review can be used when an organization needs some assurance about their financial statements.

Audit

An audit begins with the same steps as a review but following the review the accountant goes to the nonprofit location to verify the accuracy of the documents. – The accountant confirms the data with outside parties – Transactions are selected and tested by examining support documents – Physical inspections are made – Internal systems are evaluated The accountant then takes those findings and presents them to the organization. An audit provides the highest level of assurance expressed in the accountant’s report. Start a conversation. Find out if an audit or review makes sense for your nonprofit.

Multi-State and Local Tax Planning and Preparation

Experienced Guidance on Multi-State and Local Taxes

Minimizing taxes requires constant diligence. It’s a time-consuming task, especially for firms who are expanding locally or operating in multiple states. Working with knowledgeable tax specialists who continuously monitor tax laws and the impact on your business relieves much of the burden, especially when those experts are good communicators.

Our solutions may include changing the structure of your business as well as identifying tax credits, exemptions, and abatements that may be available to expanding businesses. LLG’s experience and resources have created impressive results for business owners. Our specialists can help with multi-state and local tax planning and preparation.

“We provide state and local tax services to clients in a wide variety of sectors. Ninety percent of wisdom comes from experience.”
-Bill Finestone, Managing Partner

Start a conversation.

Learn more about minimizing your state and local taxes.

Tax Authority Representation

When You Need Someone in Your Corner, Trust LLG

Facing an IRS or State audit dispute or collections action can be a time-consuming, frustrating and intimidating process. When your business is involved in such a situation professional tax authority representation is recommended. We know the language. We will speak up for you.

LLG  knows the ins and outs of the IRS and state bureaucracies. If you have a large or overdue tax bill and need help dealing with the collections branch of the IRS or another taxing body, we can speak to them on your behalf. Often we are able to work out a favorable resolution and can explain to you the reasons for the IRS or State claim.

“Involving LLG at an early stage is almost always the most economical and effective option for tax authority representation.”
–Anton Hendler, LLG Partner

Start a conversation.

Contact us to learn more about our tax authority representation services.

Tax Authority Representation

LLG Finds the Answers You Need

Taxes are complicated. They are constantly changing, leaving business owners with a myriad of questions. Our researchers analyze the law, evaluate, then verify the tax implications on multi-jurisdictional operations. Whether your question involves federal, state, local or international tax law, LLG has the resources and insight to assist you.

LLG can prepare tax matrices for all types of industries, and consider on the tax consequences of complex and unusual transactions, including Nexus Determinations and Filing Requirements.

Start a conversation.

Get your tax questions answered.

Tax Authority Representation

Maximize Your Opportunities for Tax Savings

Smart businesses use tax credits and deductions for investment, innovation and energy conservation. Applying these judiciously can improve your bottom line.

Are you eligible for tax incentives?

Some tax incentives are available to all industries while others apply only to specific market segments or industries. For example, the Domestic Production Activities Deduction (DPAD, also called IRC Code 199) provides a significant opportunity for manufacturers based in the United States. LLG tax specialists use their expertise to help you assess your activities and costs to determine if you meet the requirements for a tax credit or deduction. We analyze, calculate, manage and document your tax deductions and credits. The benefits to your company may not yet be realized.

Tax credits and incentives that you may be entitled to include:

• Section 179D
• Domestic Production Activities Deduction (DPAD)
• Renewable Energy Tax Credits
• Historic Preservation
• New Markets Tax Credits (NMTC)
• Research and Development Tax Credits
• EDGE Tax Credits
• Enterprise Zone Tax Credits and Other Enhancements
• Residential Energy Tax Credits

Start a conversation.

What tax credits might you be eligible for?

Business Entity Selection

Learn What Business Entity Form is Best for Your Company

Choosing the entity form of your business whether it be an “S” corporation, partnership, sole proprietor, Limited Liability Company or other is a crucial decision that can have longstanding tax implications, positive or negative.

We can assist you in evaluating the pros and cons of each entity type. By comparing the various alternatives, you will be able to judge the most advantageous entity form for your organization.

Special tax planning considerations should be considered. For instance, here are some scenarios. If you are:

– Anticipating transfers to family member for estate planning purposes
– Need flexibility with employee benefits
– Want to reinvest profits from the operation of the business

Common entity forms include:

• Limited Liability Companies (LLC)
• S-corp and C-corp
• General partnerships (GP), Limited partnerships (LP) and Limited Liability Partnerships (LLP)
• Sole Proprietorships
• 501(c)(3) Organizations, Family Foundations and Other Nonprofit Businesses and Tax-exempt Entities

The form of entity can change as the needs of the business and its owners evolve. With a 65-year history, our firm is witness to many such evolutions.

Business Entity Selection Services

Business Needs Analysis
Consultation on Specific Tax and Non-Tax Issues
Projections of Tax Liabilities
Separate Entity Formations

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Do you need help deciding what business entity to form?

Litigation Support

Accurately Quantify Economic Damages

Litigation support involves assisting your attorneys in quantifying economic damages pursuant to existing or pending litigation. The LLG litigation support team uses accounting, auditing, and investigative skills to collate needed information. We efficiently assist in calculating and documenting any potential economic loss or damages.

Typical litigation support projects may include calculating the economic loss resulting from a breach of contract, partner departure, or merger and acquisition disputes. We do discovery work and provide expert testimony in court when necessary.

Whatever your dispute, we can quantify the amount of economic loss at stake. Our added value benefit is having hands-on knowledge of many industries through our audit, tax and consulting services.

LLG helps privately held entities through the litigation process by providing accurate, well-researched information that quantifies economic loss or damages. We get the numbers right. No surprises.

Litigation Support Services

Economic Damage Evaluation
Financial and Economic Data Analysis
Historical Earnings Summary
Projections and Budget Review
Overhead Expense Allocations
Projected Future Lost Profits
Discovery Assistance
Expert Testimony

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Have questions on litigation support?

Mergers and Acquisitions Due Diligence

Maximize Tax Opportunities from Mergers and Acquisitions

We can assist you in the merger or acquisition process by performing due diligence. Critical elements will be assessed including tax issues, financial impact and cash flow considerations. Whether your business operates locally, throughout the U.S or internationally, we have experts in C Corps, S Corps, and partnerships ready to resolve the unique needs of engagement.

If you are:

– planning growth through acquisitions
– a private equity group acquiring an entity
– a business owner selling the family business

Quantify your risks and plan accordingly using reliable information and advice from our tax advisors and accountants. We will identify opportunities and risks by evaluating financial statements (assets, liabilities, earnings and cash flow). We also factor in the seller’s motivations and how to maximize your return on investment.

We provide scalable services for various engagements.

Mergers and Acquisitions Services

Financial Due Diligence
Financial Statement Review and Evaluation
Forecast and Projection Evaluations
Multiple Finance Options
Purchase Price Adjustments
Structuring Acquisitions of Assets
Tax Strategies
Restate Financial Condition as of Purchase Date
Software Suggestions and Integration

Start the conversation.

Do you need specialized and professional due diligence assistance?

Succession Planning

Keep Your Company Leadership Strong

Proper succession planning will keep your business going without you. Making the right decisions now will ensure your business entity continues operating in the fashion you desire.

We suggest answering the following questions:

Who will succeed you? The list of possibilities may contain family members, employees or a buyer. Whatever choice you make, you will need a plan that addresses the following:
– Review of existing fiscal policies and procedures
– Strong oversight of your business entity finances
– Accuracy of your financial numbers and tracking methods
– Sufficient funds to pay near-term expenses

How will you exit the company? Well before your departure, your successor should demonstrate the skill and experience necessary to lead the company.

Are your financial records in order? Business valuation depends on accurate financial history records. They satisfy buyer/creditor assessment on purchase price and IRS scrutiny.

Do you have a personal finance plan? Whatever the plan, it should take your future financial needs into consideration.
Protect your family, employees and customers by seeking advice now. We can help you create specific action plans concerning compensation structure, tax laws, and reports to stakeholders.

Start the conversation.

Who will lead your business to the next generation?

– planning growth through acquisitions
– a private equity group acquiring an entity
– a business owner selling the family business

Quantify your risks and plan accordingly using reliable information and advice from our tax advisors and accountants. We will identify opportunities and risks by evaluating financial statements (assets, liabilities, earnings and cash flow). We also factor in the seller’s motivations and how to maximize your return on investment.

We provide scalable services for various engagements.

Mergers and Acquisitions Services

Financial Due Diligence
Financial Statement Review and Evaluation
Forecast and Projection Evaluations
Multiple Finance Options
Purchase Price Adjustments
Structuring Acquisitions of Assets
Tax Strategies
Restate Financial Condition as of Purchase Date
Software Suggestions and Integration

Start the conversation.

Do you need specialized and professional due diligence assistance?