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Michael Sczekan & Co., P.C., CPAs


Certified Public Accountants, are people who are dedicated financial professionals of the United States of America and who have spent a good deal of their academic career studying and passing the stringent Uniform Certified Public Accountant Examination. These professionals have, strived to meet and have met additional state education and experience requirements for their license to operate as a CPA. CPAs are the only professionally licensed people to provide the public, attestation which includes auditing and opinions on financial statements. While CPAs are known by the general public in part for their tax expertise and for maintaining the accounts books of small organizations, they are uniquely educated for the attestation function discussed above.

In Michael Sczekan and Company there are numerous business operations topics such as Crime Control, Purchasing Cards, Financial Analysis, Financial Audits, Business Use of Auto Salesmen, Independent Contractor, Non profit Accounting and Donations or Memberships.

The basic accrual method of accounting can be used for construction contracts. Using this method, the contractor reports income as it is billed and reports costs as they are incurred. This method is usually used only by small contractors that have a large number of relatively small contracts. Since most contractors try to bill in advance of their costs, the basic accrual method results in the highest reported taxable income.

The constitution prohibits the federal government from taxing property. The estate tax is technically a tax on the transfer of property to others, generally to children of a decedent. It was envisioned to prevent families from passing on huge fortunes and developing a type of royalty in America. It was enacted as a matter of public policy, not as a revenue source. Less than $20 billion is collected each year from estate and gift taxes.

There is an important income tax distinction between a lifetime gift and the same asset left by an estate at death. The gift transfer keeps your tax basis. An estate’s assets transfer at their fair market value at the date of death, receiving a step up of basis. For highly appreciated assets, this can make a significant tax difference for the heirs.

Michael Sczekan and Company mission is to always strive for excellence in providing services to clients, create rewarding career opportunities and maintain sound professional, business and financial standards.

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