As the list below is by no means all-inclusive, please feel free to inquire about a service if you do not see it listed. If it is not a service we provide, we would be more than happy to refer you to a qualified professional.

Our firm will provide in-house management of the financial aspects of your business. These services are performed periodically; generally, this can be from one day a week to semi-monthly, depending on the size and complexity of the business. This service includes management of your accounts payable, accounts receivable and payroll processing, and state, local and other regulatory agency filing requirements. We will maintain a general ledger, journals, and prepare monthly bank reconciliations,and prepare a year-end working trial balance to facilitate preparation of the business income tax returns. 

Financial Statements and Reports

Depending on a client's needs, we will prepare compiled financial statements, or reviewed financial statements. Examples of other kinds of financial reports include amortization schedules, employee benefit summaries, and other financial summaries which assist management. 

Invoicing

We will process and bill your business accounts receivable, either in-house or on-site. Your clients will be billed on a regular basis. Our staff will collect payments from your clients and make deposits or we will review and match your collection to accounts receivable ledgers. Maintaining an accounts receivable subsidiary ledger and producing monthly aging of accounts receivable, as well as assisting in identifying specific accounts that need collection analysis and additional collection efforts, are all parts of this service. 

Bill Paying

Bogdan & Frasco will provide control and management of your accounts payable. We will analyze bills for timely payment utilizing discounts when cash flow will allow such. The maintenance of files, preparation of accounts payable journals, and communication with vendors regarding disputed payments are necessary parts of this service. 

Bank Reconciliation

Our staff will prepare monthly bank reconciliations, with a detailed listing of outstanding checks and will notify you of any stale dated checks that need to be voided and reissued or adjusted in another manner. We will communicate with your bank or financial institution regarding discrepancies in depositsor paid checks. 

Payroll Administration

We will prepare daily, weekly, semi-monthly, monthly or miscellaneous payroll. This service includes the computation of all deductions with timely deposit of payroll taxes, preparation of quarterly payroll tax returns, year-end payroll reports, issuance of W-2's and related compliance reporting. Our staff will maintain employee compensation records and the related payroll journals. 

Fixed Asset Management

Bogdan & Frasco will assist in the inventory of current fixed assets and prepare a detailed listing. This also involves reviewing the general ledger for the correctness of these accounts. We will maintain the detailed list of all fixed assets, deleting assets when taken out of service or replaced. Our staff will prepare the annual business personal property tax statements when required by taxing agencies. 

Sales Tax

Our firm will prepare the required deposits and filing of quarterly or annual sales tax returns. 

Other Business Taxes

We will prepare other compliance tax reports and statements as required by various government or regulatory agencies. Examples include gross receipts/payroll tax reports, business personal property tax statements and business license reports. 

Cash Flow Planning and Budgeting

To determine your business' cash flow potential, our firm will analyze your accounts receivable and accounts payable. We will then develop a budget based upon the need and future requirements that management outlines. 

General Ledger Maintenance

Our firm will post your cash disbursements and cash receipts and prepare your general ledger from these documents. We will also prepare various journals as required by your business. 

• heirs/beneficiaries
• attorneys
• executors
• trustees
• bankers
• trust officers
• accountants

In handling estate matters, we do not operate in a vacuum. Instead, we combine our expertise in the estate area with experience in personal and estate income taxes, as well as experience in trust accounting and financial planning. 

We are oriented to using our technical skills to make complex cases manageable; we are sensitive to people's preference for having problems solved with simple solutions. 

ESTATE TAX EXPERTISE 

The following are among the estate tax services we offer: 

• Estate Tax Returns
• Gift Tax Returns
• Supplemental 706 Filings
• IRS and State Audit Representation
• Imminent Death Planning
• Executor Coaching
• Fiduciary Tax Returns
• Late Filings
• Tax Planning
• Estate Inventory Reconstruction
• Court Accounting
• Post-Mortem Tax Planning

• Valuations
• Real Estate
• Limited Partnerships
• Stocks, Bonds, Notes
• Businesses
• Collectibles
• Section 6166 Elections
• Timing of Distributions
• Charitable Interests/Charitable Trusts
• Calculation of Excise Tax on Excess Retirement Accumulations
• Life Insurance
• Discount Analysis
• Q.T.I.P. Elections
• Quick Determinations of Tax Liability
• Liquidity Analysis
• Funding of Trusts
• Basis Adjustment for Survivors
• Type of Property Ownership
• Non-California Assets
• Final Income Allocations Between Individual and Trust/Estate Income Tax Returns

The engagements described below are representative of the kinds of cases we have handled. 

• An attorney for a modest estate retained us to help select assets to fund a trust established by a deceased husband for his wife. We were able to obtain maximum benefit for the estate, as well as ensure that the spouse would have a continued income stream. We also coached the spouse, who had no financial acumen, on effective budgeting and helped her understand her new circumstances.

• We handled a complex estate in which the decedent had not filed income tax returns for 25 years. There were no records pertaining to more than 30 pieces of California real estate which the decedent owned as a co-tenant. We constructed an inventory of the properties, obtained valuations and determined discounts, and worked with special counsel to meet the deadlines of the IRS collection division.

• We were retained by an estate attorney to determine the ownership percentage that the decedent had in multiple pieces of commercial and residential real estate in San Francisco. The decedent's tax returns, deeds, wills, and trusts showed a conflicting pattern of ownership. We worked with appraisers to obtain valuations and performed a discount analysis to determine the lowest possible valuation. Although real estate is generally treated as an investment, we were able to characterize the estate's assets as a business and secure the benefits of an Internal Revenue Code Section 6166 election. As a result, the estate taxes were permitted to be paid in installments, over a period of 15 years.

• A 30-year old decedent left his entire estate to a companion and, in the event of the companion's death, to a charity. The estate consisted of real estate, investments, and collectibles. In working with the attorney for the executor during probate, we discovered that the estate plan was defective in securing the estate the charitable deduction for the remainder interest. We worked with counsel to obtain a court-approved modification of the instrument to preserve the charitable deduction.

• In a case involving a prominent San Francisco family, we were able to help the decedent's widow recover $800,000 that we believed she was entitled to under the terms of her husband's wills and trusts. The decedent was the income beneficiary of a generation-skipping trust in which he held a testamentary power of appointment. The takers in default (members of a younger generation) claimed that the power of appointment had not been properly exercised by the decedent, thereby entitling them to the property in the trust.


In addition, we discovered and worked to correct a defect in the widow's living trust. The decedent intended for his assets to be held in trust, with his spouse to receive the income from that trust for the rest of her life. The will was defective in that it contained no provision to distribute the income during the spouse's life. After the discovery, we worked with counsel who obtained instructions from the court to correct the document.

SOME OF THE SERVICES THAT WE PROVIDE: 

Bill Paying, Checkbook Management, Bank Reconciliations, Records Management, Income Tax Data Organization

Some of our clients have us pay their bills, e.g., utility bills, mortgage payments, credit cards, medical bills, etc. Most of these clients mail or deliver one to two weeks' worth of bills to us for payment, or have the bills mailed directly to us by their vendors. Other clients will want us to work in their home or office. Still others will have us pick up their bills for processing at our office. 

The bills are paid directly by us using computer prepared checks; the use of a computer gives us the capability to automatically produce an itemized statement of the cash expenditures by expense category. Some clients have us sign the checks; other clients prefer to sign the checks after we have prepared them. The itemized statement can be produced monthly, quarterly,or as frequently as desired. Income tax reporting is made easier by having us provide this service. 

Budgeting, Cash Flow Planning

To paraphrase Lewis Carrol - if you don't know where you're going, anyroad will take you there. We find that many people who are considering retirement or are already retired, think they need a financial plan when they really only need a budget; that is, a picture of how much cash flow they have and how much they need to live on. In preparing a client's budget, our goal is to produce one that is realistic and satisfies their needs and preferences. 

In Addition, We Also Provide - Portfolio Accounting, HouseholdHelp Payroll & Related Tax Accounting, Financial Management.

*Mergers & acquisitions

*Asset protection

*Investment review

*Bankruptcies

*Litigation support

*Cash flow forecasting

*Employee benefit plans

*Expert witness services

*Internet commerce

• Preparation of Income Tax Returns
• Individuals
• Corporations
• Partnerships
• Trusts & Estates
• Trust Exempt Organizations
• Representation in IRS and State Tax Controversies, Audit and Appeals
• Nonfilers/Late Filers
• IRS Collection Division, Offers in Compromise, Installment Payment Plans
• Multistate Taxation
• Bankruptcy & Insolvency Taxation
• Year-end & Quarterly Tax Projections & Planning
• Ruling Requests
• Estate, Trust, and Gift Tax Planning, Compliance, and Related Services
• Real Estate Taxation