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Business Services Federal Tax Planning & Preparation HMV prepares federal tax returns for businesses, individuals, and trusts. All returns are subject to an independent tax department review to assure accuracy and completeness. The HMV staff remains current on federal tax laws and legislation and utilizes this knowledge to conduct tax planning and preparation, thereby assisting clients with minimizing the federal tax burden. Capital expenditure planning, Cafeteria Plan implementation, and the strategic selection of a taxable year for an estate are just three of many ways HMV assists its clients in minimizing their federal tax burden. State Tax Planning & Preparation HMV prepares state tax returns for businesses, individuals, and trusts. All returns are subject to an independent tax department review to assure accuracy and completeness. The HMV staff remains current on state tax laws and legislation and utilizes this knowledge to conduct tax planning and preparation, thereby assisting clients with minimizing various state tax burdens. HMV helps the twin cities solve multi-state tax issues. Three areas in which HMV assists its clients in minimizing their state tax burden include the reduction or elimination of the Louisiana Franchise tax, a tax incentive program that credits employers for new hires, and a program to reduce property tax on manufacturing equipment. Audit HMV provides financial reporting and business advice from audits of businesses. The goal of our Audit Department is to provide clients with timely financial reporting and business advice consistent with the client's specific business needs. Our Audit Department can help your business establish accounting controls and reporting systems to manage the vast amount of accounting data, thereby allowing your business to operate more profitably. A typical audit includes the following steps:
Computer Consulting, Installation, Project Management, Training, & Support Enterprise Computing Services, Inc. (ECS) partnered with HMV's computer services division to form ECS, LLC. ECS provides a full range of computer services and solutions for corporate customers, including the following:
Cost Segregation Studies The current depreciable life of real estate is 39 years for commercial facilities and 271/2 years for apartment buildings. Cost Segregation Studies allow taxpayers to separate different components of the total construction cost or purchase price and utilize much shorter depreciable lives for some of the following elements.
The cost segregation study identifies and substantiates the specific components that are eligible for this accelerated depreciation. What Kind of Projects Qualify?
How Much Can I Save? Typical percentages of accelerated property by various property types are listed below:
Does My Property Qualify? Answer the following questions "True" or "False" to see whether you can benefit from a cost segregation study.
If you answered "True" to all five questions, contact us for a free one-hour consultation. You may be able to save anywhere from $30,000 to over $300,000 in federal taxes as a result of a cost segregation study. To learn more about how a Cost Segregation Study can benefit you, contact Gerry Hedgcock, CPA. Employee Benefits Administration & Consultation Through our Employee Benefits Administration and Consulting division, HMV consults with employers on any issues related to their benefit programs, including every phase of plan operation - from initial design through plan termination for qualified and nonqualified retirement plans and cafeteria plans. As a third-party administrator, HMV provides the following services:
As a record-keeper, HMV provides the following services:
Employee Benefits and Consultation staff members include Certified Employee Benefits Specialists, certified by the International Society of Certified Employee Benefits Specialists and include a Pension Analyst, certified by the American Society of Pension Actuaries. Other Services HMV offers CFO Outsourcing Service in response to an ever-growing client need for more advanced financial management services. Our CFO Outsourcing Service is designed specifically for the small, growing company that benefits from a highly qualified CFO, but a company that does not want to make a full-time investment in one. An outsourced CFO helps clients utilize our CPAs' experience in the following services:
Often, an outsourced CFO can assist in the transition of a company's accounting staff by reducing the impact of a CFO's abrupt departure. An outsourced CFO can also assist in the interviewing process of accounting replacements. Financing HMV utilizes its knowledge of a client's financial matters to assess Financing needs and then assist in pursuing the appropriate amount and type of Financing required for operations, infrastructure, and capital loans. As a company expands, it faces changing Financing and capital needs.
Through Fraud Investigation conducted by our Certified Fraud Examiners (CFEs), HMV assists in the prevention, detection, and investigation of various types of fraud. Our CFEs, certified by the Association of Certified Fraud Examiners, can appear in court to provide expert witness testimony in both civil and criminal fraud cases. The value of our demand for this service is increasing as white-collar crime and embezzlement becomes more prevalent in our society. Accounting Services HMV provides a full range of Accounting Services, including the following:
Our Accounting Services staff also provides QuickBooks, Great Plains, and UniLink software installation and training. See HMV's Accounting Software Solutions tab for more details. CPA Performance View Based on the newest American Institute of Certified Public Accountant (AICPA) assurance service, HMV offers the Performance View service to assist a company in creating and maintaining a performance measurement system. The AICPA defines the CPA Performance View as "the identification of critical success factors that lead to measures that can be tracked over time to assess progress made in achieving specific targets linked to an entity's vision." In layman's terms, this service allows HMV to assist a company in creating both financial and nonfinancial measurement systems beyond normal financial statement reporting to allow management access to critical success factors that drive the success of its organization. The CPA Performance View is a process driven service that is flexible and customizable for any industry or company size using strategic planning to identify the critical success factors it faces. Louisiana State Tax Incentive Program Louisiana businesses should benefit from the business and industry incentives outlined by the Louisiana Economic Development Corporation. HMV, through its wholly owned affiliation with Louisiana Incentive Consultants, LLC, maintains its knowledge of the incentive plan details so our clients can take advantage of the benefits of the program without getting bogged down in the plan's minutiae. Opportunities for reducing our clients' tax burden are available through the following programs:
Entity Type Analysis Through Entity Type Analysis, HMV assists businesses in determining which type of entity name best suits their needs. There are various entity types available, including the following:
HMV takes into account tax advantages, in addition to larger liability issues, when assisting clients with entity type analysis.
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