Our Services
At Blue Moon, CPA, PA, we make careful financial management our top priority. We pride ourselves on providing personalized, thorough service that meets your business or individual needs.
We provide a full range of tax and accounting services and offer consulting for special needs.
Tax Services
At Blue Moon, CPA, PA, we help our tax clients with efficient compliance and effective planning to realize substantial savings. We use a team approach and focus on timely communication to provide excellent service. Involving tax partners and specialists ensures our clients receive the most experienced technical expertise we offer.
We offer the following tax services:
Federal, State and International Business Tax Services
Tax Return Compliance
Preparation of federal, state, and international tax returns is the core of our tax services. Our tax professionals' deep technical and industry-specific expertise helps ensure clients’ tax returns are prepared efficiently and on time.
Accounting Method Reviews
We review businesses’ tax accounting methodologies and accounting method strategies to maximize income tax benefits.
Audit & Appeal Representation
We possess the expertise and experience to represent taxpayers before tax authorities. Our tax professionals understand the dispute resolution and appeals process and work diligently to obtain you the most favorable results.
State and Local Tax Specific Services
Nexus Consulting and State Tax Liability Analysis
We can help you understand and navigate where your business must file and pay state and local taxes based on multistate activities. Additionally, we will recommend where to file and quantify potential tax liabilities in various state and local jurisdictions.
Sales and Use Tax Determination
We can assist you in understanding the sales and use tax consequences of specific transactions and ensure you meet any filing requirements.
Tax Planning Services
Federal Income Tax Planning
We aid businesses with all aspects of federal income tax planning. This includes implementing federal income tax strategies that maximize savings, increase profits, and manage cash flows.
State and Local Tax Planning
Our team understands the structural and transactional underpinnings of state and local regulations in ways that allow us to create solutions that mitigate tax liabilities. We provide state and local tax planning in the following areas:
- Income tax
- Franchise tax
- Sales and use tax
- Property tax
- Other miscellaneous taxes
Business Succession Tax Planning
You spent your life building your business, and now you want to pass it on to the next generation or sell the value you built. We advise businesses on proper succession planning to preserve your family and business legacy while also addressing potential tax consequences.
Other Tax Services
Accounting for Income Taxes
Income tax accounting can be complex. Our professionals have the technical skills and experience to help clients navigate these requirements and create efficient income tax accounting and reporting. We also help companies stay up to date with regulatory guidance and disclosure requirements. Our services help clients minimize year-end surprises and reduce reporting risk. These services include:
- Calculation of tax provisions
- Account for uncertain tax positions
- Analyze current and deferred taxes
- Prepare financial statement footnote disclosures
Tax Updates
We keep our clients up to date on the latest federal, state, and international tax issues through webinars, newsletters, website postings, and face-to-face meetings. By staying ahead of tax issues, we can communicate how they will impact your operations quickly and address them in a timely manner.
Individual Tax Services
When it comes to individual taxes, change provides opportunity. We stay on top of these changes to provide the best advice and strategies, especially through planning opportunities. You can depend on us for objective guidance and personal attention. We focus on your long-term financial goals and steer your current needs in a direction that supports them.
Estate and Trust Tax Services
If you have not considered what will happen to your hard-earned assets as you age and eventually pass on, you should. Without an estate plan, the wealth you worked your entire life to build will be distributed under state law, not your wishes. Estate planning is crucial if you want to minimize taxes and distribute as much as possible to your preferred beneficiaries.
We will work with you to design an estate plan customized to your particular needs by utilizing a variety of planning vehicles such as family limited partnerships, trusts and charitable entities. Our team can assist you by performing the following:
- Review wills and trust instruments.
- Estimate estate taxes and strategize alternatives that may provide tax savings.
- Review business issues including valuation and the transfer and/or disposition of business interests.
- Identify potential liquidity problems caused by federal and state estate taxes for the continued operation of the family business, probate, administration costs, etc.
- Develop a lifetime gifting program using vehicles such as family limited partnerships, charitable trusts, and qualified personal residence trusts
- Prepare estate, gift, fiduciary, and non-profit tax returns
- Advise you on the possible use of various trust structures, including charitable remainder trusts, grantor annuity trusts, personal residence trusts, family partnerships, credit shelter trusts, marital deduction trusts, and revocable lifetime trusts.
Bookkeeping Services
Timely, accurate financial information is essential to good management. Let us perform your bookkeeping and save you time, money, and distractions. This will allow you to focus on what you do best – running your business. Our firm provides a full range of bookkeeping services, including the following:
- General ledger & financial statement preparation
- Adjusting journal entries
- Bookkeeping on a Monthly, Quarterly, or Annual basis
- Accounting system setup for new businesses
Accounts Receivable
When your company sells goods to services to customers on credit where you don’t require them to pay ahead of time or at delivery, this creates an asset called an “Accounts Receivable.” The accounting process is based on the invoice you issue, which describes the goods or services you’ve sold, the amount owed (including sales taxes and freight charges), and the payment due date.
Our Accounts Receivable services include sales invoicing, direct mailing, cash receipts, bank account reconciliation, cash flow analysis, and collections.
If this seems overwhelming or simply something you’d rather not have to deal with so you can focus on running your business, we can help! We’ll take care of the recording and maintenance of all your accounts receivable, including handling the following:
Bad Debt
Sometimes, customers you sold to on credit won’t pay. When this happens, you’ll need to account for bad debts properly. Bad debt accounting not only covers writing off customers who don’t pay, but also estimating the allowance for bad debts you need to hold in reserve.
Early Payment Discounts
If you offer customers a discount for early payment or under certain terms, we can handle the accounting so you always know where you stand and can manage your discount programs effectively.
Aging Analysis
Your accounts receivable data can reveal a lot about your business's financial health. We can produce accounts receivable aging reports that show the number of invoices due at select intervals, typically in 30-day increments up to 90+ days. Aging reports are essential for managing your collections effectively.
Accounts Payable
When your company orders or receives supplies, materials, or services before paying, these purchases are considered to be made on account or credit. Your supplier or vendor on the other end of the transaction is a creditor because you owe them for goods or services already shipped or rendered. That is why these purchases are considered “Accounts Payable” in accounting.
If this seems overwhelming or simply something you’d rather not have to deal with so you can focus on running your business, we can help!
Let us handle accounts payable to keep your financial statements accurate and complete. We handle the accounts payable process from start to finish, ensuring every detail is legitimate and accurately reflected in your accounting system. An efficient, effective accounts payable process can improve your company's cash position, supplier relationships, and even your credit rating.
Our timely and efficient accounts payable process can include any or all of the following services;
- Processing vendor invoices promptly
- Payment processing
- Accurate general ledger account recording
- Aged payables analysis
- Accruing expenses for items not yet fully processed
Visit our set of Financial Calculators for quick answers on topics such as your IRA, investments, your child's college tuition, and your mortgage or credit card calculations.
IRS Representation
Don’t be an ostrich. Burying your head and ignoring IRS tax problems is a huge mistake. Ignoring an IRS tax issue will not make it go away. The IRS won't forget you, and it will only make matters worse. Most people bury their heads in the sand when it comes to IRS tax problems because they are scared, overwhelmed, and don’t know what to do. We can help.
Leaving a tax debt unaddressed means interest and penalties will keep piling up. It can put you at risk of having your wages garnished, your bank account levied, and ultimately the IRS even has the power to seize your assets and sell them at auction. The reality is that the IRS has significant power to collect tax debts. We can help you resolve your tax problem while preventing or minimizing these threats.
Ignoring an IRS problem won’t make it go away; it grows bigger and bigger over time as interest and penalties add up. This snowball can make it feel impossible to settle your IRS debts. Often, interest and penalties exceed the original tax bill!
We offer services to help you settle your IRS tax problem and fend off garnishment, levies, and seizures. Leverage our tax code expertise and experience in dealing with the IRS to resolve your tax problems. Here are a few solutions we use to help our clients resolve their problems.
- Installment Agreement
Installment agreements are monthly payment plans you can use to pay off the IRS. An installment agreement shows the IRS you are serious about dealing with your tax problem. Even if you can’t pay off the entire amount upfront, installment plans can prevent future penalties, keep interest in check, and help stop garnishments, seizures, and levies. - Innocent Spouse Relief
Sometimes an IRS problem is not your fault. Typically, innocent spouse relief applies to married couples who file jointly. Whether one spouse just forgot to include all their income or they purposely committed tax fraud, the IRS will come after both of you. We can help you determine if you qualify and apply for innocent spouse relief, so you are off the hook for your spouse’s wrongdoing and the tax debt that goes with it. - Offer in Compromise
An Offer in Compromise is one of the best options for resolving IRS problems. An Offer in Compromise lets you settle your tax debts for less than you owe! It can take a few forms, requiring either a lump-sum payment or a short-term payment plan, and there are no guarantees; the IRS must accept your offer. We can help you propose, negotiate, and close out an Offer in Compromise if it suits your individual situation.
Visit our set of Financial Calculators for quick answers on topics such as your IRA, investments, your child's college tuition, and your mortgage or credit card calculations.
Blue Moon, CPA, PA