Business Services

Tax Preparation

Whether you only operate in one location or across multiple city, state, or national boundaries - we know which taxes your business needs to file...and which ones you don't. Our services cover all legally mandatory tax reporting, and meet the requirements for all entity types. These services include:

  • Federal Income Tax
  • Commercial Activity Tax
  • Unclaimed Funds
  • Local and Municipal Income Tax
  • State Income, Franchise and Property Tax
  • Sales and Use Tax
  • Payroll Tax and Workers Compensation

We also have a global reach through our alliance with Plante Moran to satisfy any international tax preparation and planning needs.

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Tax Planning Services

Smart planning pays off and our tax planning services anticipate opportunities for you to reduce the tax liability of any business transaction you might be considering. We can also advise you regarding your current business tax position at any given time during the year.

Tax laws change continuously. Consequently, we keep you informed of these changes to help you plan for potential opportunities and lessen risks.

QuickBooks ProAdvisor℠ Services

Members of our QuickBooks ProAdvisor℠ team can customize your software to work the way your business does, then design and provide an on-site training program based on your individual needs. And, of course, we are always available for technical support any time you need it. We also can review your QuickBooks data, as needed, to make sure your books are current and your reports are meaningful.

Business Valuations

Business valuations are most commonly required in conjunction with the purchase or sale of a business, succession planning, buy/sell agreements, charitable contributions, estate and gift taxes, and initial public offerings (IPO). In litigation actions, valuations are often necessary in situations of business disruption, dissenting shareholder actions, divorce, and partner/shareholder disputes.

Toukan has a Certified Valuation Analyst on our team with over 10 years of experience working in valuing businesses. Our experts also consult with you on how you can create more value in your current business, so that you can realize the greatest possible return when and if you decide to sell.

Business Projections and Forecasts

We can assist you with preparing budgets, business plans and loan proposals for cash flow and profit planning purposes. Or, if you'd like us to take an even more "hands on" approach, we can completely prepare these reports for you. As a natural part of the process, we learn about your business, find out what's important to you, and help point you in the right direction based on your needs and goals. And we'll show you how to use these vitally important management information tools yourself to gain better control over your business.

Beyond budgeting, we proactively help you interpret these periodic reports. Such services can include identifying and tracking detailed Key Performance Indicators (KPIs) that apply to all of the critical areas of your business.

Other Specialized Services

In addition to the services described above, Toukan offers experience in many other areas, and can assist you with the following critical tasks:

  • Cash flow budgeting
  • Business plans and projections
  • Cost segregation studies
  • Choice of business structure analysis
  • Research and development tax credit studies
  • Like-kind exchange planning and analysis
  • Rehabilitation tax credit planning
  • Investment consulting and financial planning
  • International tax planning and consulting

Financial Statements Preparation

Does your bank, bonding company or board require a CPA-prepared financial statement? You can rely on our extensive experience in working with businesses of all sizes to provide professionally prepared financial statements. In preparing such statements, there are three levels of financial reporting to consider (audit, review, and compilation).

Audit

Highest level of assurance
The audit provides the highest level of assurance to readers of your financial statements that the information, in all material respects, is being presented fairly in accordance with Generally Accepted Accounting Principles (GAAP). Auditors consider the internal control structure of your company, accounting records and transactions testing, and communications with third parties to obtain corroborating evidence that the financial statements are truthfully stated and free of material misstatements. The audit assures both management and external parties that the financial data is accurate so that all concerned can make informed decisions.

Review

Limited assurance
A review is less extensive than an audit but provides limited assurance that the accountant did not become aware of any material modifications that should be made to the financial statements. Essentially, a review determines that management's financial statement representations appear to conform with GAAP without applying comprehensive audit procedures. To perform a review, the accountant must be familiar with the company's business and the accounting practices of its industry. Based on this knowledge, the accountant inquires about the company's accounting practices and procedures, financial statements and other matters, and performs analytical procedures to identify unusual items or trends.

Compilation

No assurance
A compilation is merely putting information supplied by management into proper financial statement form without expressing any assurances. The scope of a compilation does not give the accountant a basis to express any assurance, since neither audit nor review procedures are performed. The accountant helps prepare financial statements solely using data provided by management, guided by familiarity with industry accounting practices and the company's business. The accountant considers whether the financial statements are appropriate in form and are free from obvious material errors; but does not probe beneath the surface unless it is apparent that data is incomplete or in error.

Employee Benefit Plan Audits

Each year, all employee plans - "pension and welfare benefits, 401(k), 403(b), profit sharing, defined benefits" - are required to file an annual return/report regarding their financial condition, investments, and operations. This annual reporting requirement is generally satisfied by filing a Form 5500 Annual Return/Report of Employee Benefit Plan and attaching all required support documents. Federal law requires plans with 100 or more participants to have an audit performed as part of their filing requirement, with some exceptions. Toukan has extensive experience with full-scope and limited-scope employee benefit plan audits.

Nonprofits

We have the privilege of serving a number of organizations that make our world a better place to live. Our experience in advising and assisting nonprofit organizations includes:

  • Audits of financial statements
  • Obtaining tax-exempt status
  • Cost segregation studies
  • Choice of business structure analysis
  • Research and development tax credit studies
  • Like-kind exchange planning and analysis
  • Rehabilitation tax credit planning
  • Investment consulting and financial planning
  • International tax planning and consulting