Accounting & Tax Services for Businesses
Most businesses do not start for the purpose of preparing and filing tax returns. Freyman CPA can prepare and file all of the business tax forms and returns that are required for your business so that you can continue to focus on your business’ success and growth.
By engaging Freyman CPA to prepare your business tax returns, you are ensuring that your company receives personalized service with streamlined processes that cut down on unnecessary administrative time. We utilize our broad tax knowledge of advantageous tax treatments, elections, and methods to provide your company with strategic tax compliance.
We can prepare federal, state, and local returns, including amended returns for every type of entity, including:
- C-Corporations (Form 1120)
- S-Corporations (Form 1120-S)
- Partnerships (Form 1065)
- Limited Liability Companies (Form 1065)
- Sole proprietorships (Form 1040, Schedule C or Form 1040, Schedule E)
- Not-for-profits (Form 990)
- Foreign corporation with a presence in the US (Form 1120-F)
Modern businesses are frequently involved in specialized transactions, from interaction with foreign individuals and companies to research and development activities. Freyman CPA is a full-service firm, and we can help your business handle any specialized reporting that is required.
If your company has not taken advantage of some of the tax-saving opportunities that exist, we can help by assessing whether your company qualifies for certain deductions and credits. We will analyze your business and develop tax strategies to minimize taxes.
In addition to our standard business tax returns, we prepare specialized tax forms and returns, including:
- Report of Foreign Bank and Financial Accounts, or FBAR (FinCEN Report 114, which replaced former Form TD F 90-22.1)
- Report on miscellaneous income (Form 1099-MISC)
- Withholding for foreign contractors and vendors (Form 1042, W-8BEN, W-8BEN-E)
- Informational returns for US subsidiaries of foreign parents (Form 5472)
- Report on foreign operations of US firms (Form 5471)
- Report of US Persons with Respect to Certain Foreign Partnerships (Form 8865)
- Interest Charge Domestic International Sales Corporation Return, or IC-DISC (Form 1120-IC-DISC)
- Disregarded Foreign Entities of US Owners (Form 8858)
- Tax elections, such as entity classification (Form 8832), election by a small business corporation (Form 2553), and the election of partnership level tax treatment (Form 8893)
- Change in accounting method (Form 3115). We can provide guidance on whether a change in accounting method is appropriate for your business, including estimating the cost savings of a method change
- Credit for Increasing Research Activities (Form 6752)
- Domestic Production Activities Deduction (Form 8903)
- Zero-due returns for tax credits and application for tax credits
- Mortgage interest statement (Form 1098) for cooperatives
- Personal property tax returns
Sales and Use Tax
Given the increasing role that the internet plays in commerce, companies often find that they are shipping products all over the country. How do you determine whether you need to collect and remit sales tax in a given state? Freyman CPA can help you navigate the intricacies of sales and use tax. We can work with you through the entire process, assisting with:
- Determination of nexus and sales tax collection and remittance responsibilities
- Creation of compliance plan, including registration for sales tax and preparation of voluntary disclosure agreements
- Monthly reporting
Payroll Services and Intuit Online Payroll
While there are many traditional and low-cost payroll providers, Freyman CPA provides unmatched service for your business. We work directly with you to implement tax savings. By analyzing your company’s benefits, we can develop strategies to minimize your company’s tax exposure.
Unlike a large payroll provider, we can ensure that you are not in the dark about the tax implications of your payroll decisions. We will advise you on offering fringe benefits, handling health care premium deductions, and reimbursing employees for allowed and disallowed expenses.
Our tax projections can utilize the payroll numbers that are based on our recommendations. This synergy allows for more accurate and effective tax planning. Rather than waiting until you receive a monthly or quarterly report from a traditional payroll provider, we can provide your company with immediate feedback with respect to payroll changes.
Do you have employees that work in your state and live in another? Do you have employees working in multiple states? We will determine nexus and registration requirements for your business. We will ensure compliance throughout the entire process, from registering your company with each required state, preparing and filing all necessary forms, and filing appropriate documents if your company is no longer required to file in a particular state.
We can handle the payroll for your company so that you can focus on building your business. In addition to the specialized payroll services that we provide, we also offer:
- Support and management of Intuit Online Payroll, our professional accountant platform; it’s cloud-based and mobile-compatible; it’s also fully managed by us, allowing flexibility and personalized support for your business
- Preparation and filing of payroll taxes, including multistate filings
- Establishing a compliance plan, including monthly reporting
- Assessment of deposit requirements (weekly, monthly, quarterly, or annually)
Tax and Financial Planning and Projections
Part of running a successful business involves planning, both short-term and long-term. Freyman CPA can work with you to ensure that your business continues to be successful in the future. As part of our financial planning practice, we can assist you with the following:
- Review of financial condition
- Cash flow analysis
- Retirement planning
- Debt and financing strategies
- Benchmark analysis
- Investment and portfolio analysis
- Tax planning, including accounting policies, capital acquisitions, compensation arrangements
- Tax projections
If your company uses QuickBooks Online (QBO) or would like to transition to QBO, Freyman CPA can assist in setting up your business account and can even manage your books entirely. We value transparency, and we ensure that you always have access to your books. Your company’s books are your property, and we will never restrict access to them or charge you for reports run from QuickBooks.
We will work together with your company to ensure that your books are accurate and up-to-date. If you prefer to handle the day-to-day of the books internally, Freyman CPA can oversee the process and ensure that the books are in proper order. We also provide full-service bookkeeping in QuickBooks Online if you prefer to focus on your business while we manage the books.
We offer discounted rates to QuickBooks that are not available to individual users.
We provide the following services related to QuickBooks:
- Transition from other bookkeeping systems to QuickBooks Online
- QuickBooks Online service, support, and management
- General bookkeeping tasks
- Intuit Online Payroll integration into QBO
- Transitioning from other payroll processing systems to Intuit Online Payroll
Oftentimes companies require someone to fulfill the role of CFO or financial director, but they don’t want to pay for full-time services. Freyman CPA can meet your part-time CFO needs by providing virtual CFO services. We can modify our virtual CFO package to meet your needs, but in general our monthly retainer service provides assistance by:
- Providing comprehensive business and financial planning advice
- Developing and assessing strategic goals during an initial meeting
- Preparing a 5-year strategic plan
- Managing budget and cash flows through the use of monthly or quarterly management reports
- Converting a strategic plan into a financial plan
- Reviewing profits and cash flows to determine areas of improvement
- Assessing actual performance against forecasted results
- Performing benchmarking analysis to compare your company against competitors
- Enabling your company to take proactive measures to improve your business, rather than reacting to issues after they arise
- Improving cash flow management through budgeting, planning, and assessment of weaknesses
- Providing up-to-date financials to support business pitches and applications
- Freeing your employees from the time that it takes to perform these tasks and allowing them to focus on growing the business
Other Specialized Services
- Workers’ compensation audits: We provide representation of your business as you go through a workers’ compensation audit.
- Cooperative Housing and Condominium Planning: Greg has extensive experience in the co-op and condo industry, and can assist in tax planning strategies, tax return preparation, and annual audit of the financial statements.
Depending upon the size and complexity of your business’ needs, we can develop a retainer program to handle the requirements each month, or we can provide one-time or annual services.