SMALL BUSINESS
ADVISEMENT:

STRATEGIC ALLIANCE
WITH A FIDUCIARY +
TAX FIRM

Small business owners have unmatched passion and the drive to continue juggling many responsibilities every single day. Have you ever thought that if you could just copy yourself, all your problems would be solved? As fellow small business owners, we wear many hats and take crash courses daily to learn whatever we need to keep going forward. We understand the challenges you need to overcome for your business to thrive and grow.

We also understand why most businesses fail. Attracting clients and generating revenue is vital to success, but most businesses that fail after the 5-year mark usually fail due to lack of structure…or improper structure. Taxation, benefits, growth, as well as attracting and retaining good employees are all major issues that successful owners learn to resolve, and we can help you with those aspects.

TAKE THE TIME NOW:

TO PLAN FOR SUCCESS

No matter how many hats you wear as an owner, business planning usually takes a back seat to the day-to-day time consumption of running your business. We understand. But think of it this way—what if you become more profitable and streamlined by building a relationship with tax and wealth specialists? We believe that partnering with a fiduciary firm like MWM can have a big impact on the future success of your business.

We offer our small business owners the guidance and advisement necessary to help you navigate the trickiest of situations. Taxation issues and confusion over benefits can intimidate even the most seasoned business owners. If your daily schedule does not permit the time needed to brush up on the latest legislation or allow for the implementation of a tax reduction plan, then allow us to help. We give you the freedom to do what you do best.

Small Business Tax Services

Tax Planning, Preparation, and Compliance

Using a tax expert to review, revise, or create a custom tax plan for your business can make a huge difference to your bottom line and save a lot of future headaches. We customize for your business to ensure you meet all tax filing deadlines, government financial requirements, and overall business organization.
Effective tax preparation and planning can help you to minimize your future tax liability. We can help you proactively manage both your personal and your business tax issues, including understanding how upcoming business opportunities impact your tax status and vice versa. Not all tax planning opportunities are readily apparent. By having us on your team, you are more likely to benefit from those opportunities. We understand how the latest federal, state and local tax legislation and other developments affect you and your business and we are constantly identifying new ways to reduce federal, state or local tax liabilities.
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Tax Reduction Plan

Meeting with your tax preparer once per year to simply enter your numbers is not enough. The future growth of your business is dependent upon your ability to rely on professional tax advice throughout the year and make adjustments as necessary. MWM provides consistent, CFO-level support and advisement to our clients in an ongoing effort to put more money in your pocket, instead of Uncle Sam’s.

Tax Resolution and IRS Representation

Have you received a threatening letter concerning your business from the IRS? Get the experienced support of an in-house Enrolled Agent to minimize or even eliminate tax penalties and interest.
An IRS audit can be an intimidating and complex process. If you or your business face an IRS audit, we can bring to bear years of experience in dealing with tax matters and IRS audit procedures to ensure that you are properly represented when dealing with the IRS and other tax authorities.

Payroll Taxes Owed

Falling out of compliance with IRS payroll regulations can destroy your business. Not only that, it can ruin your personal finances. Perhaps you’ve gotten behind on payroll taxes through an oversight or a temporary lack of funds. Whatever the reason, it is important to note that the IRS pays particular attention to small businesses that fall behind on their employees’ federal withholdings. If the IRS decides that your business has violated payroll tax rules it may come after your personal bank accounts and assets–even if your business files for bankruptcy protection. If you have received correspondence from the IRS about payroll issues, you need experienced representation now. Let our tax experts help you resolve your payroll tax issues so you can get back to running your business.

Business Planning and Organization

Business Consulting

As a true business partner, we are available to help you deal with any business problem or opportunity. We stand ready to engage in business consulting projects to help you make the right decisions for the future of your business. Whether you face questions related to expanding, selling or restructuring your business, we have the necessary business acumen and analytical capabilities to help you make the right decisions.

Retirement Planning

Retirement planning is critical in these uncertain times. Whether you are developing a retirement plan for yourself or choosing a retirement plan to offer to your employees, we can help you evaluate the available options. Our focus is on helping you to make the choice that is most appropriate for your own financial situation. If you are choosing a retirement plan for your business, we will base our recommendations on the unique characteristics of your business and your employee population, as well as the legal and compliance issues related to each type of plan.
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Management Advisory Services

Our Management Advisory Services focus on improving the efficiency and effectiveness of your business and its operations. We can provide support in business planning, mergers, acquisitions, and other advisory support. Contact our office to learn about the full range of services we provide.

Business Entity Selection / Entity Review

The business entity—LLP, LLC, sole proprietorship, partnership, corporation, etc.— that you select for your business has enormous financial and tax implications. It is important that you make the right decision. We can explain each choice and its implications. As your business grows and changes, the type of business entity you choose may need to change also.
Most small business owners do not put a lot of thought into the difference between an LLC or an S-Corp when they are starting out. As you begin to cash flow and generate revenue, you want to make sure you are in the most tax efficient entity for your unique business. Our tax experts can review your business structure and explain everything in plain English to determine if a change will benefit your situation.

Buying or Selling a Business

Few business decisions are more important, complex and potentially business altering than a buy or sell decision. When you are ready to sell your business, we can provide support at every step, including valuing the business, vetting potential buyers and supporting due diligence. If a buying opportunity presents itself, we can help by providing valuation services, developing negotiation and financing strategies, and managing the due diligence process.

Exit Planning and Continuation

Proper planning will help sustain your business in the event of the loss of a key individual who plays a vital role in the operation and overall success of your organization. Thankfully there are two insurance policies designed to protect your business and owners in the event of death or disability.

Key Man Policy

Addresses the day-to-day operations of a business and the potential loss of a key employee, whose absence would be financially devastating. For example, the death or disability of your top sales executive would damage your company and force you to hire, train, and groom a new employee. This will cost you both time and money…and one new employee may not be enough. A key man policy would compensate the business in the event of the loss of the employee.

Small Business Benefit Planning

Small businesses can offer big business benefits to help attract and retain top employees, but where to start? As your Small Business Advisor, Murphy Wealth Management will help you design and execute an affordable retirement benefits package that is designed specifically for your business, employees, and budget. Adding a retirement benefits package will assist recruiting, retention, culture, and overall happiness.
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Buy/Sell Agreements

Also known as a buyout agreement, a buy/sell agreement is a legally binding contract between the owners of the business funded through the purchase of life insurance. A big concern for business partners is what will happen if one of the owners dies, and how it will affect the company and the heirs of the deceased owner. Surviving owners want to ensure the continuity of ownership, and not risk a large share of the business ownership to inexperienced heirs of the deceased. This contract affords protection to the surviving owners as well as pre-determined compensation to the deceased owner’s family.

Financial Analysis

When a business is able to undertake strong financial analysis, it opens up new opportunities to improve management, planning and decision making. Financial analysis provides the numbers to support, reject or contemplate a course of action. Prospective analysis can show how situations may evolve under various scenarios, providing a new dimension to decision making. We are ready to provide this type of financial analysis to support the continued prosperity of your business.

Financial Statements

Financial statements are an important tool for management decision making. Financial statements also represent your business to lenders, partners, potential buyers and other interested parties. We will work closely with your key personnel to develop and finalize accurate and timely financial statements.

Audits, Reviews, and Compilations

Our audit, review and compilation capabilities are a core part of our services. We tailor each process to the unique needs of your business. We deliver financial statements and reports that are clear, concise and acceptable to all outside parties and that can provide information and insight to help you run your business more effectively. We will work closely with you and your key employees to develop and execute a plan to complete this work by minimizing employee time spent on the process and without disrupting operations.

Accounting Software Selection & Implementation

There is no shortage of accounting software solutions for your business. Software as a service (SaaS), cloud computing, and other technological innovations are adding more dimensions to technology decisions. Choosing the right solution that will meet the needs of your business now and in the future while also providing a necessary level of security is crucial. We can analyze the nature of your business and financial transactions, current technology, future business plans and emerging needs to identify and implement a software solution that is flexible enough to grow and change with your business.
MURPHY WEALTH MANAGEMENT

SERVICES

Tax & Accounting Services

Expert tax and advisory services for individuals and small businesses.

Tax Resolution Services

Let our tax experts and Enrolled Agent help you resolve IRS issues.

Instructions & Pricing

Learn about our process and fees for getting your tax returns done.

Small Business Advisement

Advisory services and tax planning and preparation for your business.

EARNING YOUR TRUST

ONE CLIENT

AT A TIME

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OWN A SMALL BUSINESS?

WE OFFER TAX + ADVISEMENT SERVICES FOR BUSINESS.
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