Butler and Burke

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Butler & Burke provides a wide range of services for your business and individual needs. Click on each service title for more information.

FINANCIAL REPORTING AND ASSURANCE SERVICES

Butler & Burke can provide your business with financial reporting and assurance services. The level of service or type of engagement your business needs will depend on management or owners' goals or the needs of outside parties such as lenders, suppliers, grantors, or governmental agencies.

Audit

An audit provides the highest level of assurance on the accuracy of the financial statements prepared in accordance with generally accepted accounting principles. Audit procedures include detail testing of transactions, independent verification of amounts with third parties, and a review of internal control systems and procedures.

Review

A review is a process of analyzing financial statements by comparison with budgets, prior years, and industry statistics. A review also involves ratio analysis and inquiries of management. This type of service provides a lower level of assurance than an audit, but it is generally less costly.

Compilation

A compilation engagement involves preparing financial statements in an appropriate format in accordance with generally accepted accounting principles, on a cash basis, or on an income tax basis. Compiled financial statements can be prepared without the statement of cash flows and/or footnotes that are required in all audited or reviewed financial statements.

Agreed-Upon Procedures

Often times, a business or organization has a concern about a specific component of a financial statement, such as cash, accounts receivable, inventory, accounts payable, etc. Procedures are developed in conjunction with the user of the financial information to address the specific concerns.

TAX SERVICES

Business and individuals have the right to take advantage of every tax-savings oppportunity built into our tax laws. Our knowledge of federal and state tax laws and current developments enables us to provide effective tax planning strategies for our clients.

TAX COMPLIANCE

The foundation of tax services is the preparation of business or individual income tax returns. This involves the interpretation of existing tax laws and regulations, and their applicability to particular transactions or circumstances.

We prepare the following types of tax returns:

  • individual (1040)
  • corporate (1120/1120S)
  • partnership and LLC (1065)
  • gift (709)
  • estates and trusts (1041)
  • nonprofit (990)
  • employee benefit plan (5500)

TAX PLANNING

The preparation of annual income tax status for our business and individual clients provides us with the knowledge and perspective to develop tax planning ideas and strategies.

We are able to assist clients in areas such as:

  • new business start-up including choice of type of business entity
  • business succession planning
  • identifying available tax credits
  • alternative minimum tax (AMT) planning
  • elections available to reduce or defer taxes
  • stock option exercise
  • tax free exchanges (1031)
  • retirement plan distributions
  • estate and gift planning

RETIREMENT / EDUCATION PLANNING

Two of the most important financial issues people face are providing for their retirement and their children's education. Education planning is a process of planned and systematic savings. We can help you evaluate various choices consistent with your goals for your children's education. Some of the alternatives are Section 529 plans, education IRAs, and trusts.

With people retiring earlier and living longer, accumulating sufficient retirement funds is more important than ever.

Retirement planning involves determining your goals at retirement, and how to get there. We have the expertise to help you evaluate your options, project your anticipated retirement funds, and determine what you can do to achieve your retirement goals.

SMALL BUSINESS SERVICES

Closely held businesses and not-for-profit organizations frequently have need for ongoing and special financial services. Our range of services is constantly expanding to meet the needs of the business community. Businesses naturally turn to a CPA firm as a trusted advisor for operational, financial, and technological issues that arise.

Some of the areas we can help businesses with include:

  • forecasts and projections
  • assistance with software selection
  • software implementation and support
  • due diligence
  • purchase/sale of a business
  • preparation of periodic compiled financial statements
  • fixed asset and depreciation maintenance
  • preparation of sales and use tax returns
  • preparation of payroll forms
  • preparation of county property tax listings