ACCOUNTING | AUDITING | TAX | FINANCIAL STATEMENT | TRUST & ESTATE ADMINISTRATION

We provide auditing, accounting, and tax services primarily to clients in the Eugene/Springfield area of Lane County, Oregon. We provide accounting services for small businesses and professional practices, auditing services for not-for-profit organizations and Oregon Municipal Corporations, and tax services for businesses and individuals.

Accounting Services:

Payroll: We offer a variety of flexible payroll services. We can handle all of your payroll services by preparing paychecks for your signature and then following up with payroll tax payments and quarterly reports. Or, we can just do your quarterly tax reports and W-2s. We will do whatever works best for you.

Bookkeeping: We offer a full range of bookkeeping services for organizations that prefer to outsource all or part of the accounting function. Like most accounting firms, we refer to this service as “‘write-up” work. This is because we start with information provided by your organization (such as a check register or Quicken information) and post it to a general ledger or trial balance program. The general ledger or trial balance program is the source from which information can be extracted for financial statements, income tax returns, and any special report you might need for your business decisions.

Support for Quicken and Quickbooks: We can assist you in installing and configuring either Quicken or Quickbooks for your business or personal record keeping. Quicken will do the job if you do not do payroll and do not mail invoices to clients. Quickbooks is what you need for payroll, invoicing, and accounts receivable posting. Shirley Henderson, CPA is a Quickbooks advisor.

Compilation or Review of Financial Statements: We can prepare monthly, quarterly or annual compiled financial statements to help you measure how your business is performing, and whether or not you are achieving your goals. If you are in need of financial statements that offer limited assurance, we can prepare reviewed financial statements. (See Financial Statement Services for an explanation of the difference between audited, reviewed, and compiled financial statements.)

For information about accounting services, contact Shirley Henderson, CPA at (541) 484-4545 or shirley@khrcpa.com.

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Auditing Services: (See Financial Statement Services for an explanation of the differences between audited, reviewed and compiled financial statements.)

We currently provide and offer auditing services to not-for-profit organizations and Oregon Municipal Corporations. Focusing our audit activity on the not-for-profit and governmental sectors has allowed us to develop considerable expertise in these areas and our clients benefit from this expertise. We add value to our audits by being alert for opportunities that will increase an organization’s operating efficiency and strengthen its internal controls.

We do both financial statement and OMB Circular A-133 compliance audits. Financial statement audits are usually required by the terms of funding source contracts and grants. The Federal government requires OMB Circular A-133 compliance audits if an entity expends more than $500,000 for certain types of Federal awards.

We usually, as part of our not-for-profit audit engagements, also prepare the annual reports to the Internal Revenue Service (Form 990) and to the Oregon Department of Justice (Form CT-12).

We are also available to prepare annual return/report of employee benefit plans (Form 5500) with the Department of Labor Employee Benefits Security Administration.

For information about auditing services, contact John Risen, CPA at (541) 484-4545 or john@khrcpa.com.

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Tax Services:

Individual Income Tax Returns:
We prepare approximately 350 individual income tax returns each year, including many that include a Schedule C for sole proprietorship businesses. This broad base provides us with a wide range of experience, and allows us to offer the following guarantee:

If we make an error in the preparation of your income tax return, we will do everything necessary to correct the error, at no cost to you.

If you are charged penalties or interest because of our error, we will pay those penalties and interest for you.

Partnership Income Tax Returns:
We prepare partnership income tax returns for partnerships and limited liability companies (LLCs). Partnerships or LLCs that have assets in excess of $250,000 must prepare a balance sheet as part of their return, and we prepare that as well.

Corporate Income Tax Returns:
We prepare both C corporation and S corporation income tax returns. We work with business owners to minimize income tax expense, not only at tax time, but also with long-term tax planning.

Preparation of Fiduciary Income Tax Returns:
We prepare fiduciary income tax returns for estates and trusts, including the Schedule K-1s for beneficiaries.

Preparation of Estate Tax Returns:
We prepare estate and inheritance tax returns for decedents. We work closely with attorneys of probated estates to arrive at the best choice of taxable year.

For information about tax services contact Shirley Henderson, CPA or John Risen, CPA at office@khrcpa.com.

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Financial Statement Services:

Audit, review, and compilation are three distinct levels of services that CPAs provide related to financial statements.

An audit is the highest level of service. It consists of a critical evaluation and selected independent verifications of financial information. An audit results in an independent, professional opinion from a CPA attesting to the fairness and accuracy of financial statements and the representations they contain.

Audits are often necessary to comply with the requirements of lending institutions, regulatory agencies, and others who rely heavily on information contained in financial statements. Audits by CPAs provide the highest level of assurance about the reliability of financial statements.

A review is an evaluation of financial statements using management inquiries, analytical procedures, and the CPA’s knowledge of the organization and its environment. The scope of a review is less than an audit; but provides limited assurance that nothing came to the attention of the CPA that required modification.

A compilation consists of assembling an organization’s financial information and presenting it in the form of financial statements without applying any audit or review procedures. It is the lowest level of service, but is perfectly appropriate for the use of managers, owners, and others who are familiar with their organization’s financial affairs and do not need the assurances offered by an audit or a review.

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Trust and Estate Administration:

If you are the successor trustee of a living trust, we can help you administer the trust and settle the decedent’s estate.

We can help:

• Apply for a Federal ID number for the trust (this is required when the trust becomes irrevocable after the death of the original trustor).

• Advise account holders of the new Federal ID number.

• Determine the amounts of any Federal Estate Tax and/or Oregon Inheritance Tax and prepare the necessary tax returns.

• Assist with after-death tax planning to minimize current and future estate and inheritance taxes.

• Prepare final income tax returns for the decedent and fiduciary income tax returns for the trust.

• Work with title companies and/or attorneys to prepare deeds to convey real estate from the trust to the beneficiaries, and help plan for the orderly distribution of other assets and accounts to the beneficiaries.

For information about trust or estate administration services, contact Bill Kirkpatrick, CPA at (541) 484-4545 or bill@khrcpa.com.

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