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Services

Herman & Co, CPAs. P.C. provides a wide range of services to individuals and businesses in a variety of industries. At Herman & Co, CPAs. P.C., we strive to meet each client's specific needs in planning for the future and achieving their goals in an ever-changing financial and tax environment. Our professional services include:


Tax Planning and Preparation

It's definitely true that those who know the importance of professional tax planning save on their taxes. We can devise tax strategies that insure that you or your business are paying only what is absolutely necessary and not one penny more! Throughout the year we continuously recommend strategies that enable you to take full advantage of all the tax law changes that affect you. We also prepare all the necessary forms, filings and returns as well.

Tax Management Services

At Herman & Company, CPA's, P.C., we guide our clients through a full range of tax planning and preparation decisions with strategies that minimize your tax liabilities, maximize your cash flow and keep you on track to your financial goals. Our expertise, experience, analysis and thorough research allow us to optimize financial opportunities to be found in existing as well as recently altered tax laws. We are knowledgeable and up to date on the tax laws and can make sense of your receipts, bills and notices.

Accounting Services

From start-ups to established enterprises, businesses rely on accurate and insightful financial information in order to maintain profitability and capitalize on new opportunities. Herman & Co, CPAs. P.C.'s accounting services steer you closer to these goals with accurate record-keeping and reporting as well as support on financial issues such as initial accounting system setup, cost-containment, tax planning, investments, and employee benefit and profit-sharing plans.

These services include but are not limited to:

  • General ledger and financial statement preparation
  • Bookkeeping (Monthly, quarterly, or annual)
  • Accounting system setup and support
  • Payroll processing
  • Cash flow budgeting and forecasting
  • Personal financial statements
  • Employee benefit and profit-sharing plans
  • Corporate tax planning and return preparation
  • Litigation support

We can set up financial reports for your view to streamline your business and save your valuable time. These reports are important tools that can guide your business in making financial decisions, planning, and evaluating performance.

Estate and Trust Planning and Tax Preparation

Effective estate and trust planning can ensure financial security for loved ones. For businesses, it can maintain a smooth succession of ownership. Herman & Co, CPAs. P.C.'s role is to help you navigate the complex and shifting tax laws to facilitate the transfer of assets and minimize the tax liability of your beneficiaries. Everyone should have a well thought out plan as to how to disburse one's estate so as to avoid complications and to be sure wishes are followed. Having your taxes and estate thoroughly and carefully planned will ensure that your loved ones don't have any complications to deal with during a time of loss.

Financial and Retirement Planning

Herman & Co, CPAs. P.C.'s goal is to help you reach your financial goals and maintain financial independence through a comfortable retirement. We can guide you through tough decision-making processes such as asset allocation, investment performance monitoring, college education funding, retirement plans, insurance, and tax, estate, and business succession planning. Whether you are developing an investment strategy or evaluating current investments, Herman & Co, CPAs. P.C. can ensure that your portfolio will take into account tax implications for an advantageous after-tax return. The road to retirement is a long one and we can help you to take the proper steps to reach your goals.

Life Insurance

We help you evaluate your insurance needs. If you need more insurance, we can help you find the policy that fits your needs and pocketbook.

If your current policies are more than two years old we can help you reevaluate the strength of the insurance company and the value you are getting in today’s market. You probably review your investments several times a year. Similarly the insurance markets change and your policies should be reviewed periodically.

IRS Representation

Professional representation can be vital during an audit, and our experience with tax authorities enables us to guide clients in their dealings with federal and state agencies. If you have been chosen for an audit, the professional representation you can find with our firm can put many of your worries at bay. We are ready and willing to answer any and all questions the IRS may be asking of you.

Bookkeeping/Write-up

Accurate record-keeping is essential to a successful business yet can also be complicated and time consuming. Herman & Co, CPAs. P.C. can help you with the organization and day-to-day tasks of bookkeeping so that you can focus on your core business.

Entity Selection and Restructuring

Your business entity has a large impact on your taxes and other liabilities. From your company's inception through its growth and development, Herman & Co, CPAs. P.C. can advise you on choosing an entity type and later restructuring if advantageous. With our knowledge and expertise, you will always be receiving the most advantageous entity type for the functions your business performs.

QuickBooks Accounting Help and Assistance

QuickBooks can provide useful and timely information in the form of financial statements, reports and graphs. However, it can only provide this information if you purchase the right product and then install, setup and use it properly. We don't just help you use the software, we help you use it more efficiently and more effectively.

Herman & Co, CPAs. P.C. offers the following solutions to help meet your QuickBooks needs:

Personal Training

We train you personally! Either one-on-one or several individuals within your organization at your company's location.

Installation

We install QuickBooks on your stand alone computer or in a network environment, in either single- or multi-user mode.

Setup

We assist new QuickBooks users with initial setup including: EasyStep Interview, Preferences, Lists, Customers, Vendors, Employees, Banking and Reports. We also help experienced users manage their businesses more effectively by improving their current setup. Many users experience problems and lack the ability to generate and track important information as a result of inadequate setup.

Support

Our QuickBooks support service can assist you with any installation, setup or operation assistance you might need. In addition, our support is not limited just to the software part of it, but we can also provide accounting and payroll assistance.

Review

Our QuickBooks review service helps companies that have the human resources to perform daily accounting and payroll tasks, but need an accounting and payroll expert to review your transactions, accounts and reports. This review ensures that you receive timely, relevant and reliable financial information. We also inform you of any corrections, adjustments or reclassifications necessary to ensure that the financial information you receive reflects the correct financial condition of your business. Reviews may be conducted at any time, but monthly reviews provide you with up-to-date information and feedback about your business.

Computer Consulting

As technologies rapidly advance, companies increasingly need to update their computer systems. Herman & Co, CPAs. P.C. can audit your system competencies and gauge upgrade needs as well as provide support in choosing and implementing new hardware or network systems. As experts in this field, we can put your computer problems at bay as well as improve your computer system's performance taking into consideration any budget you may have.

Payroll Services

Herman & Co, CPAs. P.C.'s payroll services can help you reduce the time spent on administration through developing and implementing a computerized payroll system that will facilitate processing, timely payment and preparation of tax returns.

Employee Benefits, Pension, and Profit-Sharing Plans

Choosing and administering benefit plans for your employees is often a complex process. Herman & Co, CPAs. P.C. can help you develop, implement, and administer your benefit, retirement, and profit-sharing plans with an eye toward rewarding your employees and reaching your company's financial and business goals. We can also help maximize tax advantages in implementing these plans. As your business grows, your business and your employees will be rewarded for the hard work that contributed to the success of your business.

Cash Flow and Budgeting Analysis

Good cash management can improve a company's liquidity, reduce costs, and increase profitability. Herman & Co, CPAs. P.C. can help you maintain optimal cash flow levels by tracking sources and uses, forecasting, and budgeting accordingly. To a business entity, cash flow is something that can make or break the business' ability to survive. We can help you analyze your spending, re-balance your budget and/or debts for an optimal cash flow to support your business' success. This balance plan would be revisited if and when there were any major changes in your business structure to ensure that you are operating at an optimal level. With our help and guidance, you will always be on top of your finances and ready for the future.

Financial Projections and Forecasts

No one can predict the future perfectly, but we can all benefit from planning for it. Herman & Co, CPAs. P.C. combines expertise and experience with a gained understanding of your business to produce financial projections that can help you manage your business plan and spending. Forecasting for the future is imperative to your company's success. We make it a point to keep current with market trends and updates so that your business can be prepared for what is to come. Depending on your needs, our work can range from top-level reports to detailed financial models.

Business Valuation

The range of needs for valuing businesses continues to widen, and Herman & Co, CPAs. P.C. can provide in-depth analysis to help you identify and analyze the factors that drive the value of your company or one in which you have an interest. Uses for this service include estate planning and compliance, buying and selling businesses, divorce matters, family limited partnerships and ESOPs. There are so many factors that contribute to the perceived value of a business. Our expert help can help you evaluate entities that you have an interest in and guide you towards making business decisions that you feel confident with.

Debt and Finance Advising

Whether your needs are corporate or personal, Herman & Co, CPAs. P.C.'s professionals can assist you in sorting out the different options available for debt management and financing that will lower your payments and/or reduce the total amount of interest paid. Re-balancing your debts can also result in tax deduction savings. Even if you are able to handle the payments and the amounts of your current debts, our expertise may be able to save you money and/or lower your payments.

International Taxation

Whether you're a corporation with overseas operations or a business or individual needing to work out taxation of U.S. residents working abroad or foreign citizens working in the U.S., Herman & Company, CPA's, P.C. can help you plot a course through cross-border taxation issues. There are many special rules and policies for businesses with a foreign presence. We can help you make sense of how you are affected by them.

Record Keeping Systems

We can design record keeping and accounting systems to fit your business or personal needs. These systems can be maintained either manually or electronically, whichever suits your taste. If you wish, we can maintain your books and records, reconcile your bank accounts and provide you with the periodic financial statements and other helpful reports you need to monitor your business growth.

Investment Review

We will work with investment professionals of your choosing or recommend others who we are confident can meet your needs. Bring in your investment ideas for the future or your current portfolio and we can help implement the best structure to maximize your after tax return.

Financial and Estate Planning

Working together, we can increase your net worth, and then plan for the future to minimize estate taxes. A comprehensive program which includes an analysis of net worth, investment review, family gifting and family business transfers is available to assist in maximizing the financial resources available to you and your heirs.

Same Sex Tax Planning and Preparation

At Herman & Co, CPAs. P.C., we strive to meet each client's specific needs in planning for the future and achieving their goals in an ever-changing financial and tax environment. As society moves forward, we are ready at the forefront of new laws and tax rules. Let us help you navigate through gay marriage tax filing and benefits.

Other Services

Our services we provide include:

  • Retirement Planning
  • Insurance Review
  • Divorce Tax Planning
  • Business Problem Solving
  • Computer Selection and Use
  • Lease vs. Buy Decisions
  • Pension and Profit Sharing Plans
  • Budgeting
  • Financial Statements
  • Cash Flow Projections
  • "S" Corporation Elections


Remember, we offer a Free Consultation, so contact us or call 914-400-0300.


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