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CASE STUDY

As part of our client intake process, Schulte & Company performs an initial review of every new client. One of the goals from this initial review is to ensure that accounting systems and procedures are in place to ensure accurate and timely financial reports and tax returns. The initial assessment includes:

  • Review of Current Operations,
  • Understand and Evaluate the Cash Flows of the Business,
  • Accounting Clean-up, and
  • Recommendations for improvement.

As part of our on-boarding process, S&Co enters every new client’s prior year tax information into our systems. This facilitates a review of the tax returns that were prepared by the predecessor and enables S&Co to increase its familiarity with the new client. This critical step often results in the discovery of errors and omissions.

The following is an actual fact pattern from a client that recently joined us.

A closely held business with a history of business acquisitions became concerned about the price they were paying and the service they were getting from another CPA firm. While Schulte & Company was able to provide a substantial savings in the accounting fees they were paying, the real benefits for the client began to be realized after they joined us.

Our on-boarding process allowed S&Co to identify substantial errors in how the business acquisitions were being treated. It became obvious that the prior CPA (a) did not read and understand the purchase agreements or (b) simply did not know what they were doing. S&Co amended several years of corporate tax returns and restated the company’s balance sheet. The resulting federal and state tax refunds were in excess of $100,000 and the company continues to enjoy incremental tax deductions now that the costs of the acquisitions have been properly recorded.

In summary, the client reduced their accounting fees and saved six figures in the process.

CASE STUDY

Unfortunately, taxpayers sometimes find themselves at odds with the IRS. While we stand behind every return we file, most of our advocacy work is for clients that had their tax returns prepared elsewhere. These clients are referred to Schulte & Company because of our experience and reputation for successfully and fairly dealing with the IRS and state agencies. (See Tax Services for more background on our tax advocacy expertise.)

The first step in resolving tax controversies is to completely understand all the facts and circumstances. Sometimes taxpayers create their own IRS problems. Sometimes a client’s financial or personal situation prevents them from being a good taxpayer. Once all the facts are gathered, S&Co develops a plan to resolve the tax issue, prepares a power of attorney and contacts the IRS on the taxpayer's behalf.

The following facts are from a case we recently resolved for a client.

The taxpayer was a well-to-do widow. Her husband managed all the financial affairs of the family until his untimely death; after which she relied exclusively on her investment advisor for both managing her financial affairs, as well as filing her tax returns. A few years later, the widow’s son was visiting and discovered that she had several notices from the IRS demanding payment of $515,595 and other notices from the state tax department demanding $18,994 for back taxes, penalties and interest. The son asked his banker what to do and the banker referred them to Schulte & Company.

Schulte & Company contacted the IRS and the state tax department and obtained transcripts of all information in the government’s possession. We discovered that the investment advisor had cashed in some of the taxpayers annuities, took the proceeds and, in an effort to conceal his embezzlement, never filed the tax returns that he said he prepared.

Schulte & Company prepared and filed the missing income tax returns. By taking advantage of available losses, matching cost basis against proceeds and utilizing available carryovers, the result was that the taxpayer did not have to pay any of the $534,589 that the government was trying to collect from them. The end result: the client was happy. The banker who referred the client was happy. The investment advisor was not happy; he subsequently became a defendant in criminal and civil litigation.

CASE STUDY

We view every client relationship as a partnership and strive to remove anything that could impede a client from communicating with us. As part of our client intake process, Schulte & Company performs an initial review of every new client. One of the goals from this initial review is to ensure that accounting systems and procedures are in place to ensure accurate and timely financial reports and tax returns. The initial assessment includes:

  • A Review of Current Operations,
  • Understanding and Evaluating the Cash Flows of the Business,
  • Accounting Clean-up, and
  • Recommendations for improvement.

As part of our on-boarding process, S&Co enters every new client’s prior year tax information into our systems. This facilitates a review of the tax returns that were prepared by the predecessor and enables S&Co to increase its familiarity with the new client. This critical step often results in the discovery of errors and omissions.

The following is an actual fact pattern from a client that recently joined us.

A closely held business with a history of business acquisitions became concerned about the price they were paying and the service they were getting from another CPA firm. While Schulte & Company was able to provide a substantial savings in the accounting fees they were paying, the real benefits for the client began to be realized after they joined us.

Our on-boarding process allowed S&Co to identify substantial errors in how the business acquisitions were being treated. It became obvious that the prior CPA (a) did not read and understand the purchase agreements or (b) simply did not know what they were doing. S&Co amended several years of corporate tax returns and restated the company’s balance sheet. The resulting federal and state tax refunds were in excess of $100,000 and the company continues to enjoy incremental tax deductions now that the costs of the acquisitions have been properly recorded.

In summary, the client reduced their accounting fees and saved six figures in the process.

TESTIMONIAL

Most CPA firms are capable of providing financial statements to meet a bank covenant and preparing required tax returns for the government. But with Schulte & Company you get more than just meeting a bank or government mandate. Beyond delivering tax and accounting services in a cost efficient, coordinated manner with no surprises, we view meeting these requirements as a recurring opportunity to improve your bottom line.

The accurate financial statements and timely tax returns we provide become tools for your business: tools that we use to provide tax planning, obtain financing and sell your business. Our expertise to provide these consulting services is one of the things that helps distinguish Schulte & Company from other CPA firms.

Here is what the managing member of a manufacturing client recently said to his new banker:

“Schulte & Company has been our accounting firm since 2008. They have done everything we have asked and more, from performing our audit and preparing the tax returns for our business and owners, to tax planning. Their service has been outstanding; they are always asking ‘What more can we do to help?’ They provide our annual business audit and tax services smoothly, in a coordinated effort. They work well with our staff. Over the years, their tax planning strategies have saved our business owners several hundred thousand dollars in taxes. When our chief financial officer fell ill and ultimately passed away, they stepped in, prepared a loan request package, shopped it with different lenders and successfully secured new credit lines and term loans. Most recently, when we were experiencing a transition in ownership, they helped us evaluate the business and tax implications of various buyout alternatives. They deliver big firm accounting experience with the personal touch of a local firm.”

TESTIMONIAL

As CPAs, Schulte & Company prides itself on being a trusted resource that business owners can count on. Part of being the trusted resource is delivering accurate and timely financial statements and tax returns. These are the starting points for financial decisions and planning.

We provide monthly financial statements and tax services to dozens of franchisees. Here is what one national franchisor, who has dealt with hundreds of accounting firms in his career, recently instructed his franchisee’s in regard to our services:

“I’ve found none better for the price and expertise that’s provided than Schulte & Company. I’ve found franchisees that I’ve recommended Schulte & Company to have everything they need to measure and monitor the financial health of their business. Without fail, this makes a huge difference. With the right accounting firm and a few lessons on how to interpret your financials, it can make a difference by tens of thousands of dollars in your favor. I strongly encourage you to reach out to Schulte & Company.”

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affiliations
We are members of the American Institute
of CPA's and the Ohio Society of CPA's.