Updegrove McDaniel McMullen & Chiccehitto, PLC provides a wide scope of services for our individual and business clients. When you become one of our clients you are ensured that you will benefit from the extensive knowledge and experience of our leading experts and receive exceptional personalized service. Each client’s needs, goals, and objectives are unique. We understand that and provide the customized services you need to reflect what is most important to you.
Please review the following list of our services. If you need a service that is not listed below, please contact us as this list is not all encompassing. We would welcome the opportunity to customize our services to meet your unique needs.
We believe in a proactive rather than a reactive approach to tax services. By remaining abreast of the latest tax laws and legislation, we can identify key tax planning opportunities that minimize both your current and future tax liabilities. We provide our individual and business clients with the taxation expertise and knowledge that they deserve throughout the year. Our tax services include:
- Tax planning & return preparation
- Estates, trusts & gifts
- Not-for-profit organizations
- Taxing authority representation
- Divorce and support issues
- Tax effects of buying/selling a business
- Prepare current and prior-year FBAR forms
- Assist with Offshore Voluntary Disclosure Program (OVDP), including referral to a qualified and experienced tax attorney
- File for recognition or reinstatement of tax exempt status for nonprofit organizations
Tax planning is an essential element of the tax preparation process. By making tax planning part of your overall business strategy, you can leverage our experience and access to the latest developments in tax laws to minimize both your current and future tax liabilities.
We are highly qualified to prepare your tax return accurately and effectively ensuring that you are in the best tax position possible.
During our many years of experience dealing with many taxing authorities, we have achieved a level of competence that ensures our clients that they have the very best representation before various Federal and state tax agencies.
We have significant experience with the taxation of U.S residents working abroad and foreign citizens working in the U.S. This provides us with a unique and invaluable working knowledge in international taxation.
As your business grows, you need to hire more employees which can result in increased payroll administration. Our team can assist you with implementing the controls necessary to ensure a reliable, efficient, and effective payroll system. Updegrove McDaniel McMullen & Chiccehitto, PLC can also help you develop a payroll system and prepare all necessary payroll tax returns in a timely manner.
Sales Tax Services
Many of our clients are responsible for collecting and submitting sales taxes in many different vicinities. We can assist your company with compiling and preparing sales tax returns efficiently and effectively.
Estate & Trust Tax Preparation
Effective estate and gift planning facilitates the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse, and can reduce or eliminate the tax due on the transfer of your business and other assets. For business owners, providing for business continuity and succession of ownership is essential. We are well qualified to guide you through the complex process of getting your financial affairs in order.
Our team is dedicated to providing financial information to our clients in a timely and accurate manner. Meaningful, well-organized financial records ensure that your business operations run more efficiently on a daily basis. Our comprehensive scope of cost-effective accounting services includes:
- General ledger & financial statement preparation
- Bookkeeping (Monthly/Quarterly/Annually)
- Accounting system setup for new businesses
- Payroll services
- Business tax return preparation (Sales & Use/Business Property)
- Personal financial statements
Audits, Reviews and Compilations
We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company’s profitability and efficiency. We provide financial reporting on all three levels of assurance:
- Audit–intensive examination with the highest level of assurance
- Review–some analytical procedures conducted with limited assurance
- Compilation–based upon client information provided and used primarily for internal use
Compilations differ from reviews and audits as they are based upon client information provided and used primarily for internal use only as no assurance is expressed.
Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis and serve as the foundation of a successful business. Our highly qualified team members can assist you with your day-to-day bookkeeping tasks.
We can assist you in the preparation of your financial statements in accordance with professional standards, but express no opinion or any other form of assurance on the underlying information included in them. The financial statements we produce will be a very useful resource tool for management when making financial decisions.
Financial Forecasts & Projections
Forecasting is a necessity for effectively managing your business and guiding it to profitability. From simple projections to complex financial modeling, our experienced team can provide the tools you need to achieve your company’s financial goals.
Cash Flow & Budgeting Analysis
A business can be profitable and still encounter difficulty due to cash flow issues. Our team can forecast and evaluate your company’s financial condition, estimate financing requirements, and track cash-flow sources and uses. This insight is extremely beneficial to the health of your business.
Financial Strategic Planning
Financial Strategic Planning Services
The personal and business success of our clients is of paramount importance to us. Put our knowledge and expertise to work for your success. We can identify areas that are negatively affecting profitability and growth and develop practical and technically sound solutions for you. In addition to acting as a sounding board for management, we provide comprehensive, flexible strategies that address the unique issues affecting your business. The following are just a few of the areas in which we deliver value-driven financial strategic planning services:
- Accounting software selection and implementation
- Type of entity selection
- Buying/selling a business
- Computer systems
- Financial & retirement decisions
- Estate, trust & gift planning
Accounting Software Selection & Implementation
With so many computerized accounting software packages available for small businesses and individuals–selecting one that is right for you has become increasingly difficult. As accounting professionals, we understand the pros and cons of most programs and can guide you to choose and implement the system that best fits your needs.
Business Succession Planning
Effective coordination of the transition of your business to your successors is critical to ensure its continued success when you decide to remove yourself from the company’s day-to-day operations. Our team’s comprehensive knowledge and experience in tax and financial matters uniquely qualifies us to address the complex issues of business continuation and develop a strategically sound plan.
Effective estate planning facilitates the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse, and can reduce or eliminate the tax due on the transfer of your business and other assets. For business owners, providing for business continuity and succession of ownership is essential. We can guide you through the complex process of getting your financial affairs in order.
A properly structured financial plan enables you to face any financial challenge that may present itself at each stage of your life. Through the financial planning process, we help you accurately assess your financial needs and develop strategies that will enable you to achieve your goals and strengthen your financial security.
Successful implementation and periodic review of your financial plan ensures financial independence during your working years and throughout your retirement years.
Management Advisory Services
Even the most qualified managers benefit from competent, objective feedback. Let us help your company’s management team develop long-term objectives and specific strategies to facilitate your business’ future growth and success.
The personal and business success of our clients serves as the gauge of our worth. We are dedicated to providing the services you need to facilitate your success and prosperity. We can help your business identify areas negatively affecting profitability and growth and develop practical and technically sound solutions. By serving as a sounding board for management–we provide comprehensive, flexible strategies that address the specific issues that are affecting your business.
Pension & Profit Sharing Plans
Qualified retirement plans (e.g. defined-contribution or defined-benefit plans, Keoghs, SEPs, and more) can provide significant tax advantages for closely held businesses and self-employed individuals. Our qualified team members can assist you in evaluating the type of pension plan that will best serve your retirement needs and those of your employees.
Debt & Financing Services
Debt management and the evaluation of financing options are issues that an experienced finance professional deals with every day. Let us use our experience to assist you in securing financing for your personal or business needs or consolidating your current debt to a more manageable level.
Business Entity Selection
Choosing the form of entity of your business (e.g. “S” corporation, sole proprietor, or limited liability company) is a crucial decision that can have long-term tax implications which can be positive or negative. We can evaluate the pros and cons of each entity type and help you determine the most advantageous form of business for your company.
Employee Benefit Plans
The accounting and tax issues associated with employer-provided benefit plans can be overwhelming. We can assist with the development, implementation, and administration of your employee benefit plan. Updegrove McDaniel McMullen & Chiccehitto, PLC is a member of the AICPA Employee Benefit Plan Audit Quality Center.
Filing for bankruptcy is a serious and involved process with many legal and tax issues. We are familiar with the complexities of the bankruptcy filing system and will guide you through the process. Our competency will serve you well.
Asset protection, or wealth preservation, plans make the enforcement of judgments against protected assets nearly impossible and allow the owner of protected assets to retain substantial control over these assets. Updegrove McDaniel McMullen & Chiccehitto, PLC can assist you with an asset protection plan that may include family limited partnerships, or offshore trusts. We help you protect what is yours.
We address a vast array of financial and tax issues as a result of our diverse client base. Our valuable experience in numerous specialized areas and dedication to unmatched client service qualifies us to provide services pertaining to:
- Mergers & acquisitions
- Asset protection
- Investment review
- Cash flow forecasting
- Employee benefit plans
- Expert witness services
- Internet commerce
For your tax, accounting, and financial consulting services choose Updegrove McDaniel McMullen & Chiccehitto, PLC and know that you have a team of exceptionally qualified leading experts available to meet your specific needs. We look forward to being of service to you.