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Vawter, Gammon, Norris & Company, P.C. provides a wide range of services to our individual and business clients. At Vawter, Gammon, Norris & Company, P.C., we strive to meet each client's specific needs in planning for the future and achieving their personal and business fiscal objectives in an ever-changing financial and regulatory environment.

Our professional services include:

Tax Planning

We provide systematic analysis of differing tax options aimed at the minimization and/or deferral of personal and business tax liability in current and future tax periods.

Preparation and Review of Federal, State Returns

  • Individual
  • Corporate
  • S-Corporation
  • Partnership
  • Fiduciary
  • Estates/Trusts
  • Personal Property
  • Local Privilege

Estate, Gift Tax and Fiduciary Planning

We offer planning for our individual and business clients that covers all aspects of anticipating and arranging for the disposal of wealth to minimize the impact of income taxes, gift taxes and estate taxes both during lifetime and at death..

LIFO Inventory Calculations

Our LIFO inventory calculation methods are designed to maximize your companies tax benefits by deferring income to some point in the future and our methods are approved by the Internal Revenue Service.

401K Plans

We offer limited scope audits of 401K retirement plans.

Buy / Sell Agreements

Owners usually choose from two basic types of buy-sell agreements. With a Cross-purchase Agreement, each owner of the corporation purchases an insurance policy on the other shareholders. The purchaser is both owner and beneficiary of the policies. Upon the death of a shareholder, the other shareholders are then able to use the life insurance proceeds to purchase the deceased owner’s shares. Another commonly used type of agreement is a Stock Redemption Agreement, in which the corporation owns policies on the lives of the shareholders. When a shareholder dies, the corporation buys the deceased shareholder’s interest in the company with the insurance proceeds.

Franchise Applications

We assist in the preparation of applications for franchises from automobile manufacturers.

Business Valuation

We provide an estimate of the economic value of an owner’s interest in a business. This valuation is used by financial market participants to determine the price they are willing to pay or receive to consummate a sale of a business.

Internal Controls Review

We provide reviews of existing internal controls to ensure that they establish a realistic and practical basis for detecting problems, measuring the extent to which goals and objectives are being achieved, and identifying unexpected results or unusual conditions which may require follow-up.

Internal controls should be designed to provide reasonable assurance regarding the achievement of objectives in the following categories:

  • Effectiveness and efficiency of operations
  • Reliability of financial reporting
  • Compliance with applicable laws and regulations

Capital Loan Packages

There are a variety of different types of working capital loans available to businesses today. We assist you and your personnel in compiling and presenting the data in a manner that makes approvals faster and easier.

Projections and Forecasts

We provide financial forecasts and projections as to an entity's expected financial position, results of operations, and cash flows in future periods. Financial forecasts assume that the entity will continue to function in the manner in which it is currently functioning. Financial projections make one or more hypothetical assumptions about an entity's future course of action.

Financial Statement Analysis

We provide an assessment of the viability, stability and profitability of a business.

Compilations / Reviews / Audits

The three levels of financial statements – compilations, reviews and audits – are ranked from the least in scope and price to the greatest. Just as car manufacturers vary according to make, model and options so are business requirements based on complexity and size.

A review is a step up in the level of service from a compilation engagement, since some form of assurance on the financial statements will be expressed. Review procedures generally are limited to inquiries of company personnel and analytical procedures applied to financial data. These provide the accountant with a reasonable basis for expressing limited assurance that no material modifications need be made to the financial statements in order for them to be in conformity with generally accepted accounting principles.

An audit is the highest level of financial reporting. The objective of an audit is to express an opinion about whether the financial statements are fairly presented in conformity with the applicable reporting framework that is used by the entity. Our audit will include an evaluation of your system of internal control and we will issue a separate report thereon.

We will work with you to determine the level of service that is best for you.

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