Accounting services have a very wide range. Tax accountants are prepared to handle anything from estate death taxes to property taxes. In New York City in 2017, around 45% of all tax dollars collected were from property taxes. Tax accountants do much more than that, though. Here are some common accounting services performed by tax accountants in New York City.
Forensic accounting services include tasks like investigating spending during a marriage and reallocating a partner’s capital accounts and ownership share when a new business partner is taken on. Dissolution of partnerships, data mining, fraud investigation, and historical accounting record clean-up are all services applied in forensic accounting.
Insurance claims typically need to be looked at by an accountant. It is similar to forensic accounting in that insurance claim accounting involves sifting through vendor invoices, subcontractor agreements, government agency regulatory manuals, and insurance contracts. This is all done to properly organize and submit an insurance claim.
Real Estate Accounting
The New York City real estate market is certainly an interesting one, and residential real estate accounting is there for the job. These accounting services include tasks related to property management, property taxes, maintenance of escrow accounts, capital improvements budgeting, line of credit analysis, repairs and maintenance, budgeting, and working with the board of directors.
New York City is known for the vast amounts of business that inhabit the concrete jungle, and they all need accounting services, too. These services include tasks like corporation tax preparation, partnership tax preparation, tax compliance, tax consulting on the local, state, federal, and international levels, and sole proprietorship accounting and tax preparation.
Back Office Accounting
Back office accounting services are provided by tax accountants do that a business does not have to do their own back-office accounting related tasks. These tasks are usually referred to as booking, and outsourcing them to an accountant can lower the cost and increase the accuracy. The accountant keeps the business’s tasks in mind during the whole process.
All accounting services are important, even if you never think you’ll need some of them. Let the experts at NYC Accounting and Consulting Services take care of all your accounting needs.