OUR SERVICES

Tax consulting and Preparation

Aggressive tax planning is one of the most valuable services we provide. Our objective in tax planning is simple….to minimize the overall tax burden whenever and wherever possible. To achieve this end, our tax services are directed toward creative and proactive tax planning rather than just preparing or reviewing tax forms. We take seriously the challenge to develop constructive tax suggestions….suggestions that frequently enable our clients to recover substantial amounts in tax savings.

We keep abreast of the constant and complex changes of federal, state, and local tax laws to provide our clients with the strategies to enhance their wealth. Our CPAs serve as consultants on a wide variety of tax issues, for diverse types of clients:

• Individuals, Estates, Trusts
• Corporations
• Partnerships
• Employee Retirement Plans
• Non-Profit Organizations

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Outsourced Accounting

With increasing pressures to reduce costs but still provide accurate and timely internal financial statements, many businesses are endeavoring to find the most qualified CPA firm to efficiently meet their needs. We have professionals well educated in the latest accounting and tax issues, as well as payroll tax and sales tax reports. Let us help your business fill its accounting needs. Most of our clients realize the following benefits with our accounting services:

• Timely financial information
• Ability to focus on their internal operations
• Cost savings
• Payroll security

Whether you need your accounting records set up, cleaned up, or caught up, we have the staff to help you. See our Contact Us page.

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Estate Planning and Administration

In estate planning we begin with an understanding of your goals and your individual and family circumstances. Our objective is to help you achieve a sense of security concerning the distribution of your estate. In the process, we make sure you understand the legal and tax issues surrounding estate planning. We help you achieve your desires to ensure that all you have worked for is distributed properly with a minimum amount of tax and expense. Areas of service include but are not limited to:

A review of your last will and testament to determine that it meets your current wishes.

Life insurance planning - decisions on the amount of insurance, ownership of insurance and beneficiary designations.

Family partnerships and other forms of ownership permit giving to the next generation while maintaining management of the assets and ability to preserve the assets.

Business succession planning is a complicated and an essential aspect of estate planning. A family business can present unique problems and opportunities as you transition your business to the next generation.

Lifetime giving programs include planning for gifts to spouses, children and grandchildren. There are a number of ways to make gifts, such as the family partnership mentioned above, which permit continued management by the generation making the gift. Preservation of principal is an important aspect to the donor, and in a lifetime giving program this needs to be given careful attention.

Too often, people begin this process too late to be completely effective. The earlier individuals consider their estate situation, and begin to plan for it, the better the results for the family.

Personal financial planning is an important part of the estate planning process. Most people want to be certain they are secure for their lifetime and that their property passes to their family with the least amount of tax and cost. You need to look at a personal budget and plan for current living expenses before you can plan for the disposition of an estate.

Charitable Giving and Foundations - Charitable gifts with retained life interests are highly attractive as financial and estate planning tools. An individual can obtain the double benefit of an income tax deduction for the full value of the gift as well as a similar reduction in the taxable estate, while receiving in return a guaranteed annual fixed payment. If appreciated stock is given, there is yet another benefit in that there is no tax on the capital gain. Charitable giving, planned thoroughly, can be a win-win strategy.

Ownership of property is critical with respect to the title, and therefore whose estate the property will be in. Excellent estate plans often fail because the ownership of property or the beneficiary designation is inappropriate. Review of these very important issues is essential to achieve the desired results in the estate planning process.

• Retirement plan and life insurance beneficiary designation.
• Preparation of the estate tax returns and related fiduciary income returns.
• Selection of valuation methods, allowed under tax law, which further reduce taxes.
• Preparation of gift tax returns.
• Post mortem planning includes looking at additional ways to reduce taxes through the use of disclaimers and selection of tax year.
• Charitable giving programs including CRUT & CRATS.
  Valuation of closely-held businesses, for gift and estate tax purposes.

In all of your planning, we urge you to make decisions based on your own desires as to the ultimate distribution of your property; tax reduction is important, but is only secondary to your wishes regarding distribution.

We emphasize that none of our services nor the information contained herein constitutes legal advice, nor should these be considered as substitutes for competent legal counsel. All of your questions concerning law and all your legal instruments are matters which your attorney should handle for you.

We will be happy to consult with you and your attorney to further clarify any of the information provided herein.

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Divorce Planning

Divorce planning is a special area of financial planning that focuses on the divorce and how it will affect either spouse or both spouses. By working with the client(s) and their attorney(s), we assist the clients by making sure their decisions are well informed before entering a financial settlement. In addition to advising clients of the tax effects and ramifications of a financial divorce settlement, we also can demonstrate through projections and graphs what the short-term and long-term effects will be to their finances.

The issues of equitable distribution and alimony are only two areas in which we provide financial advice. We also assist in the forensic area of asset discovery as well as separation tax planning, tax preparation for those who are separated and divorced, and post-separation planning to preserve assets needed for future support.

While so many divorces and separations are occurring, the need for good financial and tax advice is growing. We have concentrated in this complicated area, to offer to those going through these procedures some comfort in understanding the financial aspect of their settlement and how it will affect their future.

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Employee Benefits Administration

Assisting in your selection of, and administering an employee benefit program can be critical to retaining and maintaining your better employees. We can assist you in creating an entire benefits package or revising your current package.

We can help your company maximize the benefits of the tax advantaged programs available. We can show you and your employees how you can keep more of what you earn.

Our administrative services, whether for a profit sharing, money purchase pension or 401(k) plan, include but are not limited to the following:

• Plan consulting services
• Assistance with preparation of plan documents
• Calculation of employer contributions
• Investment asset reconciliation
• Allocation of contributions and investment income
• Investment asset reconciliation
• Non-discrimination testing
• Participant statements
• Summary Annual Report
• Participant distributions
• Preparation of government forms

We can also assist you with implementing SEP, SIMPLE and cafeteria plans.

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Management Advisory Services

We provide strategic financial planning and goal setting for your business. In today's fast-paced financial world, we help you anticipate the changes in your environment rather than just reacting to them. Utilizing these services will improve management efficiency and profitability in your business.

Services include but are not limited to:

• Personal financial planning
• Business expansion planning
• Providing business valuations

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Business Valuation

Business valuation services require specialized talent. We have built a team of business valuation specialists which includes a Certified Valuation Analyst. These individuals understand the many issues involved concerning specific industries, different financial structures, and appropriate discounts.

Through our memberships in organizations such as the National Association of Certified Valuation Analysts, the Institute of Business Appraisers, and the American Institute of Certified Public Accountants, our accountants keep informed on the latest valuation methods and tax issues.

Whether you need a business valuation for estate and financial planning, litigation support, divorce planning, or general business planning, our specialists can provide the services you need.

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Merger and Acquisition Consulting

Odom & Company, L.L.P. has consulted in numerous mergers and acquisitions on behalf of our clients as well as clients of other CPA firms. Our staff includes accredited valuation experts who have many years of experience in mergers and acquisitions. They understand selling or purchasing a business from both a tax and business perspective. They have conducted valuations of privately held concerns for estate planning purposes, gift tax planning, estate tax reporting, business transition planning, and buying or selling a business.

Our services include but are not limited to:

• Business valuations
• Deal structuring
• Asset vs. stock purchase decisions
• Sales price determination
• Tax accounting methods

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Forensic Accounting

Forensic accountants develop the numbers, of course. But they do more. After the discovery of fraud or theft, they dig deeper to uncover how a crime was committed, and the amount of stolen funds.

We combine the principles and methodologies of accounting, auditing, and investigative strategies to assess and strengthen your case.

Our forensic accountants bring solid experience to your case. We utilize diligence, persistence, and professional judgment to assist in areas such as:

• Fraud detection
• Expert witness testimony, in depositions and in court
• Discovery assistance
• Claims analysis

Our experience with legal concepts and procedures earns our experts the respect and confidence necessary to testify during trial proceedings.

Involve a forensic accountant as early as possible in your case. Their expertise can reduce the overall cost of your trial as well as expedite the proceedings.

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Disclaimer

We have provided the information contained herein as an informative summary of current financial opportunities for both individuals and businesses. None of the information should be considered as advice or recommendations. Contact us for any details regarding information supplied herein or any assistance we can provide to your specific situation. See our Contact Us page.

Privacy Policy

CPAs, like all providers of personal financial services, are now required by law to inform their clients of their policies regarding privacy of client information. CPAs have been and continue to be bound by professional standards of confidentiality that are even more stringent than those required by law. Therefore, we have always protected our clients' right to privacy.

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