AUDITING

JFT Group provides unparalleled personalized local CPA accounting services to a broad range of clients across the Tri State Area. Rest assure that all your financial decisions are made carefully and with your best interests in mind. We're here to foster all of your accounting needs. We'll take care of managing your finances so you don't have to stress about it. We stay up-to-date on all the regulatory and legislative developments, and specialize in this type of service so you won't waste time and energy trying to make sense of all the accounting complexities. Contact us today and see how our CPA can help you.

IRS TAX RELIEF

Don't put your tax lien problems in the hands of an amateur. Contact JFT Group. We've been helping clients resolve tax problems for over 35 years. We will sit down with you in the privacy of our office to discuss your tax problems and work on resolving them. Rely on us to:

  • Organize and file your taxes
  • Redo and manage your books
  • Find the ideal tax solution for your unique situation
  • JFT Group will handle your tax problems personally, professionally and privately. We will talk to the IRS so you don't have to.

    PAYROLL AUDITS

    The Department of Labor, ERISA and other laws and regulations governing the operations of Taft-Hartley plans dictate the fund trustees' fiduciary responsibilities in administering these plans. Baratz & Associates, P.A. developed its payroll audit program to be effective and efficient. Baratz & Associates' recommended payroll audit procedures are designed to provide maximum coverage of employer records and creating efficiency, accuracy and confidence throughout the audit process. Our procedures are flexible enough to meet the needs of the specific contract provisions of each Plan's bargaining agreements. Our approach to payroll auditing is to work closely with the fund's legal counsel and the fund's staff to assist the trustees in ensuring the plan meets the regulatory needs and needs of the participants in the most efficient and effective manner.

    Our payroll audit programs vary by fund but, effective programs include procedures for selection of employers, Payroll audit procedures, and reporting to the Board of Trustees.

    Selection of Employers
    The selection process is determined by the Board of Trustees but generally includes testing of:
    • All contributing employers to the plan on a three to five year cycle. An effective schedule can reduce conscious reporting errors, as employers know their records will be audited.
    • All employers terminating from the plan. All terminating employers should be audited to ensure the accuracy of member benefits and that the employer has paid in full prior to leaving the trust. Accurate and up to date information will provide support to ensure accuracy of withdrawal liability calculations.
    • New employers should be audited to ensure that the employer is reporting properly and reduce mistaken underreporting. This process also gives the employer the ability to understand the auditing process for a shorter time period other than the full cycle.
    • Special request by the Board of Trustees. These audits can be initiated based on chronic delinquencies, suspicion from Trustees, Business Agents, members, other employers, or as support for legal proceedings.

    TAX ACCOUNTING

    The accounting team at JFT Group has the experience and skillset to handle the financial needs of all our clients. We are ready and prepared to help with. Working with JFT Group, you can rest assured that your financial matters will be handled with tact and careful consideration.

    Preparing your own income tax return can be a task that leaves you with more questions than answers. According to a study released by the US Government's General Accounting Office, most taxpayers (77% of 71 million taxpayers) believe they benefited from using a professional tax preparer.

    Whether we like it or not, today's tax laws are so complicated that filing a relatively simple return can be confusing. It is just too easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program there's no substitute for the assistance of an experienced tax professional.

    Here's what you get...

    Your tax return will be checked and rechecked by our computer software identifying potential problems the IRS may look at more closely and reviewing the math to limit IRS contacts.

    Your tax return can be filed electronically so you will get a refund back quicker.

    Our staff will show you how to adjust your payroll withholding to get more money back each week. Why give the IRS an interest free loan for up to 16 months.

    We will show you potential deductions to limit your tax liability for next year. In addition, we will give you a sheet of commonly overlooked deductions to limit the following year's tax liability.

    Books a Mess? No Problem!
    If you own a small business and haven't kept up your bookkeeping, don't worry. We can help you. We'll prepare your bookkeeping for the year, prepare a full Schedule C, as well as your personal income tax return. Then we'll help you set up an easy system that allows you to keep your books in tip-top shape next year.

    MANAGEMENT ACCOUNTING

    To many business owners focus on how much their business income will be. But no enough time of how much will they retain. That's where we come in. JFT Group will focus on your bottom line.

    RECONCILE YOUR BANK ACCOUNT

    Get control of your cash flow.

    Reconciling your business checking account each month allows us to keep your bank account, accounting, and taxes up-to-date.

    Having us reconcile your account each month allows you to...

    Identify lost checks, lost deposits and unauthorized wire transactions.

    Detect and prevent excess/unjustified bank charges and ensures transactions are posted correctly by your bank.

    Detect and prevent embezzlement of funds from within your company.

    Know how your business is doing? You can't really know unless all accounts are reconciled and properly accounted for on your financial statement.

    Manage your cash more effectively. Proper management of funds not only saves money, it makes money for you.

    Protect yourself. By timely reconciling and promptly objecting to your bank about any unauthorized, fraudulent or forged checks presented to your bank and paid by that bank, you can relieve your agency of responsibility for the shortfall and transfer the risk to the bank. This reason to reconcile alone should be enough. Crime exists.

    Sleep Better. You will sleep more peacefully at night knowing your bank accounts are reconciled, in balance and that all escrow funds, accounts, checks and disbursed funds are properly accounted for.

    PAYROLL SERVICE

    JFT Group offers a number of payroll services to help accommodate all of your needs. We will process the payroll for payment by check or direct deposit, supply lists for payments services, and process payment checks for different corporations. Leave it to the experts at JFT Group to handle your payroll, local taxes, federal taxes, medical taxes and garnishments. We have the appropriate software to make this process an easy one for you.

    ACCOUNTING MEMBERSHIP

    JFT Group offers accounting tools to make managing your business easier. You'll have access to the current version of Quickbooks (with backing up files), 24 hour access, Notepad, Microsoft Word, Excel, and a personal folder for your files for $25.00 per month.