Preparing your own income tax return can be a task that leaves you with more questions than answers. According to a study released by the US Government’s General Accounting Office last year, most taxpayers (77% of 71 million taxpayers) believe they benefited from using a professional tax preparer.
Whether we like it or not, today’s tax laws are so complicated that filing a relatively simple return can be confusing. It is just too easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program there’s no substitute for the assistance of an experienced tax professional.
Cindy Bombard CPA, PA, will do the following for you:
- Your tax return will be checked and rechecked by our computer software, identifying potential problems the IRS may look at more closely and reviewing the math to limit IRS contacts
- Your tax return can be filed electronically so you will get a refund back more quickly
- Our staff will show you how to adjust your payroll withholding to get more money back each week. (Why let the IRS borrow your money for up to 16 months?)
- We will show you potential deductions to limit your tax liability for the following year.
Because we continually look for ways to minimize your taxes throughout the year, not just at the end of the year, our goal is for our clients (businesses AND individuals) to pay the lowest amount of taxes allowable by law.
Planning is the key to successfully and legally reducing your tax liability. We go beyond tax compliance and proactively recommend tax saving strategies to maximize your after-tax income. We make it a priority to enhance our mastery of the current tax law, complex tax code, and new tax regulations by attending regular and frequent tax seminars.
We recommend Tax Saving Strategies that help you…
- increase and shelter assets while keeping the IRS out of your pockets.
- defer income so you can keep your money now and reduce your tax liability later.
- pay less taxes on your income so you keep more of what you make.
- Pay fewer taxes on your estate so your family can keep more of what you’ve worked hard for.
- lower taxes on your gifts so you can give more.
- lower taxes on your investments so your money grows faster.
- decrease taxes on your retirement distributions so you can comfortably retire.
Real Estate Acquisitions & Dispositions
If you are one of the many people out there with a short sale or a foreclosure, not only have you lost money on a significant investment, but you may also have to pay taxes on the loan amount forgiven by the bank. Cancellation of debt income, what is it? How can you minimize the tax liability on it? Let Cindy Bombard CPA, PA, help you calculate your gain/or loss on the disposition so you can move forward.
Many taxpayers are intimidated by the IRS. So much so, that when an IRS notice comes in the mail many taxpayers simply pay it. The IRS is not always right and we are here to help you. We are on your side! We can assist you with IRS representation, whether you have received a notice regarding a prior year tax return, haven’t filed in years or are dealing with an IRS audit, lien, levy, seizure etc.. All you’ll need to do is fill out the Power of Attorney form and we’ll get the process started immediately!
We understand the various business structures and will prepare tax returns for the following business structures: C Corporations, S Corporations, Homeowner Associations, Partnerships, and Not-for-Profit Organizations. Understanding the various business structures and their taxation is critical when preparing business returns. Let us, at Cindy Bombard, CPA put our expertise to work for you and take advantage of various tax strategies to save you money. We also prepare State and local tax returns when applicable.
We offer tax services for individuals and their families, including Trust and Estate returns. Every taxpayer’s financial situation is unique. Communication with our clients is the key to understanding their circumstances. We strongly recommend an annual financial check-up with us, somewhere between July and December. This allows us to gather information from individuals, giving them guidance on what deductible expenses they should be tracking. Understanding these deductions will allow for timely and efficient collection of information and assurance that the deduction won’t be missed.
Individual Estate Planning
No matter your net worth, it is important to have a basic estate plan in place. Estate planning on your own can be complicated and costly. The number of considerations is endless, including but not limited to: State taxes, bureaucracy, probate courts, unfair appraisals, healthcare concerns, eligibility of heirs, life insurance, IRAs, 401Ks, annuities, burial/cremation costs…
Planning what will happen to your assets when you’re gone can be intimidating without help from a qualified accountant. Federal and state laws both play a part in estate planning, as do each of its elements (the will, the assignment of the power of attorney, and a living will – in addition to a possible trust). Not knowing your legal and financial rights often ends up costing you more in the end.
This is where we can step in and help to alleviate any and all stress and unnecessary confusion. We will get to know you and your individual situation, work with your attorney every step of the way, and offer discussion, recommendations, and useful research tools to make your planning seamless, efficient, and worry-free.
As your cherished family member gets older, they may need some help with their financial tasks. Simple, day-to-day tasks such as balancing a checkbook and paying household bills can become increasingly difficult for the elderly.
With Cindy Bombard CPA, PA, your loved ones will get assistance with their daily finances and business duties, while you are kept informed every step of the way.
We will take care of any and all financial tasks, including:
- Reviewing and paying household bills, budgeting, and record keeping
- Assistance with check writing and checkbook balancing
- Making sure money is received, receipted, and deposited
- Offering second opinions regarding household issues and unexpected situations
- Planning retirement account distributions and safeguard against improper disbursements
- Organizing and reviewing personal, financial, and legal documents to determine what needs to be addressed
- Assistance preparing an inventory of personal assets and investments
- Identifying and planning their retirement income, needs, and goals
- Addressing questions about lifestyle, Social Security, pensions, Medicare, and long-term insurance
- Monitoring investment portfolio and other assets in conjunction with their investment advisor
- Preparing, planning and filing income, trust, gift and estate tax
Planning for the future is important, and elder care services are crucial to help your elderly family members maintain their independence and financial freedom. Contact us today for more information.
What is Tangible Personal Property?
Tangible Personal Property refers to all assets used in a business or rental activity that are subject to an ad valorem assessment. More specifically, it is furniture, fixtures, tools, machinery, household appliances, equipment, signs, leasehold improvements, supplies, and leased equipment — whatever is used to generate income.
Florida Statute 193.052 requires that all tangible personal property be reported each year to the Property Appraiser’s Office. Anyone in possession of assets on January 1 who has either a proprietorship, corporation or is a self-employed agent or contractor, must file each year. Property owners who lease, loan or rent property must also file. The deadline for filing a timely return is April 1 of each year. For untimely filings, Florida Statutes provide guidelines for the penalties that may be applied: 5% for each month the return is filed late, 15% for unreported property, and a 25% penalty if no return is filed.
Further information regarding Tangible Personal Property may be obtained by calling our office or on the individual county’s website:
Small Business Accounting
As a small business owner, you are most certainly incredibly busy, juggling umpteen tasks while trying to generate profits. Cindy Bombard CPA, PA, will take care of your books for you, so you can rest easy when it comes to your accounting records, and you can focus entirely on the important job of running your business!
Depending on your specific needs, each month or quarter Cindy Bombard CPA, PA, will:
- Reconcile your bank account.
- Reconciling your business checking account each month allows us to keep your bank account, accounting, and taxes up-to-date, so that you can:
- Identify lost checks, lost deposits and unauthorized wire transactions
- Detect and prevent excess/unjustified bank charges and ensure transactions are posted correctly by your bank
- Detect or prevent embezzlement of funds from within your company
- Keep your finger on the pulse of how, exactly, your business is doing on any given day
- Manage your cash more effectively
- Protect yourself. (By timely reconciling and promptly objecting to your bank about any unauthorized, fraudulent or forged checks presented to your bank and paid by that bank, you can relieve your company of responsibility for the shortfall and transfer the risk to the bank.)
- Rest easy, knowing that your bank accounts are reconciled, in balance, and that all escrow funds, accounts, checks, and disbursed funds are properly accounted for.
- Generate an Income Statement
- An income statement, otherwise known as a profit and loss statement (P&L), summarizes the revenues, costs, and expenses incurred by your small business during a specific period of time – usually a fiscal quarter or year. These records will provide information reflecting the ability of your company to generate profit by increasing revenue and reducing costs. This income statement will allow you to:
- Track revenues and expenses so that you can determine the operating performance of your business
- Determine what areas of your business are over-budget or under-budget
- Identify specific items that are causing unexpected expenditures
- Track dramatic increases in product returns or the cost of goods sold as a percentage of sales
- Determine your income tax liability.
- Generate a Balance Sheet
- A balance sheet gives you a snapshot of the financial condition of your business at a specific moment in time. It helps you:
- Quickly get a handle on the financial strength and capabilities of your business
- Identify and analyze trends, particularly in the area of receivables and payables
- Determine if your business is in a position to expand
- Determine if your business can easily handle the normal financial ebbs and flows of revenues and expenses
- Determine if you need to take immediate steps to bolster cash reserves
- Determine if your business has been slowing down payables to forestall an inevitable cash shortage.
- Clean up your General Ledger
- The general ledger is the core of your company’s financial records. These records constitute the central “books” of your system. Since every transaction flows through the general ledger, a problem with your general ledger throws off all of your books.Cindy Bombard CPA, PA, will scrutinize your general ledger system each month, allowing us to unearth any discrepancies such as double billings and/or any unrecorded payments. We will then immediately and seamlessly fix the discrepancies so that your books are always accurate.
- Provide unlimited consultations
- We are always available to spend time with you so you fully understand how to interpret and utilize the financial information we provide. If you have questions or need assistance, we will spend whatever time is necessary to help you understand or resolve the problem. This open-door policy is, and will always be, the cornerstone of our business – and the saving grace for yours.
Feel free to customize the Cindy Bombard CPA, PA, package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services.
QuickBooks is the ideal business accounting software for small to mid-sized business owners. However, though it is designed for the layman to understand, the initial setup and installation of the software can be tricky. Cindy Bombard CPA, PA, will install QuickBooks customize it for you to move forward and utilize it for years to come. Once QuickBooks is set up and working properly, we can train you and/or your employees to properly operate this ideal accounting software for your business. When it comes time for a tune-up – whether you need to prepare your books for tax time, a financial review, or you just need to clean up some problem areas – we will always be available to get your QuickBooks running smoothly again in no time.
Small business owners spend an average of eight hours a month performing payroll functions. That’s 12 full days a year that could be spent generating sales, prospecting new business opportunities, improving products or services, or servicing customers.
Outsourcing your business’ payroll makes sound financial sense on so many levels.
- is cost-effective. Reduce your overhead by removing the need to hire specialized employees
- saves time: Eliminate the burden of customizing, updating, and maintaining your own payroll system (along with data entry and research on new laws).
- allows you to enjoy worry-free payroll tax filing: Eliminate the risks of calculating and filing your own payroll taxes by having a professional do it for you. Federal, state and local payroll tax laws are frequently changing and becoming more complex. How much time do you want to spend learning all the rules and keeping your information up-to-date?
- allows you to focus on the true, core competencies of your business.
Cindy Bombard CPA, PA, is very proud to offer payroll solutions that meet your business’s needs and enable you to spend time doing what you do best – running your company!
The Compilation of Financial Statements refers to the process whereby an accountant presents, in the form of financial statements, information that is the representation of management (owners), without undertaking to express any assurance on the statements. This statement does not have an accountant’s assurance of conformity with generally accepted accounting principles. While preparing the compilation the accountant does not gather evidence or verify the accuracy of the information provided by the client. The accountant just reviews the compiled reports to ensure that they are in the appropriate form and are free of obvious errors. – USLegal.com
Cindy Bombard CPA, PA, will provide you with a compilation of your financial statements, which is ultimately a financial snapshot of your business. Financial compilations prepared by a CPA provide a higher degree of integrity when presenting them to third parties for loans or refinancing.
New Business Formation & Taxation
Starting a new business can be one of the most exciting and thrilling experiences. It’s everything that comes after the excitement and thrill has worn off that dictates whether a small business will make it or not. A smart, methodical plan of action is needed to fulfill your dream or goal of being your own boss and running a successful business. Success lies in the approach you choose to take. Cindy Bombard CPA, PA, will help you avoid the common pitfalls that many new small business owners make when starting their new venture.
Cindy Bombard CPA, PA, will help you to:
- Prepare an initial business plan to clarify your marketing, management, and financial plans
- Determine your startup capital needs
- Identify sources of startup capital and backup sources, if needed
- Evaluate and quantify your borrowing power so you know how much money you can get your hands on, if necessary
- Select a business structure that best fits your needs by evaluating tax advantages, legal exposure, ease of operation, and portability, should you need to relocate
- Select the right accounting software by evaluating your budgetary and hardware needs
- Prepare a Cash Flow Budget so you know exactly how much money you need to keep the business running smoothly for the first few years
- Establish billing and collection procedures to maximize your cash flow
- Establish procedures to monitor and control costs
- Prepare and file required state and local licenses and permits
- Prepare and file your application for your Federal Employer Identification Number (EIN)
- Provide payroll and payroll tax filing when you hire your first employee
- Comply with employment laws so you don’t get hit with fines and unhappy employees
- Identify your business insurance needs
- Develop a solid Partnership Agreement, which is an extremely important document for all new partnerships and will assist in preventing a huge amount of financial and emotional problems down the road.
Cindy Bombard CPA, PA, can help you and your new business get off to a great start with a solid financial footing!
We can help you create and maintain your non-profit organization’s tax-exempt status by handling all the IRS reporting for you.
Each year the IRS requires most tax-exempt organizations to submit the Form 990 and its relations, which includes the following items.
- Income Statement with very specific revenue and expense categories like donations, salaries, postage, rent, etc.
- Balance Sheet with specific categories like cash, accounts receivable, accounts payable, etc.
- Functional Expense Statement with all the expenses allocated to either program services, fundraising or operations.
- Individual Program Expense Statement that reports all of the expenses for each program or service like seminar programs or educational mailings.
- Revenue Support Schedules that detail the organization’s sources of income in specific categories like charitable donations, membership fees, and investment income.
The IRS uses these very specific revenue and expense classifications to determine if your organization will retain its tax-exempt status, so it’s imperative that you build your accounting system around these revenue and expense classifications.
Cindy Bombard CPA, PA, will take care of the following items for your nonprofit:
- Review and compile your financial statements
- Weekly, bi-weekly, or monthly payroll preparation
- Payroll Tax Preparation and Deposits
- Provide training for your accounting personnel
- Complete and file your non-profit status application
- Prepare and file the 990 and 990T tax forms
If you’re starting a new not-for-profit organization, we can help you prepare your organization’s 501 (c)(3) application for tax-exempt status.
Here’s what you will need:
- Articles of Incorporation containing the Exempt Purpose Statement as described in IRS Code section 501(c)(3) and defined in Treasury Regulation 1.501(c)(3)-1 Paragraph d and the Dissolution Statement described in Treasury Regulation 1.501(c)(3)-1 Paragraph b subparagraph 4 (“Organizational Test”).
- Employer Identification Number
- By-laws of the Organization
- Minutes of Board Meetings
- Names, Addresses, and Resumes of Board Members
- Names and addresses of all Active Members
- Inventory of Assets like cash, furniture, equipment, property, pledges, etc.
- Inventory of Liabilities like mortgages, accounts payable, loans, etc.
- Rent/Lease Agreements and Contracts
- Revenue and Expense Statements for the last four years or as far back as possible if your organization has been in existence for less than four years.
- Written Reason for Formation and History of the organization.
- Organization Mission Statement or Statement of Faith or Beliefs for Churches and other Religious Organizations.
- Organization Activities, Operations and Programs Documentation including your statement of purpose & operations, food programs, fundraisers, flyers/brochures/pamphlets, etc.
- Financial Support Documentation including all sources of revenue like contributions, tithes, offerings, fundraisers, etc.
- Fund Raising Program Descriptions
- IRS Processing/Filing Fee
We are happy to prepare any of these items if you need help! Call Cindy Bombard, CPA, PA, TODAY at 239.596.2677, or email us at [email protected] Let us help you set up and/or maintain your non-profit, tax-exempt status.
Forensic Accounting & Fraud Services
Forensic Accounting and Fraud services are also available to you if you are concerned about financial discrepancies and financial fraud, we can help. If you want to know why your numbers don’t match, call on Cindy Bombard CPA for an in-depth financial investigation. Numbers don’t lie and our trained eye can research and examine your financial data to find the discrepancies and determine if theft or fraud has occurred. We’ll help you put together and implement systems and controls to prevent internal or external fraud from happening again.
Worker’s Compensation Insurance
Florida requires businesses within the construction industry that have one or more part- or full-time employees to purchase workers’ compensation insurance. Additionally, any non-construction employer who has four or more part- or full-time employees must obtain workers’ compensation insurance. (Corporate officers are considered employees, unless they exempt themselves. Sole proprietors and partners are not considered unless they choose to be employees.) Employers run the risk of not only classifying their employees incorrectly, but also of not being able to guarantee the accuracy of the policy year-end audit by the third party auditing company obtained by the carrier. We have recovered thousands of dollars for clients due to mishandled audits! Let Cindy Bombard CPA, PA, sit with the auditor and make sure you are only paying the amount that you are required.
Collecting and submitting Sales Tax is another burden that myriad businesses have to comply with. Various rules and taxable situations vary depending on construction, manufacturing, commercial leasing, and even home crafting. Let us help your business get set up properly from the get-go and teach you how to avoid an audit. At times, the Florida Department of Revenue targets certain types businesses, such as manufacturers, cabinetmakers, and fabricators. We understand the ins and outs of these varied and oftentimes confusing sales tax issues, for these businesses and others, and we can help make sure you are in compliance to minimize the tax liability in the event of a sales tax audit.