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.
Peer Review Letter
Tax and Financial Needs - Planning and Return Preparation
Klatzkin & Company takes a proactive approach to taxes. By keeping current on tax laws and legislation, we identify planning opportunities and provide strategies to consider throughout the year. Our tax services include but are not limited to:
Tax and Financial Needs - Planning and Return Preparation. Tax planning and preparation form a winning combination. Our professionals use computerized systems and state of the art research software to accurately and efficiently prepare returns for individuals, corporations, partnerships, trusts, estates, and not-for-profit organizations. Whether you are an individual or a partnership, our experienced staff can develop strategies that take advantage of new tax laws and legislation.
Estate Planning, Trusts, & Gifting - The orderly transfer of assets to beneficiaries to provide security for surviving spouses and to reduce or eliminate tax due on the transfer of a business and other assets. Planning provides the financial transfer of personal assets and ensures business continuity or succession of ownership.
Financial, College, & Retirement Planning - We can design a unique blueprint to begin your wealth planning or review and enhance an established plan. Your financial plan will evolve as income fluctuates, the economy changes, or lifestyle needs are altered. Financial plans should be reviewed at least every three years.
Divorce Planning - Although an unpleasant task, our professionals provide tax planning in amicable or contested cases. We analyze the assets, project the potential tax impact, and work to bring closure as quickly as possible.
IRS & Taxing Authorities Representation - We can assist with income and sales, or use tax audits from Federal, State or local taxing organizations. Our professionals will work with and manage the communication process with all taxing authorities.
Sales Tax Reporting - Many clients are responsible for collecting and submitting sales taxes in different locales. We keep your business compliant with taxing authorities by compiling and preparing sales tax returns in an efficient and timely manner.
Company Benefit Plan Options - We review qualified employee benefit plans to help meet management’s and employee’s retirement objectives. Qualified retirement plans can provide significant tax advantages for closely held businesses and self-employed individuals. Our staff will evaluate your plan options with you.
Business Entity Selection - Choosing the form of entity of a business (e.g. "S" corporation, sole proprietor, limited liability company) is a crucial decision with longstanding tax implications. We assist by evaluating the pros and cons of each entity type to determine the most advantageous election for your company.
Bankruptcies - 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 can assist you with the process.
Auditing & Financial Statements
Auditing & Financial Statements- We provide financial statements, employee benefit plan and special purpose audits, and internal control review services to closely held businesses and non-profit organizations. For publicly held companies, we limit our audit scope to employee benefit plans, special purpose audits, and internal controls.
Audits- an intensive examination with the highest level of assurance.
Reviews- some analytical procedures conducted with limited assurance.
Compilations - based upon client information provided and used
primarily for internal use.
Employee Benefit Plans – audits of 401(k), pension, or other company
Special Purpose – to investigate a narrow area or a suspected field when issues may exist, have been identified, or appear to be experiencing material deviations.
Internal Auditing – documentation and testing of corporate internal controls and field locations.
Fraud Detection, Prevention & Forensic Accounting – these services are used to proactively work to reduce the opportunity of fraudulent activity or illegal accounting practices and assess damages or resolve disputes by determining the extent of financial loss.
Budgeting- Budgets help monitor achievement and set realistic profit expectations. A budget provides a benchmark to measure success and investigate under performing areas.
Cash Flow Analysis- A business can be profitable and still run into trouble with cash flow. We can forecast and evaluate your financial condition, estimate financing requirements, and track cash-flow sources and uses. Klatzkin can create reports to monitor the working capital and determine when lines of credit need to be used to keep operations running smoothly.
Forecasting & Projections- Forecasting is a necessity when trying to effectively manage and lead a business. From simple projections to complex financial modeling, our staff can design “what if” financial models or customize tools to help gain control of or monitor options.
Financing Assistance- We help review debt needs to either develop a plan to better manage debt or to assist in acquiring financing for growth or restructuring purposes.
Pricing Studies- Performance based pricing can stimulate sales and increase profitability. We can help examine alternative pricing ideas such as flat pricing, volume discounts, and time related pricing offers to determine if alternative pricing options can be effective for your organization.
Business Valuations- We help estimate the value of assets for divorce or litigation needs, buy/sell agreements, family succession, mergers or acquisitions, ESOPs or estate planning to determine a fair market price, ensure accurate insurance coverage exists, or to develop an equitable basis to split assets.
Mergers or Purchasing a Business- We provide the due diligence with mergers or acquisitions by assessing critical elements such as the tax impact of the transaction, product/service compatibility, competitive tactics, and cash flow considerations.
Key Executive Protection- In many organizations the loss of an executive can significantly endanger the short-term health of the organization or even result in business failure. Klatzkin & Company can review your situation to suggest methods to reduce financial exposure, identify the need for insurance coverage for key employees, and evaluate the need for an emergency plan.
Cost Containment- Scrap, idle time, excess capacity issues, break-even points, labor rates, insurance classifications, and other factors contribute to the total cost component. We examine costs and the impact reduction can have on the gross profit margins.
'Big Picture' Consulting
Our Profit Assessment Report (PAR) helps identify and evaluate your business and personal objectives. PAR addresses financial, operational and strategic issues. The objective of this process is to confirm or refine direction, identify opportunities to make progress on these goals, and to determine if there are ways to overcome roadblocks that are impeding progress.
We see many business owners work hard, but not necessarily make the progress they want. They get consumed by daily operations and work too closely in the business instead of working on it. Often, there never is enough time left in the day to take their “vision” to the next step. Klatzkin has a method of easing you into the “big picture”.
Our PAR process is a rapid, one to two-hour engagement we conduct in an interview format. It is the service that acts as an enabler to identify and prioritize a realistic plan to achieve the next step in your business and personal financial goals. This is a 100% guaranteed service. If you do not see the value or like the results, we will not charge you for your PAR process.
Please contact Steve Klein, our Partner in charge of our PAR process at 609-890-9189 or email@example.com
Business Succession & Disputes
Litigation Support- Litigation support involves the quantification of economic damages to existing or pending litigation using accounting and auditing techniques. Our professionals compile information to assist in the calculation and documentation of any potential economic loss or damages and document our analysis to support litigation proceedings.
Exit Strategy Planning- Exiting a business is often a multi-year emotional process that may include adjustments in the treatment of accounting transactions, changes in the presentation of financial records, and a new way of operating the business. We help management learn to delegate responsibilities so the operation is less dependent on the current owner, present results in a format that represents operations in a manner most attractive to a potential buyer, which serves to increase the fair market value of the business.
Selling to an Outside Party- Klatzkin professionals can suggest strategies to prepare financial records and their presentation, assist in evaluating offers, analyze the tax impact of those bids, and create a financial plan to manage the proceeds from the sale.
Family Succession- An effective coordination of the transition of a family operated business to successors is critical to ensure continued success. We develop a plan to minimize tax liability and debt while ensuring the withdrawing owner has enough proceeds for their retirement needs.
Partnership & Shareholder Buyout- Often partners, shareholders and their surviving spouses or beneficiaries need help with planned or unexpected terminations or hostile buyouts. We analyze the tax impact, assist with capital needs, and help create a transition for the surviving owner.
Employee Buyouts- We work to develop a plan that is good for all parties while minimizing risk for the party we represent. Developing a plan can successfully transition management and properly fund the buyout of the retiring owner.