Old Fashioned CPA & Tax Services
- Tax Management Services
- Audits & Compilation
- Financial Projections
- Budgeting Analysis
- Benefits & Pension Plans
- Accounting Services
- Retirement Planning
- IRS Representation
- Entity Selection
- Payroll Services
- Estate Tax Preparation
SMALL BUSINESSES ACCOUNTING & BUSINESS CONSULTING
SMALL BUSINESS BOOKKEEPING
We provide a wide range of bookkeeping services that can be customized to meet your business needs. Do you want us to prepare your bookkeeping? Would our review of your books be a better fit? Do you need monthly statements? Quarterly? or even annual? Our Account Services are designed to ensure you have the information require for you to run a successful business. We offer the flexibility of full or part-time services on a temporary or long-term basis.
Even you do not have a current need for our services, please keep us in mind if a crisis occurs. We are structured so that we can respond to your immediate needs if an unexpected event occurs
CASH FLOW ANALYSIS SMALL BUSINESS BOOKKEEPING
Your cash flow is your business lifeline. A business can be profitable and still run into trouble with poor cash flow. We can forecast and evaluate your company’s financial condition, estimate financing requirements, and track cash-flow sources and uses. Cash flow analysis and asset management techniques that are critical in developing and maintaining a firm’s sound financial picture.
We handle small business budgets, business cash flow analysis. We utilize cash flow planning and cash flow management to ensure your business meets its target performance.
Our Cash Flow Analysis Includes:
The value of managing liquidity and profitability as it relates to financial leverage and the resulting overall effect on shareholder value.
Asset investment decisions: The types of investment decisions necessary for a business to manage its profitability and growth. We also analysis how these investments impact your cash flow.
Asset acquisition strategies: Understanding and managing a firm’s capital structure to determine the optimal mix of financing, both internal and external, to achieve the greatest profitability and improve shareholder returns.
Cash Flow Management: We will analyze techniques for improving cash inflows and outflows with the aim of improving shareholder returns and increasing the firm’s profitability and liquidity.
CONSTRUCTION ACCOUNTINGS BOOKKEEPING
To properly manage your construction business you have to know each projects costs down to the last cent; how to properly allocate overheads; and how accurate your estimate was compared to the actual project cost.
Does your business need assistance with Construction accounting and taxation and dealing with the complex accounting, tax, and financial issues of the construction industry? We can provide your business with support for detailed job costing, client tracking, and budgeting functions. Businesses can benefit from the organization and efficiency of integrated project management. We will track your construction business finances – checks, estimates, change orders, invoices and job-costing information.
We can provide your construction business with the following services:
- Client Tracking
- General Ledger
- Accounts Receivable
- Accounts Payable
- Direct Deposit
- Service Receivable
- Job Costing
- Purchase Order
- Sub Contracts
- Change Orders
- Equipment Management
- Financial Review
- Job Cost Analysis
We understand the difficulties you face in meeting these needs and we can provide accounting and management assistance that meets your specific needs. We have worked with a wide range of organizations and helped them maximize their assets and expand their efforts. We specialize in accurately and thoroughly communicating your organization’s financial condition while offering suggestions to help you reach your next level of success.
We will provide your organization with the following services:
• Plan Your Future – through goal setting, long-range planning, and feasibility studies for expansion.
• Build Your Organization – through fund raising support and finance assistance.
• Save You Money – through creative tax planning services and real estate cost segregation studies.
• Organize Your Business – through operational streamlining and financial system design, setup, and computerization.
• Increase Your Bottom Line – through revenue enhancement programs, performance benchmark, and fraud detection and prevention.
• Ensure Compliance – through written compliance plans, OMB Circular A-133 compliance audits and accurate, easy-to-read reports and financial information.
• Ensure Your Growth- through cash flow analysis and budget planning and human resources consulting.
Areas of Non-Profit Consulting Specialty:
• By Laws
• IRS Exempt Status
• Payroll Service
• Payroll Quarterly Reports
• Payroll Year-End Reports
• Pay Packages for Ministers
• Tax Preparation for Church
• Tax Preparation for Clergy
• Contribution Record keeping
• Membership Records
• Mailing Lists
• Treasurer Reports
• Financial Reports
• Reviews and Church Audits
• Conflict Management
• Internal Controls
• Benevolent Funds
• Professional Expense
• Church Software
• Master Plans
• Church Growth
Payroll & Sales Tax Accounting
We can provide your business with affordable and comprehensive payroll, payroll tax and sales tax accounting and tax solutions. We will help you meet all sales tax, payroll and tax responsibilities allowing you to spend your time building your business. We provide services including: payroll accounting services, small business payroll services, business payroll services, payroll processing services, sales tax accounting and sales tax processing services.
Our Payroll Services Include:
- Calculation of your weekly, bi-weekly, or monthly payroll including the deductions and withholding for all relevant tax jurisdictions.
- Preparation of professionally printed checks and reports mailed directly to your door and ready for payday. We also offer direct deposit which allows us to deposit your employees’ pay directly into their checking or savings account.
- Enrollment in Electronic Federal Tax Payment System (EFTPS). This allows your 940 and 941 payments to be made electronically.
- Preparation of quarterly, and annual federal, state, and local payroll tax returns.
For Each Payroll Tax Liability, We:
- Compute the taxes each pay period and notify you of the amount on reports provided with each payroll. We will also electronically transfer liabilities from your bank account on the check date, and deposit the amount with the IRS on the due date. All electronic filing requirements are met.
- If you do not want to pay your tax electronically, we will notify you of the amount and the due date when your payroll is delivered. You must make the deposit in a timely fashion and meet any electronic filing requirements that apply.
Reports That We Prepare:
- Form 941
- PA Unemployment Compensation Report
- PA Withholding Report
- Occupation Tax Reports
- Local Tax Reports
• Entrepreneurial Businesses
• Estates and Trusts
• Construction & Real Estate
• Family Businesses
• Health Care
• Manufacturing and Distribution
• Private Client Services
• Professional Service Firms
• Technology and Life Sciences
It’s Never Too Early or Late to Start Saving for the Future
ACCOUNTING REVIEWS AND COMPILIATIONS
Our accounting practice provides both traditional accounting services such as compilations and reviews of financial statements and specific services customized to your business needs. We want to learn more about your business and are only be satisfied when we help improve your business.
Our customized accounting services include:
- Cost-effective audits and high-value recommendations;
- Reviews and compilations of financial statements;
- Cash flow projections;
- Internal control evaluation;
- Profit planning and budgeting;
- Preparation of information to comply with regulatory agencies;
- Assistance with establishing and maintaining banking relationships;
- Coordination of personal and business financial affairs;
- Year-end planning;
- Advising of changes in financial reporting requirements, and more importantly, providing a thorough understanding of the impact of new accounting and reporting requirements on financial statements.
- Providing meaningful and practical recommendations for improvements on internal control procedures and policies.
- Tailoring specific attestation engagements (e.g., performance of agreed-upon procedures) to specific situations and transactions that need close monitoring.
- Evaluating the effectiveness of existing computer systems and accounting software.
- Review financing alternatives including lines of credit, term loans, private placements, etc.
- Conducting financial statement audits for pension and profit sharing plans.
- Analyzing financial statements and making comparisons to other organizations within the same industry.
We will not only provide traditional accounting and tax services, but we have the knowledge and resources to address the complex and important issues that challenge your business.
In a Sticky Situation? We Can Help
- IRS Representation
- Entity Selection
- Payroll Services
- Estate Tax Preparation
TAX COMPLIANCE & PLANNING
No one wants or needs to pay more tax than absolutely necessary. Because our tax system is constantly changing and increasing in complexity, it’s often difficult to determine what the impact will be. Since every business decision you make has a future tax ramification, it is important that you engage a trusted tax professional to help you assess the impact of business decisions.
At Reading Tax Solutions, LLC we will go far beyond simply preparing state and federal tax forms. Our intimate knowledge of your business and the environment in which you operate allows us to take advantage of all the options available. We place heavy emphasis on tax planning and use sound strategies to ensure that you are paying the least amount of tax possible. Working with you throughout the year, we will develop an integrated and flexible tax plan that considers corporate, individual and estate factors for tax minimization.
Our team members are separated into specializations within this service area, so we can be sure we are up-to-date on different technical aspects related to the services listed below. This is your assurance you have a “go to” person on any issue in this service area.
Our comprehensive regulatory compliance services include:
- Limited Liability Companies
- Estates and Trusts
- Retirement Plans
- Tax Litigation
- Interpretation of Tax Law
- IRS Audit Support
- Review of Wills
- Detailed Estate Plans
- Forensic Accounting
Other Income Tax Services
We Keep Everything Organized For You In One Place
One important and unavoidable aspect of our society is taxes and abiding by the tax laws that govern our income, possessions, assets and revenue. Being knowledgeable and well-informed of the ever-changing tax laws is critical to building a business and protecting your wealth.
This involves all types of taxes, such as income tax, property tax, sales tax, and more.
This is certainly true during that time of year for filing your taxes but instituting some simple best-practices during the year can prove invaluable when tax time comes.
Within the United States, primary tax issues would include taxes on capital gains, corporations, partnerships, limited liability companies, income, retirement accounts, gifts, estates, or taxes on certain investment types or products.
When it comes to the tax law, a number of different issues and problems can arise, especially without the help of a professional. We will help you with many aspects of the tax law that can be complicated or disconcerting to deal with alone such as:
- Audits Form 940
- 1099’s Delinquent Returns
- Appeals Form 941
- Penalties Un-filed Returns
- Assessments Business Taxes
- Employment Itemized taxes
- Unpaid taxes Bankruptcy
- Marriage Divorce
- Cost Segregation Studies Sarbanes-Oxley Compliance
- Compensation & Benefits Planning Tax Credit Planning
Tools & Resources
Use These Tools to Manage Your Own Finances
Useful Tax Websites
- Internal Revenue Service
- Pennsylvania Department of Revenue
- Berks County http://www.co.berks.pa.us/berks/site/default.asp
- IRS – 2011 Tax Ca landerr – http://www.tax.gov/calendar
Bush Tax Rates Extended For All; Other Incentives Reinstated, Extended
President Signs Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010.
December 17, 2010
After much political controversy-including a stalled bi-partisan delegation, Presidential negotiations with Republican leaders, and late-night Congressional approval-President Obama signed into law today the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010.
Significantly, the legislation extends the current Bush-era tax rates for ALL income levels-holding brackets at 10%, 15%, 25%, 28%, 33% and 35% through Dec. 31, 2012. Capital gains and dividends rates remain at 15% through Dec. 31, 2012. The Act also extends unemployment benefits through 2011 for those laid off for more than 26 weeks and less than 99 weeks.
Other key items addressed in the legislation include:
• Estate Tax Relief / Gift Tax Exemption Unification – Initially expected to return next year to a top rate of 55% with an exemption amount of $1 million, the estate tax is set at 35% for estates over $5 million ($10 million for couples) through Dec. 31, 2012. Importantly, the Act also reunifies the estate and gift tax exemptions through 2012. Individuals can make up to a $5 million lifetime gift before incurring the 35% tax.
• Bonus Depreciation – Up from 50% in 2010, businesses can immediately deduct 100% of the cost of qualified new assets, such as new equipment, purchased on or after Sept. 9, 2010 and on or before Dec. 31, 2011. Bonus depreciation returns to 50% in 2012.
• Section 179 Expensing – Enhancing provisions passed earlier in 2010 to encourage business spending, the Act provides for a $125,000 dollar limit and a $500,000 investment limit in 2012.
• R&D Credit Extension – Businesses can continue claiming credit for qualified technological research and development, retroactively for 2010 and throughout 2011.
• Alternative Minimum Tax (AMT) Patch – Saving many households from being subject to AMT, the Act increases exemption amounts for 2010 to $47,450 for individuals and $72,450 for joint filers. In 2011, the respective amounts are increased to $48,450 and $74,450.
• Payroll Tax Cut – Replacing the Making Work Pay credit from the American Recovery and Reinvestment Act of 2009, this provision cuts an employee’s portion of the Social Security payroll tax from 6.2% to 4.2% up to $106,800 in wages earned in 2011. Self-employed individuals will pay 10.4% up to $106,800.
• Itemized Deduction Limitation Repeal / Personal Exemption Phaseout – In 2010 there was no limit placed on the amount of itemized deductions allowed for higher-income individuals; the Act extends this advantage through December 31, 2012. The personal exemption phaseout (PEP), which reduced the total amount of exemptions certain taxpayers may claim, was repealed in 2010; the Act extends the repeal of the PEP through December 31, 2012.
• Small Business Capital Gain Extension – The Act extends the 100% exclusion for qualified small business stock acquired before Jan. 1, 2012 and held for more than five years.
• Marriage Penalty Relief – The enhanced standard deduction for married couples filing jointly (twice the amount for a single individual) is extended through December 31, 2012.
• Charitable Incentive Extensions – Among other specific provisions, the Act extends tax-free distributions from IRAs for charitable purposes through 2011 and special rules for contributions of capital gain real property for conservation purposes.
• Child Tax Credit and Earned Income Tax Credit Extensions – The Act extends both the $1,000 child tax credit and the enhanced earned income tax credit (EITC) for low income workers through Dec. 31, 2012.
• Education Tax Incentive Extension – The American Opportunity Tax Credit is extended, giving students $2,500/year for the cost of course materials through Dec. 31, 2012.
The Act addresses additional business and individual tax extenders that expired in 2009, pushing them through 2010 and 2011, including:
• New Markets Tax Credits
• 15-year recovery period for qualified leasehold improvements, restaurant building and improvements, and retail improvements
• Tax treatment of certain dividends of RICs and certain investments of RICs
• State and local sales tax deduction
• Higher education tuition deductions
The legislation also includes energy incentive extensions such as credit for refined coal facilities, credits for biodiesel and renewable diesel fuel, grants for certain energy property in lieu of tax credits, and energy efficient home and appliance credits.
In light of the Act’s passage, businesses and individuals finally can begin planning with some certainty (at least in the short-term) for the most advantageous year-end tax strategies. We are already working diligently to incorporate the new law into planning for our clients. Contact Paul M Brooker, CPA at 610 743-3829, if you would like to discuss specific issues.
Reading Tax Solutions, LLC
References: AICPA & PICPA
(610) 743-3TAX Cell (267) 516-4744