COMPILATION AND REVIEW OF FINANCIAL STATEMENTS

Many businesses do not require an independent opinion on their financial statements. In those instances, we may conduct a compilation or review of the financial statements. In compiling financial statements, we perform a task comparable to what a controller would do if the business had one. He prepares monthly, quarterly or annual financial statements but offers no assurance as to whether material changes are necessary because he has simply put the data into financial statement form.

However, we take a "professional look" at the statements to decide whether the business needs other accounting services, like help in adjusting the books.

A business may also engage us to review its statements and to issue a report giving a limited degree of assurance. After applying inquiry and analytical procedures defined by the AICPA, we are permitted to give limited assurance that material changes are not necessary to the statements. In reliability or usefulness, a review falls between the no-assurance compilation and the extensive assurance of an audit.

TAXES AND TAX PLANING

T.R. Klein & Company plays a vital role in helping taxpayers cope with today's complicated tax structure. We provide expert advice on tax consequences of proposed transactions, and our recommendations in early planning very often result in substantial tax savings.

When asked, we act as a client's representative in various contacts with state and federal tax authorities and tax examiners, such as replying to correspondence concerning tax returns or providing explanations, schedules and other documents in tax examinations. We can represent a client at various conferences, such as District and Appellate, in tax examinations. We make recommendations about which type of business organization, such as sole proprietorship, partnership, corporation, limited liability corporation, etc., is best for tax purposes for a particular business. We also advise business owners on establishing pension and profit-sharing plans, and prepare all types of tax reports in connection with them.

MANAGEMENT INFORMATION

T.R. Klein & Company can design and assist in the installation of accounting systems to fit the needs of a particular business. We also analyze and review existing accounting systems and make recommendations to improve their controls and efficiency.

BOOKKEEPING AND OTHER SERVICES

T.R. Klein & Company can assist a client, business or individual seeking credit. We know how to supply the information a bank or other lender wants when a loan or line of credit is requested.

We also offer a complete bookkeeping, financial reporting and tax service to small businesses that find it less expensive to have us perform these services than to employ a full-time bookkeeper or controller.

HEALTH & WELFARE ORGANIZATIONS

Ask Our Clients

Our voluntary Health and Welfare Organizations include, but are not limited to....

• At Jacobs Well, Inc.
• Grassroots, Inc.
• Full Citizenship of Maryland, Inc.
• MARFY
• Baltimore Development Corp.
• Emerging Technology Center
• First Step
• The Loading Dock, Inc. 
• Hearing & Speech Agency
• MANSEF
• Forward Visions, Inc.
• Chesapeake Foundation for Human Development
• TransCen, Inc.
• Community Law Center

Services include: financial statement preparation such as audits, review or compilation, income tax planning and compliance, review of internal accounting controls, special planning, management advisory service, and attendance at Board of Director's meetings as needed.

AUDITS OF FINANCIAL STATEMENTS

An audit is the highest level of service provided. Auditing includes confirming, inspecting and observing clients' transactions. The ultimate product is: Financial Statements in Accordance with Generally Accepted Accounting Principles, and in certain cases in Accordance with Generally Accepted Government Audit Standards, and other cases the Single Audit Act of 1984 and recommendations for improving the system of internal accounting controls and other reports as required by funding sources.

PREPARATION OF FEDERAL INCOME TAX RETURNS

Generally, the preparation of income tax returns is a straight forward procedure. In the non-profit arena, the Internal Revenue Service has increased its efforts. Unrelated business income is a critical issue and keeping an Organization's income "tax exempt" is of utmost importance.