4 Strategies to reduce taxes in retirement
So, you’ve done all the right things to prepare for retirement and now it’s time to ensure that the right tax strategies are in place to protect those assets ...
Read MoreOctober 13, 2021
Accounting and tax preparation for individuals, couples, families and businesses can be a complicated and often stressful endeavor. We partner directly with our clients to ensure that you save money, maximize deductions, and comply with tax laws.
We invite you to get to know us and search our site for information you may need. We know that a personal appointment is usually the best way to get to know and trust us and we invite you into our office at your convenience to discuss your personal and business accounting and advisement needs.
Ready to Serve You and Your Business
Our Firm
Diamond & Associates, P.C. CPAs, has a diversified practice, with clients ranging in size from small businesses and individuals to non-profit organizations.
We are proud to have built a full-service accounting firm that delivers sound advice based on years of experience and expertise. We work with individuals, families, established businesses and entrepreneurs on all issues related to accounting, tax and bookkeeping.
The laws related to tax and compliance are becoming increasingly complicated. We bring our expertise to your personal finances and business endeavors to help ease your confusion and frustration. Whether you live in the greater Philadelphia area or beyond, we can partner with you so you can make decisions and then we take on the execution of the details.
We service clients in numerous, diversified profit-making industries and in non-profit fields. Our clients include wholesalers, retailers, manufacturers, transportation companies, warehousing companies, service organizations, professional corporations, nonprofit organizations, and government funded organizations.
It is our objective to deliver complete service to all of our clients with the highest level of professionalism. Categories of services offered include accounting and auditing, taxation, financial management advisory services and computer application installation and consulting. Clients look to us for advice in many areas, such as planning for the future of a business, assistance with financing requirements and dealing with lending institutions, working with pension and profit sharing plans, and guidance regarding overall financial needs.
The principals and accounting staff of our firm are members of the American Institute of Certified Public Accountants, the Pennsylvania Institute of Certified Public Accountants, and the New Jersey Society of Public Accountants and accordingly, adhere to the high standards and code of professional ethics promulgated by these organizations. Our firm participates in the AICPA Peer Review Program and has received an unqualified opinion on its system of quality control.
Our continual investment of time and resources in professional continuing education, state-of-the-art computer technology, and extension business relationships is indicative of our commitment to excellence.
This is What We Love to Do.
QuickBooks Pro Advisors
Business Taxes
We service clients in both profit and non-profit industries of all sizes. For established businesses and entrepreneurs, we can help you establish accounting best practices for your enterprise and make sound decisions for growth. Bookkeeping, financial statements and projections, as well as cash flow and budget analysis will help your organization move forward to meet goals.
Personal Taxes
As an individual, couple, or family, the tax advice you receive can make a significant difference in your monthly and annual budget. How you keep track of expenses and then prepare your tax returns is important. We want to help you grow your assets, pay less taxes, reduce your tax exposure and look to maximize your tax deductions and credits.
Experience
We have built Diamond & Associates to ensure that we have the expertise on staff to handle all of your accounting needs, but also that we can provide you with personal service. Our processes are simple and streamlined and take into account a complicated and ever-changing tax code. Our goal is to make tax time as painless as possible. Given our years of experience, we have also gathered a group of trusted professionals, including attorneys, bankers, and financial advisors who we trust to work with our clients. For instance, when you have a legal matter that intertwines with your taxes, we know who to bring in for expert guidance. At times, the understanding of taxes can be demanding and requires creative solutions. The tax law is complicated, but our team will explain the details to you so that you are part of the process but not burdened with the details. Our office is conveniently located in Newtown, PA and we serve individuals in the greater Philadelphia area, the Delaware Valley, throughout New Jersey and beyond.
Tax Services
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
Tax Preparation
Our significant investment in computerized tax preparation and research software enables us to accurately and efficiently prepare returns for various types of entities including individuals, corporations, partnerships, trusts, estates, and not-for-profit organizations.
Tax Planning
Tax planning is an essential element of the tax preparation process. By making tax planning part of your overall business strategy, you can use our experience and access to the most current new developments in the tax laws to minimize both your current and future tax liabilities.
Estate & Trust Tax Preparation
Effective estate and gift planning facilitates the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse, and can reduce or eliminate the tax due on the transfer of your business and other assets. For business owners, providing for business continuity and succession of ownership is essential. We can guide you through the complex process of getting your financial affairs in order.
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.
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.
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.
Accounting Services
Providing financial information to our clients in a timely and accurate manner is a commitment that we feel cannot be compromised. Our firm provides a full range of cost effective accounting services including the following:
- General ledger & financial statement preparation
- Accounting system setup for new businesses
- Personal financial statements
Audits, Reviews and Compilations
We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company’s profitability and efficiency. We provide financial reporting on all three levels of assurance:
- Audit – an intensive examination with the highest level of assurance
- Review – some analytical procedures conducted with limited assurance
- Compilation – based upon client information provided and used primarily for internal use.
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.
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.
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.
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.
Consulting Services
Accounting Software Selection & Implementation
With the number of computerized accounting software packages available for small businesses and individuals growing every day, selecting one that is right for you has become increasingly difficult. As accounting professionals, we are exposed to most programs through trade journals and actual use. Our experienced staff can help you choose and implement the system that best fits your needs.
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.
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.
Business Succession Planning
Effective coordination of the transition of your business to your successors is critical to ensure its continued success once you decide to remove yourself from the company’s day to day operations. With a solid background in tax and other financial matters, we are fully qualified to address the complex issues of business continuation and can assist you in developing a strategically sound plan.
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.
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.
Computer Consulting
Whether you are contemplating the addition of new computer hardware or overhauling your network, our experienced staff can assist you with many of the difficult decisions that must be made when designing your business’ computer systems.
Estate Planning
Effective estate planning facilitates the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse, and can reduce or eliminate the tax due on the transfer of your business and other assets. For business owners, providing for business continuity and succession of ownership is essential. We can guide you through the complex process of getting your financial affairs in order.
Investment Review
As you develop your investment strategy, we will act as your sounding board. We can help you and your investment advisor build an investment portfolio that takes into consideration the impact of taxes and produces a favorable after-tax return.
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.
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.
Retirement Planning
Successful implementation and periodic review of your financial plan will ensure financial independence during your working years and through your retirement years.
Other Services
Asset Protection
Asset protection, or wealth preservation, plan makes the enforcement of judgements against protected assets nearly impossible and allows the owner of protected assets to retain substantial control over these assets. Our firm can assist you with an asset protection plan that may include family limited partnerships, or offshore trusts.
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.
Litigation Support
Litigation support involves the quantification of economic damages pursuant to existing or pending litigation using accounting and auditing techniques. We have experienced competent staff who can compile information efficiently to assist in the calculation and documentation of any potential economic loss or damages.
Mergers & Acquisitions
Finding the right business partner for your company can be a difficult task. We can assist you in the merger or acquisition process by assessing such critical elements as tax considerations; product/service compatibility; competitive tactics and position; financial impact; and cash flow considerations.
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. 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.
We have a few tips for you.
Latest Tax News & Updates
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