At Higgins & Smith, tax services comprise a large portion of our business. We work with clients in a wide variety of industries and income levels. Our goal for our tax clients is to assist them in determining strategies that allow them to pay the least amount of tax possible while still complying with their legal responsibilities under the Internal Revenue Code and state statutes.
Tax planning is an important tool in reducing tax liability. We encourage our clients to proactively consult with us on business and investment decisions which will have tax implications so that we may assist them on the front end to make the best possible decisions. Beyond year to year income tax planning, we also provide assistance with estate planning. Our professional staff is available year round for consultation on tax saving strategies.
We provide tax preparation services for Individuals, Corporations, S Corporations, Partnerships, LLC’s, Trusts, Estates and Not-for-Profits. All our tax returns are prepared by a member of our professional staff and carefully reviewed by a partner before being finalized making sure that opportunities for additional tax savings are not overlooked.
IRS Representation and representation with state tax agencies are services we also provide to our clients. We can assist with tax audits, tax notices and setting up payment plans along with other issues. We have an excellent track record of working with the IRS on behalf of our clients.
At Higgins & Smith, our approach to accounting services is most definitely not a “one size fits all” model. We listen to what business owners need and do our best to meet those needs. We currently provide the following types of accounting services:
- Outsourced CFO (full service accounting)
- After-the-Fact Bookkeeping (producing monthly, quarterly or as-needed reports)
- Payroll Services (both full service and after-the-fact)
- Sales Tax Return Preparation
- Personal Property Tax Return Preparation
- New Business Consulting
- Accounting Preparation Engagements
- Accounting Software Assistance
The most common small business accounting software package is QuickBooks. Although we welcome the opportunity to work with clients on other software packages, we are certified QuickBooks ProAdvisors and frequently work with our clients to implement and assist with training staff on the use of QuickBooks.
We would welcome the opportunity to discuss with you your business’ unique needs and tailor a plan that meets those needs.
When CPAs prepare or assist in preparing financial statements for third party use, they are required under professional standards to issue a report on those financial statements. Third parties relying on your financial statements may require one of three different types of reports.
Audits are the highest level of assurance. In conducting an audit, we examine your company’s financial statements in accordance with generally accepted auditing standards. An audit requires us to examine internal controls and to perform substantial testing of the information underlying the financial statements. We then document our opinion as to whether the statements are fairly presented in conformity with generally accepted accounting principles. If you need an audit, we can refer you to several auditors in the area.
Reviews are the middle level of assurance. In conducting a review, we perform inquiry and analytical procedures that provide an accountant with a reasonable basis for expressing limited assurance that there are no material modifications to the statements in order for them to be in conformity with generally accepted accounting principles.
Compilations of financial statements are the lowest level of assurance services. A compilation presents management’s financial statements without undertaking to express any assurance on the statements.