SERVICES
Tax, Accounting and Consulting Services
Auditing Services
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CONSULTATION ON BUSINESS STRUCTURE, EMPLOYEE COMPENSATION, AND ACCOUNTING METHODS
Advised business owners of the advantages and disadvantages of conducting a business as a sole proprietor, C corporation, S corporation, or limited liability company.
Prepared recommendations on the allowable methods of accounting for long-term contracts.
Reviewed partnership agreements to verify that profit and loss allocations are in compliance with income tax regulations.
Prepared recommendations on C corporation and S corporation formations and liquidations.
Advised partnerships and corporations on allowable accounting methods and tax year-ends and the advantages of available options.
Represented clients in requests filed with Internal Revenue Service for tax year-end and accounting method selections or changes.
Advised clients on retirement plan formations including vesting requirements, participation requirements, and contribution limits.
Advised clients of proper reporting of employee fringe benefits, including cafeteria plans, life insurance plans, and automobile usage.
Advised clients on inventory capitalization rules.
Prepared extensive checklist of requirements for business expansion into multi-state markets.
CORPORATE REORGANIZATIONS AND LIKE-KIND EXCHANGE ISSUES
Developed reorganization plan which accomplished desired transfer of assets while avoiding potentially substantial income recognition pursuant to the consolidated return regulations.
Identified a series of property transfers which allowed the maximum benefits available under the consolidated return regulations, the corporate reorganization and liquidation provisions, and the like-kind exchange provisions of the law.
Identified real property interests that qualify for like-kind exchange treatment.
Communicated the requirements for deferred exchanges such as the appropriate use of escrow accounts, and the required identification and replacement periods for replacement property.
BUSINESS VALUATION AND ESTATE PLANNING
Business valuation for estate tax purposes including the valuation of parent company, subsidiaries, and real estate holdings.
Consulting with attorneys, insurance brokers and business investors to customize buy-sell agreements.
Consulting with clients to develop methods to transfer ownership from parents to siblings while minimizing current gift and estate tax.
Assist clients in developing trusts organizations to plan for retirement and future family needs.
Business valuation of a professional service organizations providing services in the real estate development industry to establish a value to be used when key employees buy into the business.
Provided business valuations in a variety of industries including:
- Automobile dealers
- Law firms
- Medical Groups
- Funeral Homes
- Ambulance Services
- International Medical Supply Company
- Retail Florist
- Retail Hardware Store
- Mobile Home Trailer Park
Provided valuations in connection with the conversion of
a business from a "C" corporation to a sub-chapter "S"
corporation.
REPRESENTATION WITH INTERNAL REVENUE SERVICE AND LOCAL TAXING AUTHORITIES
Successfully negotiated a settlement in an IRS initiated audit resulting in a $350,000 refund, related to the valuations of land in a like-kind exchange (IRC 1031 a Starker transaction).
Successfully represented client in a Taxpayer Compliance Measurement Program (TCMP) audit from a disadvantaged position. Reduced IRS proposed adjustment from $140,000 to $4,500. Advised client on future tax planning strategies for C corporations and S corporations to maximize deductions while minimizing tax to shareholders.
Represented client before the IRS on the issue of Independent Contractor vs. Employee status. The IRS assessed an adjustment to reclassify $1,500,000 of payments to outside workers as employee compensation. We appealed the decision and were able to negotiate a settlement of approximately 15% of the original assessment without admitting any wrongful acts and with the examination of prior years being unlikely.
DIVORCE CONSULTING AND ANALYSIS
Educated clients on the financial implications of settlement proposals in the following areas:
- Personal vs. Marital property
- Valuing and dividing property
- Retirement planning and pension
- Tax problems and solutions
Provided litigation support for divorce attorneys and benefited our clients by making case preparation and settlement easier by doing the financial work. Provided expert witness testimony for court cases.
Prepared case exhibits in the form of spreadsheets and graphs for our client's use and our client's counsel's use. And prepared exhibits our client's counsel could use to offset claims by opposing counsel in settlement hearings.
Provided client and client's counsel with net worth statements and cash flow statements to use in settlement and trial negotiations. Prepared exhibits showing future earnings and wealth for client and counsel USB.
Provided forensic accounting to discover hidden or transferred assets and or cash from marital estate to personal estate.
CONSULTATION ON INTERNATIONAL TRANSACTIONS
Advised clients on relevant tax laws of a foreign country during crucial contract negotiations. Prepared recommendations to management on desired contractual provisions that would minimize foreign withholding tax.
Prepared extensive recommendations on expansion into foreign markets including review of pertinent foreign and U.S. laws and tax issues.
Advised individuals from Germany, Switzerland, Canada, Mexico and Holland seeking to invest in the United States.
Advised U.S. investors involved in activities in the foreign countries of Malaysia, Hong Kong, Singapore, Taiwan, Republic of China, Canada, Mexico and Venezuela.
Advised clients seeking to expand into European markets of U.S. taxation of foreign transactions including the effective use of a Foreign Sales Corporation.
LITIGATION
U.S. Bankruptcy Court appointment as Examiner, Trustee or Accountant to provide services and reports as required by the U.S. Trustee office.
Provided consulting, and accounting services as requested regarding Chapter 7 and Chapter 11 cases.
Provided consulting, and accounting services as requested by the Creditor Committee regarding Chapter 11 cases.
| Bankruptcy Experience
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| Fisher Roofing, Inc. |
Chapter 7 |
Court-appointed Accountant |
| Landin Media, Inc. |
Chapter 7 |
Court-appointed Accountant |
| Laurie Westberg, Inc. |
Chapter 7 |
Court-appointed Accountant |
| Maverick Store Fixtures of Arizona, Inc. |
Chapter 7 |
Court-appointed Accountant |
| Quality Art, L.L.C. |
Chapter 7 |
Court-appointed Accountant |
| The Don Luscombe Aviation History Foundation |
Chapter 7 |
Court-appointed Accountant |
| SWNG, L.L.C. |
Chapter 7 |
Court-appointed Accountant |
| SWNG, L.L.C. |
Chapter 7 |
Court-appointed Trustee |
| The Don Luscombe Aviation History Foundation |
Chapter 7 |
Court-appointed Trustee |
| American Broadcasting System, Inc. |
Chapter 11 |
Court-appointed Accountant |
| Gateway Data Sciences Corporation |
Chapter 11 |
Court-appointed Accountant |
| Granite Reef Investment Company, L.P. |
Chapter 11 |
Court-appointed Accountant |
| Mountain States Capital, Inc. |
Chapter 11 |
Court-appointed Accountant |
Donald Lee Nelson
Arizona Diagnostic Imaging, Inc. |
Chapter 11 |
Court-appointed Examiner |
| The Estate of James E. Acridge |
Chapter 11 |
Court-appointed Plan Administrator |
| San Carlos Cablevision, L.L.C. |
Chapter 11 |
Court-appointed Examiner |
| Mountain States Capital, Inc. |
Chapter 11 |
Court-appointed Trustee |
| The Don Luscombe Aviation History Foundation |
Chapter 11 |
Court-appointed Trustee |
| TRP |
Chapter 11 |
Court Appointed Trustee & Court Appointed Accountant |
| Raven Rock |
Chapter 11 |
Court Appointed Trustee & Court Appointed Accountant |
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