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Tax Services

At Nelson AS we provide comprehensive individual and business tax consulting services. Whether your needs are for your personal tax return or a business, we have the expertise to keep you in compliance while mitigating your tax burden.

We offer the following tax services:

Federal, State, Payroll, Sales, and Local tax returns

Tax Return Compliance

Preparation of federal, state, and personal property tax returns are the core of any tax practice. We pride ourselves on ensuring our expertise in personal tax planning and preparation nets our clients the lowest tax obligation required by law.

Accounting Method Reviews

When an idea becomes a business, sometimes business owners are hasty to pick an accounting methodology or do not realize there were other options. We review businesses’ tax accounting methodologies for proper accounting and accounting method strategies to maximize income tax benefits.

Tax Credit Calculations and Review

We can help your business determine if it is eligible to claim certain federal and state tax credits, assist with the documentation requirements and quantify the amount of the tax credit.

Audit & Appeal Representation

We possess the experience and expertise to represent taxpayers before tax authorities. We thoroughly understand the dispute resolution and appeals process and work diligently to obtain the most favorable results available.

Foreign Financial Reporting

Foreign financial reporting can be a tricky minefield to navigate. If a US taxpayer has a financial interest or signature authority over a foreign financial account (including a bank account, brokerage account, mutual fund, etc.) exceeding certain thresholds, the Bank Secrecy Act may require the taxpayer to report the account annually to the Treasury Department by electronic filing. We understand and have experience navigating the complexities of foreign financial reporting and know how to keep your business or person in compliance while minimizing your risks.

State and Local Tax Specific Services

Nexus Consulting and State Tax Liability Analysis

Our firm can perform an in depth state Nexus review to review and determine compliance with the jurisdictions and states that your business has activity within. We will also identify Nexus triggers that may help your business avoid registering and paying taxes in states other than your home state.

Tax Planning Services

Federal Income Tax Planning

Accurate tax planning starts well before the end of a tax year. Tax planning starts in January and ends December 31st. If you live in a state with state income tax, this is particularly true, as some state taxes are deducible on your federal return, but they are time sensitive. This also applies to retirement fund planning and other areas. Don’t lose out on deductions because you failed to plan accordingly.

We also aid businesses with all aspects of federal income tax planning. This includes implementing federal income tax strategies that maximize savings, increase profits and manage cash flows.

State and Local Tax Planning

Our team understands the structural and transactional underpinnings of state and local regulations in ways that allow us to create solutions that mitigate tax liabilities. We provide state and local tax planning in the following areas:

Income tax
Franchise tax
Sales and use tax
Property tax
Other miscellaneous taxes

Business Succession Tax Planning

You spent your life building your business and now you may want to sell and turn that into a retirement plan or want to pass it on to the next generation. We advise businesses on the proper succession planning to preserve your family and business legacy while also looking out for potential tax consequences that may result.

Other Tax Services

Payroll and Payroll Tax Reporting

We offer payroll services for businesses with 10 or less employees and for individuals with household employees. We will also prepare your federal and state payroll tax returns ensuring you stay in compliance with applicable employment laws.

We will provide you with the forms required to appropriately bring employees onboard and to document the appropriate withholdings. We will also prepare and disseminate annual wage reports to include W-2 and 1099 reporting.

Estate, Gift, and Trust Tax Services

If you want to pass your hard earned dollars down to your heirs you should be planning accordingly. Without an estate plan, the wealth you worked your entire life to build will be distributed according to state law and not according to your wishes. Estate planning is crucial if you want to minimize taxes and distribute as much as possible to your preferred beneficiaries.

We will work with you to ensure your estate or trust is set up in a way that helps mitigate your tax obligation while passing on the largest amount possible to your beneficiaries, not the government.

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ACCOUNTING AND AUDITING SERVICES

Audits

An audit provides the highest level of assurance. An audit is a methodical review and objective examination of the financial statements, including the verification of specific information as determined by the auditor or as established by general practice.

Our work includes a review of internal controls, testing of selected transactions and communication with third parties. Based on our findings, we issue a report on whether the financial statements are fairly stated and free of material misstatements.

You get the highest level of assurance because we go outside your company to obtain more information. Typically, we will have written communication with:

Your customers, to check outstanding receivable balances,
Your banks, to confirm cash or debt balances and terms,
Your vendors, to verify outstanding payable balances and
Your attorneys, for information on pending or threatened legal action.

We also perform physical inspections by observing your inventory counting methods and performing test counts. We document and test each operating cycle, including payroll, sales and cash receipts, and expenses and cash disbursements. Our audit papers include a detailed work program to document the examinations and testing performed, as well as the client's supporting work papers.

Most local governments, not-for-profit agencies and other organizations receiving grants as well as large employee benefit plans are required to have an annual audit. Some financial institutions require audits of nonpublic companies based on the amount financed and/or the bank's assessment of the company's risk. Also, companies with absentee ownership (such as those owned by investment firms or individuals who no longer run the business) may order audits to check their management teams.

At Nelson Accounting Services, we provide audits for privately held companies, nonprofit organizations, and pension plans. We take on a limited number of audit clients per year to ensure we give the utmost attention to our audit clients. We are a proud member of the AICPA and participants in the AICPA quality control and peer review programs.

Reviews

Reviews are usually performed to satisfy third parties that want to be assured that the financial statements are not materially misstated. They provide a lesser degree of assurance to financial statement users than an audit. Also, unlike an audit, there is no expression of an opinion on the financial statements, testing of controls or financial data. Reviews essentially consist of inquiries of company personnel and analytical procedures applied to financial data. Reviewed financial statements include certain footnotes and other disclosures about your Company’s financial statements to help the reader better understand them.

Compilations

Compilations provide the lowest level of assurance of the financial statements services. They are often required by outside third parties as well internally by companies.

In a compilation we assist management in presenting their financial information as financial statements in the proper form. Compilations also require us to acquire an understanding of the client’s industry and to obtain specific knowledge about the client. Additionally, we read the financial statements and ensure they are free from obvious material errors. They provide no expression of an opinion on the financial statements.

Agreed Upon Procedures

Agreed upon procedures are performed when the parties involved concur that they want the accountant to perform a specific procedure or set of procedures. They can be useful when you or a third party wants some comfort about a specific area such as inventory or cash, but do not need the assurance and related time and expense of a full audit or review. Agreed upon procedures can deal with a diverse variety of subject matter such as the quality of collateral or due diligence related to a business acquisition. In all cases, agreed upon procedures are solely the responsibility of the parties who specify them and they never provide an opinion on the subject matter or financial statements.

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CONSULTING SERVICES

At Nelson AS, our business is to know and understand your financial situation. We offer a variety of services beyond compliance and combine our experience, expertise and knowledge to add value as a trusted advisor to your financial position.

We offer the following consulting services:

Outsourced Accounting Team

For many small companies paying a staff of accountants, even if that means just two people, can be very burdensome on your bottom line. The truth is, many small businesses are moving away from this model and outsourcing the entire accounting function. This makes sense because here at Nelson AS we can provide many businesses with the expertise needed to accurately prepare your books at a fraction of the cost of hiring full-time employees.

Outsourced Controller/CFO Function

Outsourcing the entire accounting team isn’t feasible for all industries and all businesses. Sometimes having an accounting clerk or two is necessary if you’re a business that relies on paper filing, a receivables clerk to answer phones and accept payment, etc. However, you may need someone with the expertise of a controller or CFO to help your business streamline the accounting process and assist management in making high level financial decisions.

Business Planning

Creating the right business plan can mean the difference between a business success and business failure. Let our team review your business plan or assist in creating a plan that sets you up for business success.

Financial Processes

Every organization can benefit from being introspective, skeptical and analytical regarding their finances. We work with organizations to develop the predictive capabilities necessary to adapt to rapid changes and outperform their peers. Specifically, we can help you with:

Driving growth from new markets and opportunities.
Enhance cash management through working capital optimization and better capital allocation.
Improve finance operations by focusing on operational effectiveness, financial analytics as well as budgeting and forecasting.
Enable efficient regulatory compliance.
Effectively manage risk by identifying sources and improvements to mitigate high risk areas.

Financial Reporting

Purchase price allocation
Asset impairment testing
Intellectual property valuations

Bookkeeping Services

The general ledger and financial statements are the backbone of a company. The management and ownership of an organization rely on the accuracy and timeliness of the financial statements to make the decisions necessary to keep a business running. You can trust the professionals at Nelson Accounting Services to ensure accurate, timely, bookkeeping so you can rest at ease knowing the numbers you rely on are accurate.

We provide:

Bank statement reconciliation
General ledger & financial statement preparation
Bookkeeping on a Monthly, Quarterly, or Annual basis
Accounting system setup and discounts through our affiliate partners

Learn more about our bookkeeping services here

QuickBooks General Ledger Training

We can answer your questions by phone or by TeamViewer, i.e. sharing your desktop to demonstrate where and what to look at in the reports generated. We can help with establishing your chart of accounts and monthly or quarterly review of your transactions.