Client Services
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. If it is not a service we provide, we would be more than happy to refer you to a qualified professional.
Accounting Services
<h2>Audits</h2>
We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company's profitability and efficiency. Audits differ from reviews and compilations, as they are an intensive examination of your company's systems and records providing the highest level of assurance.
By reviewing your operations and requirements for audited financial statements, we can develop an approach that will suit your needs while at the same time, reducing your costs to a minimum level. Our firm specializes in performing audits for heavily regulated industries. Our reputation as qualified auditors and management consultants has afforded us the opportunity to work closely with governmental agencies and financial institutions. These agencies have retained our services because of our dedication to quality and our grasp of accounting rules and regulations.
<h2>Reviews & Compilations</h2>
We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company's profitability and efficiency. We provide financial reporting on two levels of assurance:
*Review - some analytical procedures conducted with limited assurance
*Compilation - based upon client information provided and used primarily for internal use.
<h2>Financial Forecasts & Projections</h2>
Forecasting is a necessity when trying to effectively manage and lead a business to profitability. From simple projections to complex financial modeling, our experienced staff can assist you in achieving your company's financial goals.
<h2>Forensic Accounting</h2>
Forensic accounting is the practice of utilizing accounting, auditing, and investigative skills to assist in legal matters. It encompasses 2 main areas – litigation support and investigation. Litigation support represents the factual presentation of economic issues related to existing or pending litigation. In this capacity, the forensic accounting professional quantifies damages sustained by parties involved in legal disputes and can assist in resolving disputes, even before they reach the courtroom. If a dispute reaches the courtroom, the forensic accountant may testify as an expert witness.
Investigation is the act of determining whether criminal matters such as employee theft, securities fraud (including falsification of financial statements), identity theft, and insurance fraud have occurred. As part of the forensic accountant’s work, he or she may recommend actions that can be taken to minimize future risk of loss. Investigation may also occur in civil matters. For example, the forensic accountant may search for hidden assets in divorce cases.
The following represent some services that we offer related to forensic accounting:
Investigative Accounting
• Review of the factual situation and provision of suggestions regarding possible courses of action.
• Assistance with the protection and recovery of assets.
• Co-ordination of other experts, including:
o Private investigators;
o Forensic document examiners;
o Consulting engineers.
• Assistance with the recovery of assets by way of civil action or criminal prosecution.
Litigation Support
• Assistance in obtaining documentation necessary to support or refute a claim.
• Review of the relevant documentation to form an initial assessment of the case and identify areas of loss.
• Assistance with Examination for Discovery including the formulation of questions to be asked regarding the financial evidence.
• Attendance at the Examination for Discovery to review the testimony, assist with understanding the financial issues and to formulate additional questions to be asked.
• Review of the opposing expert's damages report and reporting on both the strengths and weaknesses of the positions taken.
• Assistance with settlement discussions and negotiations.
• Attendance at trial to hear the testimony of the opposing expert and to provide assistance with cross-examination.
Tax Services
<h2>Estate & Trust Tax Preparation</h2>
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. For business owners, providing for business continuity and succession of ownership is essential. We can guide you through the complex process of getting your financial affairs in order.
<h2>IRS Representation</h2>
During our years of experience dealing with many taxing authorities, we have achieved a level of competence that can ensure our clients they are being properly represented before the various federal and state tax agencies.
<h2>Tax Planning & Preparation</h2>
Tax planning and preparation form a winning combination for our successful individual and business clients. Whether you are an individual or a multi-tiered partnership, our experienced staff can develop tax strategies that take advantage of new tax laws and legislation.
Our objective is to minimize your taxes based on current tax laws and to consider prospective changes that are likely to occur. We believe you should pay the least possible tax as permitted by the tax codes. Our tax services are different from other firms because we search for the precise strategy that will serve you best. We do not settle for what may appear to be the obvious solution to a tax problem unless our research indicates that it is the proper solution to your specific tax situation.
Consulting Services
<h2>Business Consulting</h2>
We gauge our worth by the personal and business successes of our clients. We can help your business identify areas negatively affecting profitability and growth and develop solutions that are practical and technically sound. In addition to acting as a sounding board for management, we provide comprehensive, flexible strategies that address the issues affecting your business.
<h2>Accounting Software Selection & Implementation</h2>
With the number of computerized accounting software packages available for small businesses and individuals growing every day, selecting one that is right for you has become increasingly difficult. As accounting professionals, we are exposed to most programs through trade journals and actual use. Our experienced staff can help you choose and implement the system that best fits your needs.
<h2>Business Entity Selection</h2>
Choosing the form of entity of your business (e.g. "S" corporation, sole proprietor, limited liability company…) is a crucial decision that can have longstanding tax implications, positive or negative. We can assist you in evaluating the pros and cons of each entity type to help you determine the most advantageous form of business for your company.
<h2>Buying & Selling a Business</h2>
Structuring the purchase or sale of a business properly is a critical step in the process of buying or selling a business. Our competent staff has experience to guide you through the acquisition/disposition process by addressing such issues as cash flow analysis and tax considerations.
<h2>Financial Planning</h2>
A properly structured financial plan enables you to face any financial challenge that may present itself at each stage of your life. Through the financial planning process, we can help you assess your financial needs and develop strategies that will enable you to achieve your goals and strengthen your financial security.
<h2>Fraud Prevention & Detection</h2>
We use accounting and auditing skills to provide an analysis of financial records in conjunction with fraud and theft investigation. Our damage measurement methods can determine the extent of financial loss and illegal accounting practices.
<h2>Pension & Profit Sharing Plans</h2>
Qualified retirement plans (e.g. defined-contribution or defined benefit plans, Keoghs, SEPs…) can provide significant tax advantages for closely held businesses and self-employed individuals. Our qualified staff can assist you in evaluating the type of pension plan that will best serve the retirement needs of you and your employees.
Other Services
<h2>Litigation Support</h2>
Litigation support involves the quantification of economic damages pursuant to existing or pending litigation using accounting and auditing techniques. We have experienced competent staff who can compile information efficiently to assist in the calculation and documentation of any potential economic loss or damages.
We can highlight financial information pertinent to the case and gather and interpret statistical and financial data. We can also assist the team in developing interrogatory responses, obtaining or preparing documentation, litigation strategies, trial exhibits, and, if necessary, identify expert witnesses in other areas. Expert testimony can be provided, support other expert witnesses or assist in preparing lines of cross-examination.
<h2>Mergers & Acquisitions</h2>
Finding the right business partner for your company can be a difficult task. We can assist you in the merger or acquisition process by assessing such critical elements as tax considerations; product/service compatibility; competitive tactics and position; financial impact; and cash flow considerations.
Miscellaneous
<h2>Charter Schools & Not-For-Profit Entities</h2>
We audit Charter Schools in conformity with generally accepted accounting principles (“GAAP”) and in the prescribed form of the related School District. In addition, we provide a management letter for the Charter School whereby we will recommend any areas in which we feel internal accounting controls can be improved.
<h2>Condo / Homeowners' Associations</h2>
Financial Statements and Reports
The Florida Condominium Act requires an association with more than 50 units and having annual receipts greater than $100,000 to have their financial statements compiled, reviewed or audited unless that requirement is properly waived by the association’s members. The level of service we provide is based on the number of units and total revenue of your association as provided in the Administrative Rules promulgated by the Division of Florida Land Sales, Condominiums and Mobile Homes. The financial statements are to be delivered to each unit owner within 90 days following the association’s fiscal year-end or on the date provided in the bylaws of the association. Effective December 20, 1995, cooperative associations have the same reporting requirements as condominiums. Timeshare associations are required to perform an annual audit and have additional reporting and filing requirements with the Division.
For an association having fewer than 50 units, or where the association’s members have waived the above requirement, the Florida Condominium Act requires an annual financial report of cash receipts and disbursements be delivered to each unit owner within 60 days following the association’s year-end or on the date provided in the bylaws of the association. The annual financial report need not be audited, reviewed or compiled.
In addition to annual reporting requirements, the Division has promulgated statutes strictly governing record keeping, budgeting, replacement reserves and other related matters. Many associations are not even aware of these requirements, and are in violation of Florida statute. An association not covered by the Florida Condominium Act, it is subject to the Florida statutes for not-for-profit corporations. Generally, the requirement for compiled, reviewed or audited statements is contained in the association documents. The level of service we provide is based upon these requirements.
Taxation and Tax Planning
A condominium or homeowners association is required to file annual Federal and Florida income tax returns. Often, associations are exempt from payment of income taxes; however, unrelated business income and other factors may result in a tax liability. Tax planning alternatives are available and should be considered when preparing income tax returns. We at Infante & Company can assist you by evaluating these alternatives and preparing the income tax returns.
If your association has employees or pays certain independent contractors, additional tax returns and forms must be filed. We can advise your association as to which returns and forms are required and can assist in their preparation.
Other Services
Infante & Company provides a wide range of financial consulting services which will assist your association in providing the most cost effective service to your members. Some of these services are:
• Full review of your insurance coverage to ensure the association has the correct coverage to meet its needs.
• Assist in the preparation of your association’s annual operating budget and compare actual results against the prior year’s budget.
• Assist in the calculation of reserves for capital expenditures and deferred maintenance which may be required to be funded under the Florida Condominium Act.
• Assist the association’s board in fulfilling its fiduciary role by assessing the adequacy of your association’s accounting procedures and internal controls.
DIFFERENCES BETWEEN COMPILATION, REVIEW AND AUDIT
Infante & Company can issue one of three types of reports on the financial statements of your association.
1. Compilation of Financial Statements A compilation involves putting financial data obtained from the association into financial statement format. It is a representation of management. In a compilation, we do not express any assurance on the statement. We simply put data into conventional form. A compilation may also include assistance in adjusting and closing the books of your association.
2. Review of Financial Statements In a review of financial statements, we make certain inquiries and apply analytical procedures to obtain a basis for expressing limited assurance that no material modifications are necessary for the statements to be in conformity with generally accepted accounting principles.
3. Audited Financial Statements An audit involves a comprehensive examination of your association’s financial statements. As a result, we are able to express an independent opinion regarding the fairness of the financial statements. An audit is one the most significant services provided by Infante & Company.
<h2>Peer Reviews of CPAs</h2>
To be a member of the AICPA or the FICPA, any CPA firm that provides accounting or auditing services is required to undergo a peer review every three years. Infante & Company believes that it is important for this program to continue to succeed and, as such, is recognized by both the AICPA and the FICPA for performing these reviews. We have the flexibility and depth of industry knowledge and expertise to review firms of all sizes. Our Managing Partner, A. Roger Infante, is a member of the Florida Institue of Certified Public Accountant's Peer Review Committee which oversees all peer reviews conducted in the State of Florida.