Tax Management Services
At Straley Lamp & Kraenzlein P.C., we guide our clients through a full range of tax planning and preparation decisions with strategies that minimize your tax liabilities, maximize your cash flow and keep you on track to your financial goals. Our expertise, experience, analysis and thorough research allow us to optimize financial opportunities to be found in existing as well as recently altered tax laws. We are knowledgeable and up to date on the tax laws and can make sense of your receipts, bills and notices.
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From start-ups to established enterprises, businesses rely on accurate and insightful financial information in order to maintain profitability and capitalize on new opportunities. Straley Lamp & Kraenzlein P.C.’s accounting services steer you closer to these goals with accurate record-keeping and reporting as well as support on financial issues such as initial accounting system setup, cost-containment, tax planning, investments, and employee benefit and profit-sharing plans.
These services include but are not limited to:
- General ledger and financial statement preparation
- Bookkeeping (Monthly, quarterly, or annual)
- Accounting system setup and support
- Payroll processing
- Cash flow budgeting and forecasting
- Personal financial statements
- Employee benefit and profit-sharing plans
- Corporate tax planning and return preparation
- Litigation support
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Assurance and Advisory Services
At Straley Lamp & Kraenzlein P.C., we focus on building close client relationships that add long-term value. This includes assuring the solidity of financial records, evaluating financial procedures and working to produce strategies that help our clients face the myriad challenges of business planning and execution. Our clients benefit from objective analysis to assist in controlling costs, increasing efficiency, and implementing new technologies and procedures that take advantage of changes in the marketplace, accounting standards, and tax law. Our assurance services will improve information quality or its context, meaning more success for your business.
These services include but are not limited to:
- Audits, reviews, and compilations
- Entity selection and restructuring
- Accounting software selection, implementation, and support
- Business valuations
- Financial projections and forecasts
- Debt and finances advising
- Mergers and acquisitions
- Transaction structuring and negotiations
- Business succession
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Audits, Reviews, and Compilations
Straley Lamp & Kraenzlein P.C.’s financial statement services comprise all three levels of assurance depending on your company’s needs.
Audits offer the highest level of assurance to third parties, and include in-depth examination and confirmation of account balances, inventories, and selected transactions. We perform audits for you to ascertain the validity and reliability of your information.
Reviews provide limited assurance to outside interests and involve inquiries and analytical procedures that confirm financial statement matters and identify any items requiring further analysis. We perform reviews to ensure the integrity of your data.
Compilations are usually requested for internal purposes and are based upon information provided by a company’s management. They do not offer assurance but may involve some adjustment to accounting records.
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Estate and Trust Planning and Tax Preparation
Effective estate and trust planning can ensure financial security for loved ones. For businesses, it can maintain a smooth succession of ownership. Straley Lamp & Kraenzlein P.C.’s role is to help you navigate the complex and shifting tax laws to facilitate the transfer of assets and minimize the tax liability of your beneficiaries. Everyone should have a well-thought-out plan as to how to distribute the assets left in one’s estate so as to avoid complications and to be sure that the individual’s wishes are followed. Having your taxes and estate thoroughly and carefully planned will ensure that your loved ones don’t have any complications to deal with during a time of loss.
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Litigation Support and Forensic Accounting
In business valuation and litigation matters, much can be at stake. A thorough analysis and knowledge of relevant factors is essential in these engagements. Straley Lamp & Kraenzlein P.C. has qualified and experienced professionals to support cases from the initial stages through expert testimony in court. We dedicate our staff with the following business valuation and litigation support designations:
CPA – Certified Public Accountant
ABV – Accredited in Business Valuations
CVA – Certified Valuation Analyst
CFF – Certified in Financial Forensics
If you are in need of experienced professionals in business valuation or litigation support services, we stand ready to assist you throughout the process. For information, Please contact James E. Kraenzlein, CPA/ABV/CFF, CVA
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QuickBooks Accounting Help and Assistance
QuickBooks can provide useful and timely information in the form of financial statements, reports and graphs. However, it can only provide this information if you purchase the right product and then install, setup and use it properly. We don’t just help you use the software, we help you use it more efficiently and more effectively.
Straley Lamp & Kraenzlein P.C. offers the following solutions to help meet your QuickBooks needs:
We train you personally! Either one-on-one or several individuals within your organization at your company’s location.
We install QuickBooks on your stand alone computer or in a network environment, in either single- or multi-user mode.
We assist new QuickBooks users with initial setup including: EasyStep Interview, Preferences, Lists, Customers, Vendors, Employees, Banking and Reports. We also help experienced users manage their businesses more effectively by improving their current setup. Many users experience problems and lack the ability to generate and track important information as a result of inadequate setup.
Our QuickBooks support service can assist you with any installation, setup or operation assistance you might need. In addition, our support is not limited just to the software part of it, but we can also provide accounting and payroll assistance.
Our QuickBooks review service helps companies that have the human resources to perform daily accounting and payroll tasks, but need an accounting and payroll expert to review your transactions, accounts and reports. This review ensures that you receive timely, relevant and reliable financial information. We also inform you of any corrections, adjustments or reclassifications necessary to ensure that the financial information you receive reflects the correct financial condition of your business. Reviews may be conducted at any time, but monthly reviews provide you with up-to-date information and feedback about your business.
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Accurate record-keeping is essential to a successful business yet can also be complicated and time consuming. Straley Lamp & Kraenzlein P.C. can help you with the organization and day-to-day tasks of bookkeeping so that you can focus on your core business.
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Entity Selection and Restructuring
Your business entity has a large impact on your taxes and other liabilities. From your company’s inception through its growth and development, Straley Lamp & Kraenzlein P.C. can advise you on choosing an entity type and later restructuring if advantageous. With our knowledge and expertise, you will always be receiving the most advantageous entity type for the functions your business performs.
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Professional representation can be vital during an audit, and our experience with tax authorities enables us to guide clients in their dealings with federal and state agencies. If you have been chosen for an audit, the professional representation you can find with our firm can put many of your worries at bay. We are ready and willing to answer any and all questions the IRS may be asking of you.
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Straley Lamp & Kraenzlein P.C.’s payroll services can help you reduce the time spent on administration through developing and implementing a computerized payroll system that will facilitate processing, timely payment and preparation of tax returns.
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Cash Flow and Budgeting Analysis
Good cash management can improve a company’s liquidity, reduce costs, and increase profitability. Straley Lamp & Kraenzlein P.C. can help you maintain optimal cash flow levels by tracking sources and uses, forecasting, and budgeting accordingly. To a business entity, cash flow is something that can make or break the business’ ability to survive. We can help you analyze your spending, re-balance your budget and/or debts for an optimal cash flow to support your business’ success. This balance plan would be revisited if and when there were any major changes in your business structure to ensure that you are operating at an optimal level. With our help and guidance, you will always be on top of your finances and ready for the future.
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Employee Benefits, Pension, and Profit-Sharing Plans
Choosing and administering benefit plans for your employees is often a complex process. Straley Lamp & Kraenzlein P.C. can help you develop, implement, and administer your benefit, retirement, and profit-sharing plans with an eye toward rewarding your employees and reaching your company’s financial and business goals. We can also help maximize tax advantages in implementing these plans. As your business grows, your business and your employees will be rewarded for the hard work that contributed to the success of your business.
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Financial Projections and Forecasts
No one can predict the future perfectly, but we can all benefit from planning for it. Straley Lamp & Kraenzlein P.C. combines expertise and experience with a gained understanding of your business to produce financial projections that can help you manage your business plan and spending. Forecasting for the future is imperative to your company’s success. We make it a point to keep current with market trends and updates so that your business can be prepared for what is to come. Depending on your needs, our work can range from top-level reports to detailed financial models.
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The range of needs for valuing businesses continues to widen, and Straley Lamp & Kraenzlein P.C. can provide in-depth analysis to help you identify and analyze the factors that drive the value of your company or one in which you have an interest. Uses for this service include estate planning and compliance, buying and selling businesses, divorce matters, family limited partnerships and ESOPs. There are so many factors that contribute to the perceived value of a business. Our expert help can help you evaluate entities that you have an interest in and guide you towards making business decisions that you feel confident with.
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Mergers, Acquisitions, and Sales
Business transactions and transitions are complicated affairs, and whether you’re buying, selling, or considering a potential merger, Straley Lamp & Kraenzlein P.C. can provide professional know-how to help you successfully structure and negotiate the deal. Straley Lamp & Kraenzlein P.C. employs careful analysis and due diligence to determine a fair asking price, pinpoint the most favorable tax structures, evaluate financial and cash flow impact, and assess compatible business functions and tactics. Expanding or contracting your business is a huge undertaking. With our expert advice, you can make the right business decisions for your business for optimum success.
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Governmental Auditing and Consulting
Governmental auditing and consulting is a very unique and specialized industry. A certain body of knowledge is required to offer services in this arena; whether it entails Federal laws or State of Michigan regulations, including laws pertaining to A-133 Single Audits. By maintaining a very watchful eye, as the regulatory environment constantly changes, Straley Lamp and Kraenzlein P.C. is able to anticipate trends and compliance needs.
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Nonprofit Consulting and Auditing
Nonprofits serve the needs and desires of purposeful like-minded groups desiring to better their communities. Whether you need an initial application, on-going compliance, or dissolution of your group, Straley Lamp & Kraenzlein P.C. is positioned to assist you. That assistance may consist of payroll, accounting, financial audit, consulting, or tax filing and reporting. Contact us and let us know how we can assist you.
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