| Estate and Trust Planning |
| The strength of one's personal estate is dependent upon the fiduciary's ability to implement the provisions of the will. Through its many years of estate and trust planning for its clients, Masters, Smith& Wisby, P.A. have built an enviable reputation in this field. We offer:
- Gross Estate Determination
- Estate Planning
- Estate Planning Implementation
- Trust Planning and Implementation
- Representation Before Taxing Authorities
- And Much More........
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| Profit Planning |
Our policy demands more than the presentation of a clear financial statement. In our preparation of the "Report to Management Letter," we strive to identify ways to improve profitability, streamline operating procedures and increase control over assets. Therefore the professionals at Masters, Smith & Wisby, P.A. aim continuously, in their financial reporting, to be readable, understandable, and most of all credible.
Whether working for profit-making companies or not-for-profit organizations, Masters, Smith & Wisby, P.A.'s professionals convey their recommendation in writing, and through personal conferences, fully believing that the engagement is not complete without such highlighting and summarization. |
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| Traditional Audit ad Accounting Services |
We offer the full range of services associated with the accounting profession: compilation of financial statements, reviews of financial statements using inquiry and analytical procedures, and audits of financial statements by through examination, statistical analysis, and third party verification of supporting information.
A banker will not grant major credit terms, nor will stockholders, bondholders, or surety underwriters feel particularly comfortable without a financial statement that accurately depicts the financial condition, operating results and cash flows of a company under consideration. |
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| Emerging or Start-Up Businesses |
Masters, Smith & Wisby, P.A. has developed entrepreneurial services to assist the business owner or prospective owner in balancing the demands of maximizing profits while minimizing taxes.
Our services help reduce the chance of failure by making it easier for emerging companies to survive the critical early stages of business development by providing the necessary tools to get established.
Although many reports indicate that most small businesses fail within their first five years of operation because they are undercapitalized, our findings indicate that the real reason is lack of sound management. Our experience and planning helps you manage avoiding these problems.
We assist the business owner in a modular approach. Realizing that each business owner requires specific types of assistance, we have designed separate modules dealing with critical issues in the development and ongoing success of the enterprise. Entrepreneurs select only those modules with which they need help. In this way, we tailor our services to increase the benefit you receive.
During your initial meeting with one of our professionals, the structure of the organization is discussed, not only in terms of a one year plan, but in terms of your long-range goals. The types of services which provide you benefits are: - Developing a business plan
- Securing financing
- Developing legal structure
- Creating a record keeping system
- Establishing internal controls
- Developing credit criteria
- Developing projections
- Establishing pricing
- Budgeting, forecasts and ratios
- Minimizing your taxes
- Valuing your business
- Selling/buying a business
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| Banking and Finance |
As an executive, you are aware that it is extremely important to find those professionals who will provide you with accurate information and timely advice. At Masters, Smith & Wisby, P.A., we have in-depth knowledge of the financial institution industry. We make it our first priority to keep current with the latest changes affecting the financial institution industry so that we can provide the most beneficial services to our clients. Our services include: - Opinion Audits
- Security and Exchange commisson (SEC)Filings
- Agreed-Upon Procedures
- Director's Examination
- Internal Audit Program Development and Implementation
- Internal Control Evaluations
- Internal Control Systems Review
- Loan and Collateral Review
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| Construction Industry |
As a construction executive, you are aware that it is extremely important to find those professionals who will provide you with accurate information and timely advice. At Masters, Smith & Wisby, P.A., we have in-depth knowledge of the construction industry. We make it our first priority to keep current with the latest changes affecting the construction industry so that we can provide the most beneficial services to our clients. The following are just a few areas in which we provide to the construction industry: - Analysis of business operations
- Document review
- Review of internal controls
- Internal Revenue Service Representation
- Contractor income tax and estate planning
- Operating statement analysis
- Employee benefit planning including retirement plans
- Ownership succession within the family
- Financial report preparation
- And Much Much More......
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| Not-For-Profit Organizations |
As a not-for-profit organization executive, you are aware that it is extremely important to find those professionals who will provide you with accurate information and timely advice. At Masters, Smith & Wisby, P.A., we have in-depth knowledge of not-for-profit organizations. We make it our first priority to keep current with the latest changes affecting not-for-profit organizations so that we can provide the most beneficial service to our clients. Our services include: - Audits (OMB A-133, Single Audit Act)
- Compliance audits for federal and state assistance
- Comfort letters
- Financial report preparation
- Analysis of an options for employee benefit plans
- Preparation of Internal Revenue Service returns
- Internal Revenue Service representation
- Internal control systems review
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| Governmental Entities |
| As an executive, you are aware that it is extremely important to find those professionals who will provide you with accurate information and timely advice. At Masters, Smith & Wisby, P.A., we have in-depth knowledge of the governmental industry. We make it our first priority to keep current with the latest changes affecting the industry so that we can provide the most beneficial services to our clients. Our services include:
- Audits (OMB A-133, Single Audit Act
- Compliance audits for federal and state assistance
- Comfort letters
- Financial report preparation
- Analysis of an options for employee benefit plans
- Preparation of Internal Revenue Service returns
- Internal Revenue Service Representation
- Internal control systems review
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| Automotive Dealerships |
As an automotive dealer and/or industry executive, you know that it is extremely important to find those professionals who will provide you with accurate information and timely advice. At Masters, Smith & Wisby, P.A., we have a thorough knowledge of the automotive industry and will learn your Company's day-to-day operations to assist you with its growth and success. Our professionals are ready to work with you to help you meet all of your key challenge. Our services include: - Analysis of Business Operations
- Document reviewReview of internal controls
- Internal Revenue Service representation
- Benchmarking comparison to NADA operating and expense profiles and 20 group profiles
- Dealer income tax and estate planning
- Last-in First-out (LIFO) inventory valuations and projections
- Operating statement analysis
- Employee benefit planning including retirement plans
- Ownership succession within the family
- Financial report preparation
- Cost segregation
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| Employee Benefit Plans |
| The accounting and tax issues involved with employer-provided benefit plans can be overwhelming. We can assist with the development, implementation and administration of your employee benefit plan. |
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| Other Services |
| Due to our diverse client base, we encounter a wide array of financial and tax issues. As a result, we have gained valuable experience over the years in numerous specialized areas, many of which are listed below. We feel our ability to provide such a variety of services reflects our versatility and competency, as well as our dedication to quality client service.
*Mergers & acquisitions
*Asset protection
*Investment review
*Bankruptcies
*Litigation support
*Cash flow forecasting
*Employee benefit plans
*Expert witness services
*Internet commerce |
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| Bookkeeping/Write-Up |
| 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. |
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| Financial Statements |
| We can assist you in the preparation of your financial statements in accordance with professional standards, but express no opinion or any other form of assurance on the underlying information included in them. The financial statements produced can be a useful tool for management for making financial decisions. |
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| Financial Forecasts & Projections |
| Forecasting is a necessity when trying to effectively manage and lead a business to profitability. From simple projections to complex financial modeling, our experienced staff can assist you in achieving your company's financial goals. |
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| Cash Flow & Budgeting Analysis |
| A business can be profitable and still run into trouble due to cash flow issues. We can forecast and evaluate your company's financial condition, estimate financing requirements, and track cash-flow sources and uses. |
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| Tax Services |
| We prefer to take a proactive vs. reactive approach to tax services. By keeping current on new tax laws and legislation, we are in a position to identify key tax planning opportunities that minimize both your current and future tax liabilities. We provide our individual and business clients with the taxation expertise and knowledge that they deserve throughout the year. Tax services offered include but are not limited to:
*Tax planning & return preparation
- Individuals
- Corporations
- Partnerships
- LLCs/LLPs
- Estates, trusts & gift
- Not-for-profit organizations
*Taxing authority representation
*Divorce and support issues
*Tax effects of buying/selling a business |
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| Tax Planning & Preparation |
| Tax planning and preparation form a winning combination for our successful individual and business clients. Whether you are an individual or a multi-tiered partnership, our experienced staff can develop tax strategies that take advantage of new tax laws and legislation. |
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| 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. |
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| Payroll Services |
| As a business grows, it must hire more employees, which can result in increased payroll administration. We can assist you in implementing the controls necessary to ensure a reliable, efficient, and effective payroll system. Our firm can also help you develop a payroll system and prepare all necessary payroll tax returns in a timely manner. |
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| Sales Tax Services |
| Many of our clients are responsible for collecting and submitting sales taxes in many different vicinities. We can assist your company in the compilation of information and preparation of sales tax returns in an efficient and timely manner. |
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| Consulting Services |
At Masters, Smith & Wisby, P.A., we know how to make the dreams of business growth an active, exciting reality. At the same time we assist our clients in their pressing day-to-day concerns. Masters, Smith & Wisby, P.A.'s provide the direction that leads to the realization of short-term and long-term objectives.
As a managerial and financial advisors, Masters, Smith & Wisby, P. A.'s professionals are instrumental in helping clients identify problems, defines and implement solutions in the following ways:
- Industry Benchmarking
- Strategic Planning
- Controllership
- Employee Benefit Planning Including Retirement Planning
- Ownership Succession Planning
- Planning for the Purchase or Sale of a Business
- Bookkeeping Assistance and Oversight
- Internal Management Reports
- Budgeting and Cash Flow Analysis
- Business Valuations
- And Much Much More............
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| Business Valuations |
| Whether you are thinking of buying a new business or in the midst of a difficult divorce, the amount attached to the value of your business is important. We can provide useful and objective analysis to assist you in the valuation of any business in which you have an interest. |
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| Buying & Selling a Business |
| Structuring the purchase or sale of a business properly is a critical step in the process of buying or selling a business. Our competent staff has experience to guide you through the acquisition/disposition process by addressing such issues as cash flow analysis and tax considerations. |
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| Financial Planning |
At Masters, Smith & Wisby, P.A., we believe a successful financial program, which should be your framework for sound decision making, does not happen overnight. It evolves over months and years.
Whether planning for you children's education or marriages, retirement, parental support or even death benefits, these are frightening prospects, because such thoughts remind us of the all-to-rapid passage of time. Anticipating future monetary needs and security paves the way for the enjoyment of life cycles as they occur.
This process includes: evaluation of your financial data; development and analysis of cash flow; taxable income and balance sheet statements; identification of problem areas and strategies for remedial action; recommendations for tax, estate, retirement and business planning; and continuing consultation and advice to ensure that you attain your long-term goals.
A financial plan, however, is useless without implementation. At Masters, Smith & Wisby, P.A. we develop a strategy and then work with you in arranging a schedule for implementing the recommendations.
The Masters, Smith & Wisby, P.A.commitment is to assist you in every step of the way on the road to financial independence. Our ongoing monitoring system is designed to assure you that we will be available and prepared to meet your financial needs.
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| Retirement Planning |
| Successful implementation and periodic review of your financial plan will ensure financial independence during your working years and through your retirement years. |
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| Management Advisory Services |
| Even the most qualified managers can benefit from competent, objective feedback. We can help your company's management team develop long-term objectives and specific strategies to facilitate your business' future growth and success. |
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| Business Consulting |
| We gauge our worth by the personal and business successes of our clients. We can help your business identify areas negatively affecting profitability and growth and develop solutions that are practical and technically sound. In addition to acting as a sounding board for management, we provide comprehensive, flexible strategies that address the issues affecting your business. |
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| Pension & Profit Sharing Plans |
| Qualified retirement plans (e.g. defined-contribution or defined benefit plans, Keoghs, SEPs…) can provide significant tax advantages for closely held businesses and self-employed individuals. Our qualified staff can assist you in evaluating the type of pension plan that will best serve the retirement needs of you and your employees. |
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| 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. |
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