Tabb & Tabb, LLC's clients are Non-profit Organizations, Foundations, State and Local Governments, Hospitals, Schools, Businesses and Individuals. To provide quality services that meets the needs of our clients, we have concentrated our services into three categories as follows:
Audit, Review and Compilation of Financial Statements - All organizations must prepare financial reports. Such reports help managers and other parties make more informed, and presumably better decisions about the operations of the organization. We provide our clients with three distinct services involving financial statements. Each is designed to meet a different need.
Accounting and Consulting Services - Everyday our clients are faced with new accounting issues as they grow and expand their services. We is always available to answer questions and provide expertise to assist our clients. As a firm, we specialize in business entity selection, financial planning, and accounting software selection and implementation.
Tax Services - Tax rules are complex - as well as dynamic. Whether it is questions about the Form 990 or the impact of the Health Care Reform, we have the research tools available to provide the answers for our clients. We prepare all type of tax forms for our clients, assist in tax planning and provide IRS representation if needed.
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.
(Click Service Title For Details)
Audit, Review and Compiliation of Financial Statements
Audit
Audits are an in-depth examination of a client’s financial records. The objective of an audit is to provide reasonable assurance that the organization’s financial statements fairly present its financial position and results of operations in accordance with generally accepted accounting principles.
For our non-profit clients, audit services can also include:
- Single Audit (Subpart F of the OMB Uniform Guidance) - an audit of an organization that expends $750,000 or more of federal assistance it received for its operations. Usually performed annually, the Single Audit’s objective is to provide assurance to the Federal Government as to the management and use of such funds by recipient. The audit encompasses financial and compliance components.
- HUD Audit - an audit of an organization participating in various Department of Housing and Urban Development (HUD) programs. Not-for-profit and governmental organizations that participate in HUD housing programs fall under the requirements of both the Single Audit Act and HUD.
Review
Reviews involve the application of inquiry and analytical procedures to financial statements provided by management. The objective of a review is to obtain limited assurance that there are no material modifications that should be made to the financial statements.
Compilation
Compilations are the preparation of financial statements of an organization based on information provided by management. The objective of a compilation is to assist management in presenting financial information in the form of financial statements without providing any assurance that there are no material modifications that should be made to the financial statements.
Accounting Services
Back Office Support
Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis and are the foundation of a successful business. Our qualified staff can assist you with the day-to-day tasks associated with bookkeeping and preparing financial statements. Using Quick Books Online, we can provide up to date accounting information to our clients.
Consulting Services
Financial Planning
A properly structured financial plan enables you to face any financial challenge that may present itself at each stage of your life. Through the financial planning process, we can help you assess your financial needs and develop strategies that will enable you to achieve your goals and strengthen your financial security.
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.
Accounting Software Selection & Implementation
With the number of computerized accounting software packages available for small businesses and individuals growing every day, selecting one that is right for you has become increasingly difficult. As accounting professionals, we are exposed to most programs through trade journals and actual use. Our experienced staff can help you choose and implement the system that best fits your needs.
Tax Services
Tax Planning
Tax planning is an essential element of the tax preparation process. By making tax planning part of your overall business strategy, you can use our experience and access to the most current new developments in the tax laws to minimize both your current and future tax liabilities.
Tax Preparation
Our investment in computerized tax preparation and research software enables us to accurately and efficiently prepare returns for various types of entities including individuals, corporations, partnerships, trusts, estates, and not-for-profit organizations.
IRS Representation
During our years of experience dealing with many taxing authorities, we have achieved a level of competence that can ensure our clients they are being properly represented before the various federal and state tax agencies.