As the list below is by no means all-inclusive, please feel free to inquire about a service if you do not see it listed. If you need help with a service we do not provide, we would be more than happy to refer you to a qualified professional.
Audit and Assurance Services
Audits, Reviews and Compilations
We view our role in the financial reporting process as an opportunity to provide constructive solutions for maximizing your organization's performance, internal control, and efficiency. We provide financial reporting on all three levels of assurance:
- Audit - An audit of financial statements is the verification of the financial statements of a legal entity, with a view to express an audit opinion. The audit opinion is intended to provide reasonable assurance that the financial statements are presented fairly, in all material respects, and/or give a true and fair view in accordance with the financial reporting framework. The purpose of an audit is to enhance the degree of confidence of intended users in the financial statements.
- Review - A review of financial statements includes primarily applying analytical procedures to the financial data and making inquiries of management. A review is substantially less in scope than an audit, the objective of which is the expression of an opinion regarding the financial statements as a whole.
- Compilation - A compilation of financial statements is the presentation of financial information in the form of financial statements without undertaking to obtain or provide any assurance that there are no material modifications that should be made to the financial statements in order for the statements to be in accordance with the financial reporting framework. A compilation does not contemplate performing inquiry, analytical procedures, or other procedures performed in a review.
Industries we serve include but are not limited to:
- Not-for-Profit Organizations - Our firm specializes in audit and tax related services for not-for-profit organizations. In serving this important business sector, we use our experience to help non-profits adhere to the ever increasing complexity of compliance reporting and governance standards, and to improve their effectiveness in accounting and internal control. Special aspects of this industry include:
- Form 990
- Unrelated business income tax (UBIT)
- Single Audits – OMB A-133
- Government Auditing Standards (Yellow Book)
- Employee Benefit Plans - If your organization’s employee benefit plan is required to have an audit, one of the most important duties of the plan administrator is to hire an independent qualified public accountant. As an active member of the Employee Benefit Plan Audit Quality Center (EPBAQC) of the AICPA, Holyfield & Thomas meets that requirement and routinely conducts audits of 401(k)’s, 403(b)’s and defined benefit plans.
- Religious Organizations – Our firm provides audit and related assurance services to a variety of religious organizations of different denominations. Holyfield & Thomas was one of five accounting firms selected by the Diocese of Palm Beach County to conduct a specialized agreed-upon procedures service to the various churches and schools for which the Diocese has oversight. We offer in-depth knowledge of the unique challenges and opportunities involved with churches and religious organizations.
- Educational Institutions – We perform a number of educational institution audits, offering the client the benefit of our insight and clarity surrounding the accounting and reporting issues unique to schools.
- Small Business – The small business owner will be well served by our efficient and value-added approach to audit and assurance services. Whether the engagement is designed for internal use, absentee ownership, bank financing, or bonding compliance, we have a skilled team of auditors available to complete the compliance part of the engagement and provide insight surrounding performance and internal control.
Trust / Fiduciary Accountings
An important part of our accounting practice includes the preparation of formal trust accountings for the benefit of trustees and beneficiaries. We advise clients that such accountings are required* under current Florida Statutes, and provide a comprehensive reporting of all receipts, disbursements and capital transactions as dictated by the Trust instrument and the Uniform Principal and Income Act.
(* unless waived in writing by qualified beneficiaries per Florida Statutes § 736.08)
Providing financial information to our clients in a timely and accurate manner is a commitment that we feel can not be compromised. Meaningful, well-organized financial records ensure that your business operations will run more efficiently on a daily basis. Our firm provides a full range of cost effective accounting services including the following:
*General ledger & financial statement preparation
*Accounting system setup for new businesses
*Business tax return preparation (Sales & Use/Business Property)
*Personal financial statements
Individuals and organizations are certain to encounter a myriad of financial and tax related issues in the conduct of their routine financial affairs. As a leader among public accounting firms, we bring more than 30 years of experience in many areas of practice, several of which are listed below. We feel our ability to provide comprehensive knowledge from various specializations reflects our versatility and competency, as well as our dedication to quality client service.
- Asset protection
- Business entity selection
- Evaluation of internal controls
Tax Planning & Preparation
Tax planning and preparation form a winning combination for our successful individual and business clients. Whether you are an individual, a multi-tiered partnership, or a consolidated corporation our experienced staff can develop tax strategies that take advantage of new tax laws and legislation.
Estate & Trust Tax Preparation
Preparing income tax returns for trusts and estates is a principal focus area for Holyfield & Thomas. Aside from the number of individual income tax returns prepared each year, our firm prepares more trust returns than all other return types combined. We understand the rules and regulations applicable to this complex area, and seek out trustees, legal advisors, trust companies and others who will benefit from our accurate preparation and expert advice and analysis. Our firm also prepares Form 706 US Estate Tax returns and Form 8939 Allocation of Increase in Basis for Property Acquired from a Decedent.
Effective estate planning facilitates the orderly transfer of assets to your beneficiaries, provides security for your surviving spouse, and can reduce or eliminate the tax due on the transfer of your business and other assets. For business owners, providing for business continuity and succession of ownership is essential. We can guide you through the complex process of getting your financial affairs in order.
Successful implementation and periodic review of your qualified and non-qualified retirement plans will ensure financial independence during your working years and through your retirement years. Consider our services when deciding when and how much to draw from your retirement assets, and how to coordinate required minimum distributions (RMD’s) with other income sources.
Pension & Profit Sharing Plans
Qualified retirement plans (e.g. defined-contribution or defined benefit plans, Keoghs, SEP's, etc.) can provide significant tax advantages for closely held businesses and self-employed individuals. Our qualified staff can assist you in evaluating the type of pension plan that will best serve the retirement needs of you and your employees.
Today's business world often involves transactions by or with Foreign based individuals and companies. Many South Florida enterprises are confronted with tax and accounting issues of foreign jurisdictions. Such companies need the ability to consult with an accounting firm with international reach. Our independent membership in PrimeGlobal provides us with access to that reach. Holyfield & Thomas, LLC Certified Public Accountants & Advisors is an independent member firm of PrimeGlobal, a worldwide association of independent accounting firms and business advisors. PrimeGlobal does not and cannot offer any professional services to clients. Each independent member of PrimeGlobal is a separate firm and an independent legal entity. PrimeGlobal is not a partnership and independent member firms are not acting as agents of PrimeGlobal or other independent member firms.