Our Services

 At James E. Richman, CPA, carefully managing your finances is our top priority. We pride ourselves on giving you personalized and thorough service that meets your individual or organization's needs.

We offer a full range of tax services for our individual and commercial clients, specialized auditing and tax services for our nonprofit clients, and consulting services for special needs.

Tax Services for Individuals, Professional Practices, and Small Businesses

At James E. Richman, CPA, we serve our tax clients through strategic tax planning and technically savvy, efficient tax return preparation.  Underlying all of our services is our focus on timely, thorough communication. Our team approach- with our experienced tax services associates doing the preparation and Jim Richman handling the tax planning, in-depth review of draft tax returns, and client communications on all engagements- ensures that our clients receive the highest quality service on all phases of the process.

We offer the following tax services for Individuals, Professional Practices, and Small Businesses:

Tax Return Preparation

Preparation of federal and state tax returns is the core of our tax services. Our team of seasoned tax associates combines techincal expertise with the competence and judgment that only experience can provide to ensure our client’s tax returns are prepared strategically, efficiently, and timely.

Tax Planning Services

We aid individuals and businesses with all aspects of income tax planning.  This includes implementing income tax strategies that maximize savings, increase profits, and manage cash flows.  When it comes to taxes, change provides opportunity.  We keep on top of tax law changes to provide you with the best advice and strategies. 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.

Audit & Appeal Representation

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

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.

Tax Updates

We keep our clients up-to-date on the latest federal and state tax issues through newsletters 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. 

Estate and Trust Tax Services

In collaboration with our narrowly targeted network of estate planning attorney referrals, we will work with you to design an estate plan customized to your particular needs in the most tax-efficient manner possible. 

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

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Audit, Accounting, and Tax Services for Nonprofit Organizations

Effective work with Nonprofit Organizations requires in-depth understanding of the unique challenges of the environment in which you operate as well as the specialized nonprofit accounting principles and tax- exempt regulations.  Increasingly, nonprofits are confronted with intense oversight by the government, donors, and the public, together with changing tax regulations and policies to maintain tax exemption. Throughout his career- first as a mental health therapist employed for over 10 years by nonprofit organizations serving youth and families, and then as a CPA with over 35 years advising and providing audit and tax services to nonprofit organizations- Jim Richman has demonstrated his expertise in helping nonprofits navigate the demands of the industry. In staffing our nonprofit engagements, our nonprofit services associates are experienced, savvy professionals whose work is singularly dedicated to nonprofits.

Our nonprofit clients include:

   • Social and Human Service Organizations
   • Community Service Organizations
   • Arts, Culture and Membership Organizations
   • Faith-Based Organizations
   • Professional Associations
   • Private Schools 
   • Foundations 
   • Health and Welfare Organizations  

Below is a brief explanation of the range of attest services available to meet your organization’s needs.  Please consult us to help determine the appropriate level of service for your organization in light of the level of assurance desired by your governing board, executive management, private funders, lenders, and/or governmental agencies.

In addition, we offer the full range of Federal and state tax preparation services for tax-exempt entities.

Audits

Audit procedures are the most comprehensive of the attest services and, as such, enable the independent auditor to provide the highest level of assurance on an organization's financial statements.

Auditing procedures include testing accounting records and examining evidence supporting specific transactions and the amounts and disclosures in the financial statements.  Evidence is obtained through a combination of inquiries, analytical procedures, physical inspection, observation, and independent confirmation. Additionally, audits require an understanding of the entity and its internal controls.

When a nonprofit expends more than $750,000 in Federal awards, additional auditor reports on internal controls and compliance with laws and regulations are required under Federal regulations.  We will be pleased to discuss these requirements in depth with you.

Through the audit process, we gain a thorough understanding of your organization's mission, programs, governance, and fiscal operations. As a result, we are able to formulate recommendations on matters of internal controls and general fiscal operations. At the conclusion of the audit, we meet with your Audit and/or Finance Committee as well as your Governing Board.  We also have a standing offer to all of our audit clients to attend meetings of the Finance Committee or Board during the year at any time crucial matters arise for which you seek our input.  And we encourage your financial executive to contact us any time a new or unusual transaction occurs for which guidance on accounting procedures and best practices is desired.  

The typical threshold for an organization requesting audit services is $500,000-$750,000 in revenues. 

Reviews

The hallmark procedures performed by the CPA in a review are inquiries of the organization's personnel and analytical procedures applied to financial data. Unlike in an audit, the CPA seeks no external verifications. Rather, we apply our experience and professional judgment to formulate our independent CPA’s review report on your financial statements.   Because of the limitations on the procedures we perform, the CPA’s review report provides only limited assurance on financial statements.

The typical threshold for an organization first requesting review services is $250,000-$500,000 in revenues.  Oftentimes, nonprofits request a review to enable us to become familiar with the organization and its fiscal operations in anticipation of an audit the following year. 

Compilations

In a compilation, we assist management to present the organization’s financial information as financial statements in the proper form.  Compilations require us to acquire an understanding of the client’s industry and to obtain specific knowledge about the client. Additionally, we read the financial statements and ensure they are free from obvious material errors. Verification and analysis of account balances are not performed by the CPA in a compilation.   As a result, the accountant's compilation report is not intended to provide an opinion or even limited assurance on the financial statements and is used primarily for internal purposes only. 

Due to the heightened fiduciary responsibilities of a nonprofit in reporting its financial position and results of operations, our experience is that only rarely is a compilation engagement sufficient to meet the internal or external needs of a nonprofit.

Agreed Upon Procedures

Agreed-upon procedures are performed when the parties involved concur that they want the accountant to perform a specific procedure or set of procedures.  They can be useful when you or a third party wants some detailed information about a specific area but do not need the assurance and related time and expense of a full audit or review. The CPA reports the results of the specific agreed-upon procedures objectively but without providing an overall opinion on the validity of the financial statements.

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Consulting Services

At James E. Richman, CPA, our business is to know and understand your financial situation.  We offer services beyond compliance and combine our experience, expertise, and knowledge to add value as a trusted advisor to your financial situation.

In addition to the planning and advisory services described above, we note that 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.
• Enhanced cash management through working capital optimization and better capital allocation.
• Improved finance operations by focusing on operational effectiveness, financial analytics, budgeting, and forecasting.
• Efficient regulatory compliance.
• Effective risk management by identifying sources and improvements to mitigate high-risk areas.

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