Services

Tax Planning and Preparation

As much as we dislike taxes, we have to live with them, at least for the time being. Our tax preparation services (Federal and State) include:

Quarterly and year-end payroll tax returns (941/940/W-2s/1099s, etc.)
Monthly, quarterly and year-end sales/excise tax returns
Monthly, quarterly and year-end gambling tax returns
Exempt Organization (990)
Individual income (1040)
Fiduciary (trust and estate) income (1041)
Partnership and LLC income (1065)
Corporate income (1120)
S Corporate income (1120S)
Estate (706)
Gift tax (709)
Pension and Profit Sharing Plan returns (5500)
Tax Planning for Divorce
Commercial Fishermen
Tax-Deferred Exchanges

Our goal is to make sure that you pay the smallest amount of tax the law allows. We can do this by upfront planning to make sure that your business is structured in the most appropriate manner for your situation.

Business Development

When you get right down to it, there are just four ways to grow your business:

Increase the number of customers (of the type you want)
Increase the frequency of transactions
Increase the value of each transaction
Increase the effectiveness of your business processes

We can show you how to do these, by showing you how to work ON your business, as opposed to just working IN it. And that difference is the key. After all, if all you do is work IN the business, you really just have a job.

The Business Development process starts with a simple question: "What business are you really in?", and leads through goal setting, customer oriented process restructuring, and identification of performance standards and Key Performance Indicators. These Key Performance Indicators are then carefully measured and monitored on an ongoing basis, with appropriate feedback loops and response protocols.

The result is a business that maximizes customer delight, provides for Team Member growth and job enjoyment, and is more profitable and thus more valuable.

Business Owners

Services which help our business-owner clients reach their financial goals and help them manage their overall financial affairs.

Accounting assistance
Business profitability consulting
Wealth creation, retirement plan review and monitoring
Risk management issues
Succession planning
Financing analysis and assistance
Independent investment performance monitoring

Business Checkup

It is nearly impossible for you to individually monitor the volatile financial markets, changing tax laws, and other developments that impact your personal finances. Our Annual Financial Checkup is designed to help you meet today's complex financial challenges head on and enable you to take responsibility for your financial future. As a partner in planning your financial future, we establish an organized approach to using your financial resources to achieve financial peace of mind.

Prepare a working statement of your financial condition
Help you identify your financial goals
Help you manage cash flow
Review your insurance needs
Organize all of your important documents
Help you determine educational funding needs
Minimize income tax liability
Maximize retirement savings
Plan for the successful transfer of your business
Implement an estate plan
Monitor your investment performance
Plan for elder care or other special needs

Business Valuation and Litigation Support

Business valuation services are performed because ownership interests in privately held companies often represent a significant portion of one’s estate and/or portfolio. The value, or worth, of an interest in a privately held company, as opposed to stock in a public company, is usually unknown because there is no active market to sell or trade that interest from which to ascertain or approximate a value. Value determinations are most commonly needed to calculate estate tax upon death, split up family assets in a divorce, or negotiate value in a purchase, sale, or merger of a business enterprise. Besides these, there are many other reasons why a holder of an interest in a privately held company might require a business valuation. Valuations are performed to determine company or stock value for:

Bankruptcy
Buy/Sell Agreements
Charitable Contributions
Cohabitation Agreements
Damages for Disruption of a Business
Dissenting Shareholder Actions
Estate Tax Planning
Family Limited Partnerships
Gifts Programs & Gift Taxes
Marital Dissolution
Partner Disputes & Split-ups
Prenuptial Agreements
Purchase, Sale, or Merger of a Business
Succession/Exit Planning
Venture Capital & other forms of Financing

Valuation Standards have Changed

Effective January 1, 2008 the American Institute of Certified Public Accountants ("AICPA") adopted Statements on Standards for Valuation Services, which apply to all licensed CPAs in the practice of public accounting in Washington State. In addition, the National Association of Certified Valuators and Analysts ("NACVA") revised their Standards January 1, 2008 to compliment AICPA Standards and again in 2010 for engagements entered into after June 1, 2011.

Our valuation analysts strive to stay current on these changes to ensure that your valuation complies with all professional development and reporting standards. In addition, we actively participate with the AICPA and NAVCA when proposed changes are made to valuation standards and provide "real world" insights to the standard setting committees. Our comments have been reflected in "draft Standards" proposed by NACVA in 2010 and "Q&As" on business valuation practice issues posted by the AICPA on their website October 2011.

Our Valuation Team

The valuation consultants at Southard, Beckham, Atwater & Berry, CPA PS utilize comprehensive approaches to valuing business interests, family limited partnerships, and retirement plan annuities. R. Christopher Beckham, CPA has performed valuation services for over 30 years. Christopher T. Mutchler, CPA, CVA, CFE has been involved in the preparation of business valuations for nearly ten years and earned the accreditation of Certified Valuation Analyst (CVA) in 2006.

Our business valuation consultants provide the level of service you require, ranging from informational “calculation reports” to comprehensive detailed valuation reports. We will assist you in determining which of the valuation service is appropriate for your situation:

I. Detailed Report

This comprehensive, narrative report expresses an independent conclusion of the value of a business interest. The report provides a logical progression and clearly communicates pertinent information, valuation methods, and conclusions. The result is an accurate, easy-to-understand and defendable report on the value of your business.

For income tax purposes, certain transactions may require determining the fair value of stock in a closely held business to accurately assess tax liability that can help avoid overpayment or underpayment of taxes. Business Valuation Guidelines were revised July 1, 2006 and published in the Internal Revenue Manual for all IRS employees who review (audit) formal valuation reports prepared by others. The Guidelines are essentially an “audit program” which outlines procedures and forms of analysis to ascertain the appropriateness of formal valuations used for federal tax purposes.

If you need a formal valuation report, you need to be confident the analyst you hire has the expertise and credentials to perform a defendable valuation that may be challenged by the Internal Revenue Service. The business valuation professionals at Southard, Beckham, Atwater and Berry, CPA PS possess the experience, knowledge of valuation techniques and credentials to give you the confidence that your valuation will be done right the first time.

II. Summary Report

If the report is for internal client use only, we can issue a summary report that states the material factors leading to the report’s conclusions. Summary reports generally involve the same in-depth analysis as detailed valuation reports, however much of the content required in a detailed valuation is omitted from a summary report to reduce costs.

A summary report would not be appropriate if a valuation is expected to be used in litigation or filed with an estate or gift tax return. If a third party challenges the value conclusion in a summary report, we can use additional work-file information to produce a corresponding detailed valuation report.

III. Calculation Reports

Effective January 1, 2008 new Reporting Standards specified minimum reporting content to be included in calculation reports (formally referred to as "calculations of value").

"Calculation engagements" provide an approximate indication of value. Limited procedures are agreed to in advance with the client. This type of engagement is appropriate when a client wants an estimate of business value, but does not require a formal opinion (i.e. conclusion of value).

IV. Litigation Support

In addition to preparing written valuation reports, our valuation professionals offer the experience and credentials to provide trial preparation assistance, expert testimony and review of other expert reports.

The IRS Toughens Penalties for Business Appraisers

The Pension Protection Act of 2006 added new rules that apply to qualified appraisals (valuations) including who can perform them, and new accuracy-related penalties. Who is a “qualified appraiser” is now defined by Statute. In general, under prior law Reg. Sec. 1.170A-13(c)(5) allowed an appraisal if the appraiser held himself out as an appraiser or regularly performed appraisals; had some subjectively adequate credentials, knew about the civil fraud penalties and was not a disqualified person.

Now, the appraiser needs either “an appraisal designation from a recognized appraiser organization” or has met “minimum education and experience requirement” established by the Secretary. New credential requirements are complemented by penalty provisions set forth in new Code Section 6695A. Valuation penalties have also been strengthened. Under Code Section 6662(e), a substantial valuation misstatement for income tax penalty purposes is 150% of the correct valuation, reduced from 200%. A gross valuation misstatement is now 200% of the correct value, down from 400%.

Why Southard, Beckham, Atwater & Berry, CPA, PS?

We believe that when it comes to business valuation services, not all firms are alike. It is a specialized field where a consultant’s professional certifications, time spent performing valuations, and commitment to continuing education makes us the firm of choice when it comes to your business valuation needs.

QuickBooks® Accounting Specialists and Service

Have you thought about converting your manual accounting system to QuickBooks® or other business accounting software, but were afraid you wouldn't have the computer savvy or support necessary to do it right? Are you setup on QuickBooks® but feel you are not using the software to its full potential? We can help. We have team members specially trained in the installation, setup and operation of QuickBooks® accounting software.

Quickbooks® installation and/or setup. We can help you get it set up initially so that you obtain the maximum benefit of the program for your particular business. Quickbooks®Advisors are available by phone or appointment to solve your specific problem.

Payroll Processing and Tax Payment Services

We have recently expanded our services to provide more comprehensive and client oriented payroll processing and tax payment services. Currently, we have team members that specialize in federal, state and local payroll tax laws and regulations. Whether you're dealing with accurate wage calculation, withholding computation, or complex deductions and garnishments, we are here as your full-service resource. Take a look at our newest list of value-added services:

Manual paycheck printing and processing
Direct Deposit
Electronic Federal tax deposits
Garnishment administration, reporting and electronic payment options
Comprehensive and flexible payroll reports
Electronic tax report filing (for most Federal and State agencies)
Quarterly and Year-end Federal payroll tax returns (941, 940, W2's, and W3)
Quarterly and Year-end State payroll tax returns (ESD, L&I, state withholding, etc.)
Secure on-line remote payroll entry ~ full access to post your payroll from any computer with internet access through a fully secure and encrypted remote portal system
Secure on-line information retrieval ~ Full access to your payroll processing, accounting information, and reports via the internet through a fully secure and encrypted remote portal system

Financial Statements

We offer a full range of financial statement services:

Business financial statements - compiled or reviewed
Personal financial statements - compiled
Projected financial statements - compiled
Forecasted financial statements - compiled

A compilation involves taking your information and putting it into the form of a financial statement. This is commonly referred to as “write-up” work.

A review involves performing inquiry and analytical procedures that provide us with a reasonable basis for expressing limited assurance that there are no material modifications that should be made to the statements in order for them to be in conformity with generally accepted accounting principles or, if applicable, with an other comprehensive basis of accounting.

As we perform financial statement services, we're also looking for ways you can improve your business.