| Edw. M. Plopa & Associates, L.C. |
|
| Our firm offers a wide range of services to our individual and business clients. Because our firm is relatively small, our clients benefit by getting personalized, quality service that is beyond comparison. Below we have listed the services that we offer to our clients along with a brief description. As the list below is by no means all-inclusive, please feel free to inquire about a service if you do not see it listed. If it is not a service we provide, we would be more than happy to refer you to a qualified professional. |
|||
| (Click Service Title For Details) |
| E-file Income Tax Returns |
| E-filing has revolutionized the way income tax returns are prepared. Just 15 years ago, less than 10 million returns were filed electronically. During the 2008 filing season, the IRS expects the number of individual electronic returns to reach 80 million. E-file enables us to file your individual and partnership income tax returns using a computer instead of preparing your return and sending it through the mail. Beginning January 2009 through October 15, 2009 your federal and Kansas income tax returns for 2008 may be e-filed. IRS e-file is the least expensive, most accurate, and quickest method for filing your tax return. We offer complete IRS form 1040EZ, 1040A, and 1040 tax return capibility including all associated IRS forms and schedules. You CAN e-file whether you expect a refund or owe tax. Benefits of e-file
Convenient
Accurate
Secure
Fast Choose Direct Deposit and your refund is deposited directly into your account at the financial institution of your choice.
Quick Confirmation
No Mailing |
 |
| Tax Services |
| We prefer to take a proactive vs. reactive approach to tax services. By keeping current on new tax laws and legislation, we are in a position to 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. Tax services offered include but are not limited to: *Tax planning & return preparation - Individuals - Corporations - Partnerships - LLCs/LLPs - Estates, trusts & gift - Not-for-profit organizations *Taxing authority representation *IRS representation *Tax effects of buying/selling a business |
|
| Cost Segregation Studies |
| The recently enacted economic stimulus package contains a provision that is very beneficial to real estate developers and others involved in the construction industry. This provision permits a 50% bonus first year depreciation deduction for certain eligible property, which includes costs that can be classified as land improvements. A cost segregation study is intended to identify, classify and document these costs, which can result in significant tax savings to the owners of these projects. Indirect costs that are not specifically related to these improvements, but related to the overall construction project, such as construction interest, can also be allocated to items that would qualify for the bonus depreciation. We have significant experience in performing these studies, which includes a familiarization with the project, establishment of a working relationship between us, your organization and others (general contractor, architect and engineer), the identification of construction components that would be eligible, and documentation to support our findings. |
|
| 1031 Exchanges |
| A 1031 exchange is a means of trading your real property for another property, thus deferring any gain on the transaction. The rules to successfully execute a tax-free exchange are very complex and require planning on a pro-active basis. The complexity increases in deferred exchanges or when multiple properties are involved. Recently there has been significant interest in an exchange method referred to as a "reverse exchange". The saying in this industry is, "you begin planning for an exchange when you first acquire a property." We provide the important information to guide you through the myriad of issues that must be considered in complying with the Section 1031 exchange rules. |
|
| Expert Witness and Litigation Support |
| Pending or existing litigation can result in the need for a qualified professional to present his/her opinion to support or oppose evidence submitted to the court. Our level of competence allows us the opportunity to function as expert witnesses in such cases. Also, litigation support involves the quantification of economic damages pursuant to existing or pending litigation using accounting and auditing techniques. We have experienced competent staff who can compile information efficiently to assist in the calculation and documentation of any potential economic loss of damages. |
|
| Other Services |
| Due to our diverse client base, we encounter a wide array of financial and tax issues. As a result, we have gained valuable experience over the years in numerous specialized areas, some of which include bankruptcy related services, cash flow forecsting and assistance provided to those starting up a new business. We feel our ability to provide such a variety of services reflects our versatility and competency, as well as our dedication to quality client service. |
|
| Accounting Services |
| Providing financial information to our clients in a timely and accurate manner is a commitment that we feel can not be compromised. Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis. Our firm provides a full range of cost effective accounting services including the following: *General ledger & financial statement preparation *Bookkeeping (Monthly/Quarterly/Annual) *Accounting system setup for new businesses *Business tax return preparation (Sales & Use/Business Property) *Personal financial statements *Payroll tax return preparation |
|
| 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- an 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. |
|
| Fraud Prevention & Detection |
| We use accounting and auditing skills to provide an analysis of financial records in conjunction with fraud and theft investigation. Our damage measurement methods can determine the extent of financial loss and illegal accounting practices. |
|
| Financial Forecasts & Projections |
| Forecasting is a necessity when trying to effectively manage and lead a business to profitability. From simple projections to complex financial modeling, our experienced staff can assist you in achieving your company's financial goals. |
|
| Cash Flow & Budgeting Analysis |
| A business can be profitable and still run into trouble due to cash flow issues. We can forecast and evaluate your company's financial condition, estimate financing requirements, and track cash-flow sources and uses. |
|
| Consulting Services |
| We gauge our worth by the personal and business successes of our clients. We can help your business identify areas negatively affecting profitability and growth and develop solutions that are practical and technically sound. In addition to acting as a sounding board for management, we provide comprehensive, flexible strategies that address the issues affecting your business. The following is just a few of the areas in which we provide consulting services: *Type of entity selection *Business valuations *Buying/selling a business *Financial & retirement decisions *Estate, trust & gift planning |
|
| Business Succession Planning |
| Effective coordination of the transition of your business to your successors is critical to ensure its continued success once you decide to remove yourself from the company's day to day operations. With a solid background in tax and other financial matters, we are fully qualified to address the complex issues of business continuation and can assist you in developing a strategically sound plan. |
|
| Business Valuations |
| Whether you are thinking of buying a new business or in the midst of a difficult divorce, the amount attached to the value of your business is important. We can provide useful and objective analysis to assist you in the valuation of any business in which you have an interest. |
|
| Buying & Selling a Business |
| Structuring the purchase or sale of a business properly is a critical step in the process of buying or selling a business. Our competent staff has experience to guide you through the acquisition/disposition process by addressing such issues as cash flow analysis and tax considerations. |
|
| Business Entity Selection |
| Choosing the form of entity of your business (e.g. "S" corporation, sole proprietor, limited liability company…) is a crucial decision that can have longstanding tax implications, positive or negative. We can assist you in evaluating the pros and cons of each entity type to help you determine the most advantageous form of business for your company. |
|
| Copy of Peer Review Report |
| RONALD D. BOUSKA Certified Public Accountant September 13, 2006 To Edw. M. Plopa & Associates, L.C. I have reviewed the system of quality control for the accounting and auditing practice of Edw. M. Plopa & Associates, L.C. (the firm) in effect for the year ended June 30, 2006. A system of quality control encompasses the firm's organizational structure and the policies adopted and procedures established to provide it with reasonable assurance of conforming with professional standards. The elements of quality control are described in the Statements on Quality Control Standards issued by the American Institute of Certified Public Accountants(AICPA). The firm is responsible for designing a system of quality control and complying with it to provide the firm reasonable assurance of conforming with professional standards in all material respects. My responsibility is to express an opinion on the design of the system of quality control and the firm's compliance with its system of quality control based on my review. My review was conducted in accordance with standards established by the Peer Review Board of the AICPA. During my review, I read required representations from the firm, interviewed firm personnel and obtained an understanding of the nature of the firm's accounting and auditing practice, and the design of the firm's system of quality control sufficient to assess the risks implicit in its practice. Based on my assessments, I selected engagements and administrative files to test for conformity with professional standards and compliance with the firm's system of quality control. The engagements selected representated a reasonable cross-section of the firm's accounting and auditing practice with emphasis on higher-risk engagements. The engagements selected included among others, two engagements performed under Government Auditing Standards and an audit of an Employee Benefit Plan. Prior to concluding the review, I reassessed the adequacy of the scope of the peer review procedures and met with firm management to discuss the results of my review. believe that the procedures I performed provide a reasonable basis for my opinion. In performing my review, I obtained an understanding of the system of quality control for the firm's accounting and auditing practice. In addition, I tested compliance with the firm's quality control policies and procedures to the extent I considered appropriate. These tests covered the application of the firm's policies and procedures on selected engagements. My review was based on selected tests, therefore it would not necessarily detect all weaknesses in the system of quality control or all instances of lack of compliance with it. There are inherent limitations in the effectiveness of any system of quality control and therefore noncompliance with the system of quality control may occur and not be detected. Projection of any evaluation of a system of quality control to future periods is subject to the risk that the system of quality control may become inadequate because of changes in conditions, or because the degree of compliance with the policies or procedures may deteriorate. In my opinion, the system of quality control for the accounting and auditing practice of Edw. M. Plopa & Associates, L.C., in effect for the year ended June 30, 2006, has been designed to meet the requirements of the quality control standards for an accounting and auditing practice established by the AICPA and was complied with during the year then ended to provide the firm with reasonable assurance of conforming with professional standards.
Ronald D. Bouska, C.P.A., Team Captain Member American Institute of Certified Public Accountants |
|