At Grimshaw & Associates, LLC, the careful management of your finances is our top priority. We pride ourselves on giving you personalized and thorough service that meets your business or individual needs.

We provide a full range of tax and accounting services for our clients and offer consulting services for special needs.

Tax Services

At Grimshaw & Associates, LLC, we assist our tax clients through efficient compliance and effective planning to help them realize substantial savings.  We use a team approach and focus on timely communication to provide our clients with excellent service. Tax partner and specialist involvement ensure that our clients receive the most experienced technical expertise we have to offer.

We offer the following tax services:

Federal, State and International Business Tax Services

Tax Return Compliance

Preparation of federal and state tax returns are the core of our tax services. High-levels of technical and industry specific expertise allow our tax professionals to ensure our clients’ tax returns are prepared efficiently and timely.

Transactional Structuring

We help businesses structure economic transactions in ways that minimize the tax impact by advising them on acquisitions, sales and mergers.

Accounting Method Reviews

We review businesses’ tax accounting methodologies for proper accounting and accounting method strategies to maximize income tax benefits.

Audit & Appeal Representation

We possess the expertise and experience to represent taxpayers before tax authorities.  Our tax professionals understand the dispute resolution and appeals process and work diligently to obtain you the most favorable results.

State and Local Tax Specific Services

Nexus Consulting and State Tax Liability Analysis

We can help you understand and navigate where your business is required to file and pay state and local taxes based on multistate activities.  Additionally, we will make recommendations of where to file and quantify potential tax liabilities associated with various state and local jurisdictions.

Sales and Use Tax Determination

We can assist you understand the sales and use tax consequences of specific transactions and ensure you meet any filing requirement.

Tax Planning Services

Federal Income Tax Planning

We aid businesses with all aspects of federal income tax planning.  This includes implementing federal income tax strategies that maximize savings, increase profits and manage cash flows. 

State and Local Tax Planning

Our team understands the structural and transactional underpinnings of state and local regulations in ways that allow us to create solutions that mitigate tax liabilities. We provide state and local tax planning in the following areas:

• Income tax
• Franchise tax
• Sales and use tax
• Other miscellaneous taxes

Business Succession Tax Planning

You spent your life building your business and now you want to pass it on to the next generation or sell the value you built.  We advise businesses on the proper succession planning to preserve your family and business legacy while also looking out for potential tax consequences that may result.

Other Tax Services

Accounting for Income Taxes

Financial accounting for income taxes can be complex.  Our professionals have the technical skills and experience to help our clients navigate through these complex requirements and create efficient income tax accounting and reporting.  We also help companies stay up-to-date with regulatory guidance and disclosure requirements. The services we offer allow our clients to minimize year-end surprises and reduce risk related to reporting.  These services include:

• Calculation of tax provisions
• Account for uncertain tax positions
• Analyze current and deferred taxes
• Prepare financial statement footnote disclosures

Tax Updates

We keep our clients up-to-date on the latest federal and state tax issues through newsletters, website postings and face-face to meetings.   By staying ahead of tax issues and we can communicate how they will impact your operations quickly and address them in a timely manner. 

Individual Tax Services

When it comes to individual taxes, change provides opportunity.  We keep on top of these changes to provide you with the best advice and strategies, especially through planning opportunities.  You can depend on us for objective guidance and personal attention.  We believe in focusing on your long-term financial goals and steering your current needs in a direction to meet them.

Estate and Trust Tax Services

If you have not considered what will happen to your hard earned assets as you age and eventually pass on you should.  Without an estate plan, the wealth you worked your entire life to build will be distributed according to state law and not according to your wishes. Estate planning is crucial if you want to minimize taxes and distribute as much as possible to your preferred beneficiaries.

We will work with you and your attorney to design an estate plan customized to your particular needs. Our team can assist you by performing the following:

• Review wills and trust instruments with regard to tax implications.
• Estimate estate taxes and strategize alternatives that may provide tax savings.
• Review business issues including the transfer and/or disposition of business interests.
• Prepare estate, gift, fiduciary and non-profit tax returns

Looking for a little information right now? View the latest Tax and Financial News article in our Newsletter.

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Accounting And Auditing Services

Audits

Grimshaw & Associates, LLC,only audits privately held companies and not for profit organizations.  Concentrating on privately held companies and not for profit organizations means we are free from public company regulations reporting deadlines, disclosure complexities and risk management issues.  As a result, we can focus on what really matters to you and your business.

Audits are usually performed because an outside third party requires an auditor’s opinion on the financial statements.  Audits are performed for the purpose of expressing an opinion about whether the financial statements are fairly presented and that they conform with generally accepted accounting principles or another financial reporting framework.

Audits are the most comprehensive of all the attest services.  Auditing procedures include testing accounting records and examining evidence supporting the amounts and disclosures in the financial statements.  Evidence is obtained through inquiries, analytical procedures, physical inspection, observation, and through independent confirmation. Additionally, audits require an understanding of the entity and its internal controls.

There are certain assurances that audits are not designed to provide. An audit does not provide assurance on or aim to identify deficiencies in internal control. The work performed as part of an audit does give us an understanding of how your company and financial reporting function.  This means we may be able to identify issues related to internal controls, processes, inefficiencies, cash flows problems as well as company and industry trends.  As a result, the work performed during an audit may allow us to provide you with general business advice based on the insights gained during the engagement.

Reviews

Reviews are usually performed to satisfy third parties that want to be assured that the financial statements are not materially misstated.  They provide a lesser degree of assurance to financial statement users than an audit. Also, unlike an audit, there is no expression of an opinion on the financial statements, testing of controls or financial data. Reviews essentially consist of inquiries of company personnel and analytical procedures applied to financial data. 

Compilations

Compilations provide the lowest level of assurance of the financial statements services.  They are often required by outside third parties as well internally by companies.

In a compilation we assist management in presenting their financial information as financial statements in the proper form.  Compilations also require us to acquire an understanding of the client’s industry and to obtain specific knowledge about the client.  Additionally, we read the financial statements and ensure they are free from obvious material errors.  They provide no expression of an opinion on the financial statements.

Agreed Upon Procedures

Agreed upon procedures are performed when the parties involved concur that they want the accountant to perform a specific procedure or set of procedures.  They can be useful when you or a third party wants some comfort about a specific area such as inventory or cash, but do not need the assurance and related time and expense of a full audit or review. Agreed upon procedures can deal with a diverse variety of subject matter such as the quality of collateral or due diligence related to a business acquisition. In all cases, agreed upon procedures are solely the responsibility of the parties who specify them and they never provide an opinion on the subject matter or financial statements.

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Payroll Services

At Grimshaw & Associates LLC, we understand that payroll can be a major headache for many business owners. However, it is one of the most important aspects of your business' back-office operations. It's time consuming, it's complicated, and it grows along with the size of your employee base.

Confused about deductions, contributions, and compliance? Not sure how you can manage payroll - whether you have one employee or hundreds of them? We can help, providing you with services at a reasonable price.

We offer the following payroll services:

Payroll Processing

We offer payroll processing on a variety of schedules to suit your business needs. Whether we process the payroll and provide you with net pay amounts, print paychecks for you, or send payroll via direct deposit, you can be sure that paychecks will be correct and arrive on time, every time.

Payroll Tax Compliance

All employers are required to withhold and pay a variety of federal and state taxes. Let us take care of calculating all required taxes, and ensure that all payroll tax payments are submitted timely and accurately.

Payroll Report Preparation

Allow us to assist with preparation of required monthly, quarterly, and annual payroll reports. From W-2, W-3, and 1099 preparation, to state unemployment and withholding reports, our highly trained staff will walk you through the process, and make certain that your business is compliant with all applicable laws and regulations.

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