Premier Provider of Income Tax and Accounting Services in Plano, TX

Accounting and Write-Up Services

Whether you need full-service monthly accounting solutions or a quarterly general ledger review, we can tailor the level of accounting service to fit your needs. We are not here to sell you a service - we are here to listen to you and, only then, design a custom-fit solution that meets the needs of your business.

Full-Service Accounting (Monthly or Quarterly):

• Using your checks, receipts, sales slips, and deposit slips, we record all cash receipts, cash, sales, and payroll.

• Prepare and record adjustments to accounts receivables, accounts payable, inventory, and notes payable.

• Prepare and record adjusting entries, to comply with applicable accounting basis (modified cash basis, tax basis, etc).

• Reconcile bank statements to your general ledger cash accounts.

• Prepare and record asset purchases and/or sales, as well as the appropriate adjustments to depreciation expense.

• Adjust your fixed asset sub-ledger for purchases and/or sales.

• Prepare detailed general ledger and trial balance reports.

• Prepare an income statement and balance sheet.

• Review monthly financial package with you and answer any questions.

Limited-Service Accounting (Monthly or Quarterly):

• Review company-prepared general ledger and sub-ledgers (accounts receivable, payable, and fixed assets) for errors.

• Prepare necessary adjustments and/or corrections to your general ledger and sub-ledgers.

• Reconcile bank statements (or review company-prepared bank reconciliations).

• Optionally prepare an income statement and balance sheet.

• Optionally review monthly financial package with you and answer any questions.

Custom-Fit Accounting (Monthly or Quarterly)

From the procedures above, you decide the level accounting service you need for your business. We are happy to discuss any additional procedures you might need.

Year-End Accounting:

At the end of the year companies should have their books thoroughly checked for errors, omissions, misclassifications, etc. and adjusted to comply with the accounting basis they are using (cash basis, modified cash basis, tax basis, accrual basis, etc.). In addition to performing a final year-end close of your books, we will compile a final year-end set of financial statements that comply with the American Institute of Certified Public Accountants (AICPA) Statements on Standards for Accounting and Review Services (SSARS) to have available for banks and other financial institutions. We will also perform any other year-end work needed to get you prepared for the annual tax filings.

Tax Services

David W. Rohm, CPA, PLLC offers a full range of tax services. Regardless of your current situation or tax standing, we can help. Our thorough understanding of the tax code and our ongoing continuing education to stay of top of recent changes allows us not only to save our clients money on their taxes, but it also gives them a significant head start in saving money in future years.

Federal and State Income Tax:

Individual / Sole-Proprietor 1040

• Rental Property and Schedule K-1 Activities

• Relocation

• Divorce

• Bankruptcy

• Cash Distribution

Business Tax Filing

• 1065 Partnership

• 1120 C-Corporation

• 1120S S-Corporation

• 990 Tax-Exempt

• 1041 Fiduciary

• 706 Estate

• 709 Gift

Special Situations

• IRS Notices

• Filing of Back Taxes

• Audit Representation

• Offers in Compromise

Tax Planning:

We understand that it is not enough to just prepare accurate and timely filed tax returns. To be in control of your tax situation and avoid costly surprises at the end of the year, it is absolutely essential to undergo a thorough financial and tax review to develop a tax plan tailored to your financial goals and allows you to take advantage of all of the deductions and credits that the IRS makes available. We will identify strategies that are right for you, regardless of your financial situation. In addition, we will evaluate your plan's effectiveness during the third quarter each year and, if necessary, recommend adjustments that allow improvement prior to the end of the tax year. You will sleep better knowing what to expect at tax time.

Other Tax Filings:

We offer additional tax preparation and filing services for businesses that sell product(s) in the state of Texas or that have employees on their payroll.

State Sales Tax:

• Monthly or quarterly sales tax returns

• Multiple office or state locations

Payroll Tax:

• Prepare and file timely payroll tax returns

• EFTPS tax deposits

• Reconcile payroll reports to your general ledger

State Franchise Tax

Business Management Consulting and Advisory Services:

In today's competitive business climate, customers are demanding more for less and expecting faster results. Deficiencies in areas such as financial reporting, forecasting, communicating and execution can bog you down and allow competitors to pass you by. How can you ensure that your business not just keep up, but lead the pack? With over 25 years of accounting and financial management experience in both public accounting and industry, David W. Rohm, CPA can provide businesses with enhanced analytics and advisory services that will help keep your company on top.

Company Structures

Choosing the wrong legal entity structure can create long-term and far-reaching consequences, ranging from the amount of taxes you pay, the amount of paperwork required, your personal liability exposure, and even your ability to borrow money. The common forms of businesses are:

• Sole proprietor

• C-Corporation

• S-Corporation

• Partnership

• Limited Liability Companies (LLC)

Which business form you choose will depend on your business and your personal goals. We can help you make the right choice.

Budgeting and Forecasting

Successfully growing a business requires more than just an idea and hard work. It requires an actionable plan by which your company's results and overall success can be measured. Large companies have a significant advantage over small business because they have the staff and resources available to develop detailed budgets, as well as monthly or quarterly forecasts. You do not have to remain at a disadvantage due to the size of your business. We have the expertise and experience to develop these tools for your business and put you in control:

• Sales, operating (revenue and expense) , and capital (fixed assets) budgeting

• Monthly and quarterly forecasting (sales, revenue, and expenses)

• Long-term business plan modeling (5 or 10 year range)

• Dynamic What-If scenario analysis

And we can help you integrate the budget into your accounting system so you can produce timely actual versus budget reporting when you need it.

Cash Flow Analysis

In business, the phrase, "Cash is King" truly is a valid statement, especially for small businesses. It is critical for small businesses to closely monitor and manage their cash balances to create stability and provide for future growth and investment. Most small businesses struggle with cash management and as a result, it negatively impacts their business. We will prepare cash flow analyses and reporting that allows you to better understand your company's sources and uses of cash.

Financial Analysis

When business opportunities present themselves you want to be able to act quickly and decisively. That means you not only need facts, but you also need a level of comfort that the facts are based on proper due diligence. Opportunities could be in the form of a company acquisition, the purchase of a new building, or the addition of a new partner. Whatever it might be, you need solid financial analysis and interpretation to make an informed decision. With our financial analysis and modeling experience and in-house resources, we can perform a detailed analysis with the latest tools, assess the reasonableness of third-party assumptions and data used and then provide you a concise report. So when an opportunity appears, you can rest easy with the knowledge that you are making the right decision. Some of the financial analysis services we provide are:

• ROIC / Profitability analysis

• Business cases

• Pro-forma Analysis (to reflect a proposed change such as acquisition)

• Lease/Buy analysis

• Ratio analyses

No Two Businesses Are the Same

We understand that as a business owner, you have unique goals, requirements and questions that are specific to your business. Our objective when meeting with prospective clients during the initial FREE consultation is to LISTEN. Only after listening, can we offer a solution that fits you or your business. That is why we will never SELL you a service. In the end, we understand that we are here to provide you with solutions that are tailored to your needs.

Call Today to Take Advantage of a FREE Consultation

Let us demonstrate how we can help.Call us at (214) 407-8870 to schedule an appointment today!