Services

At Dirks, Anthony & Duncan, LLC CPA, the careful management of your finances is our top priority. We pride ourselves on giving you personalized and thorough service that meets your business or individual needs.

We provide a full range of tax and accounting services for our clients and offer consulting services for special needs.

Tax Services

At Dirks, Anthony & Duncan, LLC CPA, we assist our tax clients through efficient compliance and effective planning to help them realize substantial savings.  We use a team approach and focus on timely communication to provide our clients with excellent service. Tax partner and specialist involvement ensure that our clients receive the most experienced technical expertise we have to offer.

We offer the following tax services:

Federal, State and International Business Tax Services

Tax Return Compliance

Preparation of federal, state and business tax returns is the core of our tax services. High-levels of technical and industry specific expertise allow our tax professionals to ensure our clients’ tax returns are prepared efficiently and timely.

Transactional Structuring

We help businesses structure economic transactions in ways that minimize the tax impact by advising them on acquisitions, sales and mergers.

Accounting Method Reviews

We review businesses’ tax accounting methodologies for proper accounting and accounting method strategies to maximize income tax benefits.

Transfer Pricing

We can provide your business with consultations and studies to assist you with determining appropriate "arms'-length" pricing among related companies.

Research Credit Calculations

We can help your business determine if it is eligible to claim certain federal and state research credits, assist with the documentation requirements, and quantify the amount of the tax credit.

Real Estate Cost Segregation Studies

At Dirks, Anthony & Duncan, LLC CPA, we can provide cost segregation strategies that can be used to accelerate real estate tax depreciation deductions for businesses.  This results in a deferral of taxes which in turn increases cash flow.

Cost segregation works by separating the costs of property from the building, land acquisition or construction costs.  This benefits your business because the property has a shorter useful life for depreciation purposes when it stands on its own than when it is combined with the longer lived building or land.

There are certain limitations surrounding cost segregation.  It can only be performed on buildings and equipment constructed, acquired, enhanced, or expanded in 1986 or later.  Additionally, certain industries tend to have buildings and equipment with the most potential for tax deferral and improved cash flows.  These industries include but are not necessarily limited to the following:

• Farmers and Ranchers
• Auto dealerships
• Hospitals and medical facilities
• Industrial facilities
• Manufacturing facilities
• Office buildings
• Retail stores and shopping centers
• Apartment or condominium complexes
• Supermarkets and restaurants

Audit & Appeal Representation

We possess the expertise and experience to represent taxpayers before tax authorities.  Our tax professionals understand the dispute resolution and appeals process and work diligently to obtain you the most favorable results.

State and Local Tax Specific Services

Nexus Consulting and State Tax Liability Analysis

We can help you understand and navigate where your business is required to file and pay state and local taxes based on multistate activities.  Additionally, we will make recommendations of where to file and quantify potential tax liabilities associated with various state and local jurisdictions.

Sales and Use Tax Determination

We can assist you with the understanding of the sales and use tax consequences of specific transactions to ensure you meet any filing requirement.

Tax Planning Services

Federal Income Tax Planning

We aid businesses with all aspects of federal income tax planning.  This includes the implementation of federal income tax strategies that maximize savings, increase profits, and manage cash flows. 

State and Local Tax Planning

Our team understands the structural and transactional underpinnings of state and local regulations in ways that allow us to create solutions that mitigate tax liabilities. We provide state and local tax planning in the following areas:

• Income tax
• Franchise tax
• Sales and use tax
• Property tax
• Other miscellaneous taxes

Business Succession Tax Planning

You spent your life building your business and now you want to pass it on to the next generation or sell the value you built.  We advise businesses on the proper succession planning to preserve your family and business legacy while also looking out for potential tax consequences that may result.

Other Tax Services

Accounting for Income Taxes

Financial accounting for income taxes can be complex.  Our professionals have the technical skills and experience to help our clients navigate through these complex requirements and create efficient income tax accounting and reporting.  We also help companies stay up-to-date with regulatory guidance and disclosure requirements. The services we offer allow our clients to minimize year-end surprises and reduce risk related to reporting.  These services include:

• Calculation of tax provisions
• Account for uncertain tax positions
• Analyze current and deferred taxes
• Prepare financial statement footnote disclosures

Tax Updates

We keep our clients up-to-date on the latest federal, state and business tax issues through newsletters, website postings, and face to face meetings.   By staying ahead of tax issues, we can communicate how they will impact your operations quickly and address them in a timely manner. 

Individual Tax Services

When it comes to individual taxes, change provides opportunity.  We keep on top of these changes to provide you with the best advice and strategies, especially through planning opportunities.  You can depend on us for objective guidance and personal attention.  We believe in focusing on your long-term financial goals and steering your current needs in a direction to meet them.

Estate and Trust Tax Services

If you have not considered what will happen to your hard earned assets as you age and eventually pass on, you should.  Without an estate plan, the wealth you worked your entire life to build will be distributed according to state law and not according to your wishes. Estate planning is crucial if you want to minimize taxes and distribute as much as possible to your preferred beneficiaries.

We will work with you to design an estate plan customized to your particular needs by utilizing a variety of planning vehicles, such as family: limited partnerships, trusts, and charitable entities. Our team can assist you by performing the following:

• Review wills and trust instruments
• Estimate estate taxes and strategize alternatives that may provide tax savings
• Review business issues including valuation and the transfer and/or disposition of business interests
• Identify potential liquidity problems caused by federal and state estate taxes for the continued operation of the family business, probate, administration costs, etc.
• Develop a lifetime gifting program using vehicles such as family limited partnerships, charitable trusts and qualified personal residence trusts
• Prepare estate, gift, fiduciary, and non-profit tax returns
• Advise you on the possible use of various trust structures, including charitable remainder trusts, grantor annuity trusts, personal residence trusts, family partnerships, credit shelter trusts, marital deduction trusts, and revocable lifetime trusts

Looking for a little information right now? View the latest Tax and Financial News article in our Newsletter.

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Accounting Services

Bookkeeping

Our qualified staff can input transaction history on a monthly, quarterly or yearly basis. By using a client's bank statements or current bookkeeping system, detailed reports of a company or personal business's activities are more readily attainable. This is a great way to get your books together for taxes, a financial meeting, or for the yearly filing of the Form 1099. 

Payroll processing

Timeliness and efficiency best describes our payroll processing service. Whether you need help processing payroll, making tax deposits, filing quarterly/yearly reports, filing yearly W-2 and W-3 forms, or any other item that arises related to payroll, our experienced staff is ready to help. 

Bill processing and payments

An active daily approach to bookkeeping, provided by our staff, can supply your business or personal needs with a real-time financial position. This service can include processing bills, checks, deposits, invoices, and even payroll. Real-time bookkeeping provides a time saving measure to tax season stress. 

 

Auditing Services

Audits

Dirks, Anthony & Duncan, LLC CPA, audit privately held companies (non SEC companies), cities, schools, recreation centers, and not-for-profit companies.  Concentrating on privately held companies means we are free from public company regulations, reporting deadlines, disclosure complexities, and risk management issues.  As a result, we can focus on what really matters to you, your business or municipality.

Audits are usually performed when an outside third party requires an auditor’s opinion on the financial statements.  This level of service is performed for the purpose of expressing an opinion based on whether the financial statements are fairly presented and in conformity with Generally Accepted Accounting Principles, Kansas Municipal Audit and Accounting Guide, or any other required financial reporting framework.

Audits are the most comprehensive of all the attest services.  Auditing procedures include testing accounting records, examining evidence supporting the amounts and its related disclosures in the financial statements.  Evidence is obtained through inquiries, analytical procedures, physical inspection, observation, and through independent confirmation. Additionally, audits require an understanding of the entity and its internal controls.

There are certain assurances that audits are not designed to provide. An audit does not provide assurance on or aim to identify deficiencies in internal control. The work performed as part of an audit does give us an understanding of how your company and financial reporting function.  This means we may be able to identify issues related to internal controls, processes, inefficiencies, cash flow problems, as well as company and industry trends.  As a result, the work performed during an audit may allow us to provide you with general business advice based on the insights gained during the engagement.

Reviews

Reviews are typically undertaken to assure third parties that the financial statements are not materially misstated.  This level of service provides a lesser degree of assurance to financial statement users than an audit. Also, unlike an audit, there is no expression of an opinion on the financial statements, testing of controls, or financial data. Reviews essentially consist of inquiries of company personnel and analytical procedures applied to financial data. 

Compilations

Compilations provide the lowest level of assurance of the financial statements services. In a compilation, we assist management in presenting their financial information as financial statements in the proper form.  Compilations also require an understanding of the client’s industry and the client.  Additionally, we read the financial statements and ensure they are free from obvious material errors.  This service provides no expression of an opinion on the financial statements.

Agreed Upon Procedures

Agreed upon procedures are performed when the parties involved contract on specific procedures or set of procedures that they want the accountant to perform. This level of service can be useful when you or a third party want some reassurance about a specific area of the business such as inventory or cash, without the need for assurance and the related time and expense of a full audit or review. Agreed upon procedures can deal with a diverse variety of subject matter such as the quality of collateral or due diligence related to a business acquisition. In all cases, agreed upon procedures are solely the responsibility of the parties who specify them and they never provide an opinion on the subject matter or financial statements.

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Consulting Services

At Dirks, Anthony & Duncan, LLC CPA, our business is to know and understand your financial situation.  We offer services beyond compliance that combines our experience, expertise, and knowledge to add value as a trusted advisor to your financial situation.

We offer the following consulting services:

Financial Processes

Every organization can benefit from being introspective, skeptical, and analytical regarding their finances.  We work with organizations to develop the predictive capabilities necessary to adapt to rapid changes and outperform their peers.  Specifically, we can help you with:

• Driving growth from new markets and opportunities
• Enhance cash management through working capital optimization and better capital allocation
• Improve finance operations by focusing on operational effectiveness, financial analytics, as well as budgeting and forecasting
• Enable efficient regulatory compliance
• Effectively manage risk by identifying sources and improvements to mitigate high risk areas

Business Valuation

Business valuations enable you to accurately determine the value of a business and its components.  It is essential that you know what a business is worth whether you are buying, selling, involved in litigation, or planning your estate.  Our highly trained and experienced professionals work with attorneys, other accountants, and financial institutions to ensure you are represented fairly. Here is a complete list of business valuation services we provide:

Litigation

• Marital dissolution
• Partner or shareholder dissolution
• Economic damages or bankruptcy

Financial Reporting

• Purchase price allocation
• Asset impairment testing
• Intellectual property valuations

Business Planning

• Buy and sell agreements
• Purchases or sale of a business
• General business planning

Bankruptcy and Insolvency Services

Dirks, Anthony & Duncan, LLC CPA, Bankruptcy and Insolvency Group provides financial advisory services to Chapter 11 and Chapter 7 bankruptcy trustees, debtors, unsecured creditors, and estate fiduciaries. We can aid you in formal insolvency proceedings, out of court corporate wind-downs, reorganizations, and liquidations.  Details of the various services our bankruptcy and insolvency group offers are detailed below:

Bankruptcy Trustees

• Facilitate electronic records retrieval
• Identify hidden assets
• Assist with asset sales
• Assist with document requests
• Perform claims, insolvency and fraudulent transfer analyses
• Prepare required tax returns
• Provide expert testimony

Debtors

• Assist with the software set-up to segregate pre- and post-petition activity.
• Bankruptcy schedule preparation.
• Prepare cash flows and budget to actual analysis.
• Perform claims analyses.
• Provide guidance to development of a viable reorganization plan.
• Prepare required tax returns.

Creditors' Committees

• Assess the reasonableness of cash flows.
• Analyze budget to actuals.
• Perform preference analyses.
• Investigate insider transactions.
• Search for fraudulent transfers and asset misappropriations.
• Analyze solvency.
• Prepare reports and provide expert testimony.

Estate Fiduciaries

• Assist with the sale of hard assets.
• Assist with negotiating private sales of intangibles.
• Develop causes of action to recover assets.
• Distribute estate assets to creditors on the basis of priority ranking.

Forensic Accounting

Fraud is an ever present and growing problem for business organizations. It can go undetected for years and is often committed by “trusted” employees.  Fraud impacts nearly every organization regardless of size. The costs from this can be substantial.

At Dirks, Anthony & Duncan, LLC CPA, we believe the best way to deal with fraud is to prevent it.  Our approach goes beyond looking at the numbers to analyze and interpret them and understand the story they tell.   We assess and protect organizations from fraud through a rigorous step by step approach as follows:

• Evaluate your organization’s overall fraud risk.
• Identify possible fraud schemes with an eye toward industry specific criteria.
• Rate any recognized schemes and analyze risk tolerance.
• Develop policies, procedures, and strategies to mitigate the fraud.
• Implement and test detection and prevention against future fraud.

 

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