Accounting and Taxation
Corporate/Individual Tax Planning and Compliance
Tax planning is the key to successfully and legally reducing your tax liability through the reduction of income and the increased use of tax deductions and credits. We will proactively recommend tax saving strategies to maximize your after-tax income.
It’s not what you know that is important. It’s what you think you know but really don’t. 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 is no substitute for the assistance of an experienced tax professional. Preparing your own income tax return can be a task that leaves you with more questions than answers. According to a recent 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.
Few things are more important to business owners than the value of their business. The valuation for your business can be tricky and subjective and can make or break a proposition. It's based on judgment, experience and relevant information. You need professionals who are well qualified with significant experience in evaluating all types of organizations.
Whether you're negotiating a merger, considering new shareholders or attempting to resolve disputes associated with liability, shareholder equity, estate planning or marital dissolution, objective valuation can make the difference between loss or gain, success or failure.
Our approach is to intimately know your business in order to understand what constitutes its value. We work closely with you to analyze your operations and historical financial data. Our in-depth knowledge of your business enables us to provide a well-reasoned, fully documented and defensible valuation opinion.
Reviews and Compilations
When your company needs assurance to the users of your financial statements but not to the extent of an audit, we can provide both review and compilation services. A
is often acceptable for lenders, investors and management and serves as a cost-effective means of obtaining a reliable snapshot of company performance. Our review services evaluate such financial statements utilizing analytical procedures, inquiries of management and our knowledge of the industry and more specifically your business. A
is an assembly of data in financial statement format. Our compilation services examine the data in conjunction with business procedures to provide a more robust picture of our clients' financial operations.
Financial Analysis & Benchmarking
Industry benchmarking is the process of continuous comparison and measurement against a standard, so as to improve performance. The industry benchmarking service offered by us provides the benefit of evaluating financial and operational performance in relation to a specific group of your peers (entities of similar size and scope operating within your industry).
Benchmarking against peers not only allows for a better understanding of your positionagainst similar organizations, but will help provide key insights around opportunities (to leverage) and challenges (to prepare for) that result from trends and changes in industry conditions.
We optimize the business performance of our clientele by providing them with the necessary tools to assess their financial position. Our staff devotes itself to providing bookkeeping services in a timely, accurate manner, showing respect and awareness of the confidentiality and individual needs of our clientele. We are committed to ensuring the highest level of excellence to all who require this service.
Although we provide traditional accounting services as listed above, we have harnessed the internet to provide specialized business management services for bookkeeping, bill pay and banking. Let us be your personal assistant to do all your recordkeeping, bill payments, budgeting, investment analysis and planning. Using the internet we are able to maintain all records online accessible from anywhere with an internet connection. The power of the internet allows for approval of expenses before payment and to have documents archived and available for inspection. Our office will prepare monthly reports of income, expenses and cash flows for your review. These reports can be mailed monthly or be accessed online. Contact us if you want more information about this service.
Personal Financial Planning
Our approach for the development of a comprehensive financial plan encompasses every aspect of a clients financial world. This includes all assets, liabilities and business interests as well as an individual’s financial goals, family situations and overall risk tolerance. Once we have a firm grasp of this information, we can identify issues and develop planning strategies to combat these issues. Our clients simply cant afford a non-diversified approach to their financial future.
In the investment world, the “one-size fits all” mentality simply doesn’t work. Every investor is unique and needs personalized attention. The wealth management process begins with a series of meetings to understand the client’s financial goals and objectives. We use that information to create a customized strategy based upon these principals. Once this strategy has been implemented, we continually review progress and take proactive measures to ensure that we remain aligned with our client’s goals and objectives. Additionally, as believers in the non-proprietary investment method, we will never push products on clients that don’t meet their respective objectives. If you would like to learn more about our firm, please visit 4thought financial group at www.4tfg.com.
Insurance Planning and Risk Management
Life insurance can provide an excellent opportunity for you to meet many of your goals while still protecting the financial security of your loved ones. While many people thing that it is too complicated and too expensive, it doesn’t have to be. The death benefit can be the difference between providing for higher education, keeping a family business afloat and being able to stay in the family home. Permanent life insurance, however, can also provide a living benefit. When you pay your premium, part of it goes into a cash reserve and accumulates tax-deferred. You can generally access this cash reserve at any time, for any purpose. It can be used for things like education expenses, retirement income, and many other needs. It also remains in force during the insured’s entire lifetime, provided premiums are paid as specified in the policy.
In addition to life insurance, we also provide Disability and Long-Term Care Insurance. Individual disability insurance protects a portion of your income and provides financial protection if you become disabled for an extended period. Individuals who depend on income to maintain a lifestyle or pay bills may want to consider disability insurance. Long-Term care insurance provides for the cost of long-term care beyond a specific period that is not covered my health insurance, Medicare or Medicaid. Individuals who utilize long-term care may not be sick but are unable to perform the basic activities of daily living such as dressing, bathing, eating, and walking.
Seth Kamens is the managing member of Kamens & Associates. His education and work experience in financial services, accounting and entrepreneurial endeavors uniquely qualifies him to work well with individuals, startups and closely held businesses. As a CPA and financial advisor (run through 4thought Financial Group), he offers clients a powerful and diverse background to help his clients achieve their financial goals. Seth has a special talent for helping his clients understand comprehensive financial plans that fit with a client’s lifestyle during peak earning years, so there are no hidden blind spots on the road to retirement.
“In my mind, there is no better way to understand a client’s financial goals then by having a complete understanding of their personal cash flows and vice versa. In my mind, being a CPA and financial advisor are not mutually exclusive but should correlate at almost every turn. That’s why making the decision to do both is truly conducive to my clients.”
Prior to starting Kamens & Associates, Seth worked at Gassman & Golodny, a small CPA firm in New York City with an accentuation on individual tax and financial planning. Seth was also a Portfolio Analyst at Merrill Lynch in New York City, where he specialized in Financial Planning and Business Development. He was also a Tax Accountant with the New York City-based J.H Cohn LLP, where he conducted complex and diverse tax work for individual and corporate clients in the entertainment, real estate, hospitality, and financial services industries. Other posts include working as a Wealth Management Associate at Morgan Stanley, a Tax Accountant at Deloitte and Touche; and as a Risk Consultant with Protiviti. Seth’s academic credentials include an MS in Accounting from Pace University, where he was a member of Beta Alpha Psi, an MBA from George Washington University with a joint focus in Finance and International Business, and a BA from the University of Maryland where he majored in Political Science, was a member of the Zeta Beta Tau fraternity, reached Dean’s List, a College Park Scholar, and a Recipient of the Presidential Scholarship. He is a New Jersey Certified Public Accountant, and currently holds Series 7, 66, Life and Health Insurance licenses.
In addition to his professional and educational experience, Seth has also combined his love of sports and his entrepreneurial spirit by being a co-founder of the popular sports website BackSportsPage.com. He is involved in all of the critical aspects of BackSportsPage.com, from offering the company strategic and financial direction to collaborating on the creative focus of its content. Seth explains
“It’s difficult to understand what encompasses an entrepreneurial undertaking unless you have tried to start your own business. I believe that having survived the valleys and pitfalls of BSP, I have a better understanding of how entrepreneurs and small businesses deal with a variety of issues. In turn, I have no doubt that this experience has had a significantly positive impact on my career.”
In his spare time, Seth enjoys hosting his weekly sports radio show, traveling, playing tennis and being continuously humbled trying to finish the sunday Crossword.