Services

Tax Compliance
Financial Services
Payroll Services

At R&N Accounting Services, tax preparation and planning services is the cornerstone of our practice.  Great pride is taken in the care and due diligence that every tax engagement receives. Over the years we have built long lasting relationships with our clients due to our focus on customer service and taking a proactive approach to tax planning and preparation.

Tax Compliance


Individuals

The services we provide to individual taxpayers include tax compliance and planning to assist in minimizing tax liabilities and accumulating wealth.  In addition to all Federal reporting requirements, we also have the ability to prepare any of the 50 states.

  • Federal and State Income Tax Return Preparation and Planning
  • Household Employee Tax Compliance and Reporting
  • Federal and State Tax Credit Programs
    • Review certain expenditures to determine if they meet the criteria for federal or state tax credit programs
  • Tax Planning and Consultation for Sole-Proprietors
    • Assist with small business planning, cash flow management, payroll and bookkeeping needs
    • Assist in determining the most advantageous allowable tax deductions
  • Tax Projections and Preparation of Estimated Taxes
    • Assist in determining projected income and expenses. We use these calculations to estimate total taxes due for the year and prepare estimated tax vouchers.
  • Representation and Assistance with IRS and State Notices or Audits
    • Review notices from tax authorities, determine the appropriate course of action and assist with responses
    • Review returns under audit and represent you during the audit to assist in coming to the best possible outcome
  • Tax Planning for Real Estate transactions:
    • Like-kind exchanges
    • Installment sales
    • Mixed-use properties – vacation homes, rental properties, office in home
    • Sale of principal residence
Businesses

The services we offer to business owners include income tax compliance and full service accounting. The entities we support include:

  • S-Corporations
    • Advise on eligibility requirements for S Corporation status
    • Insure timely S-election
    • Assist in determining reasonable compensation for employees who are also shareholders including distributions allowed under federal law
    • Assist with a C to S Corporation conversion
    • Preparation of Federal Forms 1120-S and Accompanying State Returns, issuing Shareholder Schedule K-1
  • C Corporations
    • Preparation of Federal Forms 1120 and applicable State return(s)
  • Partnerships
    • Preparation of Federal Form 1065 and applicable State returns, issuing Partners Schedule K-1
    • Preparation of quarterly estimated tax payments
    • Maintain client capital account balances
  • Limited Liability Companies (LLC)
    • Help determine which tax entity best suits the business activity
  • Sole-Proprietorships or Single-Member LLCs
    • Maximize business deductions that are available
    • Assist with quarterly estimated tax requirements
    • Assist with home office deductions
    • Advise on accounting system and record keeping requirements
  • Limited Liability Partnerships (LLP)
    • Maintain client capital account balances
    • Allocate income and loss based on partnership agreement
    • Calculate self-employment earnings for appropriate individuals based on material participation
  • Limited Liability Limited Partnerships (LLLP)
    • Maintain client capital account balances
    • Allocate income and loss based on partnership agreement
    • Calculate self-employment earnings for appropriate individuals based on material participation
  • Non-Profit Organizations
    • Preparation of Applications for Tax Exempt Status
    • Form 990 Preparation
    • State of Virginia Registrations to Solicit Contributions
    • Advise on Compliance with IRS Recommendations and Requirements

R&N Accounting Services strives to help owners manage their business by organizing the accounting records into formal financial statements.

We offer comprehensive accounting and payroll services, using QuickBooks software to assist business owners in operating and managing their company in an efficient and tax compliant manner. The proper accounting and payroll services have proven to be valuable business solutions that allow small business owners to spend more time growing their business.

Financial Services


Accounting
  • Monthly Write-up (For records maintained by R&N)
    • Use check registers to produce monthly accounting records
    • Reconcile bank accounts and credit card accounts
  • Accounts Payable
  • Accounts Receivable
  • Inventory
  • Monthly/Quarterly Review (For records maintained by client)
    • Review accounting software for posting errors
    • Reconcile bank accounts and credit card accounts
    • Assist with development of employee accounting skills
Financial Reporting
  • Financial Statement Compilations – requested by banks and other lenders
  • Personal Financial Statements – requested by banks and mortgage companies
  • Cash Flow Analysis – for business operations, planning and projections
Regulatory Reporting
  • Assist with registering for meals, sales and use tax accounts
  • Prepare and submit meals, sales and use tax returns
  • Determine vendors required to receive Form 1099 and prepare the required forms
  • City and county business license return preparation
  • Business tangible personal property tax return preparation

Payroll Services


Over the years we have learned that payroll is a very specialized area.  We no longer offer payroll services from our office.  However, we can assist in payroll set-up using QuickBooks on your office computers.  We will also work with companies that specialize in payroll and human resource issues.  Either way we are still available to assist with various payroll issues.