Industries
Attorneys
"There’s no better way of exercising the imagination than the study of law. No poet ever interpreted nature as freely as a lawyer interprets truth.”
Jean Giraudoux (1882-1944)
French dramatist. Tiger at the Gates, I
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It's tough being a barrister these days; no fault insurance, tort reform, law revisions and now we can add IRS reporting and filing requirements. The IRS is getting tough on client advances, compensation, structured settlements – in fact one of the first IRS industry audit specialization programs was aimed at the legal profession. Our experience in handling these and other tax issues enables us to assist your firm in:
◆Choice of entity
◆Buy/sell agreements
◆Owner compensation issues
◆Client advances
◆Cash receipts reporting
◆Retirement planning and administration
◆Trust services
We work closely with our law clients ensuring that they stay aware of current IRS issues that may effect their practice. We regularly review legal publications for any issues that may affect our clients, taking a proactive approach to helping them grow their personal wealth.


Auto Dealerships
There are over 20,000 auto dealerships in the United States. Consequently, even though there is a vast and captive audience for their products, competition continues to become more and more fierce in this industry, resulting in declining profit margins. With over thirty years experience in handling the financial, operation and tax aspects of the dealership, we know the car business.
◆LIFO issues
◆Departmental analysis
◆Buy here / pay here
◆IRS reporting requirements
◆Control policies and procedures
◆Dueling
◆Finance income
◆Ration analysis and your 13th statement
We resolve the unique issues related to this industry for dealers all over the eastern region of the country. We annually attend the National Conference on Auto Dealerships sponsored by the AICPA and maintain a working relationship with personnel in the Washington D.C. office of the NADA.With regard to financial reporting and tax issues, this is a highly specialized industry. We can assist you in determining and correcting any problem areas you may have in your dealership.


Construction
Thousands of companies compete in this industry which employs more people and consumes more raw materials than any other industry in the American economy. Unfortunately, there is a very high rate of failure among construction contractors. Complete, accurate and timely information about all contracts in progress is essential to properly manage a construction company. Our affiliation with the local trade association and attendance at industry seminars enables our professionals to provide a proactive, results-oriented approach to the unique issues that this industry faces.
◆Form of organization
◆Job cost scheduling
◆Budgets and forecasts
◆Surety underwriters
◆Licensing and banking relationships
◆Audits, reviews and compilations
◆Tax planning and compliance
◆Retirement planning and business succession

Family Owned Businesses
“You’re a disgrace to your family name of Wagstaff, if such a thing is possible.”
Groucho Marx (Julius Marx: 1895-1977)
US Comedian. Horse Feathers.
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Over the years we have found that one of the most difficult issues small family owned businesses will eventually face is business succession. The earlier this and a myriad of other concerns are addressed only facilitates any resolution to the problem.
◆Buy/sell agreements
◆Business succession planning
◆Estate planning
◆Family limited partnerships
◆Insurance analysis
◆Retirement planning and implementation
There are many unique and often delicate issues to be addressed in every family owned business. We can help you resolve these issues and avoid the mistakes common to these businesses.


Restaurants
“The best number for a dinner party is two – myself and a dam’ good head waiter”
Nubar Culbenkian (1896-1972)
Turkish oil magnate. Attrib.
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Look at almost any neighborhood and you will see signs of the tremendous competition that exists in the food service industry – empty buildings or storefronts that used to be restaurants. Key success factors in any industry are controlling costs and maximizing sales. This is never more true than in the food service industry where the average profit margin may be 4-5%. Truly, you must watch every nickel and dime to have lasting power and success. Our everyday work with restaurants and continuing attendance at industry seminars enable us to assist you in implementing good customer service relations and cost effective management practices. Timely reports that management understands are crucial in keeping costs in line and monitoring menus. We can assist in the implementation and monitoring of the following general areas:
◆Budgeting and forecasts
◆Labor management
◆Controlling food and bar costs
◆Tip reporting
◆Payroll compliance issues
◆Tax planning and compliance
Accuracy in recording and tracking sales and expenses is required for timely financial reports that management should regularly review. We can help you understand which numbers are relevant and assist you in controlling potential loss areas.