Preparation of income tax returns for individuals (form 1040, 1040A and 1040EZ) as well as business entity income tax returns for Corporations (Form 1120), S-Corporations (Form 1120-S), Partnership, LLC, and LLP (Form 1065) along with association state tax returns.

A compiled financial statement consists of the most basic financial statements. It includes a Compilation Report, Balance Sheet, Income Statement, and Cash Flow Statement as of a particular date for any business. These financial statements provide the least amount of risk to the CPA firm, since there is very minimal testing and no opinion is made. This is a good fit for business owners who want a snapshot of the financial position of their business on a periodic basis, and is typically required at a minimum for lending institutions for the past three years together with tax returns in order to acquire a small business loan or for the sale of a business interest to a third party.

A Reviewed Financial Statement is a more substantial level of financial statement than the compiled financial statement since it must include full note disclosures. It includes a Review Report, Balance Sheet, Statement of Income and Retained Earnings, Statement of Cash Flows, Note Disclosures, and supplementary pages as deemed necessary as of a particular date for any business. These financial statements provide more assurance than a compiled financial statement but less than an audited financial statement since there is some analytical testing and much more financial data included in the package, but still no opinion is issued. This is a good fit for businesses who want a snapshot of the financial position of their business on a periodic basis and is typically required at minimum for lending institutions, along with the last three years of tax returns, to get a large loan or large bonding requirements.

An audited financial statement is the highest level of financial statement and must include full note disclosures. It includes an Audit Report, Balance Sheet, Statement of Income and Retained Earnings, Statement of Cash Flows, Note Disclosures, and supplementary pages as deemed necessary as of a particular date for any business. Audited Financial Statements provide more assurances than a compiled or reviewed financial statement but cannot be relied upon to detect or discover fraud, since assurances are derived from the statistical substantive testing of a small sample of transactions and 100% of all transaction are not tested. It is designed to measure if the financial reports are materially misstated, and to document, test, analyze, and report back any weaknesses of the company’s internal control systems. Although an Audit is not designed to detect fraud, any irregularities and fraudulent activities will be reported to the board of directors or audit committee. An audit is designed to provide an independent opinion of the financial statements taken as a whole through analytical and substantive testing. This is a good fit for businesses who receive government funding, have absent ownership interests, or are requires for lending or large bonding for very large loans or bonding limits.

A full disclosure financial statement includes note disclosures as required by Generally Accepted Accounting Principles (GAAP). Note disclosures would typically include written explanations of accounting principles and management estimates which are included in the financial statements such as depreciation methods and lives, allowance for doubtful accounts, inventory recording methods, fair value of debt, banking covenants, terms of debt, and other information which is valuable to the banking, bonding, or creditor institutions. Full disclosure financial statements are typically included with Review or Audit Level financial statements, but can also be included at the compilation level of financial statements.

Management Advisory Services allow you to meet with a CPA to discuss strategic planning.

Managed Account® Services is a special premium level service offered exclusively at Wolf CPA. A Managed Account® is designed for those businesses experiencing growth between a small to midsized business and have addition accounting or staffing needs, but not enough to merit hiring a full-time controller or CFO. You get an accounting department, part-time controller, CFO, tax preparer, and CPA—all for a fraction of the price of hiring in-house staff. We offer a full spectrum of all foreseeable accounting related services for a set annual fee, which is conveniently deducted automatically on a monthly basis from your account. We evaluate your current business needs and design a customized system which may include services such as:

• Monthly or Quarterly Financial Statements

• Sales Tax Returns

• Annual Business Property Tax Returns

• Corporate Tax Returns

• Individual Income Tax Returns

• Quarterly Payroll Tax Returns

• Monthly or Quarterly Analysis Meetings

• Year End Tax Planning Meetings

• On-site Accounting Assistance

• Unlimited Phone Calls Directly to your CPA, who is familiar with your account

When you sign up for this premium service, we are so confident in the tax returns that we prepare that we are willing to stand behind our product by offering Audit Protection. If you are audited on a return that was prepared by our firm, and you are currently enrolled in the Managed Account® program, we will deal with the IRS or FTB at no extra charge.

For employers who sponsor a retirement or other defined contribution plan, and who have more than 100 eligible members, a limited scope audit is required to be attached to Form 5500, which must be filed annually.

Our Accounting Service Department (ASD) provides outsources bookkeeping for businesses who need monthly, quarterly, or annual recordkeeping to assist with preparation of the year-end tax return. This basic service is provided to business owners who are searching for the most cost-effective way to leverage their time and who may not be familiar with or interested in doing their own accounting.

Payroll tax assistance services are for businesses who prepare their own in-house payroll for their employees, and need assistance preparing the quarterly and annual payroll tax returns such as Forms 940, 941, DE6, and DE7. We are not a payroll service company and do not prepare payroll, nor take responsibility of the timely payment of related payroll taxes of the business.

Incorporation of for-profit and not-profit businesses in various states along with consulting of the most beneficial entity type to meet your tax, asset protection, and privacy needs.

Preparation of annual statement of non-personal business assets for the county in which the assets are stored or located.

Assistance in dealing with IRS or FTB.

Preparation of sales tax returns for all businesses engaged in retail or resale businesses and have a resale number.

Preparation of Estate tax Returns for individuals who have more than $1 Million in value as of the date of death

Preparation of Fiduciary income tax returns for income generated by estates or trusts from the date of death to the sate the estate or trust is dissolved and/or distributed to the beneficiaries.

Preparation of non-profit entity annual information tax returns (Form 990) for non-profits with more than $25,000 of annual gross revenues.