Chokshi, Mund & Raczkowski, P.C. offers accounting, auditing, tax and consulting services to a wide variety of domestic and international businesses, entrepreneurs and individuals. We mainly service small closely held to medium sized businesses. We worked hard to become our clients' primary advisors, providing informed, objective advice and services designed to help them reach their business goals. Since our inception we have cultivated a reputation for honesty, integrity, timely service, technical merit and genuine concern for our clients and their businesses. At Chokshi, Mund & Raczkowski, P.C., each member of our firm has passion and pride for our clients, their profession, community and families.
“We believe that when our clients are successful, we are successful."
Since 1978, our firm has continued to grow and adapt to meet our clients’ changing needs, helping them to address the challenges and opportunities of every economy. Following are some of our services and industry involvement:
Hospitality
Our technical expertise and industry knowledge has allowed us the privilege of developing a broad practice in assisting restaurants, hotels and motels, franchisees, caterers, specialty gourmet shops, banquet facilities and entertainment groups.
Changes in life styles have resulted in greater leisure time and a variation in the way that people choose to spend their entertainment, food and vacation dollars. At the same time, the hospitality industry faces increased competition, higher insurance costs, technology advances and a more budget conscious consumer.
We offer full audit, tax and advisory services along with insight on operational and management issues such as:
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Analyses of franchise opportunities |
Tip reporting requirements |
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Due diligence involving acquisitions |
Purchase and sales price allocations |
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Organizational structure |
Incentive plans and employee benefits |
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Business succession |
Bookkeeping services |
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Financing alternatives and negotiations |
Budgeting |
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Cash flow management and projections |
Real estate acquisitions |
Technology, E-Commerce and Internet
The explosion of the internet has dramatically changed the face of business forever. It has created opportunities never before available, or even imaginable. The ability to adapt quickly can mean the difference between success and failure. Our experience working with technology companies range from start-ups to middle market companies within the computer equipment, application service provider and software industries. Whether you are a start-up or mature business, our professionals and partners has the experience to assist you in matters such as:
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Development of business plans |
Organizational structure |
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Multi-state income taxation |
Assistance with bank and private financing |
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Local taxation |
Accounting and financial statements |
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Incentive plans and employee benefits |
Bookkeeping services |
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Loan and debt restructuring |
Budgeting |
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Cash flow management and projections |
Business succession |
International Tax
International Tax planning is a dynamic area where advanced planning is paramount in with optimizing results and minimizing adverse consequences. We have knowledge of this complex area and are able to guide clients efficiently through the labyrinth of domestic and international issues that a business or individual may encounter. Our team provides innovative tax analysis and solutions in the following areas:
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Advising foreign businesses entering U.S market |
Subpart F issues for U.S businesses |
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Advising on choice of entities |
Dividend repatriation |
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Business and individual withholding risks |
Foreign earned income exclusions |
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Foreign and U.S tax credit planning |
State and local tax services |
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Structuring inbound and outbound transactions |
Resident and non-resident alien taxes |
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Tax filings, compliance and reporting |
Tax planning for expatriates |
Real Estate
Our firm has worked diligently to earn a reputation among real estate owners, operators, developers and investors for our expertise, reliability and trustworthiness. We are here to assist you in achieving your goals through every phase of the real estate cycle such as the development of your real estate strategies, evaluating your acquisitions and dispositions and exploring your financial options. Because so many considerations of real estate are tax driven, we have particular expertise in tax-free exchanges (forward and reverse), installment sales, depreciation and cost segregation. Additionally, since most properties are held in partnership format or in Limited Liability Companies, we are also expert at partnership taxation issues. These taxation matters include admission of new partners, retirement of partners, special allocations, basis and debt. Our goal is to provide you with the highest level of service and expertise as well as creative and strategic ideas that will help you manage your business with greater efficiencies, cost-effectiveness and reliability. Following are some of the operational and tax areas our firm can provide:
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Advising on choice of entities |
Passive Activities |
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Due diligence |
Real estate professional rules |
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Evaluating financing alternatives |
Tax depreciation and tax credits |
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Subdivision and development |
Purchase price allocations and cost segregation |
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Operating and leasing |
Personal residence issues |
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Like-kind exchanges |
Dispositions of real estate |
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Negotiations with lenders |
Cancellation of debt tax concerns |
Non-Profit
At Chokshi, Mund & Raczkowski, P.C., our not-for-profit industry experience recognizes the important role these organizations fulfill in society, as well as the challenges such organizations face in today's business and regulatory environment. As a not-for-profit organization, your ability to grow and continue to provide services depends on finding the right mix of financial funding and human resources. Although your organization may have deep-rooted philanthropic goals, you must be able to view your organization as a business - and it must operate it like a business in order to survive. You need professionals who are able to provide accurate information and sound guidance on the best, most efficient ways to structure and cultivate your organization. Our experience in the not-for-profit industry has given us an understanding of the special issues faced by these organizations - an understanding which lets us assist in numerous areas such as:
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Financial reporting |
Applying for tax-exempt status |
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Grant tracking |
Internal controls |
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Cost allocations |
Cash flow analysis |
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Financial projections and operating budgets |
Financial personnel recruitment |
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Tax planning and preparation |
Employee benefits |
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Board governance |
Internal accounting and bookkeeping |
Professional Services and Groups
As a professional services firm, we understand the unique challenges faced by these entities. Our goal is to help you service your clients effectively while maintaining efficient operating procedures and maintaining a profitable practice. In today’s rapidly changing business environment, professional service firms are challenged by more demands than ever before. Partnering with a strong tax and business accounting firm relieves much of the pressure and allows our professionals to work as a team to help our clients achieve their business goals. We provide services for groups such as law firms, medical practices, engineering and architectural firms, technology professionals and financial advisors.
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Financial reporting |
Evaluating pension plans |
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Accounting procedures analysis |
Internal controls |
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Cash flow management |
Partner retirement and buy-outs |
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Financial projections and operating budgets |
Financial personnel recruitment |
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Tax planning and preparation |
Employee benefits |
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Partnership Agreements |
Internal accounting and bookkeeping |
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Entity ownership and structure |
Compensation, residency and multi-state planning |
Executive Compensation
We provide a suite of services to handle all the compliance and consulting tax services for corporate executives and high income/high net worth individuals. Some areas our firm can assist with are:
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Equity and non-equity compensation plans |
Charitable giving |
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Qualified and non-qualified stock options |
Retirement and fringe benefits |
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Expatriation services |
Divorce |
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Personal residences and vacation homes |
Business succession |
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Multi-state tax planning |
Restricted stock grants |
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Stocks, bonds and other investments |
Life insurance evaluation |
We also work with many businesses in the manufacturing, retail, distribution and construction industries.
Tax Planning and Preparation
Tax preparation and other compliance services are an essential part of our tax practice. Our tax professionals possess expertise in domestic and international tax matters involving income, property, excise, estate and gift taxes. We have concentrated our efforts by working principally with corporate and partnership entities, as well as high net worth and other individuals with their retirement planning and estate planning. We serve many clients within many industries and various individuals helping them solve their tax concerns with honest, sound tax planning and compliance services.
IRS and State Audit Representation
Chokshi, Mund and Raczkowski, P.C. can provide representation and advise if you are confronted with tax issues before the Internal Revenue Service or state tax agencies. These services are available for individuals and businesses and encompass income taxes, property taxes, sales taxes, or payroll taxes.
Financial Statement Services
As a full service public accounting firm, Chokshi, Mund and Raczkowski, P.C. offers a full range of financial statement services to businesses, non-profit organizations and individuals. Compiled, reviewed and audit services are provided. In addition, businesses that are looking to attract capital or additional funding often need assistance with the preparation of financial forecasts or projections. We at Chokshi, Mund & Raczkowski, P.C. can assist clients in the preparation of such forecasts or projections by assisting in the development and documentation of underlying assumptions and in developing rational approaches upon which to base future operating results. We perform our accounting and audit services in strict accordance with the standards set forth by the American Institute of Certified Public Accountants (AICPA). From Audits to Attestations, our goal is to provide you with the most accurate and unbiased information you need to make informed business decisions.
Management Advisory Services
Our firm offers owners, management and board members a wide variety of consulting services and solutions with cash flow and budgeting analysis, operations and control analysis, profit improvement, expense containment, customization of your financial statements, act as a controller in emergencies, and many other services to help keep your organization competitive, identify inefficiencies and determine if your business expectations and goals are being met and employees are performing to established standards.
Bookkeeping Services
We have capable staff to establish your accounting system and educate your internal personnel or act as your in-charge bookkeeper performing many functions, including general journal and subsidiary ledger maintenance, bank statement reconciliation, receivables and payables tracking and analysis and payroll processing. Our firm understands the needs of small businesses and is committed to a personalized and customized touch.
Buying and Selling a Business
Many small and medium sized businesses are thriving in the
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Buyer and seller due diligence |
Installment sale methods |
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Selection of business entity |
Purchase or sale price allocations |
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Tax aspects of buying and selling assets |
Capital structure |
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Corporate stock acquisitions |
Cash flow analysis |
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Multi-state tax planning |
Franchise agreements |
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Section 338 tax elections |
Related party rules |
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Selection of year-end and accounting methods |
Evaluate buy-sell agreements |
QuickBooks Accounting Services
Some of our staff has now completed the certification process to become a certified QuickBooks Pro Advisors. The Pro Advisor program consists of extensive training and testing to ensure that a professional has a broad and complete understanding of the operation and installation of QuickBooks software. If you are having trouble with your accounting software, we can help. Whether you are starting a new company, switching to a new program or looking to clean up your current program, Chokshi, Mund & Raczkowski, P.C. can help you.