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About Us
Tax Prep & Planning
Estates
Small Business Accounting

About Us

In 1935, Jack W Olds began offering quality accounting and tax services to closely held businesses and individuals. When the current partnership was created in 1961, Jack added the second generation dedicated to accounting, tax, and consultation.

Many of the clients first served by Jack in the early years have continued as clients and are operated by the next generation of family members. Today, Jack W Olds & Company, LLP has welcomed its third generation of tax and accounting experts, committed to providing competent and timely service. As the business and tax environment has become more and more complex, as well as technologically demanding, the firm has evolved to meet the needs of our clients. The firm has expanded substantially and has succeeded to the next generations, but we are still dedicated to the core principles initiated by the founder; integrity, honesty, and loyalty.

We are a full-service accounting firm providing our clients with professional services and guidance for a wide range of business and tax needs for over 85 years. The staff now consists of 14 professionals and 3 support staff with an average of over 20 years of professional experience.

Tax Prep & Planning

While a computer software may help find deductions, there’s no substitute for the quality of service and advice you’ll receive from an experienced tax professional. We prefer to take a proactive vs reactive approach to tax services. Tax law is not getting any simpler, and by keeping current on new tax legislation, we are in a position to identify key planning opportunities throughout the year that may minimize both your current and future tax liabilities.

Tax services offered include but are not limited to:

Individuals
Sole Proprietors
LLCs / Partnerships
Corporations
Estates, Trusts & Gifts
Private Foundations
Tax Authority Representation

Strategies

Splitting income among several family members or legal entities to take advantage of lower income tax brackets
Shifting income or expenses from one year to another when it can yield a lower tax rate
Deferring or eliminating tax liability through use of tax-advantaged investment vehicles
Tracking all expenses eligible for itemized deduction
Taking advantage of tax credits
Adjustment of payroll withholding

Estates

Effective estate planning and gifting 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 and we can help guide you through the complex process of getting your financial affairs in order.

Navigating the death of a loved one, no matter the circumstances, can be an emotional journey and taxes are never the primary focus of the family whose loved one has recently passed. Following a client’s death, a CPA’s role in executing an estate plan becomes critical. In addition to the annual income tax return of the individual, many estates will require an inheritance tax return when the decedent’s assets exceed state or federal thresholds. We strive to approach each individual’s unique situation with understanding and professionalism when preparing estate returns to ease the burden on each and every family member involved.

Small Business Accounting

Businesses of all shapes and sizes depend on accurate, insightful financial information to manage their day-to-day operations, capitalize on opportunities, and sustain profitability. Meaningful, well-organized and timely financial records ensure our clients are able to accomplish that in an efficient and cost-effective way. Providing that service is a commitment that we feel cannot be compromised. We lend our expert support to meet your accounting needs so you can focus your time and energy on building a strong business.

Bookkeeping

We’ll create and maintain a chart of accounts to capture all of your financial transactions, provide the right information to manage your business, and prepare federal, state, and local tax returns. Through periodic internal audits, we’ll identify and resolve discrepancies (e.g., double billings, unrecorded payments) to ensure that you have a complete and accurate picture of your financial position.

Bank Reconciliation

While a clean set of books is a key objective for every accountant, it’s also important to match the accounting records with the monthly bank statements. Our bank reconciliation services ensure that every deposit and withdrawal aligns with entries into your accounting records. This assessment enables us to identify lost deposits, lost checks, unauthorized transactions, and inappropriate bank fees. It triggers investigation into any fraudulent activity (identity theft, forgery, embezzlement, etc.), and expedites restitution. And it gives you a clearer picture of your cash position for addressing planned outlays and investments.

Financial Statement Prep

We can prepare a complete set of financial statements to help you assess the health of your business. This package includes:

A Balance Sheet that gives you a snapshot of your overall financial condition at month, quarter, and/or year end
An Income Statement (a.k.a. Profit and Loss Statement) that summarizes revenues, expenses, and net profits so you can assess the operating performance of your business
A Comparison of Actual Performance to Budget so you can identify trouble spots in your revenue stream or spending patterns
A Cash Flow Statement that shows how changes in your Balance Sheet and Income Statement affect your available cash
Estimated tax liabilities

Our analysis of your financial statements helps you frame strategic initiatives (e.g., business expansion, acquisition) as well as tactical plans (e.g., accounts receivable and accounts payable management). Professionally prepared financial statements are also an essential resource when dealing with creditors (e.g., vendors, banks) and investors.

Individual Consultation

When you use our professional accounting services, you get more than a collection of records and reports. You get the benefit of our skills, experience, and expertise. We’re happy to invest the time to make sure that you understand and utilize all of the information we provide. Call us whenever you have a question or concern.

Reviews and Compilations

We offer two levels of assessment of your financial statements based on your company’s needs:

A review is a limited investigation to provide some level of assurance that material modifications to the financial statements need not be applied. Testing primarily consists of high level examination, year-over-year comparison, inquiry, and analysis. It does not examine back-up data to substantiate the financial data. A review may suffice for selected outside interests.
A compilation presents client-supplied data in financial statement format. No assurance is provided by the accountant as no testing, inquiry, or analytical procedures are performed. This service typically serves an internal audience.

Meet the Team

Our relationships with clients extend beyond financial recordkeeping and reporting. We understand the dynamics that affect their personal and professional lives. We listen to their goals and dreams. We work collaboratively to develop plans that transform ambitions into reality.