Santa Maria, CA Accounting Firm | Traditional Services Page | Lapp, Fatch, Myers & Gallagher, Accountants

Taxes
There are two distinct elements of client service in the area of taxation. There is the compliance element - the filing of tax returns and other documents with the appropriate governmental agencies and responding to their inquiries, and the planning element - succession, retirement, estate, financial, investment and transactional planning, as well as annual income tax planning. 

The compliance element is often overlooked as a value-added service. The timely filing of a tax return is important from a penalty standpoint, but it also allows the statute of limitations to begin for that return. Timely filed elections are mandated by law; miss the date, miss the election. Prompt responses to all government notices can preclude lengthy, recurring and drawn-out communications.

Estate, Gift, and Trust 
Estate planning is an important part of a person’s legacy left to family, friends, business associates, or favorite charities. We understand that planning for the distribution of your estate following death is only one aspect of estate planning. Equally as important is planning for the accumulation, conservation, and enjoyment of your property and assets during your lifetime.  Our estate planning process focuses on the preservation of wealth and the interrelationship of estate, fiduciary, and personal taxes.

We can provide you with complete estate planning, including:
• Preparation of federal estate & gift tax returns
• Preparation of estate and trust accountings & income tax returns
• Postmortem tax planning
• Assistance to a surviving spouse or other heirs
• Review of current wills, trust instruments, and schedules of assets
• Identification of family objectives and needs regarding wealth preservation
• Ensuring the proper implementation and administration of the estate plan

For more information, please contact:
Cynthia K. Bayless, C.P.A. – link to e-mail cindy@lfmgcpas.com

Audited, Reviewed or Compiled Financial Statements
This is oftentimes referred to as the "attest" function. Creditors or investors will request that we either audit or review a company's financial statements and render a report (attest) as to their fairness and their conformity with generally accepted accounting principles. Note:  no level of assurance is given to the user if the financial statements are simply compiled by the CPA.

This is what we do. We attest. We give assurances to third party users of a client's financial statements that they can rely on those financial statements for lending or investing decisions.

How good are we at this attest function? Well, we undergo a "peer review" conducted by representatives of the American Institute of Certified Public Accountants every three years. Since we entered the peer review program back in the 1980s, we have always received an unqualified report with no letters of comment. This is a matter of public record and should be very important to you, whether it is your financial statements we are auditing or reviewing, or you are a user of our audits or reviews.

Accounting
We have staff that will handle monthly, quarterly or annual accounting and reporting of small businesses. They process all of a company's accounting transactions, reconciles the bank accounts and prepares non-disclosure compiled financial statements. At the same time, they process the quarterly and annual payroll returns, annual information returns, as well as sales tax returns, business property statements, business license renewal forms, workers' compensation reports and various other business reports. 

Our staff is also knowledgeable in various small business accounting software (Quickbooks, Peachtree, etc). This allows them to help clients set up their books using these programs, and we will assist with client and one-on-one training.