Profile
RMSBG is one of the top 25 accounting firms in New Jersey and is one of the top 100 SEC Audit Firms in the United States. RMSBG offers a genuine choice over the major accounting firms by combining big firm experience with personalized service. Our dedicated professionals deliver services in an understandable way that clients appreciate. Our services include accounting and auditing, SEC and ERISA audit and compliance services, taxation, outsourcing of controller/accounting department function, business valuation and litigation support. We attribute our success to our unwavering commitment to client service, which is demonstrated through innovative approaches and solutions, quality and timely
Practice Overview
Accounting & Auditing
Outsourcing
With the tight labor market, many companies cannot recruit or retain the experienced personnel that are needed to run a successful accounting department. Our solution to this problem is the complete outsourcing of a company's accounting department to our experienced personnel, whereby our firm, instead of yours, would be responsible for the day-to-day accounting functions. With computers, e-mail and the Internet, it has become much easier to have a remote accounting department. The benefits to the client include reduced management time, reduction of accounting department personnel and the related payroll and benefits costs, and allowing management to focus on their business objectives instead of the back office. Another major benefit is that the client receives accurate and timely financial reporting overseen by CPA's that can deal with the ever increasing complexity of accounting and financial reporting standards. Our experience includes assistance to both private companies and to publicly traded companies. We can assist public companies in preparing their annual Form 10-K and quarterly Form 10-Q's. Our web-accounting.com website details the types of outsourcing services we can provide to your business or organization.
SEC Public Company Services
Audit and Audit Related Services
RMSBG is one of the Top 100 SEC Audit Firms in the United States and is one of the fastest growing SEC audit firms in New Jersey. The firm ranks in the Top 5 of New Jersey based accounting firms providing SEC audit services. Our success in this area is based on the high quality experience of our partners and managers, some of whom have gained their expertise at international accounting firms such as Ernst & Young, Deloitte & Touche and McGladrey and others that have worked for quality mid-sized regional SEC audit firms. These qualified professionals bring you the “Big Accounting Firm Experience Without The Big Accounting Firm Experience.”®
Quality counts, and therefore we have put in place some of the highest quality SEC reporting and auditing training programs for our professional staff given by organizations such as The SEC Institute, the PCOAB, Auditwatch and the AICPA. The combination of experience and continual training ensures adherence to quality that translates into efficient audits, less SEC comment letters and better financial reporting for our SEC registrant clients.
Our SEC Services Group focuses on serving publicly traded mid-sized and emerging-growth companies. Our audits are specifically designed for those companies with consideration for their internal controls, systems and personnel.
Our audit approach is designed to minimize business and audit risk associated with the audit process of public entities by maintaining high quality client acceptance standards and policies designed to seek out relationships with company management who have a high degree of integrity and competence, and where there is a balance between the likelihood that the business will succeed and the risk assumed by the investors.
We continually keep our clients informed of the latest SEC and FASB developments, and maintain an active involvement with audit committees to ensure their involvement throughout the audit process. Our firm is registered with the Public Company Accounting Oversight Board, and we are subject to the rules of the PCAOB, including its periodic inspections of our firm.
All of our audit engagements are staffed with experienced in-charge accountants that can handle the complexity of the client engagement. We ensure that sufficient planning is done on each engagement to ensure the timely identification of key business and accounting issues and audit strategies. Our goal to our clients is to minimize financial reporting “surprises.”
Each engagement is reviewed by a concurring partner who is not on the engagement team, so as to objectively review the audit and accounting issues and financial statements before they are finalized.
We regularly assist our clients with prospectuses, proxy statements, Form S-2's, 10K's, 10Q's, 8-K's and SB filings, reverse takeover transactions and pro-forma disclosures.
If you’re planning on going public in the future, we can assist you with the IPO process and preparation of the Form S-1 and propectus and PCAOB audit of your financial statements.
Non-Audit Client Services
The type of services we provide to our non-audit registrant clients include:
- Outsourced Accounting Department Service
- Preparation Of 10-K/10-Q Financial Statements/MD&A
- GAAP Research
- SEC Comment Letter Response Assistance
- Sox 404 Internal Controls Documentation & Testing
- Outsourced Internal Audit Function
- Tax Compliance
- FAS 109 Tax Provisions/Deferred Taxes
- FIN 48 Tax Position Analysis
- Mergers & Acquisitions Due Diligence
- FAS 141/142 Valuation of Goodwill and Intangibles
- FAS 144 Impairment Analysis for Long-Lived Assets
- Purchase Price Allocations
- Service On Audit Committee As Financial Expert
Benefit Plan/ERISA Audit
We have a dedicated team of professionals that concentrate on employee benefit plan audits. Employee benefit plan audits include pension, health and welfare, and 401(k) plans subject to the Employee Retirement Income Security Act (ERISA) under the regulatory authority of the U.S. Department of Labor (DOL). We are committed to achieving the highest quality audit possible and perform limited and full-scope audits of these types of plans. We plan and execute our audits in a way that maximizes audit efficiency and quality and we offer your plan administrator and human resources personnel confidence in their plan reporting and management. Our employee benefit plan audit clients range from a national non-profit with over 1500 participants to a local manufacturer with a 125 participants. As a member of the American Institute of CPAs Employee Benefit Plan Audit Quality Center, RMSBG is committed to adhering to the highest quality standards by voluntarily agreeing to the Center membership requirements, which include specialized continuing professional education requirements for audit professionals that audit employee benefit plans and establishing firm quality control programs.
Budgeting & Projections
Businesses often require outside assistance in preparing internal budgets, forecasts or projections. We can help you prepare a budget or complete a forecast or projection:
- for internal financial management purposes
- to support an application for bank financing
- to meet the terms of your current banking agreement
- to help assess the effect of a course of action being considered, such as a move to a new location, or a purchase of new technology
- Financial forecasts are prospective financial statements that present an entity's expected financial position and the results of its operations, and changes in its financial position. It is based on the party's assumptions reflecting conditions it expects to exist and the course of action it expects to take. Financial projections are prospective financial statements that are based upon one or more hypothetical assumptions, and present an entity's expected financial position, results of operations, and changes in financial position. A projection, unlike a forecast, is sometimes prepared to present one or more hypothetical courses of action for evaluation.
Capital Access & Financing
We work closely with clients to develop financing objectives and to identify appropriate sources of debt and equity. Our strong contacts throughout the financial services industry enable us to match client needs with the specific requirements of the banking and investment communities. Our debt and equity financing contacts include banks, private equity funds, hedge funds, investment bankers, private investors, business development companies and small business investment companies.
Estate Planning
Effective asset protection is of increasing concern to families. In conjunction with an on-site independent attorney, we offer comprehensive estate planning services including the structuring of wills, to creating Family Limited Partnerships, Family Foundations, transitioning family businesses, and other strategies to mitigate excessive taxation. We are extremely well versed in Grantor Retained Annuity Trusts (GRATs), Grantor Retained Income Trusts (GRITs), Grantor Retained Unitrusts (GRUTs), QTIP Trusts for spouses, and other tactical tools.
Family Office Services
One of the greatest challenges faced by families is effectively identifying the most appropriate team of advisors to ensure that the family’s financial and lifestyle goals are met. One of the most important members of that team should be your accounting firm. What is an outsourced family office? While there is not one specific definition, at RMSBG we define it as an entity or individual that supports the complex financial needs of a specific family group and acts as their “chief advisor.” Our primary family office skills remain focused on tax planning, tax compliance, estate and succession planning, accounting, budgeting and financial reporting for family investments, revenues and expenditures and acting as your “chief advisor.” If you do not already have a trusted investment advisor, we can refer you to investment advisors that are skilled in working with family’s investments. If you have a family office or are thinking of creating one, there are challenges to consider that may convince you that outsourcing could be one of the better decisions you can make for your family.
Financial Planning
Our financial planning services help our clients save or defer taxes and retain capital. We provide guidance in the following areas: designing a personal financial plan, insurance and estate planning, retirement and college cost planning and pension and profit sharing plan implementation.
Information & Accounting Systems
We are committed to employing state-of-the-art information systems wherever applicable. We believe that new technologies are central to innovative solutions. Our IS services include assisting in the selection and implementation of accounting/financial reporting software packages. This includes investigating software choices and evaluating current systems. We are continually reviewing and testing the latest software, and we are knowledgeable of MAS90, Microsoft Dynamics, Quickbooks and other accounting programs.
Internal Audit Services
According to the Institute of Internal Auditors Standards, "Internal Auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes." In performing an internal audit, RMSBG works closely with management to develop an internal audit plan designed specifically for the stated objective. Our firm has been engaged as the “outsourced” internal auditor for several large internal control projects, including a human resources department project for an international health services company, a revenue and receivable process audit for a large not for profit organization and we have also guided smaller public companies on the Sarbanes Oxley Section 404 requirements and implementation.
Internal Control Consulting
Ineffective internal controls and weak accounting procedures can result in inefficiencies and potential losses of your organizations assets as well as result in material misstatements of financial information. With the many audit failures reported over the last decade, corporate governance of internal accounting processes has received a lot of press and many companies both public and private have decided to review their business processes. By engaging RMSBG for an internal control review we can help you with reviewing, refining, or redesigning your internal controls and accounting policies from a solid technical standpoint to meet your corporate governance goals. Our professionals are experienced with a wide range of industries and accounting systems and we bring that experience to every engagement. Our services also include preparation of SAS 70 reports on service organizations internal controls.
Litigation Support and Forensic Accounting
Our Litigation Support Department specialists assist lawyers and their clients in need of expert advice relating to the financial and tax aspects of litigation. These services include forensic accounting, the analysis of data during the discovery process, such as the tracing of assets and cash flow, and the reconstruction of income, damage and lost income calculations, income tax issues, analysis of settlement offers and expert testimony. Our firm is a leader in providing business valuation services relating to litigation matters.
Management & Strategic Consulting
Management consulting services cover the full scope of business, management and operational issues, from budgeting, organizational structure, personnel assessment, and hiring to strategic planning, business plans, finance sourcing, equity and debt sourcing. Our management consulting services help companies respond quickly to current and evolving business, economic and organizational issues.
Mergers & Acquisitions
The firm conducts due diligence investigations for numerous companies, validates financial and tax information, and identifies any potential areas of concern. Our tax professionals counsel companies on structuring transactions to maximize economic returns and minimize the tax burden. We also assist companies in creating practical business plans which confront the critical questions of asset redeployment and diversification, acquisition and disposition strategies and corporate growth plans.
Sales Tax Audit Services
The states and other taxing jurisdictions are out to raise funds and the sales and use tax area is an easy and low-cost way for them to find those funds. Not only do they extract their share of tax, but the interest and penalties in many cases can be more than the tax itself. Whether you need an experienced firm to represent you in a sales and use tax audit, or whether you’re looking to prevent sales and use tax disaster, RMSBG is a firm that can help. If prevention is what you’re seeking, we can provide you with what we call a “reverse audit.” In a reverse audit RMSBG performs a review of your books and records for sales and use tax compliance, and we will look for and advise you of any potential sales and use tax deficiencies. We can advise you of the areas where sales or use tax should have been remitted, and bring to your attention the issues that we find that you can fix going forward, thus thwarting a potential future state audit that uncovers deficiencies and adds significant interest and penalties to the bill. We have been successful in representing clients in sales and use tax audits, including clients in the restaurant and bar business, manufacturing, computer software, and professional services industries.
Taxation
With those two quotes in mind, it is RMSBG’s goal to help our clients understand and reduce their tax burden. Our tax professionals have a comprehensive understanding of federal, state, multi-state, local and international tax regulations, and we provide a full range of tax services. RMSBG approaches the tax aspects of financial management beyond simply meeting statutory requirements. We also advise each client on the most advantageous techniques available for minimizing or deferring income taxes.
Our tax services include the following:
- Tax Compliance and Preparation
- We prepare tax returns for private and public corporations, partnerships and limited liability companies, individuals, not for profit organizations, estates, trusts, gift and private foundations.
Tax Planning
Tax planning is essential for business growth. If you are a start-up, RMSBG can advise you on different entity forms and the related tax consequences. If you’re an established business, we can help you with year-end tax planning, tax minimization strategies, as well as evaluating the tax consequences of transactions. We maintain sophisticated tax planning software to assist us with complex tax projections.
State and Local Taxes
We are very experienced in state and local taxation. Our approach to business/franchise, sales, use, and property taxes, as well as multi-state income taxes is to identify planning areas that can result in tax minimization to our clients and reduce potential areas of state tax exposure. Our firm consistently has a member that sits on the New Jersey CPA Society’s Committee on State and Local Taxation that allows us to keep our firm current on the latest issues affecting state taxation.
Tax Audit Representation
With years of experience, our tax professionals can represent you and are able to advocate for you successfully before federal, state, and local tax authorities.
Estate Planning
RMSBG tax professionals understand estate tax planning strategies such as family limited liability companies, limited partnerships, annual gifting, qualified subchapter s trusts, and charitable remainder trusts, and can assist you in your estate tax minimization planning.
International Taxes
We provide advice with international tax issues, including tax consequences of doing business abroad, foreign sales corporations, foreign investment in real property, and tax treaties. Our association with the MSI Global Alliance accounting firms gives us the strength of an international accounting firm, allowing us to work with local tax professionals in over 90 countries to the betterment of our clients.
Litigation Services
Many legal situations result in varying tax consequences, and we can advise you in the tax ramifications of various legal agreements and structuring settlements for all types of legal disputes including divorce, employment contracts and business disputes.
Tax Examinations
RMSBG has represented numerous companies and individuals before the I.R.S. and state taxing authorities and we have the experience and professional attitude to effectively work with the examiners and represent you professionally throughout the process.
Valuation Services
When hiring a firm to prepare a business valuation, you should seek a firm that will provide a sound and defensible position of the company’s value. Business valuation is more an art than a science, and determining the value of a closely-held company without an established market value takes thorough research of the company, industry, economic environment and marketplace. RMSBG is experienced in performing just that type of research and can provide you with a valuation report and testimony that is sound and defensible. Our valuation professionals have advanced certifications in business valuation. Les Solomon, CPA, ASA, ABV directs the firm’s valuation services department.
Business Valuation
These services focus on assisting clients, attorneys, and others in estimating the fair market value, (or other appropriate standard of value), of closely held entities for various types of litigations, estate and gift tax planning purposes and shareholder agreements. The types of litigations include family law matters, dissident and oppressed shareholder lawsuits and partnership disputes. For estate and gift tax planning, valuations are prepared in conjunction with the transfer of the common stock of closely held entities to family limited partnerships, charitable remainder trusts and other similar type transactions. We also have expertise in assessing the value of intellectual property, celebrity goodwill and professional licenses.
Valuations for Financial Reporting
Companies without internal valuation expertise must comply with the latest Financial Accounting Standards Board (FASB) and International Financial Reporting Standards Board (IFRS) pronouncements. Due to Sarbanes-Oxley, AICPA and international independence regulations, companies can no longer ask their independent auditors to perform non-audit valuation services. As a result, public and private companies are turning to independent firms, such as RMSBG, to assist with their valuation needs.
Working with information provided by management, we utilize the most current methodologies to determine fair values and guide you through the process; ensuring that complex transactions are properly recorded and supportable under scrutiny of the SEC, IRS and analysts and others. Services we provide relating to financial reporting valuations include:
- Stock Option Pricing & Restricted Stock - FAS 123r
- Purchase Price Allocation - FAS 141
- Goodwill Impairment - FAS 142
- Long Lived Asset Impairment - FAS 144
- Fresh start accounting – SOP 90-7
- Fair value reporting of investment portfolios
- IFRS Business combination reporting
- Derivative valuations – FAS 133
- Financial Instruments with Characteristics of both Liabilities and Equity – FAS 150
- Fair Value Measurements/Fair Value Option - FAS 157 & 159
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