Client Services

David A. Terry, CPA, PSC offers efficient, reliable, and affordable accounting & consulting services geared toward helping our clients recognize their greatest dreams & aspirations. Our advisors understand that you are focused on getting your business to the top, and we want to provide you with the support you need to get there.

At David A. Terry, CPA, P.S.C., we take pride in knowing we provide our clients, and the public, with a quality product that is in compliance with all professional and state standards.  

We actively participate in the American Institute of CPA/Kentucky Society of CPA Peer Review Program.  In doing so, we engage a peer firm to perform an independent review of our accounting system policies, procedures and work product. We receivable the desired score of Pass on our most recent Peer Review.  To view the Independent Peer Reviewer's Report on the Firm's System of Quality Control, please click here.

 As the list below is by no means all-inclusive, please feel free to inquire about a service if you do not see it listed.

 Tax Services:

Our objective in tax services is to reduce our client's tax burden, PERIOD.  We accomplish this through properly structuring the financial activities of our clients.  Our emphasis is to ensure full compliance with all applicable tax codes, coupled with effective tax planning and positioning throughout the year.  The following is an overview of our tax services available: 

  • Filing Federal and State Returns on a timely basis, in laser printed format with "client copies" provided.
  • Tax reduction opportunities available through current tax law.
  • Assistance with tax projections and scheduling quarterly estimated tax payments as necessary.
  • IRA/SEP/401K/HSA/Qualified plans.  We can assist with the planning, set up, administration and investing.
  • On-going assistance available regarding recent law changes.
  • The use of tax shifting through dependents and other legal entities.
  • On-going analysis of business forms and their related tax status.
  • State of the art electronic Tax Library.
  • Click here to view/print our customized tax organizer.
Accounting Services:
Our objective in accounting services is to provide our clients with meaningful, timely financial information and to take the information one step further.  To convert data into action... action designed to enhance the financial position of our clients.  The following is an overview of accounting services available:
  • Monthly compilation of financial data, presented in comparison with budgeted information.
  • On-going review of financial ratios in comparison to standards.
  • Analysis of fixed and variable costs to determine the break-even point and assist in financial decisions.
  • Preparation of cash flow projections and cash management policies.
  • On-going consultation regarding automation of the financial accounting system from system design and implementation, to trouble-shooting and refinements.
  • Access to an experienced professional staff.
  • Attendance at Board of Directors meetings.
  • Specialized financial reports.
  • Assistance with bank financing and relationships.
 Payroll Services:
Our objective in payroll services is to relieve our clients of the time consuming responsibility of payroll.  We provide affordable payroll solutions that can be customized for any small business.  Our staff has years of experience in preparing payroll and the associated taxes in the Tri-state area.  When you outsource your payroll processing, you can relax knowing that your appropriate payroll deposits and taxes are filed accurately and timely.  The following is an overview of payroll services:
  • Weekly, bi-weekly, semi-monthly, or monthly payroll processing
  • Complete payroll reports
  • Preparation of W-2s and 1099s
  • All federal and state tax filings
  • Worker's compensation audits
  • Customized payroll reports

 

(Click Service Title For Details)


Accounting Services

Bookkeeping/Write-Up

Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis and are the foundation of a successful business. Our qualified staff can assist you with the day-to-day tasks associated with bookkeeping.

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Financial Statements

We can assist you in the preparation of your financial statements in accordance with professional standards, but express no opinion or any other form of assurance on the underlying information included in them. The financial statements produced can be a useful tool for management for making financial decisions.

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Compilations

We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your company's profitability and efficiency. Compilations differ from reviews and audits as they are based upon client information provided and used primarily for internal use only as no assurance is expressed.

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Tax Services

Tax Preparation

Our significant investment in computerized tax preparation and research software enables us to accurately and efficiently prepare returns for various types of entities including individuals, corporations, partnerships, trusts, estates, and not-for-profit organizations.

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Tax Planning

Tax planning is an essential element of the tax preparation process. By making tax planning part of your overall business strategy, you can use our experience and access to the most current new developments in the tax laws to minimize both your current and future tax liabilities.

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Estate & Trust Tax Preparation

Effective estate and gift planning 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. We can guide you through the complex process of getting your financial affairs in order.

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IRS Representation

During our years of experience dealing with many taxing authorities, we have achieved a level of competence that can ensure our clients they are being properly represented before the various federal and state tax agencies.

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Payroll Services

As a business grows, it must hire more employees, which can result in increased payroll administration. We can assist you in implementing the controls necessary to ensure a reliable, efficient, and effective payroll system. Our firm can also help you develop a payroll system and prepare all necessary payroll tax returns in a timely manner.

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Sales Tax Services

Many of our clients are responsible for collecting and submitting sales taxes in many different vicinities. We can assist your company in the compilation of information and preparation of sales tax returns in an efficient and timely manner.

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Consulting Services

Accounting Software Selection & Implementation

With the number of computerized accounting software packages available for small businesses and individuals growing every day, selecting one that is right for you has become increasingly difficult. As accounting professionals, we are exposed to most programs through trade journals and actual use. Our experienced staff can help you choose and implement the system that best fits your needs.

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Financial Planning

A properly structured financial plan enables you to face any financial challenge that may present itself at each stage of your life. Through the financial planning process, we can help you assess your financial needs and develop strategies that will enable you to achieve your goals and strengthen your financial security.

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Business Entity Selection

Choosing the form of entity of your business (e.g. "S" corporation, sole proprietor, limited liability company…) is a crucial decision that can have longstanding tax implications, positive or negative. We can assist you in evaluating the pros and cons of each entity type to help you determine the most advantageous form of business for your company.

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Buying & Selling a Business

Structuring the purchase or sale of a business properly is a critical step in the process of buying or selling a business. Our competent staff has experience to guide you through the acquisition/disposition process by addressing such issues as cash flow analysis and tax considerations.

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Business Valuations

Whether you are thinking of buying a new business or in the midst of a difficult divorce, the amount attached to the value of your business is important. We can provide useful and objective analysis to assist you in the valuation of any business in which you have an interest.

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Business Succession Planning

Effective coordination of the transition of your business to your successors is critical to ensure its continued success once you decide to remove yourself from the company's day to day operations. With a solid background in tax and other financial matters, we are fully qualified to address the complex issues of business continuation and can assist you in developing a strategically sound plan.

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Estate Planning

Effective estate planning 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. We can guide you through the complex process of getting your financial affairs in order.

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Retirement Planning

Successful implementation and periodic review of your financial plan will ensure financial independence during your working years and through your retirement years.

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