Devine & Associates, LLC

Certified Public Accountants

Advisory Consulting Services

Knowing more about the topics below could unlock big benefits for you and your company. Schedule a consultation session today.

Entity Structure Planning for your Business

Personal and Corporation/LLC Planning, including a review of the best entity selection and utilization for your business.

Corporation/LLC Compliance & Documentation
  • Ownership of Corporation/LLC
  • Lines of Liability
  • What needs to be switched over to the Corporation/LLC name?
  • Maintaining integrity
  • Corporation/LLC records book and minutes
  • Personal Guarantees
  • What types of ongoing documentation are needed?
  • Tax filing requirements
Business Operations and Documentation
Company Bank Accounts and Business Expenses
  • Review current business P&L and chart of accounts for proper business expense category listing
  • Provide a definition of business expenses
  • Discuss “Best Practices” for business expenses
  • Discuss appropriate documentation needed for business expenses based on IRS requirements
Recordkeeping and Expense Reporting
  • How to “Audit Proof” your records
  • Review of business record keeping systems and efficiencies
  • Business expense reporting and documentation
  • Evaluate opportunities for missed or unused deductions
Business Expense Reimbursement Plan
  • Accountable plan for any expenses paid from personal account
  • Determine company policy for reimbursement
Rental Property Operation
Review IRS standard for “Passive Loss Limitations”
  • Active Participation Rules
  • Aggregation of Rental Activity Rules
  • Real Estate Professional Rules
Review Schedule E tax efficiency
  • Review Depreciation detail and asset allocation
  • Review Expenses for rental property and “repairs” vs “improvements”
Cash Flow Planning using your Corporation - LLC
Income and Tax Projections
  • What percentage of income is for you to keep?
  • Using current year profits to pay current year liabilities
Tax Payments
  • Timing of payment and allocation
Budgets
  • What is your budget model?
  • Income vs Expenses
Financial Statement Analysis
Analyze and Review Financial Statements
  • Quarterly Meetings to review financial statements
  • Recommend best strategies to improve financial performance
Company Fringe Benefits

Maximize fringe benefits for the business owners/officers

Health Insurance Premiums & Medical Expenses
  • Health Savings Account – Verify eligibility, must be in high-deductible plan
  • Health Insurance Premiums – Section 106 Plan or Section 105 Plan
  • Health Savings Account – Discuss maximum contribution limits for the current year
  • NOTE: If premiums are paid through your S-Corporation, we would need a written accountable plan
Corporation – LLC Income Strategies
Wages – Subject to SS/Med tax. All corporations have at least one employee
  • Develop a wage plan for Owners/Officers
  • Assist in keeping your wages to a reasonable minimum amount. All “reasonable” wages are based on a variety of sources (e.g., public information, job postings, state and federal produced surveys and data)
  • Determine who will become an employee of the Corporation/LLC
  • Look to structure wages based on cash flow. This is what you pay for SS/Med tax
Distributions – Not subject to the SS/Med tax
  • Distributions are taken personally
  • IMPORTANT – not to be viewed as wages
Rents – No SS tax paid on this type of income
  • Corporation/LLC would pay you personally for business use of home office and storage space
  • Allow for additional deductions and distributions of income not subject to SS/Med Tax
  • No SS/Med tax on this type of income
  • Define the “Business use of Home” – per IRS definition