Our Services

Financial statements:

Our firm has a long-standing tradition of preparing financial statements for small businesses and not-for-profit organizations. We offer a range of services tailored to client needs, including monthly, quarterly, and year-end balance sheets and detailed operating statements, all prepared and analyzed in a timely manner.

For not-for-profit organizations, financial transparency is crucial due to the diverse interests of their stakeholders. These stakeholders commonly share a focus on the following:

• Safeguarding the assets entrusted to the organization.
• Ensuring the efficient and effective use of resources to advance the organization's mission.

Specific stakeholder interests include:

• Funders (such as government agencies or foundations) seek assurances that their contributions are utilized in accordance with the funding proposal and subsequent approval.
• Major donors require confirmation that their donations have been used in line with their intentions.
• Members are concerned with how their fees are spent and the organization's overall performance.

Effective financial statements and reports are essential communication tools that enable organizations to meet the information needs of all stakeholders, ensuring transparency and accountability.

Bookkeeping Services:

We offer tailored bookkeeping services designed to meet your business's unique needs with precision and efficiency. For those preferring an in-house approach, we can provide expert recommendations and comprehensive training for your staff, covering all aspects of the bookkeeping process.

Our on-demand bookkeeping solutions are as flexible as your business needs and available without a contractual obligation. They empower you to manage your financials effectively, tracking income and expenses, generating and sending invoices, and producing accurate financial reports. These reports can be prepared, saved, and presented for review quarterly, monthly, or annually as required.

Additionally, we offer support in budgeting and forecasting, and we are proficient in all major accounting programs, including QuickBooks and Xero.

Our services include:

• Bank Reconciliation
• Accounts Payable
• Accounts Receivable
• Sales Tax Filings and Payments
• Management Reports

We are committed to delivering exceptional bookkeeping services that support your business's financial health and growth.

Simplify Your Payroll with Maitland & Associates

Whether you build, create, or consult, you excel in your field. However, payroll management can be time-consuming and complex, impacting your finances and employee morale. At Maitland & Associates, we specialize in taking the hassle out of payroll, allowing you to focus on what you do best. Our services ensure you manage your funds more effectively and streamline your payroll process, enhancing flexibility and efficiency.

Optimize Your Payroll Process

In the dynamic world of business, flexibility is crucial. Our payroll solutions offer the adaptability you need to:

• Process additional payroll runs
• Execute payroll on the same day or the next day
• Cancel payments in the event of an error

We work on your schedule, providing the support you need when needed.

Our Payroll Services Include:

• Setup and maintenance of payroll records
• Timecard tabulation
• Withholdings for taxes and benefits
• Federal and State tax filings
• Direct deposit or issuance of checks
• 24-hour employee access to pay stubs, W-2s, and personal information updates
• Annual preparation of W-2s and 1099 forms

Employee Retention Credit (ERC)

The Employee Retention Credit (ERC) is a federal program designed to provide a refundable tax credit to support businesses in retaining employees. You may be eligible for this credit if your business experienced a decline in gross receipts or faced closures due to government orders. Even if you did not claim the ERC initially, you can still apply for it by filing an adjusted employment tax return for the relevant periods.

Let us assist you in claiming the ERC and maximizing your benefits. Contact us today by phone or email to get started!

Business Tax Returns:

Comprehensive Small Business Tax Return Preparation and Filing

Our core service includes meticulously preparing and filing tax returns for small businesses. Whether your entity is a C Corporation, S Corporation, Not-for-Profit Organization, Limited Liability Company (LLC), Partnership, or Sole Proprietorship, we ensure your tax return is expertly prepared to minimize your tax liability.

Before proceeding with your business tax return, we thoroughly assess your current financial situation, identifying gaps and planning for future needs. We can strategically decide whether to accelerate income or deductions to your advantage by evaluating each year's projected marginal tax rate.

Key considerations we address include:

• Bonus depreciation and expensing rules
• The qualified business income deduction
• Potential changes to your entity status
• Compensation deductions
• Claims for business losses

We aim to optimize your tax position while ensuring compliance with all relevant regulations.

Tax Planning:

Tax Planning and Forecasting Services

Tax planning and forecasting are fundamental services provided by our firm for both individual and small business clients. Effective tax minimization starts with comprehensive long-term tax strategizing to set overarching goals and is supported by diligent annual tax forecasting and mid-year tax planning.

Navigating the complexities of the multi-layered tax system has become more challenging considering recent tax reforms. Our approach involves analyzing multi-year scenarios to clearly understand the tax landscape and guide you through virtually all personal financial planning decisions. With the increased estate tax exclusions under the Tax Cuts and Jobs Act (TCJA), our focus has shifted more towards multi-year income tax planning. We also address the implications of thresholds for net investment income taxes and the higher rates on qualified dividends and long-term capital gains.

Key considerations in our tax planning services include:

• Asset Basis
• Legal Title of Assets
• Choice of Business Entity
• Income in Respect of a Decedent
• Life Insurance
• Retained Incidents of Ownership
• Assignments
• Insurance and Retirement Plan Beneficiary Designations and Settlement Options
• Annuities
• Employee Benefits
• Executive Compensation
• Charitable Giving
• Income Splitting within the Family
• Alternative Minimum Tax
• Income Taxation of Trusts
• Impact of the Net Investment Income Tax (NIIT)

We are committed to providing strategic tax planning solutions that align with your financial objectives and ensure compliance with evolving tax regulations.

Agreed upon Procedures:

Our team is well-equipped to assist you if you require thorough accountability, compliance, and systematic evaluation of standard operating procedures or policies. We specialize in developing procedures that clearly outline your expectations and mitigate uncertainties in assessing business strategies that could influence future outcomes.

Our Agreed-Upon Procedures can be tailored to review or test areas such as:

• Ohio Department of Job and Family Services: Validation and accuracy of cost reports.
• Verification of compliance and reporting requirements.
• Government program evaluations.
• Grant and contract compliance assessments.
• Sarbanes-Oxley Act (SOX) compliance.
• Florida Agency for Health Care Administration (AHCA): Proof of financial ability to operate.