David Neidhart, CPA, P.C. provides a wide range of services to individuals and businesses in a variety of industries. At David Neidhart, CPA, P.C., we strive to meet each client's specific needs in planning for the future and achieving their goals in an ever-changing financial and regulatory environment. Our professional services include:
- Litigation Support, Fraud Detection & Forensic Accounting
- Accounting Services
- Audits, Reviews, Compilation & Preparation Services
- Financial and Retirement Planning
- Entity Selection and Restructuring
- Payroll Services
- Cash Flow and Budgeting Analysis
- Business Valuation
- Debt and Finance Advising
Litigation Support, Fraud Detection & Forensic Accounting
Fraud eats up an estimated 5-6% of a company's revenue each year and hits small businesses (less than 100 employees) the hardest since they are generally less aware of fraud risks and don't generally have enough employees to implement proper internal controls. Fraud can take the form of theft of inventory to cash skimming, check tampering and misrepresentation of Financial Statements. Most fraud schemes last from 18-24 months before the culprit is caught. Perpetrators of fraud include employees (41%),managers (39%) and owners/executives (19%) and average $78,000, $218,000 and $1,000,000 respectively. Small organizations average losses of $210,000 per fraud incident, Public companies $200,000 with Government and non-profits being $100,000. All companies, whether you believe there has been a theft to gaining peace of mind can benefit from a fraud detection investigation.
Our litigation support and forensic accounting services can be employed in a wide range of situations, including commercial litigation, financial investigations, business valuations, business and marital dissolutions, and bankruptcies. These services can involve quantification of economic loss or damages, analysis of financial records, and fraud and theft investigation. Financial and personal records are often vast and confusing to sort through. With our professional training in this matter, we can make sense of these records and transactions and get to your bottom line.
At David Neidhart CPA PC, we can:
- Help businesses and individuals identify and recover money siphoned away from them
- uncover hidden assets
- enforcing your legal rights to recover your own hard-earned property
- dig up and present the evidence you need to prove your case
With an understanding that the client may have a limited budget for investigative services, David Neidhart CPA PC will tailor the investigation budget to meet the client needs.
Professional representation can be vital to resolve IRS deficiency claims, liens or levies, and our experience with tax authorities enables us to guide clients in their dealings with federal and state agencies. If you have received notice of an IRS Deficiency, lien or levy, you should retain a professional to represent your interest immediately. The IRS does not want to close your business or seize your property to recover a tax debt. Hiring the correct professional to assist you in submitting the proper forms and settling the debt is crucial. But, your action to acknowledge the IRS position and resolve the issues outstanding are required. Simply filling out the proper returns may result in all taxes being settled. However, in situations when additional taxes are owed, we can:
- Get the debt declared un-collectible
- Submit an offer-in-compromise
- Negotiate an installment agreement
- File for abatement of the penalties
If you have been chosen for an audit, the professional representation you can find with our firm can put many of your worries at bay. We have been successful at negotiating significant tax savings from audit deficiencies. We are ready and willing to answer any and all questions the IRS may be asking of you. If you are in the following circumstances
- Received notice of a pending IRS audit
- Do not have records to support the positions on your tax return
- Are in the middle of an IRS audit
- Have a deficiency from a prior audit
We have experience and a proven track record obtaining significant savings for our clients.
Tax Solutions Offered • Offer in Compromise • Release of Tax Lien • Release of Tax Levy • Release of Wage Garnishment • Penalty Abatement • Tax Debt Settlement • Installment Agreement • Partial Payment Installment Agreement • Currently not Collectible • Innocent Spouse Relief • Bankruptcy and Taxes • Statute of LimitationsTax Solutions Offered Offer in Compromise When you hear stories of people settling their tax debt for pennies on the dollar, they are referring to an Office in Compromise (OIC). Because this can result in the greatest benefit, it is also the most intrusive of all the tax settlement alternatives. This solution is not for everyone, is the most complex and takes the longest to complete. The IRS will collect a great deal of information on your personal finances and will only accept an offer if it is at least equal to what they feel can be collected from future earnings and current assets. The biggest determining factor can be future disposable income and the IRS has a much stricter viewpoint of what is necessary than the general public. The rules have gotten less strict in the last few years. When the IRS calculates a taxpayer’s reasonable collection potential, it now looks at only one year in future income for offers paid in 5 or fewer months, down from 4 months. If you want longer to pay, the IRS will look at 2 years for offers paid in 6 to 24 months. This is down from 5 years previously utilized. All offers must be paid within 24 months from the date the offer was accepted. Do not fear though, in the right situation the OIC can result in a highly beneficial outcome. Release of Tax Lien A tax lien is the first major step the IRS takes after prior communication attempts have failed against individuals to collect past due taxes. By filing the tax lien, the IRS is making a legal claim to the assets to ensure payment of a debt. They are not taking possession of the assets at this time, but are putting the public on notice that there is a claim to those assets by the IRS. Thus, the assets cannot be sold without the IRS getting their share. Tax liens can be removed by paying the debt or providing assurance that the debt will be ultimately be paid. There are many settlement alternatives acceptable to the IRS. It is always easier to get a lien released earlier than later. Release a Levy A levy is most severe of IRS collection methods. Under a tax lien, the IRS is taking possession of the asset to satisfy their claim of a tax liability. The IRS can take possession of your wages, bank accounts, house, car or anything else you may have of monetary value. Typically, the IRS will give a 30 day notice before seizing your assets. This time should be used to take action and stop the seizure of your assets. Once the IRS has take your assets, it is very difficult to get them returned. Wage Garnishment An IRS wage garnishment is a form of tax levy. The IRS is taking possession of a part of your wages directly from your employer. This is the most common form of levy action. You will still receive a paycheck, however, your employer will withhold a portion and send directly to the IRS in settlement of your debt. There are many methods available to get a wage levy released. Penalty Abatement IRS penalties are meant to deter taxpayers from not filing or paying their taxes. Since penalties are meant to be punitive in nature, the IRS has policies under what circumstances they should be applied. Penalty abatement is a method to get these penalties removed and is a very common practice of IRS settlement negotiations. Tax Debt Settlement If you owe taxes that are more than you can handle and are causing financial difficulties and stress, we can determine a tax resolution strategy that is best suited for your specific situation. Installment Agreement If you agree with the taxes the IRS claims are due but cannot pay the balance owed, an Installment Agreement may be an option. Under an Installment Agreement, you are agreeing to pay the balance owed over time. The IRS will generally accept an Installment Agreement if all returns are current and the balance is less than $25,000 without the need of financial statements. If the balance is higher, financial statements are generally required and the process can be more complex. It should be noted that the IRS interest rates are not competitive and this option should be used as a last financing tool of last resort. Partial Payment Installment Agreement A Partial Pay Installment Agreement is similar to an Installment Agreement since you will be paying your taxes over time. The difference is due to the Statue of Collections expiring on a portion of the debt owed. This debt falls off the agreement as it expires and results in your paying less than originally agreed. See Statute of Limitations below. Currently not Collectible If you can show that the payment of your tax liability would create an “economic hardship”, they can place the account in “Currently not Collectible” status. This means that the collection procedures will be postponed until a future time. However, the IRS will require that all returns are filed and the taxpayer can show that they have satisfied any ongoing tax underpayment issues. Innocent Spouse Innocent Spouse relief in available to taxpayers who file jointly in the year they are seeking tax relief. Generally, when a couple files a joint tax return, each spouse is equally liable for all tax, penalties and interest that may result. The Innocent Spouse relief was created to address those situations that it would be unfair to hold a spouse liable for the mistakes solely attributable to the other spouse. Those seeking the Innocent Spouse relief will have a good chance of prevailing if they can show that despite their best efforts to ensure the joint return was accurately prepared, they were deceived by the actions of the other spouse. If you cannot obtain relief under the Innocent Spouse provisions, you may be able to obtain Equitable Relief. Bankruptcy and Taxes Most tax debts can't be wiped out in bankruptcy -- you'll continue to owe them at the end of a Chapter 7 Bankruptcy case, or you'll have to repay them in full in a Chapter 13 repayment plan. You can discharge (wipe out) debts for federal income taxes in Chapter 7 bankruptcy only if all of the following conditions are true: • The taxes are income taxes. Taxes other than income, such as payroll taxes or fraud penalties, can never be eliminated in bankruptcy. • You did not commit fraud or willful evasion. If you filed a fraudulent tax return or otherwise willfully attempted to evade paying taxes, such as using a false Social Security number on your tax return, bankruptcy can't help. • The debt is at least three years old. To eliminate a tax debt, the tax return must have been originally due at least three years before you filed for bankruptcy. • You filed a tax return. You must have filed a tax return for the debt you wish to discharge at least two years before filing for bankruptcy. (In most courts, if you file a late return (meaning your extensions have expired and the IRS filed a substitute return on your behalf), you have not filed a "return" and cannot discharge the tax. In some courts, you can discharge tax debt that is the subject of a late return as long as you meet the other criteria.) • You pass the "240-day rule." The income tax debt must have been assessed by the IRS at least 240 days before you file your bankruptcy petition, or must not have been assessed yet. (This time limit may be extended if the IRS suspended collection activity because of an offer in compromise or a previous bankruptcy filing.) You can't Release a Federal Tax Lien If your taxes qualify for discharge in a Chapter 7 bankruptcy case, your victory may be bittersweet. This is because bankruptcy will not wipe out prior recorded tax liens. A Chapter 7 bankruptcy will wipe out your personal obligation to pay the debt, and prevent the IRS from going after your bank account or wages, but if the IRS recorded a tax lien on your property before you file for bankruptcy, the lien will remain on the property. In effect, this means you'll have to pay off the tax lien in order to sell the property. Explanations of Statute of Limitations IRS debts can only legally be collected for 10 years, but there are many events that may stop that 10 year clock from running. The “stopping of the clock” is known as "tolling the statute of limitations". Events that stop or "toll" the statute of limitations from running include: • Filing an Offer in Compromise -- the statute of limitations does not run the entire time your Offer is under review, including any Appeals that you exercise. • Filing Certain Appeals -- the statute of limitations does not run the entire time an IRS Appeal is pending, in most cases. • Filing Bankruptcy -- the statute of limitations does not run the entire time you are under the protection of the bankruptcy courts or for the six months following the discharge or dismissal of the bankruptcy. • Filing a Lawsuit Against the IRS -- the statute of limitations does not run while litigation against the IRS is pending. There are a few other things that stop the IRS statute of limitations from running, but these are by far the most common. In general, during any time period in which the IRS is legally unable to pursue you for collection of the debt, the statute of limitations is not running. If you exercised any of these options in the past, there was probably a period of time when the statute of limitations was not running. In practice, this can make the statute of limitations longer than ten years -- sometimes adding several years to the clock. The IRS generally has 10 years from date the tax is assessed to collect a debt. The date assessed is generally the date the return is filed. If the IRS prepared Substitute for Return on your behalf, the statute of limitations began when they processed the return for you. The date that your debts expire is known in IRS-lingo as the Collection Statute Expiration Date, or CSED. You can contact the IRS to find out what the CSED date is. Generally, if you’re negotiating with the IRS and the CSED date is approaching, they will ask you to sign a waiver to extend the Statute of Limitations.
From start-ups to established enterprises, businesses rely on accurate and insightful financial information in order to maintain profitability and capitalize on new opportunities. Our accounting services steer you closer to these goals with accurate record-keeping and reporting as well as support on financial issues such as initial accounting system setup, cost-containment, break-even analysis, tax planning, investments, and employee benefit and profit-sharing plans.
Are you aware of your profit margin? The Gross Profit Margin on a single unit of production is one of the most important pieces of information for a growing company to know. Without this knowledge, you are bidding for new customers at a great disadvantage. You need to ensure that your sales price doesn't only cover the cost of the good or service, but also the overhead and profit desired. Without knowing these critical pieces of information, you may be under pricing your goods/services or over pricing them and limiting your sales in relation to your competitors.
These services include but are not limited to:
- General ledger and financial statement preparation
- Bookkeeping (Monthly, quarterly, or annual)
- Accounting system setup and support
- Payroll processing
- Cash flow budgeting and forecasting
- Personal financial statements
- Employee benefit and profit-sharing plans
- Corporate tax planning and return preparation
- Litigation support
Assurance and Advisory Services
We focus on building close client relationships that add long-term value. This includes assuring the solidity of financial records, evaluating financial procedures and working to produce strategies that help our clients face the myriad challenges of business planning and execution. Our clients benefit from objective analysis to assist in controlling costs, increasing efficiency, and implementing new technologies and procedures that take advantage of changes in the marketplace, accounting standards, and tax law. Our assurance services will improve information quality or its context, meaning more success for your business.
These services include but are not limited to:
- Audits, reviews, and compilations
- Entity selection and restructuring
- Accounting software selection, implementation, and support
- Business valuations
- Financial projections and forecasts
- Debt and finances advising
- Mergers and acquisitions
- Transaction structuring and negotiations
- Business succession
Audits, Reviews, Compilation & Preparation Services
Our financial statement services comprise all three levels of assurance depending on your company's needs.
Audits offer the highest level of assurance to third parties, and include in-depth examination and confirmation of account balances, inventories, and selected transactions. We perform audits for you to remove errors, ascertaining the validity and reliability of your information.
Reviews provide limited assurance to outside interests and involve inquiries and analytical procedures that confirm financial statement matters and identify any items requiring further analysis. We perform reviews to ensure the integrity of your data.
Compilations are usually requested for internal purposes and are based upon information provided by a company's management. They do not offer assurance but may involve some adjustment to accounting records.
Estate and Trust Planning and Tax Preparation
Effective estate and trust planning can ensure financial security for loved ones. For businesses, it can maintain a smooth succession of ownership. Our role is to help you navigate the complex and shifting tax laws to facilitate the transfer of assets and minimize the tax liability of your beneficiaries. Everyone should have a well thought out plan as to how to disburse one's estate so as to avoid complications and to be sure wishes are followed. Having your taxes and estate thoroughly and carefully planned will ensure that your loved ones don't have any complications to deal with during a time of loss.
Financial and Retirement Planning
Our goal is to help you reach your financial goals and maintain financial independence through a comfortable retirement. We can guide you through tough decision-making processes such as asset allocation, investment performance monitoring, college education funding, retirement plans, insurance, and tax, estate, and business succession planning. Whether you are developing an investment strategy or evaluating current investments, we can ensure that your portfolio will take into account tax implications for an advantageous after-tax return. The road to retirement is a long one and we can help you to take the proper steps to reach your goals.
Accurate and timely record-keeping is essential to a successful business yet can also be complicated and time consuming. We can help you with the organization and day-to-day tasks of bookkeeping so that you can focus on your core business. Do not be caught off guard with inaccurate and out dated information. Utilize our bookkeeping services and procactively react to your business enviroment.
Our bookkeeping services also include handling all of your administrative filings to ensure you are always compliant and not incurring costly penalties.
Entity Selection and Restructuring
Your business entity has a large impact on your taxes and other liabilities. From your company's inception through its growth and development, we can advise you on choosing an entity type and later restructuring if advantageous. With our knowledge and expertise, you will be aware of the most advantageous entity type for your company goals.
QuickBooks Accounting Help and Assistance
QuickBooks can provide useful and timely information in the form of financial statements, reports and graphs. However, it can only provide this information if you purchase the right product and then install, setup and use it properly. We don't just help you use the software, we help you use it more efficiently and more effectively.
David Neidhart CPA PC offers the following solutions to help meet your QuickBooks needs:
We train you personally! Either one-on-one or several individuals within your organization at your company's location.
We install QuickBooks on your stand alone computer or in a network environment, in either single- or multi-user mode.
We assist new QuickBooks users with initial setup including: EasyStep Interview, Preferences, Lists, Customers, Vendors, Employees, Banking and Reports. We also help experienced users manage their businesses more effectively by improving their current setup. Many users experience problems and lack the ability to generate and track important information as a result of inadequate setup.
Our QuickBooks support service can assist you with any installation, setup or operation assistance you might need. In addition, our support is not limited just to the software part of it, but we can also provide accounting and payroll assistance.
Our QuickBooks review service helps companies that have the human resources to perform daily accounting and payroll tasks, but need an accounting and payroll expert to review your transactions, accounts and reports. This review ensures that you receive timely, relevant and reliable financial information. We also inform you of any corrections, adjustments or reclassifications necessary to ensure that the financial information you receive reflects the correct financial condition of your business. Reviews may be conducted at any time, but monthly reviews provide you with up-to-date information and feedback about your business.
Our payroll services can help you reduce the time spent on administration through developing and implementing a computerized payroll system that will facilitate processing, timely payment and preparation of tax returns.
Don't be overwhelmed by the constant payroll reporting requirements, tax deposit requirements and penalties associated with non-compliance. Hire the professionals at David Neidhart CPA PC and you are assured your administrative filings are timely and accurately filed.
Employee Benefits, Pension, and Profit-Sharing Plans
Choosing and administering benefit plans for your employees is often a complex process. We can help you develop, implement, and administer your benefit, retirement, and profit-sharing plans with an eye toward rewarding your employees and reaching your company's financial and business goals. We can also help maximize tax advantages in implementing these plans. As your business grows, your business and your employees will be rewarded for the hard work that contributed to the success of your business.
Cash Flow and Budgeting Analysis
Good cash management can improve a company's liquidity, reduce costs, and increase profitability. We can help you maintain optimal cash flow levels by tracking sources and uses of funds, forecasting, and budgeting accordingly. To a business entity, cash flow is something that can make or break the business' ability to survive. We can help you analyze your spending, re-balance your budget and/or debts for an optimal cash flow to support your business' success. This balance plan would be revisited if and when there were any major changes in your business structure to ensure that you are operating at an optimal level. With our help and guidance, you will always be on top of your finances and ready for the future.
Financial Projections and Forecasts
No one can predict the future perfectly, but we can all benefit from planning for it. David Neidhart CPA PC combines expertise and experience with a gained understanding of your business to produce financial projections that can help you manage your business plan and spending. Forecasting for the future is imperative to your company's success. We make it a point to keep current with market trends and updates so that your business can be prepared for what is to come. Depending on your needs, our work can range from top-level reports to detailed financial models.
The range of needs for valuing businesses continues to widen, and we can provide in-depth analysis to help you identify and analyze the factors that drive the value of your company or one in which you have an interest. Uses for this service include estate planning and compliance, buying and selling businesses, divorce matters, family limited partnerships and ESOPs. There are so many factors that contribute to the perceived value of a business. Our experts can help you evaluate entities that you have an interest in and guide you towards making business decisions that you feel confident with.
Mergers, Acquisitions, and Sales
Business transactions and transitions are complicated affairs, and whether you're buying, selling, or considering a potential merger, we can provide professional know-how to help you successfully structure and negotiate the deal. David Neidhart CPA PC employs careful analysis and due diligence to determine a fair asking price, pinpoint the most favorable tax structures, evaluates financial and cash flow impact, and assesses compatible business functions and tactics. Expanding or contracting your business is a huge undertaking. With our expert advice, you can make the right business decisions for your business for optimum success.
Debt and Finance Advising
Whether your needs are corporate or personal, our professionals can assist you in sorting out the different options available for debt management and financing that will lower your payments and/or reduce the total amount of interest paid. Re-balancing your debts can also result in tax deduction savings. Even if you are able to handle the payments and the amounts of your current debts, our expertise may be able to save you money and/or lower your payments.