Kent G. Klauer provides a wide range of services to individuals and businesses in a variety of industries in Moline, Illinois and around the Quad Cities. At Kent G. Klauer, we strive to meet each client's specific needs in planning for the future and achieving their goals in an ever-changing financial and regulatory environment.
Our professional services include:
- Income Tax Services
- Assurance and Advisory Services
- Estate and Trust Planning and Tax Preparation
- QuickBooks Accounting Help and Assistance
- Entity Selection and Restructuring
- Payroll Services
- Cash Flow and Budgeting Analysis
- Debt and Finance Advising
Income Tax Services
At Kent G. Klauer, we guide our clients through a full range of income 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 income tax services 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. Our office is located in Moline, Illinois and we have been preparing income tax returns in the Illinois and Iowa Quad Cities for over 40 years.
Tax credits represent an often-missed opportunity for taxpayers to reduce their tax liability. College tuition and fees can generate the Hope Credit, Lifetime Learning Credit, or a tax deduction. If your income is too high to take advantage of these, then perhaps your college-bound child can use this. We work with clients taking advantage of the Low Income Housing Credit, Residential Energy Credit, Education credits, and several others.
The IRS Offshore Voluntary Disclosure Program (OVDP) is now in full effect. More than 100 Swiss banks have now agreed to full disclosure of foreign bank account information with the IRS and Department of Justice. You must also include IRS Form 8938 in your tax return to report foreign accounts. If you have foreign bank accounts exceeding $10,000 in the aggregate at any time during the year, you must also file an FBAR each year. The due date of this filing is changing to April 15th from June 30th.
From start-ups to established enterprises, businesses rely on accurate and insightful financial information in order to maintain profitability and capitalize on new opportunities. Kent G. Klauer'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
Assurance and Advisory Services
At Kent G. Klauer, we focus on building close client relationships that add long-term value. This includes assuring the solidity of financial records, evaluating financial procedures and working to produce strategies that help our clients face the myriad challenges of business planning and execution. Our clients benefit from objective analysis to assist in controlling costs, managing risk, increasing efficiency, and implementing new technologies and procedures that take advantage of changes in the marketplace, accounting standards, and tax law. Our assurance services will improve information quality or its context, meaning more success for your business.
These services include but are not limited to:
- Audits, reviews, and compilations
- Entity selection and restructuring
- Accounting software selection, implementation, and support
- Financial projections and forecasts
- Debt and finances advising
- Mergers and acquisitions
- Transaction structuring and negotiations
- Business succession
Audits, Reviews, and Compilation
Kent G. Klauer's financial statement services comprise all three levels of assurance depending on your company's needs.
Audits offer the highest level of assurance to third parties, and include in-depth examination and confirmation of account balances, inventories, and selected transactions. We perform audits for you to remove errors, ascertaining the validity and reliability of your information.
Reviews provide limited assurance to outside interests and involve inquiries and analytical procedures that confirm financial statement matters and identify any items requiring further analysis. We perform reviews to ensure the integrity of your data.
Compilations are usually requested for internal purposes and are based upon information provided by a company's management. They do not offer assurance but may involve some adjustment to accounting records.
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. Kent G. Klauer'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 distribute the assets left in one's estate so as to avoid complications and to be sure that the individual’s 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
Kent G. Klauer'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, Kent G. Klauer 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.
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.
Kent G. Klauer offers the following solutions to help meet your QuickBooks needs:
We train you personally! Either one-on-one or several individuals within your organization at your company's location.
We install QuickBooks on your stand alone computer or in a network environment, in either single- or multi-user mode.
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.
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.
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.
Accurate record-keeping is essential to a successful business yet can also be complicated and time consuming. Kent G. Klauer 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, Kent G. Klauer 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.
Professional representation can be vital during an IRS 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 IRS audit, the IRS audit 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.
In addition to tax preparation and other tax services, we have been helping our clients with representation in regards to IRS audits, Illinois audits, Iowa audits, and sales tax audits for over 40 years. This is what a CPA firm can do for you.
Kent G. Klauer'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. Kent G. Klauer 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. Kent G. Klauer 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.
Mergers, Acquisitions, and Sales
Business transactions and transitions are complicated affairs, and whether you're buying, selling, or considering a potential merger, Kent G. Klauer can provide professional know-how to help you successfully structure and negotiate the deal. Kent G. Klauer employs careful analysis and due diligence to determine a fair asking price, pinpoint the most favorable tax structures, evaluate financial and cash flow impact, and assess compatible business functions and tactics. Expanding or contracting your business is a huge undertaking. With our expert advice, you can make the right business decisions for your business for optimum success.
Debt and Finance Advising
Whether your needs are corporate or personal, Kent G. Klauer'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.