As the list below is by no means all-inclusive, please feel free to inquire about a service if you do not see it listed.
Accounting and Auditing Department Services and Specialties
Audits
Audits are performed to provide assurance that financial statements are materially correct and conform to accounting principles generally accepted in the United States of America. Amounts in the financial statements are examined on a test basis, and the accounting principles and significant estimates made by management are evaluated. Audits are generally performed when requested by the client's banker, bonding agent or regulatory agent.
We specialize in providing auditing services for non-profit organizations and for-profit companies.
For more information regarding our Auditing Services, please contact Brian Driskell, CPA at bdriskell@llcpa.com.
Financial Statements
In addition to audited financial statements, which represent the highest level of assurance, we also provide our clients with reviewed and compiled financial statements.
Reviewed financial statements provide less assurance than an audit, but they do include analytical procedures and inquiries of company management to obtain limited assurance that no material modifications need to be made to the financial statements for them to be in conformity with the stated method of accounting. Reviewed financial statements are generally prepared when requested by the client's banker or bonding agent.
Compiled financial statements are prepared using information provided by the client without undertaking to obtain or provide any assurance that there are no material modifications needed to be made to the financial statements for them to be in conformity with the stated method of accounting. They are generally prepared when the client does not need reviewed or audited financial statements.
For more information regarding our Financial Statement services, please contact Brian Driskell, CPA at bdriskell@llcpa.com.
Business Income Tax Planning and Tax Return Preparation
Tax planning strategies are an important tool we offer our clients. Our tax planning takes into consideration the tax situation of not only the business entity, but also the owners. Good planning can generally reduce, or at least postpone, the income tax effects of day-to-day operations and also unusual events, such as the sale of the business, the buy-out of a partner, etc. Our Accounting and Auditing Department also works very closely with our Tax Department in providing estate and succession planning for owners.
Our staff members are very proficient in the preparation of income tax returns for all types of entities (C corporations, S corporations, limited liability companies, partnerships, sole proprietorships, non-profits and individuals) for all fifty states. We also prepare sales tax returns, payroll tax returns, personal property tax returns, etc., as needed by our clients.
For more information regarding our Income Tax Planning and Tax Return Preparation services, please contact Brian Driskell, CPA at bdriskell@llcpa.com.
Daily Bookkeeping Services
If you need a bookkeeper but can't find someone to fit your requirements, we can help fill that need. Our Accounting Services Department can handle most of your daily bookkeeping functions. After you pickup your mail and deposit any checks received into your bank account, you can then drop off (or fax or email) your deposit slips and bills to our office. We will record your daily deposits into your general ledger and input your bills into our accounts payable system. Periodically, we'll give you a list of unpaid bills and you can tell us which bills you want paid when. We'll then cut the checks for you. All you have to do is sign and mail them.
The daily bookkeeping services goes hand-in-hand with our live payroll processing, monthly bookkeeping, tax return, financial statement and consulting services, in providing a complete solution for your accounting needs.
For more information regarding our Daily Bookkeeping Services, please contact Brian Driskell, CPA at bdriskell@llcpa.com.
Live Payroll Services
Send us your daily or weekly time sheets and we'll do the rest. Our Accounting Services Department will cut your payroll checks, inform you of all required payroll tax deposits and withholding payments due for each pay period, and prepare all required payroll filings -- quarterly reports, W-2's, new hire reporting, etc.
For more information regarding our Live Payroll Services, please contact Brian Driskell, CPA at bdriskell@llcpa.com.
Monthly Bookkeeping / Write-up
Our bookkeeping / write-up staff provides general monthly accounting services including the posting of transactions and general ledger maintenance, bank reconciliations, payroll tax returns, sales tax returns, compiled financial statements, W-2's and 1099's, etc.
We also provide annual accounting services for our clients, which consist of helping them prepare their general ledger, or adjust their books and records to actual in order that tax returns and financial statements can be prepared.
Our staff also provide accounting support to our clients for their various software programs -- QuickBooks, Peachtree, etc.
For more information regarding our Monthly Bookkeeping / Write-up services, please contact Brian Driskell, CPA at bdriskell@llcpa.com.
Small Business Consulting
Our small business consulting services will encompass the life of your business and will include almost all of the services we provide here at Lawrence and Lawrence, PC -- entity selection, tax planning, software consulting, retirement planning, succession planning, business valuations and estate planning, to name a few.
At the "birth" of your business, we can help you decide what type of entity is best for you, and help guide you through the process of applying for licenses and identification numbers, etc. We can help you obtain start-up financing and help you set up your accounting system and your internal controls, and even help you choose your accounting software. We can also help train your bookkeeper.
As the years go by, we can help you obtain new financing as your business grows and your working capital needs increase. We can help you with those big questions -- should I buy this machinery or lease it?...which of my product lines are really making me money?...how can I sell my building and buy a bigger one without paying taxes on the sale?... We can also help with those little questions -- do I have to withhold FICA taxes on my teenage son who is working for me on the weekends?...how do I post this refund I received from my insurance company?...
We will also help you plan for those things you don't want to think about -- obtaining adequate life insurance tied to buy/sell agreements to insure that the company can continue operations if something should happen to you; how to structure your asset portfolio so your assets will pass to your heirs as smoothly and unencumbered as possible, etc.
At the end of your business's life, we'll be there to guide you also. Should you decide to sell your company, we can help you determine the value of the business and how to arrange the terms of the sale to minimize your tax burden. Should you decide to pass on your company to your heirs, we can help you determine the best way to accomplish this from both a tax standpoint and in consideration of family dynamics.
For more information on our Small Business Consulting services, please contact Joe Lawrence, CPA at joelawrence@llcpa.com.
Business Software Consulting
Our software consulting services include helping our clients choose the accounting software program which most closely meets their needs, helping them set up those programs, then providing non-technical support for those programs. We have experience with ComputerEase, QuickBooks, Peachtree and other accounting programs.
Along with our affiliate, Assurance Technology, LLP, we also serve as an Accounting Service Provider (ASP) for ComputerEase Construction Software. As an ASP, we provide hosting services for our clients on secure file servers maintained by Assurance Technology, LLP, while our Accounting and Auditing Department provides the accounting support for the software.
For more information concerning our Business Software Consulting services, please contact Debra L. Stone, CPA at dstone@llcpa.com.
Construction Industry Specialization
Our partners, managers and staff have had many years experience in providing accounting services to the construction industry. We are well versed in the numerous tax laws and regulations specific to the industry and are quite familiar with the special financial reporting required to satisfy bankers and bonding agents. Our firm is a member of the American Subcontractor's Association (ASA) and the Association of General Contractors (AGC).
In addition to the other services listed in this website, we also provide services specific to the construction industry, such a computation of overhead rates; preparation of contractor's license applications, renewals and questionnaires; specialized tax research; training or assisting bookkeepers with percentage of completion computations, etc.
Along with our affiliate, Assurance Technology, LLP, we also serve as an Accounting Service Provider (ASP) from ComputerEase Construction Software. As an ASP, we provide hosting services for our clients on secure file servers maintained by Assurance Technology, LLP, while our Accounting and Auditing Department provides the accounting support for the software. We have chosen ComputerEase Construction Software as our ASP software due to its great features, but we are also able to help our clients with almost any construction software they choose.
For more information regarding our Construction Industry Specialization, please contact Debra L. Stone, CPA at dstone@llcpa.com.
Non-profit Organization Specialization
Not-for-profit organizations have their own distinguishing characteristics and are under public scrutiny now more than ever before.
The audit of non-profit financial statements under Government Auditing Standards and Generally Accepted Auditing Standards is designed to provide assurance that the financial statements are fairly presented. This assurance is necessary for officials, managers, regulators or others having oversight responsibility, funding sources, public interest groups and citizens.
Lawrence & Lawrence, PC offers comprehensive services by top professionals in the fields of audit, compliance, and management advisory services to not-for-profit organizations.
For more information regarding our Non-profit Organization Specialization, please contact Brian A. Driskell, CPA at bdriskell@llcpa.com.
IRS Matters for Business Entities
Our many years of dealing with the Internal Revenue Service and the State of Alabama have given us a unique understanding of how to efficiently and effectively resolve tax issues -- whether related to business income, sales or payroll taxes.
Our staff can assist you in preparation of amended tax returns or delinquent returns, correspondence regarding tax notices and intent-to-levy notices, and Offers in Compromise.
For more information on our IRS Matters services, please contact Joe C. Lawrence, CPA at joelawrence@llcpa.com.
Tax Department Services and Specialties
Tax Preparation Services
Our investment in computerized tax preparation and research software enables us to accurately and efficiently prepare virtually any tax return you may require. Some of the more common returns we prepare include:
For more information regarding our Tax Preparation Services, please contact George V. Davis, CPA at gdavis@llcpa.com.
Individual Tax, Estate and Gift Planning
Individual tax planning strategies may reduce, or at least postpone, the income tax effects of both normal and unusual tax events, such as the timing of income and deductions, the deferral of gain on the sale or exchange of real estate, etc.
Effective estate and gift planning facilitates the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse, and can reduce or eliminate the tax due on the transfer of your business and other assets. As your wealth accumulates over your lifetime, plans of action must be developed to protect and preserve your assets for future needs and for the needs of your family. We can guide you through this complex process.
For more information regarding our Individual Tax, Estate and Gift Planning services, please contact George V. Davis, CPA at gdavis@llcpa.com.
IRS Representation and State Tax Audits
As Certified Public Accountants, we are licensed to represent you or your business before the IRS, State and City tax authorities. Whether it is an audit, collection matter, inquiry, penalty assessment or any other item, we can represent you. During our years of experience, we have achieved a level of competence that can ensure you that you are being properly represented before the various agencies. In most cases, you will never be required to have any personal contact with the agency.
For more information regarding our IRS Representation and State Tax Audits services, please contact George V. Davis, CPA at gdavis@llcpa.com.
Buying or Selling a Business
Structuring the agreement for the purchase or sale of a business is a critical step in the process of acquiring or selling a business. Our staff has the experience to guide you through this process by addressing such issues as cash flow analysis and tax considerations.
For more information regarding our Buying or Selling a Business services, please contact George V. Davis, CPA at gdavis@llcpa.com