Consulting Services
At JR Wright Business Advisory, our business is to know and understand your financial situation. We offer services beyond compliance and combine our experience, expertise and knowledge to add value as a trusted advisor to your financial situation. We offer the following consulting services:
Business Valuation
Business valuations enable you to accurately determine the value of a business and its components. It is essential that you know what a business is worth whether you are buying, selling, involved in litigation or planning your estate. Our highly trained and experienced professionals work with attorneys, other accountants and financial institutions to ensure you are represented fairly. Our business valuation team is comprised of Certified Valuation Analysts (CVA), Accredited Senior Appraisers (ASA) and accountants Accredited in Business Valuation (ABV). Additionally, they are experienced in testifying in both Federal and State courts. Here is a complete list of business valuation services we provide:
IRS Problem Resolution
Every organization can benefit from being introspective, skeptical and analytical regarding their finances. We work with organizations to develop the predictive capabilities necessary to adapt to rapid changes and outperform their peers. Specifically, we can help you with:
- Driving growth from new markets and opportunities.
- Enhance cash management through working capital optimization and better capital allocation.
- Improve finance operations by focusing on operational effectiveness, financial analytics as well as budgeting and forecasting.
- Enable efficient regulatory compliance.
- Effectively manage risk by identifying sources and improvements to mitigate high risk areas.
Nonprofit Consulting
- Marital dissolution
- Partner or shareholder dissolution
- Economic damages or bankruptcy
Tax Planning
- Marital dissolution
- Partner or shareholder dissolution
- Economic damages or bankruptcy
Business Valuation
Do you think the only time you need a business valuation is when your buying or selling a company? Think again. There are many reasons to perform a business valuation, but before we go through them all, let’s look at the process first.
First, it’s vital to understand the difference between the price of a company and the value of a company. The price of a company is the amount paid at the time of sale. The value of a company is the amount a potential buyer ascribes to a company depending on the return they feel they will receive. This can vary dramatically depending on the assumptions they use, synergies they may have with other assets, etc.
Second, while most valuations rely on either the discounted cash flows method or a comparison to other similar companies, there is no perfect valuation method or formula. A high quality business valuation depends on using comprehensive data. Complete and detailed information results in more accurate and higher quality the valuation results. Business valuation is a complex financial analysis that should only be performed by a qualified valuation professional with the appropriate credentials
There are many reasons to have a business valuation performed, including the following:
Exit Strategy Planning – Understand the current value of your business if you are planning to sell your business so you can develop a strategy to improve the profitability and increase the value upon exit.
Buy/Sell Agreements – Are you a partner in a partnership or LLC? If so, your organizational documents will almost certainly have a buy/sell agreement clause to help avoid future disputes between owners. Using an independent business valuation as the basis for the buy/sell agreement can prevent problems in the future and at times of crisis.
Shareholder or Partnership Disputes – Business isn’t always easy and partners and co-owners don’t always get along. Having an independent business valuation allows for a fair settlement of ownership interest.
Mergers and Acquisitions – Determine if the price you are being asked to pay is overstated, fair or even a great deal.
Financing and Fund Raising– Are you negotiating with banks or trying to raise money from prospective investors? If so, obtaining a business valuation can help in both obtaining financing, refinancing or raising capital.
Litigation Support – Business valuations can help in negotiating a pretrial settlement. In the case that a matter goes to trial or arbitration, a certified business valuation expert can provide expert testimony to strengthen your case where the value of a business is an issue.
Gift and Estate Tax Planning – Prevent IRS problems by establishing an accurate and defensible business valuation underlying your gifting of business interests.
Marital Dissolution – The equitable division of marital assets usually requires a business valuation to established for an equitable division of assets.
Visit our set of Financial Calculators for quick answers on topics such as your IRA, investments, your child’s college tuition, and your mortgage or credit card calculations.
IRS Problem Resolution
Leaving a tax debt unaddressed means interest and penalties will continue to pile-up. It can put you at risk of having your wages garnished, your bank account levied and ultimately the IRS even has the power to seize your assets and sell them at auction. We offer services to help your settle your IRS tax problem and fend off garnishment, levies, and seizures. Leverage our tax code expertise and experience in dealing with the IRS to resolve your tax problems, including the following:
- Installment Agreement
Installment agreements are monthly payment plans you can use to pay off the IRS. An installment agreement shows the IRS you are serious about dealing with your tax problem. Even if you can’t pay off the entire amount up front, installment plans can prevent future penalties, keep interest in check and help stop garnishments, seizures and levies. - Innocent Spouse Relief
Sometimes an IRS problem is simply not your fault. Typically, innocent spouse relief applies to married couples who file jointly. Whether one spouse just forgot to include all their income or they purposely committed tax fraud, the IRS will come after both of you. We can help you determine if you qualify and apply for innocent spouse relief, so you are off the hook for your spouse’s wrongdoing and the tax debt that goes with it. - Offer in Compromise
One of the best options available to resolve IRS problems is an Offer in Compromise. An Offer in Compromise lets you settle your tax debts for less than you owe! There are a few forms they can take requiring either a lump-sum or short-term payment plan, and there are no guarantees; the IRS has to accept the offer you propose. We can help you propose, negotiate and close out an Offer in Compromise if it suits your individual situation.
Audit & Appeal Representation
We possess the expertise and experience to represent taxpayers before tax authorities. Our tax professionals understand the dispute resolution and appeals process and work diligently to obtain you the most favorable results.
Nonprofit Consulting Services
Nonprofit’s require special level of expertise from their auditors’ knowing the accounting principles specific nonprofit organizations, especially 501(c)(3) entities. In addition to our expertise, we’re committed to understanding your organization’s unique challenges approaching our work as an investment and not a one-time assignment building long-term relationships.
Nonprofit Incorporation
Nonprofits increasingly are confronted with burdensome oversight by the government, donors and the public, together with constantly changing tax regulations and policies to maintain tax exemption. Our experience gives us the ability to address these concerns along with your tax preparation and grant funding compliance requirements.
We are experienced in providing, audit, attest and tax services to a diverse range of nonprofit industries, including:
- Social and Human Service Organizations
- Community Service Organizations
- Arts, Culture and Membership Organizations
- Community and Private Foundations
- Faith-Based Organizations
- Professional Associations
- Higher Educational Institutions
- Public Charter Schools & Private Schools
- Healthcare Providers and Facilities
- Health and Welfare Organizations
- Homeowner Associations
Audit Preparation
- Financial Statement Audits
- Single Audits
- Reviews and Compilations
- Employee Benefit Plan Audits
- Program Audits
- Agreed-Upon Procedures
Tax Planning Services
Nonprofit’s require special level of expertise from their auditors’ knowing the accounting principles specific nonprofit organizations, especially 501(c)(3) entities. In addition to our expertise, we’re committed to understanding your organization’s unique challenges approaching our work as an investment and not a one-time assignment building long-term relationships.
Federal Income Tax Planning
We aid businesses with all aspects of federal income tax planning. This includes implementing federal income tax strategies that maximize savings, increase profits and manage cash flows.
Business Succession Tax Planning
You spent your life building your business and now you want to pass it on to the next generation or sell the value you built. We advise businesses on the proper succession planning to preserve your family and business legacy while also looking out for potential tax consequences that may result.
State and Local Tax Planning
Our team understands the structural and transactional underpinnings of state and local regulations in ways that allow us to create solutions that mitigate tax liabilities. We provide state and local tax planning in the following areas:
- Income tax
- Franchise tax
- Sales and use tax
- Property tax
- Other miscellaneous taxes
Transactional Structuring
We help businesses structure economic transactions in ways that minimize the tax impact by advising them on acquisitions, sales and mergers.
Accounting Method Reviews
We review businesses’ tax accounting methodologies for proper accounting and accounting method strategies to maximize income tax benefits.
Transfer Pricing Studies
Our transfer pricing specialists can provide your business with consultations and studies to assist you with determining appropriate “arms’-length” pricing among related companies.
Research Credit Calculations
We can help your business determine if it is eligible to claim certain federal and state research credits, assist with the documentation requirements and quantify the amount of the tax credit.