THE RIGHT BLEND OF COMPLIANCE
AND ADVISORY CAPABILITIES
Our focus is to ensure financial matters run smoothly. Although compliance issues are important, our value added comes from our years of experience and ability to provide specialized support. One of our primary objectives is to look for opportunities to continually improve operations. To accomplish this, we link your business and personal goals and work to assist in the development, management, and transfer of wealth from the business to you or your family.
Some of services are listed below along with a brief description. The list is not all-inclusive. We are frequently asked to assist on projects ranging from simple tasks to complex engagements.
Accounting Services
Accounting Services
Providing financial information to our clients in a timely and accurate manner is a commitment that we feel cannot be compromised. Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis. Our firm provides a full range of cost effective accounting services including the following:
- General ledger & financial statement preparation
- Bookkeeping (Monthly/Quarterly/Annual)
- Accounting system setup for new businesses
- Computerized payroll services
- Business tax return preparation (Sales & Use/Business Property)
- Personal financial statements
- Litigation support
Audit Services
We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company's profitability and efficiency. Audits differ from reviews and compilations, as they are an intensive examination of your company's systems and records providing the highest level of assurance.
Audits, Reviews and Compilations
We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company's profitability and efficiency. We provide financial reporting on all three levels of assurance:
- Audit- an intensive examination with the highest level of assurance
- Review - some analytical procedures conducted with limited assurance
- Compilation - based upon client information provided and used primarily for internal use.
Bookkeeping/Write-Up
Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis and are the foundation of a successful business. Our qualified staff can assist you with the day-to-day tasks associated with bookkeeping.
Cash Flow & Budgeting Analysis
A business can be profitable and still run into trouble due to cash flow issues. We can forecast and evaluate your company's financial condition, estimate financing requirements, and track cash-flow sources and uses.
Compilations
We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company's profitability and efficiency. Compilations differ from reviews and audits as they are based upon client information provided and used primarily for internal use only as no assurance is expressed.
Financial Forecasts & Projections
Forecasting is a necessity when trying to effectively manage and lead a business to profitability. From simple projections to complex financial modeling, our experienced staff can assist you in achieving your company's financial goals.
Financial Statements
We can assist you in the preparation of your financial statements in accordance with professional standards, but express no opinion or any other form of assurance on the underlying information included in them. The financial statements produced can be a useful tool for management for making financial decisions.
Forensic Accounting
We use accounting and auditing skills to provide an analysis of financial records in conjunction with dispute resolutions, as well as fraud and theft investigation. Our damage measurement methods can determine the extent of financial loss and illegal accounting practices.
Reviews & Compilations
We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company's profitability and efficiency. We provide financial reporting on two levels of assurance:
- Review - some analytical procedures conducted with limited assurance
- Compilation - based upon client information provided and used primarily for internal use.
Illinois Film Production Tax Credits
In December of 2008 the Illinois General Assembly passed the Illinois Film Production Tax Credit Act, which offers producers a credit of 30% of all qualified expenditures, including post-production.
We assist Television and Movie professionals with their Illinois Film Tax Credits.
Outsourced CFO Services
Some small business owners in need of accounting help to balance their books and guide them out of a financial black hole, are renting CFOs rather than hiring them. The strategy comes at a time when the deep recession has forced small companies to look for money-saving alternatives that can yield good returns yet avoid substantial overhead costs.
Outsourced CFOs often have a bigger role than simply keeping track of the company's books. We work with business owners to manage their accounting and finance departments, connect them with business sources that can help them grow and provide financial data to help make strategic long-term or day-to-day decisions.
Consulting Services
Business Consulting
We gauge our worth by the personal and business successes of our clients. We can help your business identify areas negatively affecting profitability and growth and develop solutions that are practical and technically sound. In addition to acting as a sounding board for management, we provide comprehensive, flexible strategies that address the issues affecting your business.
Business Succession Planning
Effective coordination of the transition of your business to your successors is critical to ensure its continued success once you decide to remove yourself from the company's day to day operations. With a solid background in tax and other financial matters, we are fully qualified to address the complex issues of business continuation and can assist you in developing a strategically sound plan.
Consulting Services
We gauge our worth by the personal and business successes of our clients. We can help your business identify areas negatively affecting profitability and growth and develop solutions that are practical and technically sound. In addition to acting as a sounding board for management, we provide comprehensive, flexible strategies that address the issues affecting your business. The following is just a few of the areas in which we provide consulting services:
- Accounting software selection and implementation
- Type of entity selection
- Business valuations
- Buying/selling a business
- Computer systems
- Financial & retirement decisions
- Estate, trust & gift planning
Financial Planning
Properly structured financial plans enable you to address financial needs at each stage of life. We review your financial goals, measure risks, and develop strategies to help you understand how to achieve your goals and strengthen financial security.
Personal Wealth Planning. Our professionals will design a plan to begin wealth planning or review and recommend ideas to enhance already established plans.
Company Benefit Plan Options. We will review the qualified employee benefits to help evaluate the type of plan that best serves your retirement and lifestyle coverage needs.
College Planning. Analyzing the different options to pre-pay or manage current tuition needs
Business Entity Selection
Choosing the form of entity of your business (e.g. "S" corporation, sole proprietor, limited liability company) is a crucial decision that can have longstanding tax implications, positive or negative. We can assist you in evaluating the pros and cons of each entity type to help you determine the most advantageous form of business for your company.
Buying & Selling a Business
Structuring the purchase or sale of a business properly is a critical step in the process of buying or selling a business. Our competent staff has experience to guide you through the acquisition/disposition process by addressing such issues as cash flow analysis and tax considerations.
Estate Planning
Effective estate planning facilitates the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse, and can reduce or eliminate the tax due on the transfer of your business and other assets. For business owners, providing for business continuity and succession of ownership is essential. We can guide you through the complex process of getting your financial affairs in order.
Financial Planning
A properly structured financial plan enables you to face any financial challenge that may present itself at each stage of your life. Through the financial planning process, we can help you assess your financial needs and develop strategies that will enable you to achieve your goals and strengthen your financial security.
Fraud Prevention & Detection
We use accounting and auditing skills to provide an analysis of financial records in conjunction with fraud and theft investigation. Our damage measurement methods can determine the extent of financial loss and illegal accounting practices.
Investment Review
As you develop your investment strategy, we will act as your sounding board. We can help you and your investment advisor build an investment portfolio that takes into consideration the impact of taxes and produces a favorable after-tax return.
Management Advisory Services
Even the most qualified managers can benefit from competent, objective feedback. We can help your company's management team develop long-term objectives and specific strategies to facilitate your business' future growth and success.
Pension & Profit Sharing Plans
Qualified retirement plans (e.g. defined-contribution or defined benefit plans, Keoghs, SEPs...) can provide significant tax advantages for closely held businesses and self-employed individuals. Our qualified staff can assist you in evaluating the type of pension plan that will best serve the retirement needs of you and your employees.
Retirement Planning
Successful implementation and periodic review of your financial plan will ensure financial independence during your working years and through your retirement years.
Miscellaneous
Accounting Support
We help provide assistance with accounting transactions, monthly or quarterly closings, or become your complete accounting department. Our firm provides a full range of cost effective accounting services including:
Outsourced CFO. One of our professionals can become your part-time CFO providing financial leadership and management to become the permanent solution for a growing enterprise or an organization scaling back on full-time assistance, or to bridge a temporary gap.
Bookkeeping. We can assist in-house resources or outsource your entire accounting department including paying the bills, recording transactions, managing receivables, and generating financial statements and related adjusting entries to your general ledger system.
Software Selection & Installation. Installation, set-up and training accounting software.
Audits & Reviews
We provide financial statement audits, reviews, special purpose engagements, and internal control services. Our firm has experience working with closely held businesses, non-profits, municipalities, and publicly traded companies.
Audits - an intensive examination with the highest level of assurance
Reviews - some analytical procedures conducted with limited assurance
Internal Audits – documentation and testing of internal controls and remote locations
Special Purpose Engagements – to examine specific areas of interest
Employee Benefit Plans – audits of 401k, pension, or other company sponsored plans
Fraud Detection & Prevention – an analysis of records to assess damages, determine the extent of a financial loss, or identify illegal accounting practices.
Business Succession & Acquisition
Exit Strategy Planning. Often, this is a multi-year process to prepare a business for sale to an outside party. We help management create a realistic plan, ensure reporting is accurate, and work to present the organization in the most favorable position possible to leverage the potential selling price.
Mergers & Acquisitions. We help evaluate critical elements such as tax considerations; product/service compatibility; competitive tactics and position; financial impact; cash flow considerations and we conduct the due diligence on potential candidates.
Shareholder Buyout. Assisting partners/shareholders and surviving spouses with planned or unexpected terminations or hostile buyouts and help create a transition for the surviving owner.
Family Succession. We help develop a plan to minimize tax liability on the transfer and reduce debt for incoming leadership, while ensuring the retiring owner meets their retirement needs.
Employee Buyouts. Creating a plan to structure the sale of the business to employees.
Operational Development
These are some of the services we offer to help businesses increase efficiencies and profits.
Budgeting. To develop written plans to monitor achievement and set realistic profit expectations.
Cash Flow Planning. We can forecast your financial needs, estimate financing requirements, track cash-flow sources and uses, and create reporting to help the business manage their working capital, access to capital lines, and keep operations running smoothly.
Forecasting & Projections. From simple projections to complex financial modeling, our staff can design “what if” financial models or customized tools to help gain control of or monitor options.
Activity Based Costing. Our team will measure the “true” cost factors including the administrative and handling or processing time involved with a service or product, storage and shipping costs, insurance and financing.
Cost Containment. Efforts to reduce excess costs such as scrap, idle time, excess capacity issues, break-even points, labor rates, insurance classifications, and other components.
Political Reporting Service
Catalano, Caboor & Company offers a reporting service for political committees, candidates, and elected officials. With the increased scrutiny on the actions of candidates and their supporting committees, retaining an expert to manage financial needs is critical. Whether a large political committee or a local candidate, we have the knowledge and expertise to ensure the financial component of the organization meets all regulatory guidelines. We are familiar with state reporting requirements, filing deadlines, and tax issues ensuring the possibility of negative exposure is significantly reduced.
Our service portfolio includes:
Specialized Accounting Services – including payroll related filings
Return Preparation - including IL Form 1120 and Federal Form 1120
Report Filings - including D-2 Pre-Election and Semiannual Statements
Specialized Reporting - Time Sensitive A-1 Filings
Training & Support – We can train staff how to use the Illinois state reporting system, and properly submit time sensitive filings. Sometimes the little things sink a campaign. To test us ask about our Political Campaign Review.
For more information, please contact Mr. Stephen Caboor at stevec@catbooor.com
Other Services
Certified QuickBooks Pro Advisor ®. Training, Installation, And Support
We are a Certified QuickBooks Pro Advisor ®. We can assist you in QuickBooks ® Setup, Training, and Reporting.
Do you know of any successful company that does not know its current financial situation? The initial Quickbooks installation and Quickbooks Training is essential to getting the information you need to be more profitable. As a QuickBooks ProAdvisor, we have industry specific knowledge to help you properly design your Bookkeeping system.
Do you already have your software installed? We can review your Quickbooks setup to make recommendations. Have a new person in the Bookkeeping position? We can help train them to minimize the “learning curve”.
We offer onsite Quickbooks Training and Quickbooks Support, using your information at your location. We also have remote access support.
Notary Public
Bring us your important documents to notarize.
Employee Benefit Plans
The accounting and tax issues involved with employer-provided benefit plans can be overwhelming. We can assist with the development, implementation and administration of your employee benefit plan.
Expert Witness Services
Pending or existing litigation can result in the need for a qualified professional to present his/her opinion to support or oppose evidence submitted to the court. Our level of competence allows us the opportunity to function as expert witnesses in such cases.
Litigation Support
Litigation support involves the quantification of economic damages pursuant to existing or pending litigation using accounting and auditing techniques. We have experienced competent staff who can compile information efficiently to assist in the calculation and documentation of any potential economic loss or damages.
Mergers & Acquisitions
Finding the right business partner for your company can be a difficult task. We can assist you in the merger or acquisition process by assessing such critical elements as tax considerations; product/service compatibility; competitive tactics and position; financial impact; and cash flow considerations.
Tax Services
Form 10-Q/10-K Filing
Quarterly and Annual reports required by SEC for public company's. Ask Tony Ozzauto for more information.
IRS Representation
During our years of experience dealing with many taxing authorities, we have achieved a level of competence that can ensure our clients they are being properly represented before the various federal and state tax agencies.
Payroll Services
As a business grows, it must hire more employees, which can result in increased payroll administration. We can assist you in implementing the controls necessary to ensure a reliable, efficient, and effective payroll system. Our firm can also help you develop a payroll system and prepare all necessary payroll tax returns in a timely manner.
Sales Tax Services
Many of our clients are responsible for collecting and submitting sales taxes in many different vicinities. We can assist your company in the compilation of information and preparation of sales tax returns in an efficient and timely manner.
Tax Planning & Preparation
Tax planning and preparation form a winning combination for our successful individual and business clients. Whether you are an individual or a multi-tiered partnership, our experienced staff can develop tax strategies that take advantage of new tax laws and legislation.
Tax Planning
Tax planning is an essential element of the tax preparation process. By making tax planning part of your overall business strategy, you can use our experience and access to the most current new developments in the tax laws to minimize both your current and future tax liabilities.
Tax Preparation
Our significant investment in computerized tax preparation and research software enables us to accurately and efficiently prepare returns for various types of entities including individuals, corporations, partnerships, trusts, estates, and not-for-profit organizations.
Tax Services
We prefer to take a proactive vs. reactive approach to tax services. By keeping current on new tax laws and legislation, we are in a position to identify key tax planning opportunities that minimize both your current and future tax liabilities. We provide our individual and business clients with the taxation expertise and knowledge that they deserve throughout the year. Tax services offered include but are not limited to:
- Tax planning & return preparation - Individuals - Corporations - Partnerships - LLCs/LLPs - Estates, trusts & gift - Not-for-profit organizations
- Taxing authority representation
- Divorce and support issues
- Tax effects of buying/selling a business
Tax Services
We take a proactive approach by identifying tax-planning opportunities to minimize current and future tax liabilities. Our services offered include, but are not limited to:
Tax Planning & Return Preparation. Our professionals use computerized systems and research software to accurately and efficiently prepare returns for individuals, corporations, partnerships, trusts, estates, and not-for-profit organizations.
Estates, Trusts & Gifting. Effective estate and gift planning orderly transfers assets to beneficiaries, provides security for surviving family members, and reduces tax liability. Our professionals can guide you through the process of getting your financial affairs in order.
International Taxation. We have experience with tax matters for businesses operating in, or doing business in, foreign countries.
Sales Tax Reporting. We keep businesses compliant with taxing authorities by compiling and preparing sales tax returns for clients responsible for collecting and submitting sales taxes.
IRS Representation. Federal, State and local representation on tax issues requiring representation or communication with taxing authorities.
Divorce Planning. Our professionals help identify the value of the assets, project the potential tax impact, and work to bring a quick closure.
Business Entity Selection. We evaluate the pros and cons of operating as an S or C corporation, sole proprietor, or partnership and help you select the entity that best fits your needs.
Multiple State Tax Returns
If you’ve lived or worked in more than one state, you may need to file multiple state tax returns. You may have to file part-year resident returns or nonresident returns in multiple states in these kinds of scenarios.
Estate & Trust Tax Preparation
Effective estate and gift planning facilitates the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse, and can reduce or eliminate the tax due on the transfer of your business and other assets. For business owners, providing for business continuity and succession of ownership is essential. We can guide you through the complex process of getting your financial affairs in order.
International Taxation
Our experience with the taxation of U.S residents working abroad and foreign citizens working in the U.S. has provided us with an extensive base of knowledge in the area of international taxation.