We provide a number of additional services to help clients secure a sound financial future, including assisting business owners with management succession, ownership transition and succession plans, and tax impact management.

Careful planning is the key to making an ownership transition of your business successful. Many owners do not develop a plan for the future and believe that their personal estate will be enough to cover themselves and their families. Both business and personal wealth are always changing. Therefore, it is important to plan in order to maximize your wealth.

We provide the following services to assist in business succession planning:

  • Business financial planning to grow your assets and build the future value of your business.
  • Personal financial planning that is in the best interest of you and your family.
  • Retirement planning.
  • Management succession planning to recruit, retain, and train talented individuals to one day manage your company.
  • Bookkeeping, payroll, invoices, receivables, or accounting management, whether on-site or at our office.
  • Estate planning to help secure your wealth and proper transfer of your assets.
  • Estate, gift, and trust tax preparation.
  • Individual and business tax preparation.
  • Structure and select an advantageous ownership transition plan.
  • Help you understand and manage the tax impact if you were to purchase or sell a business.

Many owners of small and growing companies find them themselves in this scenario:

Your business is a success and growing rapidly, but you no longer feel confident in your finances or don’t know what the next step is. Hiring a full-time controller/Chief Financial Officer (CFO) can be cost prohibitive. Torkelson & Associates CFO services is the solution for your business.

Our CFO services provides:

  • You with more time to do what you do best, allowing you to concentrate on running your business
  • A personal advisor to guide your financial decisions
  • More understanding and control over your business funds and equity
  • A Certified Fraud Examiner on staff to assist in establishing internal controls
  • Accurate financial statement preparation
  • Expert financial data analysis
  • Budgeting

Running a business often means having filing requirements beyond just annual income tax filings. We can assist you in filing a variety of monthly, quarterly, and annual compliance forms including:

Business License Renewal

A Business License grants you the right to operate a business in your city and must be renewed annually. Fees and due dates vary by city and are based on factors such as business type, size, gross revenue, and number of employees.

We can calculate your annual fee and complete your city’s Business License Renewal Notice.

Business Property Tax

Any item a company uses to conduct business, and that the business may take with them if they moved locations, such as furniture, machinery, supplies, tools, etc., is considered business personal property.

Owners are required to file an annual Business Property Statement (Form 571-L) with the County Assessor, who then uses the information to assess and tax property in accordance with California State Law. The annual filing deadline for Business Property Statements is May 7th.

Jenny Miller heads our business property tax department and can assist you with your annual Business Property Tax filing.

Sales Tax

Sales tax is a consumption tax imposed by the government on the sale of goods and services. Sales tax is levied at the point of sale, collected by the retailer, and passed on to the government.

Retailers engaged in business in California must register with the California Department of Tax and Fee Administration (CDTFA) and pay the state’s sales tax. The CDTFA assigns a filing frequency (quarterly prepay, quarterly, monthly, fiscal yearly, yearly) based on your reported sales tax or your anticipated taxable sales at the time of registration.

Jenny Miller heads our sales tax department and can assist you with your sales tax prepayment and filing requirements.

Forms 1099

Along with W-2s, 1099s are classified by the IRS as Information Returns. Any person engaged in a trade or business, including a corporation, partnership, individual, estate, and trust, who makes reportable transactions during the calendar year, must file Information Returns with the IRS.

The most common type of 1099 we prepare is 1099-NEC (Nonemployee Compensation). As a general rule, you must issue a Form 1099-NEC to report any payment of $600 or more in a calendar year for services performed in a trade or business by someone who isn’t treated as an employee.

Form 1099-NEC is due by January 31st.

As an amusing side note, Form 1099-NEC is a blast from the past. Until tax year 2020, Nonemployee Compensation was filed on Form 1099-MISC. The IRS announced in July 2019 that, for 2020 and thereafter, it will reintroduce the previously retired Form 1099-NEC, which was last used in the 1980s.

We also prepare 1099s for:

  • 1099-DIV (Dividends and Distributions)
  • 1099-INT (Interest Income)
  • 1099-MISC (Miscellaneous Income including Rents, Royalties, Other Income)

Denise Lincoln heads our 1099 department and can assist you with your 1099 filing requirements.

Workers’ Compensation

During a workers’ compensation audit, your company’s payroll will be verified. Audits look at your payroll because your workers’ comp premium is partly based on the amount of compensation paid to your employees over a policy term.

Insurers conduct audits annually. If we process your company’s payroll, we can assist you in preparing for your audit by providing monthly or quarterly reports, gathering data required by the insurer, and consulting on classification codes.

Alicia Vanoni heads our payroll department and can help you prepare for your annual audit.

Growing companies need both timely and accurate financial statements, as well as related financial analysis, in order to function at optimum performance.  Many businesses, however, cannot justify the cost of a full-time professional Controller.

Whether you need hands-on assistance to produce reliable numbers or high-level support to decipher what they mean for your business, Torkelson & Associates Controller support provides you with the following services:

  • Prepare financial statements
  • Assist with forecasting
  • Develop and analyze business plans
  • Develop financial models
  • Prepare management reports such as:
    • Budgeting reports
    • Cash flow reports
  • Manage accounts receivable and accounts payable
  • Prepare presentations for shareholders, management, and company-wide meetings
  • Analyze business opportunities

One of the duties of a Trustee, Executor, Conservator, or Guardian is to account for the assets of the settlor, decedent, conservatee, or minor (the “court accounting”).  Court accounting is strictly mandated and can be intimidating to anyone tasked with providing this information to the court or beneficiaries. Also referred to as fiduciary or trust accounting, it is regulated by the statutes set forth in the Uniform Principal and Income Act (UPIA). The required format of these financial reports differs from traditional financial statements and often requires a much greater level of detail of all financial transactions. Also, the way in which the information must be presented can vary depending on the nature of the entity and the specific requirements of the courts. Even small errors in formatting can cause unnecessary delays in the legal process.

Torkelson & Associates can provide court accounting for conservatorships, guardianships, estates, and trusts. Our services include the preparation and maintenance of court accounting financial statements, as well as the related trust administration and income tax preparation.

Bookkeeping is often the overlooked or under-appreciated younger brother to business accounting but without strict adherence to standards and personal attention and maintenance of your company’s books, many small businesses will not be healthy financially, or worse-case scenario, fail. Our firm wants to do everything we can to help your small business succeed.
Quickbooks Certified ProAdvisor Badge
We rely on the premier bookkeeping tool, QuickBooks, to help with your small business accounting needs. We provide our clients with an array of QuickBooks Consulting Services that include setup, training, and support.

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 for your business and then install, set up, and use it properly. We don’t just help you use the software, we help you use it more efficiently and more effectively.

Torkelson & Associates CPAs, LLP offers the following solutions to help meet your QuickBooks needs:

  • Setup: We’ll assist new QuickBooks users with initial setup and we also help experienced users manage their businesses more effectively by improving their current setup to maximize users’ ability to generate and track important information.
  • Support: Our support is not limited to only the software — we can also provide accounting and payroll assistance.