The role of traditional CPA firms has changed. Companies today need much more than accounting to become successful. CCK offers complete and unified business and financial strategies to meet the needs of today’s companies and entrepreneurs – just ask them.
Through CCK's help to improve the ownership structure of the firm and address reporting for multi-state income, the firm’s partners saved approximately $100,000 in the first year. The new operating structure also allows the partners to have timely information for planning and managing their income tax liability far in advance of the tax payment due dates.
In the first 15 minutes of the first meeting with a prospective client and business owner, CCK developed a new strategic plan that put $20,000 in the owner's pocket immediately with potential future savings expected as well.
Manufacturing Company 1
Through our continual awareness of tax law changes, CCK enabled a client in the manufacturing industry to make an election that was only available during a three-week window of time. This election saved the client $60,000.
Manufacturing Company 2
CCK has been able to maximize the company's exclusion of income from U.S. taxation for sales to foreign countries, utilizing complex tax laws enacted to create incentives for foreign exports. Tax savings have exceeded $100,000.
Manufacturing Company 3
By developing an innovative buyout structure for one of two company owners, CCK was able to create future deductions for the remaining owner that will result in tax savings of approximately $800,000 over the next 15 years.
Two S-Corporations owned by a single family came to CCK with tax returns prepared elsewhere, but not yet mailed. We corrected one S-Corporation for missing employment credits, made an election based on a recent tax law change and corrected current year fixed asset classifications. We corrected the second S-Corporation for errors in asset allocation and valuation. The combined impact of these changes resulted in a the family's reduction of more than $150,000 in taxes.
Operating as a sole proprietor, this client was very successful but had no internal procedures or financial plan. Through CCK's recommendation to restructure the business and to operate as an S-Corporation, the individual's taxes have been reduced, allowing them to manage their income and tax liability, rather than have the tax results manage the business.
CCK has been successful on numerous occasions when dealing with complex audit issues and representing our clients before the IRS. Many times, our audits have resulted in client refunds or no change to tax returns filed.