Our firm offers a wide range of services to our individual and business clients. We also serve a wide variety of Industries.  Because our firm is relatively small, our clients benefit by getting personalized, quality service that is beyond comparison. Below we have listed the services that we offer to our clients along with a brief description.

As the list below is by no means all-inclusive, please feel free to inquire about a service if you do not see it listed. If it is not a service we provide, we would be more than happy to refer you to a qualified professional.

 
Accounting Services Foreign Investors / Nonresident Tax
Accounting Software Selection Forensic Accounting
Bookkeeping/Write-Up General Excise Taxes
Business Consulting Internet Commerce
Business Entity Selection Investment Review
Business Succession Planning IRS Representation
Business Valuations Litigation Support
Buying & Selling a Business Management Advisory Services
Cash Flow & Budgeting Analysis Mergers & Acquisitions
Certifying Acceptance Agent   Other Services
Computer Consulting Payroll Services
Consulting Services Pension & Profit Sharing Plans
Debt & Financing Services Real Estate and Lease Negotiations
Employee Benefit Plans Retirement Planning
Estate & Trust Tax Preparation Reviews & Compilations
Estate Planning Sales Tax Services
Expert Witness Services Tax Planning & Preparation
Financial Forecasts & Projections Tax Services
Financial Planning Wealth Building Strategies
Financial Statements  
 

 

Wealth Building Strategies

Accumulating wealth is probably the single most important financial objective in the planning of individuals and businesses. Our experienced staff can suggest and explain different investment vehicles and tax and economic implications to maximize your wealth.

General Excise Taxes

General excise taxes in Hawaii are complicated by various deductions, exemptions, and tax bases. Our staff can assist you in calculating these taxes that make up a significant part of doing business in Hawaii.

Internet Commerce

Online sales are predicted to reach $250 billion by 2012. If your business is not on the Web, it needs to be. We can help you determine if your company would benefit from setting up a "virtual storefront" on the Internet and assist in implementing adequate systems and controls.

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.

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.

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.

Other Services

Due to our diverse client base, we encounter a wide array of financial and tax issues. As a result, we have gained valuable experience over the years in numerous specialized areas, many of which are listed below. We feel our ability to provide such a variety of services reflects our versatility and competency, as well as our dedication to quality client service.
  • Mergers & acquisitions
  • Asset protection
  • Investment review
  • Bankruptcies
  • Litigation support
  • Cash flow forecasting
  • Employee benefit plans
  • Expert witness services
  • Internet commerce
Accounting Services

Providing financial information to our clients in a timely and accurate manner is a commitment that we feel can not 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
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.

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.

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.

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.

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.

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.

Certifying Acceptance Agent

We have two Certifying Acceptance Agents (CAA) on staff with formal agreements with the IRS to assist non-resident aliens and other foreign taxpayers to apply for individual taxpayer identification numbers (ITIN) used for Federal tax reporting. The IRS will no longer accept notarial copies of passports, so hiring a CAA will avoid sending original passports to the IRS or visiting a U.S. Consulate in person.

We will review your supporting documents and issue a Certificate of Accuracy, verifying your identity and foreign status for the IRS. If you are a foreign taxpayer that invests in property in the U.S. or have income sources from the U.S., you may be required to obtain a ITIN.
 

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 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.

    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.

    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.

    Foreign Investors and Nonresident Tax Services

    Our staff can assist and provide tax compliance services with regard to preparation of U.S. income tax returns for nonresidents, Form 1040NR, provide consulting services for foreign owners of U.S. real property with respect to entity ownership, preparation of general excise and transient accommodations taxes, application for Individual Tax Identification Numbers (ITIN), reporting of Foreign Investor Real Property Tax Act (FIRPTA) withholding exemptions and much more services.

    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
    Accounting Software Selection & Implementation

    With the number of computerized accounting software packages available for small businesses and individuals growing every day, selecting one that is right for you has become increasingly difficult. As accounting professionals, we are exposed to most programs through trade journals and actual use. Our experienced staff can help you choose and implement the system that best fits your needs.

    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.

    Business Valuations

    Whether you are thinking of buying a new business or in the midst of a difficult divorce, the amount attached to the value of your business is important. Our business valuation analyst can provide useful and objective analysis to assist you in the valuation of any business in which you have an interest.

    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 business valuation analyst has experience to guide you through the acquisition/disposition process by addressing such issues as cash flow analysis, tax considerations, and valuation premiums and discounts.

    Computer Consulting

    Whether you are contemplating the addition of new computer hardware or overhauling your network, our experienced staff can assist you with many of the difficult decisions that must be made when designing your business' computer systems.

    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, our Personal Financial Specialists (PFS) can help you assess your financial needs and develop strategies that will enable you to achieve your goals and strengthen your financial security.

    Retirement Planning

    Successful implementation and periodic review of your financial plan will ensure financial independence during your working years and through your retirement years.

    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.

    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.

    Pension & Profit Sharing Plans

    Qualified retirement plans (e.g. defined-contribution or defined benefit plans, 401k Profit Sharing Plans, 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.

    Investment Review

    As you develop your investment strategy, we will act as your sounding board and a consultant. With two personal financial planners (PFS), we can help you build an investment portfolio that takes into consideration the impact of taxes and produces a favorable after-tax return.

    Debt & Financing Services

    Debt management and the evaluation of financing options are issues that an experienced professional deals with every day. Let us use our experience to assist you in securing financing for your personal or business needs or consolidating your current debt to a more manageable level.

    Business Entity Selection

    Choosing the form of entity of your business (i.e. corporation, "S" corporation, sole proprietor, general partnership, 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.

     Real Estate and Lease Negotiations

    One of our specialties is client representation in the negotiation of real estate transactions and leases.  Our experienced business valuation analyst also provides tax and financial consulting services in the area of commercial and residential real estate development, landlord and tenant administration, investment evaluation and return calculations, and syndications.

     

    William L. Wong, CPA & Associates, Inc.

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