Markowitz Fenelon & Bank Llp

Accounting and Auditing
At Markowitz, Fenelon & Bank, LLP we go far beyond simply preparing state and federal tax forms. Because our tax laws are constantly changing and increasing in complexity, it’s often difficult to determine what their impact will be. This is why we place heavy emphasis on tax planning and using sound strategies to ensure that you are paying the least amount of tax possible. Our intimate knowledge of your business and the environment in which you operate allows us to take advantage of all the options available. As your needs expand, we have the strength and expertise to keep pace with you.

Our services include:
•Account Reconciliations
•Bookkeeping and Bill Paying
•Budgeting, Projections and Analysis
•Cash Flow Monitoring
•Financial Projections and Analysis
•Financial Statements Preparation
•Fixed Asset Management
•Management Financial Reports
•Reviews and Compilations
•Sales Tax and Payroll Tax Return Preparation
•Tax Compliance and Planning

Tax Preparation & Planning
MFB offers a wide range of tax strategies designed to help you maximize your wealth-building opportunities. We are able to take a comprehensive approach and consider the practical and business implications when making recommendations or giving advice. Working with you throughout the year, we will develop an integrated and flexible tax plan that considers corporate, individual and estate factors for tax minimization.

Our services include:
•Individual Tax Planning
•Corporate Tax Planning
•Partnership Tax Planning
•State and Local Tax Issues
•Federal and state income tax returns, including multi-state returns
•Federal and state gift tax returns
•Federal and state trust and estate income tax returns
•Federal and state exempt organization returns
•Same Sex Couples Tax Planning
•Tax Audit Representation
•Preparation of tax returns for citizens abroad
•Preparation of tax returns for nonresident aliens and dual-status taxpayers
•Retirement Planning
•Business Succession Planning

High Net-worth Tax Planning
With wealth and success comes much more involved estate and succession responsibilities, yet your time to manage those responsibilities becomes more limited. At MFB you can rely on us to know the ever-changing tax laws and how those laws impact you and your estate.

Our services include:
•Quarterly estimated tax requirements
•Charitable giving maximization
•Year-end tax planning including Alternative Minimum Tax considerations
•Individual retirement tax planning
•Gift and Estate Planning
•Trust Tax Planning
•Family Office Services
•Review of Tax Law Changes and Impact on Clients
•Additional Specialty Compliance Services
•Code Section 1031 Tax-Free Exchange Planning

Estate and Trust Services
We understand it takes time and effort to build an estate, business, or retirement income program. At MFB, we make sure our clients and their families enjoy the results of their hard work. We will work with you and your other advisers to prepare, develop, and execute comprehensive plans that will achieve your financial objectives. We will also educate you on the steps needed to fulfill your fiduciary duties, helping you get through the difficult time that the passing of a loved one can present.

Our services include:
•Review of Wills for Tax Implications
•Review of Trust Documents for Tax Implications
•Detailed Estate Planning
•Estate Transfer Procedures
•Elder Care Coordination
•Fiduciary and Estate Tax Return Preparation
•Gift Tax Filing and Planning
•Lifetime Gifting
•Estate and Trust Final Accountings
•Property Management Plan

Business Succession Planning
All privately owned companies eventually change hands through succession or buy-sell agreements. To properly position a company for an eventual exit, you must be aware of important steps that can reduce the company’s risk, generate buyer interest and increase value in a sale process. MFB can help you develop a succession plan, including multi-generational succession planning dealing within a family unit and key managers. We will discuss available exit strategies and analyze which is most appropriate. We can identify improvements or changes to potentially increase market value and help you prepare an exit strategy, implement strategic interim initiatives and execute the plan at the appropriate time.

Our services include:
•Long-Term Ownership and Management
•Ownership Transfer
•Change in Control
•Succession Planning
•Multi-Generational Succession Planning
•Management Buyouts
•Business Sales and Purchases
•Exit Strategies
•ESOP Succession Planning
•Mergers and Acquisitions
•Funding the Buy-Sell Agreement
•Company Sales & Divestitures

Business Valuations
All our work adheres to the highest business valuation standards as established by the American Institute of Certified Public Accountants (AICPA). We follow the AICPA’s Statement on Standards for Valuation Services., the business valuation standards of the Accredited Senior Appraiser (ASA) by the American Society of Appraisers, and the Accredited in Business Valuation (ABV) by the American Institute of Certified Public Accountants. Our valuation professionals have obtained the AICPA’s designation of Accredited in Business Valuation (ABV). Performing a valuation engagement demands a specialized knowledge and skill that our CPA/ABV professions have obtained through experience and education.

Our valuation services have assisted our clients in:
•Merger and acquisitions
•Employee Stock ownership plans
•Shareholder (owner) disputes
•Business purchases or sales
•Marriage dissolutions
•Contractual disputes
•Estate tax planning and tax return compliance
•Gift tax planning and tax return compliance
•Charitable contributions
•Purchase price allocations

Litigation Support and Forensic Accounting
With today’s complex business environment, litigation and fraud issues continue to be major concerns for companies and organizations. Some industries are more susceptible than others; the typical organization loses 5% of its annual revenues to occupational fraud each year. In the areas of litigation and forensic accounting, it is important to work with experienced professionals who have the ability to clarify complex financial information and prepare evidentiary documentation for presentation to a wide range of audiences, including judges and juries. We provide litigation and forensic accounting advice from the discovery phase through providing testimony during a trial. More importantly, we can provide you with assistance in the prevention of fraud and with calculating lost profits.
Litigation Services

•Lost profit
•Marital Dissolutions
•Stockholder/Partner Disputes
•Bankruptcy and insolvency
•Breach of contract
•Business interruption
•Estate disputes
•Fraud investigations
•Civil and Criminal Litigation
Forensic Accounting Services
•Due diligence
•Forensic analyses
•Internal control assessments
•Special investigations

Not-for-profit and governmental accounting requires specialized training, continuing education and experience. It also requires a unique ability to understand the mission, the management and the reporting requirements that make not-for-profits and governments different from corporate clients. Operating in an environment that is far more challenging than ever with regulatory compliance, donor scrutiny, and the challenges of a shifting economy continually raise questions that can only be answered by qualified, trusted professionals. Our experts in not-for-profits and governmental accounting understand these challenges. Working with your management and board members, we combine extensive experience serving our clients with insight to address the nuances of financial and operational management.
Our services include:
•Budgeting
•Audits, Reviews and Compilations of Financial Statements
•Cash Flow Analysis
•Compliance Audits
•Special Purpose Reports
•Fraud Audits
•Agreed-upon Procedures Engagements
•Federal, State and Local Tax/Compliance Planning and Return Preparation
•Assistance with Employee-benefit-plan Structures and Filing Requirements
•Guidance for Governing Board Compliance with Today’s “Best Practices”
•Internal-control and Risk-management Reviews
•Preparation of IRS Form 990
•Information Return for Exempt Organizations
•Assistance with IRS Audits
•Preparation of IRS Form 990T, Exempt Organization Business Income Tax Return

Governmental Auditing:
•Auditing Financial Statements
•Operational and Systems Review