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Assurance Services

In today’s complex, challenging and dynamic economic environment there is an increased need for reliable and accurate financial information and reporting. It is necessary for both company owners to assist in critical business decisions and for third parties when making investment and lending decisions.

Whether you are trying to obtain or retain financing from banks or investors or deciding whether to commit to a business expansion; or looking for credible financial information to ascertain the risks involved in doing business with customers and suppliers, it is essential that financial reporting be consistent from year to year while representing accurate and reliable financial information regarding performance of the company.

There are three primary distinct levels of service that CPA’s provide involving financial statements. Each is designed to meet a different need.

A compilation is useful to small privately held entities. It provides assistance to management in presenting information in the form of financial statements on a monthly, quarterly or annual basis.

A private entity engages a CPA to perform a review of its financial statements and issue a report that provides limited assurance that material changes to the financial statements are not necessary. A review may be adequate for entities that must report their financial position to third parties, such as creditors or regulators. With respect to reliability and assurance, a review falls between a compilation, which provides no assurance and the more extensive assurance of an audit.

An audit is the third and most extensive service. An audit is appropriate for entities that must offer a higher level of assurance to third parties. An audit provides reasonable assurance to outside parties that the entity’s financial statements fairly present its financial position and results of operations in accordance with certain accounting principles.

BHCB also offers attestation services such as:

  • Agreed-upon procedure engagements
  • Reporting on financial forecasts and projections
  • Reporting on pro forma financial information
  • Compliance attestation

BHCB will work with you to determine which service is appropriate for your company. Our professionals have diversified skills and expertise. We have a broad variety of experience in a number of industries to give our clients the insight they need to accomplish their business goals.

Dear Clients, Business Associates and Friends,

We at Beers, Hamerman, Cohen & Burger PC take our status as trusted advisors seriously. We strive to deliver reliable guidance in as timely a fashion as possible. In this uncertain time, where the situation seems to change hourly, we are making a conscious decision to await official guidance before issuing communications in an attempt to convey the most accurate information to you.

IRS Notice 2020-18 was released late Friday, March 20:

Any Federal income tax payment and any income tax return related to the 2019 tax year that would have been due April 15, 2020, is automatically postponed to July 15.
Any Federal estimated income tax payment otherwise due on April 15, 2020, is automatically postponed to July 15.
This guidance applies to filers of the following:
Individuals (Form 1040)
Trusts and Estates (Form 1041)
Corporations (calendar year Form 1120)
No extension forms are required to be filed to claim this relief.
There is no limitation on the amount of the payment that can be postponed (previous Notice 2020-17 had set the limit to $1 million for individuals and $10 million for corporations).
The postponement does NOT apply to payroll tax returns or any other filings not specifically detailed as above.
Underpayment interest and penalties associated with the period prior to April 15 do not appear to be waived.

State guidance is currently a patchwork of various schedules and delays. We expect the states will soon solidify their responses. For state tax developments related to the coronavirus outbreak, see the AICPA list here.

Currently, Connecticut has announced:
Individual income tax filings due April 15, as well as 2020 estimated payments due April 15 and June 15, are able to be postponed to July 15.
Business income tax filings and payments (Corporate, Pass-through Entity, and Unrelated Business Income Tax returns) otherwise due between March 15 and May 15, have been postponed to June 15.
At this time, New York State has not extended the deadline to file personal income tax or other returns.
Massachusetts is expected to follow the IRS in offering relief for taxpayers with MA filing obligations.

BHCB is still at work, continuing to service the needs of our clients.

At this time, most of our staff is working remotely, so electronic communications are the most reliable way to transfer information.
We urge all to utilize our secure portals for transformation of sensitive information and any item that contains a SSN. Please email info@bhcbcpa.com for access if you do not already have a portal established.
We encourage you to continue to provide your tax information. The delays are a welcome reprieve, but a finalized 2019 tax return will provide the most information for individuals and businesses to use in planning for 2020 resource allocations.
Individuals and businesses expecting a tax refund are especially encouraged to move ahead with filing.

As always, we appreciate the trust you place in us, and we will continue to provide our support and guidance in these unprecedented times.

Sincerely,

Dennis Cole

Managing Partner