Financial Statements

Financial Statements – Audits, Reviews and Compilations

Hicks, Williams, Crawford & Lynch, LLP Financial statements reveal where you are and what resources you really have, with this information you can identify which direction you need to go, what decisions have to be made and what it will take to get there.

Audits: result in an independent CPA firm’s expression of an opinion on whether the company’s financial statements are presented fairly. These are generally required by outside parties, such as investors, creditors, lenders or regulatory agencies seeking significant assurance about the financial position, results of operations and cash flows of your business.

Reviews: result in a report where the CPA provides “negative assurance” regarding the fairness of financial statements. The report states that the accountants are not aware of any modifications that would be necessary to make the financial statements fairly presented. Reviewed financial statements are often used by businesses to report their financial position, results of operations and cash flows to third parties where audits aren’t required.

Compilations: result in an accountant’s report stating they have compiled the financial statements, but do not provide any assurance on the fairness of the financial statements presented. Compilations are favored by businesses that do not require audits or reviews because the users are comfortable with the financial information provided without any assurance from the CPA.

HWCL Areas of Specialty and Expertise:

Services for Individuals

HWCL has developed expertise in nearly every aspect of personal finance management, including financial planning, portfolio review & management, risk management, tax planning and preparation. We take the time to review your financial situation and develop an individualized plan to meet your short- and long-term goals for personal wealth.

Filing your tax forms is just one piece of the puzzle. We take the time to review your financial situation and develop an individualized plan to meet your short- and long-term goals for personal wealth. If necessary, we will consult with you throughout the year to ensure you’re in the best possible position when it’s time to file your returns.

Tax Services for Individuals

A strategy for building and attaining wealth must take many things into consideration. Our professionals can help you navigate through these considerations to formulate a plan with your best interests and financial goals in mind. We take pride in our ability to listen to your hopes and dreams and help you make them a reality.

We offer highly accurate, accountable and proactive tax planning and preparation for:

Annual and Quarterly Tax Filings
Estates
Trusts
Gifts
Audit Representation
Divorce and Support Issues

Financial Consulting

Do you have a clear idea of what your long-term business and financial goals are? Are you on track to achieve those goals? Hicks, Williams, Crawford & Lynch, LLP can help with your:

Succession Planning
Estate Planning
Retirement
and much, much more

Services for Business

When you run a closely held business, it’s sometimes hard to get the distance and perspective you need to make sound decisions. Accurate numbers and reporting can help, but they are just part of the picture. At HWCL we provide a complete range of consulting, finance, tax and reporting solutions to help businesses maximize growth and profitability.

Our goal is to make sure you know where your business stands financially, enabling you to take advantage of opportunities when they arise. We recognize that each situation is different, so we structure our services to meet your particular needs.

HWCL will help you focus on your company’s financial standing by providing the level of financial accounting or bookkeeping services your organization needs.

By understanding your financial statements, we provide you with the knowledge to make informed management decisions that will help grow your business and achieve your goals.

Corporations
Partnerships
LLCs/LLPs
Not-for-Profit Organizations
Taxing Authority Representation
Buying or Selling a Business

Tax Services

Tax consequences affect the bottom line of every business and personal financial decision, so you can’t afford to miss out on tax savings opportunities. HWCL monitors legislative, regulatory and judicial developments affecting your tax liabilities, and we tailor our services to fit your unique needs.

Tax considerations should play a role in every financial move you make. To avoid missing out on tax saving opportunities you need the expertise and guidance of experienced tax specialists. At HWCL, we make sure our clients know about all the tax saving opportunities available to them.

Whether sole proprietors or multi-million dollar businesses, we work with our clients to minimize their tax consequences and increase their personal wealth.

Business transactions such as structuring a property transaction, reorganizing your business or deferring tax on the sale of an asset can all have an impact on your taxes. No matter the situation, we can help you make the right financial and tax decision.

Tax Planning

Quarterly estimates and year-end tax projections
Tax planning for property transactions including tax deferred exchanges
Estate planning
Gift planning
Retirement planning
Tax planning for closely held companies
Succession planning for closely held or family-owned businesses

Tax Compliance

Preparation of federal, state and local income tax returns for individuals, estates, S-Corporations, C-Corporations, trusts, limited liability companies, partnerships and non-profits
Preparation of gift tax returns
Preparation of payroll tax returns
Preparation of sales and use tax returns
Determination of estimated tax deposit requirements
Preparation of retirement and employee benefit plans reports
Preparation of business property tax returns

Financial Statements – Reviews, Audits & Compilations

Reporting on the financial performance of your organization is imperative as well as helpful. Audits, reviews, and compilations assist in financial planning, operating decisions, and investment decisions. In addition, such financial statements allow creditors to evaluate loan applications.

Financial Statements – Audits, Reviews and Compilations

Hicks, Williams, Crawford & Lynch, LLP Financial statements reveal where you are and what resources you really have, with this information you can identify which direction you need to go, what decisions have to be made and what it will take to get there.

Audits, reviews and compilations are services designed to help you provide financial statements that show the financial results of your business at a level of assurance that fits your situation.

Audits: result in an independent CPA firm’s expression of an opinion on whether the company’s financial statements are presented fairly. These are generally required by outside parties, such as investors, creditors, lenders or regulatory agencies seeking significant assurance about the financial position, results of operations and cash flows of your business.

Reviews: result in a report where the CPA provides “negative assurance” regarding the fairness of financial statements. The report states that the accountants are not aware of any modifications that would be necessary to make the financial statements fairly presented. Reviewed financial statements are often used by businesses to report their financial position, results of operations and cash flows to third parties where audits aren’t required.

Compilations: result in an accountant’s report stating they have compiled the financial statements, but do not provide any assurance on the fairness of the financial statements presented. Compilations are favored by businesses that do not require audits or reviews because the users are comfortable with the financial information provided without any assurance from the CPA.

Consulting Services

Because of the many complex individual, family and business challenges clients face, our professionals provide a comprehensive range of services for businesses and individuals. We offer a customized approach to our services based on your specific goals and needs by combining in-depth knowledge and a commitment to helping you grow your personal wealth.

We understand that each day brings you both opportunities and challenges, which is why our specialists provide expert advice and creative solutions that are unique to your situation. We believe in becoming an important part of your team by providing an independent point of view.

Because of the many complex business challenges companies face, our professionals provide a comprehensive range of services. We offer a customized approach to our services based on your needs by combining in-depth knowledge and a commitment to helping you grow your business.

We work with our clients to identify areas within their business that may be problematic and affect profitability and growth, and then provide solutions that are practical and attainable.

Succession planning
Proactive vs. Reactive preparation
Estate planning
Buy/Sell Opportunities
And much more

Dairy Farms & Agri-business

Providing Specialized Services for Agriculture / Dairy Farms Nationwide for Maximum Results

Hicks, Williams, Crawford & Lynch, LLP has extensive experience and training in farm income tax preparation and tax planning services. We assist farmers and related agri-business owners in structuring business entities, which allow efficient operation of the business while being sensitive of their desire to minimize taxes and exposure to liability.

Drawing on our expertise in agriculture, we consult with agri-business owners on an ever-increasing range of business planning and management issues. We have location and industry-specific knowledge on agricultural employment taxes and other farm sales tax matters. We work on Farm succession and estate planning.

Agri-business / Agriculture / Dairy Farms

We work with several of the largest operators in the industry. Currently, client farms range from 300 to 30,000 animals. Many are located outside of California, with several in the Midwest. Many also operate in more than one state.

From family farms to vineyards, food producers and processors, we are dedicated to providing sophisticated accounting, tax, business consulting and reporting services. Hicks,Williams, Crawford & Lynch, LLP is committed to providing the highest quality professional services to closely held agricultural businesses and family owned farms.