As a leading accounting and consulting services firm, we live in a professional service provider’s world. We understand the challenges and opportunities that professional service firms face, and how to maximize profit – particularly in a recovering economy.
We relate to the same issues that our professional service provider clients face – business and relationship transitions, succession planning, ownership, non-compete agreements, malpractice insurance, trust management, and more. We tailor our audit and tax services to our clients’ needs with full confidentiality. Our first concern is for trust and then the quality of our work.
Specialized Financial Audits
Although many professional service organizations do not need a standard full audit, we can undertake agreed-upon procedures for any business, and handle specific compliance needs if required by financial institutions to extend a line of credit professional services organizations can present our reports to their stakeholders with confidence.
Employee Benefit Plan Audits
If a firm has more than 100 participants in an employee benefit plan, we excel at all aspects of plan audits; including preparation and filing the required Form 5500 tax return and related audit report for the federal government.
Taxation and Tax Planning
We handle all necessary tax compliance filings – including Form 1120 and 1120S for C and S corporations, and 1065 for partnership reporting, Form 1041 trust filings, as well as multi-state and local compliance reporting – in accordance with complex and changing tax law, to ensure that your state and federal tax filings are prepared correctly.
We help professional service organizations structure customized compensation packages for existing and new partners, particularly with regard to taxation of bonuses and IRS scrutiny of arrangements when compensation is split unevenly.
Risk Management and Business Process Improvement
Our work for professional service providers involves strategic risk management and mitigation. It’s an approach that emphasizes practical, hands-on business experience to help clients avoid problems through the selection of the appropriate business entity (such as an LLC, LLP or S corporation) and implementation of effective operational and business controls. Often we emphasize proactive risk prevention strategies such as document retention programs to reduce compliance and litigation risk.
With our highly effective IT audit capabilities, we can also assess computer systems for disaster recovery and business continuity planning, and assurance of personal data security and confidentiality (especially important for law firms and healthcare providers).
Virtual Back Office and Accounting Services
Through our Accounting Services group, we provide a cost-effective alternative to hiring and training in-house financial records employees, as we become the Virtual Back Office to handle bookkeeping, cash management, budgeting, and similar tasks. Additionally, many of our clients find great value in utilizing our professionals as part of their business management team and act as their “virtual controller/executive officer.”
Personal Finance Advice
We also help our clients manage and protect their accumulated wealth through effective tax, investment and personal planning strategies. We provide personalized estate planning solutions that maximize financial benefits while minimizing taxes.
Whitley Penn’s forensic, litigation, and valuation professionals and testifying experts have additional experience. This can be obtained by viewing their service descriptions and individual biographies.