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Services

Ingram, Overholt & Bean, PC provides a wide range of services to individuals and businesses in a variety of industries. At Ingram, Overholt & Bean, PC, we strive to meet each client's specific needs in planning for the future and achieving their goals in an ever-changing financial and regulatory environment.

Our professional services include:


Audits, Reviews, and Compilations

Ingram, Overholt & Bean, PC's financial statement services comprise all three levels of assurance depending on your company's needs.

Audits

Audits offer the highest level of assurance to third parties, and include in-depth examination and confirmation of account balances, inventories, and selected transactions. We perform audits for you to remove errors, ascertaining the validity and reliability of your information.

Reviews

Reviews provide limited assurance to outside interests and involve inquiries and analytical procedures that confirm financial statement matters and identify any items requiring further analysis. We perform reviews to ensure the integrity of your data.

Compilations

Compilations are usually requested for internal purposes and are based upon information provided by a company's management. They do not offer assurance but may involve some adjustment to accounting records.

Accounting Services

From start-ups to established enterprises, businesses rely on accurate and insightful financial information in order to maintain profitability and capitalize on new opportunities. Ingram, Overholt & Bean, PC's accounting services steer you closer to these goals with accurate record-keeping and reporting as well as support on financial issues such as initial accounting system setup, cost-containment, tax planning, investments, and employee benefit and profit-sharing plans.

These services include but are not limited to:

  • General ledger and financial statement preparation
  • Bookkeeping (Monthly, quarterly, or annual)
  • Accounting system setup and support
  • Payroll processing
  • Cash flow budgeting and forecasting
  • Personal financial statements
  • Employee benefit and profit-sharing plans
  • Corporate tax planning and return preparation
  • Litigation support

Tax Compliance and Consulting

At Ingram, Overholt & Bean, PC, we guide our clients through a full range of tax planning and preparation decisions with strategies that minimize your tax liabilities, maximize your cash flow and keep you on track to your financial goals. Our expertise, experience, analysis and thorough research allow us to optimize financial opportunities to be found in existing as well as recently altered tax laws. We are knowledgeable and up to date on the tax laws and can make sense of your receipts, bills and notices.

QuickBooks Assistance

QuickBooks can provide useful and timely information in the form of financial statements, reports and graphs. However, it can only provide this information if you purchase the right product and then install, setup and use it properly. We don't just help you use the software, we help you use it more efficiently and more effectively.

Ingram, Overholt & Bean, PC offers the following solutions to help meet your QuickBooks needs:

Personal Training

We train you personally! Either one-on-one or several individuals within your organization at your company's location.

Installation

We install QuickBooks on your stand alone computer or in a network environment, in either single- or multi-user mode.

Setup

We assist new QuickBooks users with initial setup including: EasyStep Interview, Preferences, Lists, Customers, Vendors, Employees, Banking and Reports. We also help experienced users manage their businesses more effectively by improving their current setup. Many users experience problems and lack the ability to generate and track important information as a result of inadequate setup.

Support

Our QuickBooks support service can assist you with any installation, setup or operation assistance you might need. In addition, our support is not limited just to the software part of it, but we can also provide accounting and payroll assistance.

Review

Our QuickBooks review service helps companies that have the human resources to perform daily accounting and payroll tasks, but need an accounting and payroll expert to review your transactions, accounts and reports. This review ensures that you receive timely, relevant and reliable financial information. We also inform you of any corrections, adjustments or reclassifications necessary to ensure that the financial information you receive reflects the correct financial condition of your business. Reviews may be conducted at any time, but monthly reviews provide you with up-to-date information and feedback about your business.

Estate and Trust Planning and Tax Preparation

Effective estate and trust planning can ensure financial security for loved ones. For businesses, it can maintain a smooth succession of ownership. Ingram, Overholt & Bean, PC's role is to help you navigate the complex and shifting tax laws to facilitate the transfer of assets and minimize the tax liability of your beneficiaries. Everyone should have a well-thought-out plan as to how to distribute the assets left in one's estate so as to avoid complications and to be sure that the individual’s wishes are followed. Having your taxes and estate thoroughly and carefully planned will ensure that your loved ones don't have any complications to deal with during a time of loss.

Entity Selection and Restructuring

Your business entity has a large impact on your taxes and other liabilities. From your company's inception through its growth and development, Ingram, Overholt & Bean, PC can advise you on choosing an entity type and later restructuring if advantageous. With our knowledge and expertise, you will always be receiving the most advantageous entity type for the functions your business performs.

IRS Representation

Professional representation can be vital during an audit, and our experience with tax authorities enables us to guide clients in their dealings with federal and state agencies. If you have been chosen for an audit, the professional representation you can find with our firm can put many of your worries at bay. We are ready and willing to answer any and all questions the IRS may be asking of you.

Financial Projections and Forecasts

No one can predict the future perfectly, but we can all benefit from planning for it. Ingram, Overholt & Bean, PC combines expertise and experience with a gained understanding of your business to produce financial projections that can help you manage your business plan and spending. Forecasting for the future is imperative to your company's success. We make it a point to keep current with market trends and updates so that your business can be prepared for what is to come. Depending on your needs, our work can range from top-level reports to detailed financial models.

Bookkeeping/Write-up Services

Accurate record-keeping is essential to a successful business yet can also be complicated and time consuming. Ingram, Overholt & Bean, PC can help you with the organization and day-to-day tasks of bookkeeping so that you can focus on your core business.

Real Estate Transaction Planning

Our team of CPA’s are experts in the field of real estate with extensive experience in all the relevant tax laws, regulations, and exceptions (i.e., loopholes). Our tax strategies take into consideration technical as well as practical matters. IOB’s team of professionals have broad and extensive client service experience in providing tax planning and compliance to clients involved in all types of real estate transactions. Tax planning and compliance services for the real estate investment property include:

  • Structuring tax efficient entities for various real estate activities
  • 1031 like-kind exchange planning
  • Federal and State incentive tax credit planning
  • Management and holding company related-entities planning
  • Planning and structuring tax efficient debt/equity
  • Installment Sales
  • Representation in federal and state tax audits
  • Assessment of investment portfolios to ensure maximum tax efficiency
  • Passive/Active re-characterization & planning
  • Capital gain (vs. ordinary income) preservations strategies

Payroll Services

Ingram, Overholt & Bean, PC's payroll services can help you reduce the time spent on administration through developing and implementing a computerized payroll system that will facilitate processing, timely payment and preparation of tax returns.

Debt and Finance Advising

Whether your needs are corporate or personal, Ingram, Overholt & Bean, PC's professionals can assist you in sorting out the different options available for debt management and financing that will lower your payments and/or reduce the total amount of interest paid. Re-balancing your debts can also result in tax deduction savings. Even if you are able to handle the payments and the amounts of your current debts, our expertise may be able to save you money and/or lower your payments.

Cash Flow and Budgeting Analysis

Good cash management can improve a company's liquidity, reduce costs, and increase profitability. Ingram, Overholt & Bean, PC can help you maintain optimal cash flow levels by tracking sources and uses, forecasting, and budgeting accordingly. To a business entity, cash flow is something that can make or break the business' ability to survive. We can help you analyze your spending, re-balance your budget and/or debts for an optimal cash flow to support your business' success. This balance plan would be revisited if and when there were any major changes in your business structure to ensure that you are operating at an optimal level. With our help and guidance, you will always be on top of your finances and ready for the future.

Accounting Services for Seniors

There are many different challenges that seniors may face when handling their financial needs. Outside assistance can be required when circumstances change, such as:

  • Some seniors simply want to have the freedom to spend their time on activities they prefer – like traveling, recreation and family – and delegate the day-to-day financial minutia to qualified outside professionals.
  • The loss of a spouse can suddenly make managing family finances the responsibility of a survivor, who isn’t prepared to handle it.
  • Health issues can make it difficult for seniors to handle finances without assistance.
  • In other situations, the adult children of aging parents take on the partial or full responsibility of managing their parents’ finances.
  • These situations and others can leave seniors, and sometimes their adult children, with the burden of added stress and financial problems.

Our professionals at IOB have recognized these needs and developed our “Accounting Services for Seniors” program. We work hand-in-hand with you to relieve you of the tedious details, but leave you in control and as involved as you choose to be. Our services are customized to fit your exact needs, which may include:

  • Banking & Bills
  • Deposit and process checks received
  • Balance checkbook and reconcile bank accounts
  • Pay bills

Monitoring of Income & Expenses

  • Track financial activities or investments
  • Assist in resolving medical bill issues
  • Create budgets to help monitor expenses (which is especially important for seniors concerned about fixed monthly income or outliving their assets)

Financial Statements & Tax Returns

  • Compile personal financial statements
  • Prepare income tax returns
  • Handle payroll taxes for household employees

Communication Assistance

  • Provide a liaison between seniors and their vendors
  • Communicate to family members based on pre-arranged authorizations
  • Provide in-home visits to gather information

Estate Planning

  • Guidance in the creation and preservation of wealth and the orderly transfer of assets to beneficiaries
  • Techniques to maximize the transfer of your estate (i.e., substantially reduce the taxable value)
  • Use of various tools, such as lifetime gifting programs, living trusts, family limited partnerships, qualified personal residence trusts, and charitable remainder trusts
  • Preparation of federal estate tax returns, estate and trust income tax returns, and gift tax returns
  • Business succession planning
  • Executor/trustee assistance

Peer Review Services

Over 30,000 CPA firms across America are enrolled in the AICPA Peer Review Program and are required to have a peer review (system or engagement) of their accounting and auditing practice at least once every three years. A peer review can provide unique insight into a firm’s business position. Through the educational and practical approach used by IOB’s peer review team, the reviewed firm will gain a deep understanding of the firm’s quality control efforts, process improvement opportunities, and practice management strategies. We actively participate on the state society Peer Review Committee for the state of Tennessee. Through our experience working with other firms, the firms we review will learn the best practices, gain increased understanding of recent and potential professional pronouncements, and be provided practical approaches to quality control issues.

Litigation Support

Ingram, Overholt & Bean PC litigation support services can be employed in a wide range of situations, including commercial litigation, financial investigations, business valuations, business and marital dissolutions and bankruptcies.

Here is a sample of these services:

  • Expert witness testimony in connection with the tax issues impacting a matter before courts
  • Divorce issues-property settlements, alimony, QDROs, child support, calculation of tax basis for transferred property, forensic accounting and review of tax returns to raise questions about the ownership of entities and property, compensation arrangements, cash flow, retirement plans, etc. of the other spouse
  • Business valuation for purposes of divorce settlements, estate and gift tax, buy-outs, etc.
  • Lost revenues as a result of fire, flood or other circumstances
  • Tax ramification of a loss in compensation

Forensic Accounting

Ingram, Overholt & Bean PC provides forensic accounting services to clients and non-clients through attorneys and banks, following unfortunate economic events.

Here is a sample of these services:

  • Review of accounting records to assist in the determination of the extent of fraud, embezzlement or theft
  • Analysis of payroll records, payments and filings to determine the number of returns not filed and unpaid taxes
  • Assistance to law enforcement officials in their investigation
  • Working with IRS and other taxing authorities on the abatement of penalties and the payment of unpaid taxes

Information Request for Services Listed Above