Tax Services

 

Individual Tax Consultation, Strategy and Execution

 

We understand the advantages of individual tax planning every year, whether an individual is a W-2 employee, self-employed or retired. From the very basic to the very complex, we offer tax preparation services for the full range of individual income tax returns.  Our commitment to constant communication allows us to accurately collect the necessary information and our proactive strategies ensure satisfied clients who are maximizing the highest possible tax advantage.

 

Business Tax Consultation, Planning, Strategy and Execution

 

We offer tax preparations services for all types of entities and sizes, whether it’s a Partnership, Limited Liability Partnership, S-Corporation, C-Corporation, Limited Liability Company or Sole Proprietorship. Through consultation, detailed information gathering and ongoing communication, we work with each of our clients to maximize all tax benefits inherent to the flexibility of owning a business. In addition to lowering our client’s tax liability, we also explore all angles and possibilities, creating a strategy with each client to meet long-term business goals. For clients just starting a business, we can assist in determining the most advantageous entity depending on the specific situation. Tax laws are ever changing; we use our adept understanding of the current tax laws to create individually tailored tax plans that ensure peace of mind for our clients.

 

Estate and Gift Tax

 

Estate and gift tax preparation, and consultation are other areas in which we are extremely dedicated. We realize that these particular issues deserve special care and attention to detail because of the personal nature. We’ll take you through the elaborate process of any and all estate tax issues.  Along with gift tax preparation, we are also proactive within the gift tax area to protect the wellbeing of you and your family.

 

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Audit, Review, Compilation, Preparation and Attestation Services

 

We have the experience and capability to conduct non-public audits of all levels for small businesses and large companies as well as not-for-profits, governmental entities, and benefit plans. We are determined to examine financial statements to the point where we can achieve a high level of assurance that the statements are free of material misstatement. A review is an accounting service, which falls between an audit and a compilation; it is an engagement where we obtain limited assurance that no material modifications exist that should be made to the financial statements. Often, for a variety of reasons, clients need to provide financial statements to a third party. In these cases, a compilation can be created, allowing clients to move their businesses forward with confidence.

 

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Accounting Services

 

Bookkeeping

 

Myslajek, Kemp & Spencer, Ltd. employs an experienced team that offers bookkeeping services to business clients. We provide a wide range of flexible services tailored to each client’s preference and situation.

 

Payroll Services

 

Myslajek, Kemp & Spencer, Ltd. offer basic payroll services for all entities that include tracking employees as well as creating paychecks, quarterly and year-end reports. Committed to constant communication and customer service, we are always available to our clients should they have specific questions regarding payroll.

 

QuickBooks™ Set-Up and Training

 

Myslajek, Kemp & Spencer, Ltd. recommends QuickBooks™ for clients as the best way to track business activities, to keep records and to create reports. We have many team members who are experts in QuickBooks™. Through direct consultation and basic or extensive QuickBooks™ training, we ensure our clients start on a solid foundation and keep their businesses moving in the right direction.

 

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Professionals, Athletes, & Celebrities (PAC)

 

We noticed a significant number of professionals, athletes, and celebrities (PACSM) in financial distress after having made more money in one year and over their careers than small to mid-size companies.  Unfortunately, they had no accounting or controller function to help mitigate risk and provide timely financial reporting.  Thus, we developed the revolutionary service product PACSM to address this very issue.

 

PACSM is a comprehensive service product that enables professionals, athletes, and celebrities to have a true depiction of their fiscal situation while providing an understanding of significant risk factors that threaten wealth.

 

Clients Receive:

  • Personal Financial Statements including budgets and forecasts
  • Presentation of control weaknesses and risk exposures
  • Presentation of recommendations
  • Credit/FICO Score Analysis
  • In-depth review of last two prior year’s tax returns
  • E-maintenance of contracts and agreements (electronic records retention)
  • Individual Risk Management (IRM) forensic assessment of fiscal situation

 

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The R&D Tax Credit

 

The R&D Tax Credit is an important tax credit that is available to American businesses that manufacture,
create, and innovate.

 

Why the R&D Tax Credit?

 

At Myslajek, Kemp & Spencer, Ltd., we are committed to delivering innovative tax and accounting solutions and the highest level of client satisfaction. We have been serving industries such as manufacturing for over 20 years, and possess a wealth of knowledge and experience. We work closely with our clients to make sure they are taking advantage of every possible tax benefit. Our R&D tax experts integrate with our clients to maximize their tax credit and ensure proper documentation and support.

 

Are you eligible?

 

Even if you are not developing new products, you may qualify.

 

You may be eligible for this valuable tax credit if you:

  • Manufacture products
  • Develop new, improved, products, or processes
  • Improve processes or reduce waste
  • Design tools, jigs, molds, dies
  • Develop prototypes or models
  • Perform testing
  • Test new materials
  • Develop, implement, or upgrade software or systems
  • Add new equipment
  • Streamline processes

 

Call us at (952) 544-4147 for further information.

 

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Succession Solution Services

 

Confidential between you and your team at Myslajek, Kemp & Spencer, Ltd.

 

Only 25% of the business owners have a Succession plan. We believe it’s our duty to help you!

 

How we help:

  • We help you determine what your business is worth today, and could be worth in the future
  • We help guide you to take action to make financial and management adjustments
  • We help you implement tax strategies that help manage your wealth
  • We help you implement a definitive EXIT plan
  • We help you plan what’s best for you, your family and your employees
  • We help you sell your business for the most profit

 

According to the SBA, the #1 reason most business transitions fail is due to a lack of planning. A successful transition can take years to execute. On average only 25% of businesses sell. There’s a tidal wave of competition coming as the baby boom generation business owners begin to retire. The business owners who are successful are going to be those that planned ahead!

 

The #2 reason business transitions fail is business owners can’t let go. You’ve worked hard and built your business. One way or another, you will exit the business. Having a plan and executing it increases the chances the people you care about (family, employees, customers) will be taken care of. Having a vision of your satisfying life after you exit will help you avoid procrastinating on developing your plan. Before you talk to your lawyer or a business broker get your business financials and exit plan in order.

 

Valuation Services

Whether it’s a family member, employee group or large corporation, you will have a difficult time transitioning your business without knowing its worth.  Negotiations will be less stressful for both sides. We will help identify which assets to include or exclude from the sale. You also need to understand your risks and quantify intangible assets. It may not be worth as much as you'd like. Completing a Valuation with a licensed professional will result in a realistic idea about price expectations. Your tax advisor can help you complete our Sellers Discretionary Earning Worksheet and Multiplier to determine when you should invest in a Business Valuation.

 

Selling Your Business

Myslajek, Kemp & Spencer, Ltd. has teamed up with Exit Strategy Planners to help you sell your business when the time is right. They are experts at creating a plan to help you exit your business, your way. They have an educational website that has some exercises that can help you quantify where you’re at in your succession planning process. When selling your business, you need to make sure the business continues to run at optimum levels. This means Working in the Business 75% of the time. The other 25% of your time should be working strategically on your Business.  When you’re seriously considering selling your business, you must ask an all-important question: "What am I doing to increase the asset value of my business?" ESP has created a structured sales process which will  help you with strategic decisions and a successful transition.

 

Due Diligence Services

Buyers want the facts, and they will be asking scores of financial questions. You need to be prepared to answer questions about the reporting end of your business. This includes balance sheets, assets and liabilities and the taxation position. They all need to be ready to view and in a professional package when you're selling your business. Assume the person or corporation considering the purchase of your company is going to do an outstanding job of due diligence so prepare accordingly. You’ll need clean financials (ideally from the most recent five years), as well as payroll details and a clear explanation of each P&L line item. We help you be prepared to answer the hard questions and we will be there to help you.

 

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Technology Consulting

 

For your business to grow, you will need to take advantage of computers and technology. Falling behind on technological advances can make you less efficient, which can be devastating in today’s competitive business environment. Neglecting to patch software or firmware will leave you vulnerable to viruses that can lock or steal your data.  Myslajek Kemp & Spencer, Ltd. offers a host of services to help you stay current with technology changes, while ensuring your assets are protected.

 

We can design a custom IT solution to meet your specific needs. Let us help you with your IT infrastructure and programs, rather than incurring the expense of adding an IT department to your payroll. We will deliver a flexible solution that matches what you need now and it can grow with your business. This allows you to pay for only what you need, rather than pay an inflated price for out-of-the-box solutions with extras you do not need. We will help you stay current with technological advances, allowing your business to remain cutting edge. More importantly, our team of professionals will make sure you understand your IT system in a way that makes sense, without using a lot of technical lingo. As the business owner, it’s important you understand how your IT solutions are working for your company.

 

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Locations:

Saint Louis Park, MN

1000 Shelard Parkway, 6th Floor

Saint Louis Park, MN 55426-4922

Phone: (952) 544-4147

Fax: (952) 544-2628

Cambridge, MN

119 Adams Street S

Cambridge, MN 55008-1620

Phone: (763) 689-9674

Fax: (763) 689-6635