Joe R. Chhabria, an Accountancy Corporation, is a firm of certified public accountants established in San Francisco in 1974.  The  firm is a member of the American Institute of Certified Public Accountants, the California CPA Society, and the Society of California Accountants. We voluntarily participate in the "PEER REVIEW PROGRAM" established by the California CPA Society to determine that quality control standards in accounting and auditing are being complied with.  To this end, our firm has received an unqualified or clean opinion in all the Peer Reviews conducted every three years.  The firm specializes in small to medium sized business and offers services in the areas of:

• Setting up a new business
• Recommending an appropriate accounting system
• Setting up appropriate internal controls
• Tax preparation & planning
• Representation before IRS & other taxing agencies
• Financial statements - Compilation, Review & Audit

SETTING UP A NEW BUSINESS

We will work with you and help you decide whether you should operate your business as a sole proprietorship, a corporation, S-corporation, partnership or limited liability company (LLC).  We will discuss the pros and cons of each.  If you are already in business, it may be time to change.

RECOMMENDING AN APPROPRIATE ACCOUNTING SYSTEM

We will review your business operations and make appropriate recommendations for a bookkeeping and accounting system based upon your needs and knowledge of accounting.

SETTING UP AN APPROPRIATE INTERNAL CONTROL SYSTEM

A good system of internal control is essential to safeguard assets in your organization.  We can evaluate your present system and recommend appropriate action to strengthen your controls and promote operational efficiency.

TAX PREPARATION AND PLANNING

INCOME TAX PLANNING

Now that you are in business and making money, don't forget you have to consider not only business taxes such as payroll, gross receipts and property taxes but also federal and state income taxes.  No matter what type of entity you operate a proprietorship, a partnership or a corporation, your combined income tax rate range from 15% to almost 49% Good tax planning can help reduce your taxes.

ESTATE TAX PLANNING

As your assets and net worth grow, you must seriously consider estate planning.  A proper will and in many cases a living trust, along with other estate planning strategies, can minimize estate taxes, eliminate unnecessary probate, and clearly define your wishes.   We can work with you and your attorney to come up with a proper estate plan that will fulfill your wishes after death.

IRS & OTHER TAXING AGENCIES REPRESENTATION

Are you delinquent in filing your tax returns?  Has the IRS or Franchise Tax Board garnished your wages or attached your bank accounts?  Let us work out a plan of payment or offer in compromise with them on your behalf.

FINANCIAL STATEMENTS

COMPILATION - We will prepare your financial statements (profit & loss and balance sheet) from the information and source documents that you provide us either for your internal use, or for your bankers or creditors.

REVIEWS - A review of your financial statements is similar to a compilation but with an additional degree of assurance and reliability. It involves inquiries of owners and employees and applying analytical procedures to financial data.

AUDIT - Audits of financial statements provide the highest level of reliability.  It involves a thorough review of internal controls, inquiries of owners and employees, inventory observations and confirmations of assets and liabilities with third parties.   As such, it is the most expensive of the three forms of financial statements.