Business Services

Corporate Formations

Limited Liability Companies -  A limited liability company (LLC) is the US-specific form of a private limited company. It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.

 

Corporations -  A corporation is a legal entity that is separate and distinct from its owners. Corporations enjoy most of the rights and responsibilities that an individual possesses: enter contracts, loan and borrow money, sue and be sued, hire employees, own assets and pay taxes.

 

S-Corporations -  A Subchapter S (S Corporation) is a form of corporation that meets specific Internal Revenue Code requirements. The requirements gives a corporation with 100 shareholders or fewer the benefit of incorporation while being taxed as a partnership.

 

Trusts -  In law a trust is a relationship where property is held by one party for the benefit of another party. A trust is created by the owner, also called a "settlor", "trustor" or "grantor" who transfers property to a trustee. The trustee holds that property for the trust's beneficiaries. 

Payroll Processing

The IRS puts the burden on employers to accurately withhold the proper payroll taxes from payments to employees. Beyond the penalties for late tax payments, headaches surrounding refiling returns and sending out amended W-2's, you might be on the hook, not just for the employer's tax expense, but also for the employee's tax portion.   Don't wait for the IRS to discover incorrect payments while preparing your tax return.  Our firm provides Post Earnings Records, W-2's and W-3's. 1099 and Payroll Tax Reporting, Payroll Checks and Payroll Tax Returns. 

Sales Tax Processing

Do you or don’t you need to collect Arizona sales tax?


  • Which customers do you collect from?
  • How much do you collect?
  • What do you do with all the sales tax you’ve collected?
  • Way more than you probably ever wanted to know about Arizona sales tax

In Arizona businesses collect Sales Tax at the tax rate where their business is located.  "Sales Tax" in Arizona is a little different than other states.  They refer to the taxes you, as a merchant, should collect and remit as "transaction privilege tax" and "use tax".


Transaction Privilege Tax (TPT)  is a tax on the privilege of doing business in Arizona.  Much like sales tax in the rest of the country, TPT is collected by merchants and remitted back to the state based on the percentage of a sale. 


Use Tax - In some cases, out of state vendors who have sales tax nexus in Arizona are required to collect and remit use tax from buyers in Arizona.  If Arizona buyers do not pay sales tax to the merchant for an out of state sale, they are required by Arizona law to remit the use tax to the state.


DON'T GO IT ALONE!  LET US HANDLE ALL YOUR SALES TAX PROCESSING NEEDS. 

Bank Reconciliation

What is a "Bank Reconciliation Statement?" 


A bank reconciliation statement is a summary of banking and business activity that reconciles an entity’s bank account with its financial records. The statement outlines the deposits, withdrawals and other activity affecting a bank account for a specific period.  A bank reconciliation statement is a useful financial internal control tool used to thwart fraud.


Inventory Management

Holding inventory ties up a lot of cash. That's why good inventory management is crucial for growing a company. Just like cash flow, it can make or break your business. 


 

Not only does good inventory management save you money, it also improves cash flow in other ways. Remember, inventory is product that you’ve likely already paid for with cash (checks and electronic transfers count as cash too), and you’re going to sell it for cash, but while it’s sitting in your warehouse it is definitively not cash. Just try paying your landlord with 500 iPhone cases.


This is why it’s important to factor inventory into your cash flow management. It affects both sales (by dictating how much you can sell), and expenses (by dictating what you have to buy). Both of these things factor heavily into how much cash you have on hand. Better inventory management leads to better cash flow management.


When you have a solid inventory system, you’ll know exactly how much product you have, and based on sales, you can project when you’ll run out and make sure you replace it on time. Not only does this make sure you don’t lose sales (critical for cash flow), but it also helps you plan ahead for buying more so you can ensure you have enough cash set aside.

Financial Statement

Financial statements are written records that convey the financial activities and conditions of a business or entity and consist of four major components. Financial statements are meant to present the financial information of the entity in question as clearly and concisely as possible for both the entity and for readers. Financial statements for businesses usually include income statements, balance sheets, statements of retained earnings and cash flows but may also require additional detailed disclosures depending on the relevant accounting framework. Financial statements are often audited by government agencies, accountants, firms, etc. to ensure accuracy and for tax, financing or investing purposes.