We constantly endeavor to make business goals of our clients a reality. Partnering in their progress, we ensure a timely and responsible business reporting system to assist them in day to day decision making processes. Give us a call today to bond a relationship if you are in quest to garner more business glory.
SRPG Financial Services was founded in 2017as a KPO (Knowledge Process Outsourcing) organization with a single mission: to be the most successful, creative and ground-breaking outsourcing company. Though we may appear to be wet behind ears, we have a rich legacy of professional expertise and experience spanning over four decades. We strive to provide each of our clients a personalized service, eyeing freshon their business processes, to develop customized, unique solutions.
What is there in for you?
Dedication with which our team works is outstanding and you will experience it once you engages in any of your projects. Team in India which will function as your extended team will be working on the projects and tax complexities the US team can very well concentrate on client relationships and other higher end tax matters. Our team is capable of managing different types of tax software and other related tools like S A G E. The trained professionals are also capable of working with is with respect to spreadsheets like Microsoft Excel.
We provide wide range of services to the clients and we mean it. The projects which we work on the starting points would be vouchers where in the client provides us the basic vouchers to prepare the books along with Bank statements and other related documents supporting the transactions for example capital gains. Other speciality which is unique for our organisation is that we will be providing a daily update so that the US office will be in a position to redirect us incase if there is a change in the thought process. There will be an open communication channel between the leader of the team in India to the contact person in US.
Tax return filed
US TAX RETURN
2019 Important Changes
Signatures. moved to page two
Filing Status. five filing statuses:
Married filing jointly,
Married filing separately,
Head of household,
Presidential election campaign.
Health care coverage. no longer mandatory for the 2019 tax
Dependents. The spaces for dependents appear the same.
Income reporting. Schedule D (Capital Gains) is once again on the reconciliation schedule
Adjusted income reporting. It’s now line 8b
Standard deduction. moved back to page one.
Qualified business deduction form 8995 or form 8995-A.
Tax credits. Changes -Earned Income Credit (EIC) and the additional child tax credit
Third Party Designee. Third Party Designee box is back on page two.
Our team is capable of preparing complex consolidated returns,in some of the cases we begin with Basic Information and then move to Information About Income also we calculate some of the Deductions – Tax-deductible Expenses -Bad debts, Charitable contributions, Interest expense, Officer compensation, Other salaries/wages,Rents,Repairs and maintenance,Taxes and licenses, Depreciation (Form 4562), Depletion, Advertising,Pension, profit-sharing, Employee benefit programs, Domestic production activities (Form 8903)
Other deductions (create a separate schedule) include:
Business startup and organizational costs, Insurance premiums, Legal and professional fees, Supplies used in the business, Travel, meals and entertainment expenses.
Team is alo capable of handling
Schedule A Cost of Goods Sold
Schedule C – Dividends and Special Deductions
Compensation of officers
Schedule J – More detail on tax computation, credits and other taxes
Schedule K – Other information, about accounting method,
Schedule L – Balance Sheet per books,
Schedule M-1 Reconciliation of Income/Loss Per books with per return Schedule M-2 Analysis of un-appropriated retained earnings per books
Trust And Estate Income
What we do for you
Calculation of the income distribution deduction
Calculation of distributable net income (DNI) using a forms method (Schedule B), code method and shortcut method (worksheet)
Classification of receipts between “income” and “corpus” under the Uniform Principal and Income Act (UPAIA)
Division of income in the year of death
Fluctuating trusts — simple one year, complex the next
Forgetful fiduciaries of simple trusts
Handlng capital gains and losses
Income in respect of a decedent
Overview of Subchapter J
Proper W-2 preparation and procedures in the year of death
Specific deductions and miscellaneous itemized deductions
Steps a taxpayer passes before taking a required minimum distribution
Taxable income of estates and trusts, and expense allocation
S Corp Tax Preparation
Using information from your accounting records, we prepare Form 1120S, U.S. Income Tax Return for an S Corporation. Gross receipts, wages, expenses and allowable deductions. As it is a pass through entity we also prepare a Schedule K-1, which details the income, deductions and credit amounts apportioned to each shareholder in the company. And documents needed are
State Withholding Return. State Unemployment Return. Shareholder’s Share of Income, Deductions, Credits, etc. (Schedule K-1).Local Earned Income Tax (EIT) withholding return., Income Tax Return for an S Corporation (Form 1120S).Federal Unemployment (FUTA) Tax (Form 940).Employer’s Federal Quarterly Tax Return (Form 941).
Our team would need the whole or part of the following while preparing the return
Profit and Loss Statement, Balance Sheet Statement, Start Date of Business, Principal Product or Service, Principal Business Activity,Principal Business Activity Code, Partners Information: a signed Form W-9 or Form W-8BEN,Number of Partners: Total number of partners in the business, Last Year’s Form 1065, Form 1099 Reporting Requirements: Fixed Asset Purchases, Employer Identification Number, Distributions Made to Partners, Accounting Method: Cash or accrual
Information that is reported at the top of Form 1065 includes:
Name of the partnership, Address of the partnership, Principal business activity and business code,Federal employer identification number (EIN),Date that the business started, Accounting method
Income & Deductions Section
Investment Income, Profit and Loss Report, Additional Information: Some line items require a separate schedule, form, or statement to provide additional details.
1065 Schedule B
Basically the questions ask about the ebtity, Partners,Nationality
Apart from Form 990 our team has expertise in Preparing
Form 990-EZ – with less than $200,000 of gross receipts and less than $500,000 in assets,
Form 990-PF – Private Foundations must file and
Form 990-BL.- Black Lung benefit trusts
Our preparation of Form 990 incudes:-
Part IV of Form 990
Schedule B – Schedule of Contributors, received during the year.
Schedule C – to report the political activities of a tax-exempt organization.
Schedule D – to provide more detailed financial statements
Schedule F – to report the organization’s level of activity outside the United States and
Schedule G – to describe the organization’s fundraising activities.
MULTI - STATE TAX RETURN
Multi State Tax Return
Team concludes Tax liability based on residential status, home state tax credit for taxes paid to another state, reciprocity agreements, Apportionment of income based on multi state nexus No-tax returns Alaska, Tennessee, Florida, New Hampshire, South Dakota, Wyoming, Texas, Washington, Nevada
Our specialty being a complete financial management from bookkeeping to tax returns—Our clients can save up to 50% on bookkeeping expenses, as accounts are web-based Round-the-clock access to accounts, Realtime online bookkeeping , Attrition would not be an issue for the high level manangement. Instead they can Focus more on Business.
As good as hiring a dedicated online bookkeeper with complete loyalty in your extended office with complete confidentiality and data security.
We work on reconcillation of Bank accounts, Credit card as well as vendor | supplier balances
Bank Reconcillation- We normally receive bank and credit card statements or we download statements directly from bank websites then we proceed with updating Books daily or per agreement, reconcile balances against statements which helps in Proactive monitoring of cash flows as well as we Notify of potential fund shortages.
COST OR PROJECT ACCOUNTING
To monitor the cost or introduction of cost control measures in business one need to have book keeping based on Cost Accounting,dual purpose recording the financial transactions that occur as well as giving managers an indication of the progress and problems associated with a project. Timely indicators for budget, estimate cost –exposure, over or under budgets will be communicated.
General Ledger Accounting
Mainly our GL (General Ledger) accounting team works on the more common balance sheet accounts
Asset accounts such as Cash, Accounts Receivable, Inventory, Investments, Land, and Equipment
Liability accounts including Notes-Payable, Accounts Payable, Accrued Expenses Payable, and Customer Deposits
Stockholders’ equity accounts such as Common Stock, Retained Earnings, Treasury Stock, and Accumulated Other Comprehensive Income
Some of the general ledger income statement accounts
Operating revenue accounts such as Sales and Service Fee Revenues
Operating expense accounts including Salaries Expense, Rent Expense, and Advertising Expense
Nonoperating or other income accounts such as Gain on Sale of Assets, Interest Expense, and Loss on Disposal of Assets
FINANCIAL STATEMENT PREPARATION
Financial Statement Preparation
The financial statements preparation team Checklist is as below:
Accrual of the expenses
Any invoices that have not been received.
An expense for any wages earned but not yet paid as of the end of the reporting period
An income tax expense, based on the corrected income statement.
Based on bank reconciliation, and create journal entries to record all adjustments required to match the accounting records to the bank statement..
the receiving log and vendors accounts statement to accounts payable to ensure that all supplier invoices have been received.
the shipping log to accounts receivable to ensure that all customer invoices have been issued. Issue any invoices that have not yet been prepared.
depreciation and amortization expense for all fixed assets in the accounting records.
the ending inventory count, or use an alternative method to estimate the ending inventory balance. Use this information to derive the cost of goods sold, and record the amount in the accounting records.
All the tax returns are prepared during the busiest time of the year and it is the hectic season for all the accountants. We provide you a solution. We at SRPG work as an extension of your US office the idea is we will be working during your night time hence round the clock support can be provided to the client. Our team is trained in such a way that we can provide the services with efficiency timeliness and cost effectiveness. The professionals who trained the team are from Big four audit firms and having more than 40 years of collective experience. An association with SRPG I will certainly help you in meeting your timelines and offer clients a better service.
Why choose our organisation?
The organization bring about capabilities to market a full-service accounting and related consulting firm by combining expertise in tax, accounting, tax planning and management. The integration of these disciplines results in extensive and innovative services for our prospective clients across industries .
- US Tax Return 97% 97%
- Book Keeping 98% 98%
An effort to provide our services in all-inclusive and cost-effective mode to the utmost satisfaction of our customers.
Often times our clients have everything they need to succeed, they just require the resources and support to make a strategic jump. We worked on this project for several months and the end. We are a group of Financial and consulting industry veterans coming together to offer highly cost effective and high quality services. We are starting with an approach to keep overheads to a minimum by using shared office spaces and technology while ensuring great talent at work to provide a cost effective, high quality and consistent service delivery to help our clients achieve scale and cost competitiveness. result was truly spectacular. By ensuring consistent and transparent communication, our client was able to progress by leaps and bounds.
Our approach both to Clients as well as People who work for us are Unique. SRPG Financial Services with a general idea of what they need, were able to jump right in with our expertise and really helped the company grow and evolve with ease. Today, businesses are doing exceptionally well, and we’re proud to have been part of the process.