Business & Entity Services

Our business tax preparation services are designed to ensure accurate, timely, and fully compliant filings for businesses of all sizes. We prepare and review returns for corporations, partnerships, LLCs, and sole proprietors, with careful attention to entity-specific rules, deductions, and reporting requirements. Our process emphasizes clarity, risk reduction, and proactive identification of planning opportunities.

Planning is the key to successfully and legally reducing your tax liability. We go beyond tax compliance and proactively recommend tax saving strategies to maximize your after-tax income.

We make it a priority to enhance our mastery of the current tax law, complex tax code, and new tax regulations by attending frequent tax seminars.

Businesses and individuals pay the lowest amount of taxes allowable by law because we continually look for ways to minimize your taxes throughout the year, not just at the end of the year.

We will recommend Tax Saving Strategies that can help you:

• grow and preserve assets by keeping Uncle Sam out of your pockets.

• defer income so you can keep your money now and pay less taxes later.

• reduce taxes on your income so you keep more of what you make.

• reduce taxes on your estate so your family keeps more of what you've made.

• reduce taxes on your gifts so you can give more.

• reduce taxes on your investments so you can grow your wealth faster.

• reduce taxes on your retirement distributions so you can retire in style.

 
Here's just a few of the Tax Saving Strategies we use:

• Splitting income among several family members or legal entities in order to get more of the income taxed in lower bracket.

• Shifting income or expenses from one year to another in order to have them fall where it will be taxed at a lower rate.

• Deferring tax liabilities through certain investment choices such as pension plans, contributions and other similar plans.

• Using strategic investments to produce income that is tax exempt from either federal or state, or both taxing entities.

• Finding tax deductions by structuring your money to pay for things you enjoy, such as a vacation home.

Remember, we work for you not for the IRS. Many of our clients save in reduced tax liability through careful planning and legitimate tax strategies.

Our audit and assurance services provide independent financial reporting support designed to meet lender, investor, and governance requirements. We prepare compilations and reviews in accordance with applicable professional standards, helping businesses present accurate, well-organized financial statements with an appropriate level of assurance. These services offer added credibility, improved financial clarity, and confidence for stakeholders—without the cost or complexity of a full audit.

By reconciling your business checking account each month, Small & Camara is able to better keep your bank accounts, tax information and accounting complete, accurate and up-to-date.

Monthly reconciliation lets you:

• Identify lost checks, lost deposits and unauthorized wire transactions.

• Detect and prevent excess/unjustified bank charges and ensure that transactions are posted accurately.

• Reconcile all business accounts so that you know how your business is doing.

• Manage your cash more effectively to save money and make it work that much harder for you.

• Protect your money through timely reconciling and prompt reporting to your bank regarding any unauthorized, fraudulent or forged paychecks presented to your bank and paid by them.

• Rest easier knowing that your accounts are accurately reconciled, balanced and that all escrow funds, accounts, checks and disbursed funds have been properly accounted for.

The IRS leaves no stone unturned in its mission to determine the accuracy of your tax return. If you don't comply with the Auditors' wishes, the IRS will recalculate your tax and send you home with a hefty tax bill as your parting gift.

Many taxpayers decide to handle a tax audit themselves, but IRS Auditors are trained to extract more information from you than you have a legal obligation to provide. IRS Auditors know most people fear them and are ignorant of their rights. As a result, Auditors know they can use that fear and ignorance to their advantage.

Rarely do our clients even have to talk with the IRS. We handle it all for you so you don't need to take time from your profession to deal with the bureaucracy and paperwork of the IRS. That means no lost wages or business. You can simply forward the notification of an audit to us and we handle it from beginning to end.

An income state, also known as a profit and loss statement, totals up an itemized list of all your revenues, then subtracts another itemized list of all your businesses expenses to determine a profit or loss for the period.

An Income Statement prepared by Small & Camara lets you:

• Track revenues and expenses so that you can determine the operating performance of your business - in other words, is your business strategy working well?

• Find out what areas of your business are over-budget or under-budget.

• Identify specific items that are causing unexpected expenditures, like phone, fax, mail or supply expenses.

• Keep track of increases in product returns or cost of goods sold as a percentage of sales.

• Determine your company's income tax liability.

A well-prepared balance sheet provides a "snapshot" of your business' financial condition at a specific moment in your fiscal year. You can:

• Quickly determine the financial strength and capabilities of your business.

• Identify and analyze trends, especially in receivables and payables. For example, if your receivables cycle is lengthening, a balance sheet could reveal you should be collecting your receivables more aggressively.

• Determine if your business is in a good position to expand.

• Decide if your business can survive the normal financial ebbs and flows of revenues and expenses.

• Determine if you need to take immediate steps to bolster your business' cash reserves.

• Decide if your business has been slowing down payables to forestall an inevitable cash shortage.

Let us show you how well-maintained and structured Balance Sheets, Income Statements and other basic financial reporting elements can make a significant difference in the way your business is seen by others. This is especially important when considering the impact to banks, investors, and vendors who may be considering how much credit risk to assign to you. 

As the core or central "books" of your company's financial records which every transaction must flow through, the General Ledger must be accurate and up to date. A problem here is a problem with all other books involving your business.

Small & Camara monitors the General Ledgers of many small business clients in order to track discrepancies including double billings or any unrecorded payments. We correct any and all discrepancies so clients' books are constantly maintained in the most accurate state possible.

Review and oversight of your financial data is a critical control for any size business. We can play an integral part in this area by providing regular accuracy checks and setting up a routine that can help mitigate misappropriations and ensure that your business is taking advantage of all tax benefits available.

We can help:

• Identify the accuracy of postings and classification

• Provide support with difficult and atypical transactions

• Guide, direct and support your bookkeeper in accounting and Quickbooks software

• Give you the confidence of knowing that a third party is providing oversight for your bookkeeper and is carefully reviewing all financial statements.

Imagine waking up one morning and finding all your bank accounts have been cleaned out. They will take every dime. If this amount did not cover what is owed, they'll keep taking your money until you cover your tax liability. They know that levying your bank account will cause checks to bounce, alerting many people that you have tax problems. But they don't care! Their sole objective is to collect the taxes owed. Period.

As bad as that is, a worse method is a wage levy (or garnishment). That's when most of your pay check goes to the IRS, they don't leave you enough to pay the bills, and most of your check goes to the IRS each and every week until the debt is paid.

If that doesn't accomplish what they want, they'll pull out all the stops. They'll seize your assets, and sell them at auction. That includes everything you own; home, cars, boats, jewelry, motorcycles, insurance polices, retirement funds, anything of value.

We are often able to get those levies released and help you get out of this terrible situation. Our goal is to get you even with the IRS, with what you can afford, and let you start life anew.

Our team is always available to discuss all aspects of small business accounting needs and practices and to help you fully understand and utilize any and all financial information provided by us. Please do not hesitate to call us whenever you have any questions or concerns.

Although QuickBooks is designed for the layman to understand, the initial setup and installation must be done correctly in order for future information to be accurate.

All information necessary to setup manual accounting records is also necessary to setup and install QuickBooks on your desktop. This task is even more complicated if you switch from manual accounting operations to QuickBooks in the middle of the year.

Which accounting method will you use? What chart of accounts do you need for your business? How do you handle beginning balances?

An expert can easily answer all of these questions and complete the initial setup and Installation in a timely manner. In addition, your accounting employees receive training on the accounting software to enhance their performance.

How much does it cost? We first want to find out a little more about your business and your accounting records before we quote you an exact price. Rest assured that we work with many small business owners and our rates are designed to fit the budgets of our clients.

As with any accounting software program, installation and training take time - time taken away from managing your business. Here's a short list of the services we provide during your QuickBooks setup:

• Study and evaluate your software and accounting needs.

• Recommend software and hardware requirements.

• Install software, design and set up chart of accounts and entire accounting package including payroll, accounts receivable, inventory, accounts payable, etc.

• Determination of your QuickBooks starting date.

• Loading your chart of account and balances as of that starting date.

• Preparation of a list of the items that you sell to your customers. This list includes services, inventory parts, non-inventory parts, other charges and sales taxes.

• Entering your outstanding accounts receivable and accounts payable details as of your starting date.

• Entering your ending statement bank balances and outstanding checks and deposits in transit as of your starting date.

• Printing a trial balance as of your starting date and comparing it to your trial balance from your old system.

• Entering your transactions since your starting date into QuickBooks

• Train client or client staff in use of software to meet their accounting, management and tax needs.

Once QuickBooks is set up and working properly, we can train you or your employees to properly operate QuickBooks specifically for your business.

Why choose one-on-one attention instead of taking a class?

• We come to your location.

• We focus on the individual issues facing your business.

• We will be there to answer your specific questions and concerns.

• No need to spend time on features that don't impact your business!

Now you're in big financial trouble. No matter how hard you plead with your employer they cannot give you your money. Once a wage garnishment is filed with your employer, your employer is required by law to collect a large percentage of each of your paychecks.

We are regularly retained to negotiate the release of IRS wage garnishments by arranging a payment plan. The payment plan negotiated by us is always more favorable than any IRS wage garnishment. It allows you to receive your whole paycheck without fears of future wage garnishments.

Paying employees, navigating the laws, and appeasing the IRS can make the payroll function a time consuming nightmare for the small business owner.

Small business owners spend an average of eight hours a month performing payroll functions. That's 12 full days a year that could be spent generating sales, prospecting new business opportunities, improving products or services, or servicing customers.

We offer payroll solutions that meet your business's needs and enable you to spend time doing what you do best--running your company.

Why Outsource Your Payroll:

• It's Cost Effective
  Use your staff more efficiently by letting us handle payroll and the associated legal details. Reduce overhead by removing the need to hire specialized employees.

• It's a Time Saver
  Our payroll service eliminates the burden of customizing, updating and maintaining your own payroll system--no more data entry, no more researching updates or new laws, no more worries.

• Worry Free Payroll Tax Filing
  Eliminate the risks of calculating and filing your own payroll taxes by having professionals do it for you. Federal, state and local payroll tax laws are frequently changing and becoming more complex.  How much time do you want to spend  learning all the rules and keeping your information up to date?

• Allows You To Focus On Core Competencies
  Our professional staff allow you to focus on the core competencies of your business. We are accounting professionals--you get the experts working for you and with you.

• Comprehensive Reports
  You get a wide variety of user-friendly and accurate payroll reports. For a nominal fee, we will include union reports, certified payroll and workers' compensation reports.

 
Get the Payroll Solution That Best Fits Your Needs
We know that when it comes to payroll service - no one size fits all. That's why we offer the following 3 custom payroll processing options.

1. Comprehensive Payroll Services
Our Comprehensive Payroll Service takes care of all of the payroll processing for you, so that you won't have to. With Kelly & Small Payroll Services you get:

• Your payroll checks prepared and printed on-time, every-time.

• All of your payroll checks are laser printed on "blank" check stock to ensure maximum security and meet the micro encoding standards as set forth by the Federal Reserve System.

• Free Direct Deposits.

• Worry Free IRS and State tax reporting as well as EFTPS tax deposits.

• User friendly, and easy to understand monthly, quarterly, and annual payroll tax reports, including W-2, W-3 and 1099 forms.

• Detailed reports on your employee's vacation, sick days, and personal days accruals.

• Creation and filing of the required new hire reports.

• Your payroll records maintained in tip top shape.

 
2. After-the-Fact-Payroll Services
We will take your manually-prepared payroll records and other payroll information and post this information to our data files, so you get:

• Worry Free IRS and State tax reporting as well as EFTPS tax deposits.

• User friendly, and easy to understand monthly, quarterly, and annual payroll tax reports, including W-2, W-3 and 1099 forms.

• Detailed reports on your employee's vacation, sick days, and personal days accruals.

• Creation and filing of the required new hire reports

• Your payroll records maintained in tip top shape.

 
3. Online Payroll Processing
You can enter your employee's hours and earnings securely online and get:

• The ability to instantly print payroll checks on your own printer.

• Free Direct Deposits

• Worry Free IRS and State tax reporting as well as EFTPS tax deposits.

• User friendly, and easy to understand monthly, quarterly, and annual payroll tax reports, including W-2, W-3 and 1099 forms.

• Detailed reports on your employee's vacation, sick days, and personal days accruals.

• Creation and filing of the required new hire reports

• Your payroll records maintained in tip top shape.

 
Custom Payroll Reports Service
There seems to be an endless amount of special reports Government agencies require. We can prepare the following reports for you:

• Worker's Compensation Audits

• Unemployment Claims

• Social Security Audits

• Child Support Audits

• W-2 and W-3 processing

• 1099 and 1096 processing

• Preparation/assistance with Federal and State registration forms

If you own a family business, retirement isn't simply a matter of deciding not to go into the office anymore. You've got some critical questions to answer like:

"What happens to the business when I am no longer running it?"

"Will I have enough money to retire?"

The family dynamic can complicate the transition because of the relationships and emotions involved. Many people are not comfortable discussing topics such as aging, death, and financial affairs.

Comfortable or not, succession planning should be a priority for any family business considering that more than 7 out of 10 family-owned businesses fail to survive the transition from founder to second generation. They typically fall prey either to estate taxes or family discord - or both.

Developing and implementing a well-designed succession plan is essential to the survival of a family business from one generation to the next.

We can help you with these key issues:

• Keeping it in the family. Are you going to pass the business on to your family or sell it to a third party? We help you weigh the advantages and disadvantages of each of these options.

• Who's going to run the business when you're gone? Management and ownership are not one and the same. You may decide to transfer management of your business to just one of your children but transfer equal shares of business ownership to all your children, whether they're actively involved in the business or not.

• Minimizing the tax bite. The tax burden when transitioning a family business can be significant. The challenge is that a family business is not generally a liquid asset, but taxes are typically due when ownership is transferred.

• Making it fair. Transferring family ownership often adds a tremendous amount of stress to individual family members. We talk with each of the family members to ensure that they feel they a getting an equitable and fair share of the pie.

What we do for you:

Once we understand how you feel about the key issues above, we begin constructing your succession plan focusing on these 5 issues...

1. Business Evaluation

2. Business Restructuring

3. Tax Consequences

4. Retirement Projections

5. Tax Projections

Growing businesses often reach a point where they need professional financial advice, but can't afford a full-time CFO or controller.

If you're fortunate enough to be in this position then we have the perfect solution for you. Our Part-Time CFO service gives you a professional financial manager who works with you to help guide your business to success.

The cost of hiring a full-time CFO can range from $60,000 to over $100,000 per year plus bonuses and benefits. Our Part-Time CFO services provides you with experienced support at a small fraction of that cost.

Here's what you get with our Part-Time CFO services...

• More time to focus on new services, new customers and other core business issues.

• Better understanding of the financial side of your business. So you have less surprises and more control over the money.

• Improved decision-making capabilities from clearly seeing the hard and true numbers of your business.

• A readily available sounding board to help you with those tough business decisions and help you clarify your business plans.

• The comfort from knowing that a professional is overseeing, protecting and constantly improving the financial side of your business.

• A professional who establishes strong financial controls in your business to reduce employee theft and increase profits.

• Training and managing your accounting staff.

• Improved quality and timeliness of financial information.

• Budget preparation and monitoring.

• Profitability analysis by service or product line.

• Tax saving strategies.

• Trend analysis.

• Assistance in defining long-range plans and the quantification of goals.

• Cash management.

• Liaison with bankers, attorneys, vendors, insurance agents, etc.

• Assistance in obtaining financing from banks, including assistance with negotiations.

• Review/negotiation of insurance policies.

• Development of company accounting procedure manuals.

• Analysis of equipment purchases, expansions, etc.

• Mergers and acquisitions assistance

• Custom designed collection policies and procedures