Our ServicesFull service accounting firm
As a full-service accounting firm, Tann, Brown & Russ Co., PLLC is able to offer a wide array of professional services to our individual, business, government and non-profit clients. The general practice areas shown below provide a broad overview of the quality, personalized services available at TBR. For additional information on the specific services offered within each of these categories, simply click on the section headings to preview brief outlines and descriptions of how the professionals at TBR can meet your accounting and financial consulting needs.
Income Tax Preparation – TBR’s experienced professional staff annually prepares more than 2,000 tax returns for individuals, corporations, partnerships, estates, trusts and non-profit organizations. We consider our firm’s involvement with the individuals and small businesses that comprise the bulk of our tax practice to be a vital part of the firm’s client outreach efforts. Consequently, when preparing returns, we maintain a strict preparation and review process for all clients – regardless of size – that guarantees the maximum available tax benefits for each client.
Income Tax Consulting and Planning – As professionals in the income tax arena, TBR is able to identify, recommend and implement key tax planning opportunities that can help to minimize your current and future tax liabilities. With today’s complex maze of tax laws constantly evolving and changing, we offer our clients taxation expertise and insider knowledge that is only a phone call away throughout the year. Whether your question is as simple as when an estimated tax payment is due or as complicated as what type of entity you should use in setting up a new business, we are always available to discuss the issues that concern you and to offer our perspective.
IRS Representation – The tax professionals at TBR have years of experience in representing our clients in tax matters before the Internal Revenue Service and various state taxing agencies. We understand the anxiety that can arise when a client receives a tax examination notice, so our efforts are geared toward alleviating that anxiety by taking a direct role in dealing with the taxing agency representatives. Whether it involves an individual tax audit, a sales tax examination or a complex corporate matter, we actively advocate on our client’s behalf to ensure that they are being properly represented.
Audits, Reviews and Compilations – Financial reporting is one of the foundational services offered by TBR and, consequently, our accountants take pride in ensuring that the work they do on behalf of our clients is performed in a professional manner and is accurate, timely and affordable. We provide financial reporting for all three assurance levels within the financial reporting framework, as follows:
- Audit – An extensive financial examination with the highest level of assurance.
- Review – An examination utilizing primarily verbal and written inquiries and analytical procedures, with limited assurance expressed.
- Compilation – A financial report based almost solely on client-provided information, with no assurance offered to users.
Agreed-Upon Procedures – Designed for clients who do not necessarily want or need a full financial examination, an agreed-upon procedures engagement targets specific elements or transactions within the client’s accounting system and allows an auditor to report strictly on those elements through the use of certain procedures which are “agreed upon” by us and the client. Obviously, not every client need will be satisfied by these engagements, but for those that can, it offers an affordable alternative to a more costly audit examination.
Financial Forecasts and Projections – Forecasting is a necessity when trying to effectively manage and mold your business into a profitable enterprise. From simple projections to more complex financial forecasts, TBR’s experienced staff members can assist you in assembling a financial presentation that helps you achieve your company goals.
Bookkeeping/Write-Up – Financial records that are accurate and well-organized are the foundation of a successful business. Our staff members can work with you on your company’s bookkeeping needs, whether you are looking for occasional assistance or need more regular (i.e. monthly, quarterly, etc.) accounting and bookkeeping services.
Payroll Services – For many small businesses, payroll administration can be, at best, a challenge and, at worst, a major headache. Business owners who prefer to be managing and growing their companies instead find themselves dealing with the paperwork required to hire employees, prepare and file federal and state payroll tax returns and calculate and pay required federal and state tax deposits. TBR can assist you in implementing a reliable, efficient and effective payroll system, and our staff can assist you in preparing all necessary payroll tax returns in a timely manner and in advising you every step of the way, from hiring employees to preparing and filing Form W-2’s at year-end.
QuickBooks Consulting – As off-the-shelf accounting software has become more accessible and affordable, many small business owners are choosing to maintain their own financial records. QuickBooks is by far the most popular option, but even clients who invest time in learning the QuickBooks system can find themselves searching for answers to problems that may arise. TBR’s staff members are well-versed in QuickBooks, with both formal training and years of on-the-job experience. Whether you prefer our accountants to adjust and update your books on a regular basis or you simply want us to occasionally look over your shoulder and offer advice, TBR is well-equipped to handle all of your QuickBooks accounting needs.
Sales Tax Consulting – The myriad of state and local rules and regulations that govern sales and use taxes make it difficult for the average taxpayer to stay ahead of the tax collector, but our accountants can help you cut through the red tape and find the answers you need. From advance sales tax planning to dealing with a sales tax examination notice, we can work with your company to minimize your tax bite and keep you in compliance with applicable laws and regulations.
GOVERNMENT & NON-PROFIT
Financial Reporting – Governmental entities at all levels of state and local government are routinely required to undergo annual financial audits. The same is generally true for non-profit organizations, due either to organizational by-laws or state charities registration guidelines, or perhaps as a result of affiliations with national organizations or with certain large donors. TBR’s past and present governmental clients include state agencies, counties, municipalities, school districts, and political subdivisions (i.e., libraries, economic redevelopment authorities, etc.), while on the non-profit side, we have performed hundreds of annual audits and have worked with organizations as diverse as the Salvation Army, the Boys and Girls Clubs and the YMCA.
Governmental Consulting – Governmental entities of all sizes have a need for financial advice and expertise not just at year-end, but throughout the year. With a wealth of experience in the governmental environment, TBR is able to fill that role. We currently have formal consulting agreements in place with multiple state agencies, and we work with a number of other agencies and local entities on an as-needed basis. From assistance in drafting complex financial disclosures to performing indirect cost rate analyses, our accountants are available to assist you on a year-round basis.
GAAP Packet Preparation – State agencies in Mississippi are required to annually compile and submit detailed financial reporting packages for inclusion in the State of Mississippi’s Comprehensive Annual Financial Report. The complexity of these packages, or GAAP Packets as they are known, varies from agency to agency, depending on such factors as agency size and the presence of Federal funding. TBR has been involved in GAAP Packet preparation and consulting for over 25 years. Our accountants have handled over 300 GAAP Packet engagements, and we currently prepare annual and semi-annual Packets for ten different state agencies.
Single Audit Services – Since the passage of the Single Audit Act of 1984 and the subsequent issuance of OMB Circulars A-128 and A-133, the independent auditor has been tasked with monitoring and reporting on clients’ compliance with Federal program guidelines and the implementation of proper internal controls over Federal programs. With TBR having performed hundreds of single audits in both the government and not-for-profit sectors, our audit professionals have an in-depth understanding of the single audit process and can work with you to provide a quality, yet affordable, audit product.
501(c)(3) Consulting – Not-for-profit organizations which are granted IRC Section 501(c)(3) status are not only exempt from income tax, but are also eligible to receive tax-deductible charitable donations from individual taxpayers. TBR’s tax professionals can guide your organization through the sometimes complex 501(c)(3) qualifying process and assist you in putting together an application for exemption that gives you the best possible chance for a favorable ruling by the Internal Revenue Service.
INSURANCE CLAIMS CONSULTING
Business Interruption Insurance Claims – Successfully navigating an insurance policy’s loss of income coverage provisions can be a daunting task for small business owners who do not have an in-depth knowledge of insurance claims guidelines and procedures, as well as for insurance professionals who may not regularly deal with business interruption claims. TBR has worked with over fifty different insurers and independent adjusting firms from throughout the United States, and we currently serve as approved consultants for two major national insurance companies. Consequently, our firm is well-schooled in all aspects of loss of income coverage, and we strive to provide our clients with efficient and timely service that results in claims calculations that are both fair and accurate.
Insurance Claims Consulting – While loss of income claims account for a significant portion of TBR’s insurance consulting practice, our firm is also called on to assist insurers in other areas. Our track record in insurance consulting includes theft loss claims, inventory reconstructions, employee dishonesty claims, third party loss of use claims and insurance arbitration services. And TBR’s forensic accountants are experienced at working in an effective manner with both claims adjusters and policyholders in order to achieve results that are understandable and fair to all parties involved.
Insurance Appraisal Services – Homeowner and business owner policies routinely include an “Appraisal” provision which allows either the insurer or the policyholder to initiate a process under which an independent umpire is empowered to decide specific claims issues that are in dispute between the two parties. As one element of our insurance consulting practice, TBR’s forensic accountants have served as “appraisers” (i.e., the individuals chosen by each side to make their case before the umpire) in claims disputes involving such issues as loss of income, adequacy of post-loss additional living expense reimbursements, and depreciation of personal property under homeowners policies.
FORENSIC ACCOUNTING & LITIGATION SERVICES
Lost Profits Analysis – TBR offers expert assistance in calculating economic damages related to lost profits litigation. Whether working with plaintiffs or defendants, our accountants offer professional expertise and objective analysis that is geared toward meeting your needs and priorities. And with a track record of having worked with over sixty law firms from throughout the state of Mississippi, as well as in neighboring states, we have a wealth of experience in working with attorneys on a variety of legal matters.
Business Valuation – The business valuation process is intended to provide an independent, objective appraisal of a business enterprise’s worth through the application of accepted methodologies by trained professionals. Divorce engagements, business dissolutions and estate valuations are just some of the more common scenarios in which the business valuator may be called upon to offer his expertise. TBR’s professional staff has the training and credentials to meet your valuation needs and is available to work with you when a business valuation is your first order of business.
Personal Injury/Wrongful Death Litigation – Calculating economic damages for individuals in personal injury and wrongful death litigation requires a thorough understanding of the relevant financial and economic issues, as well as a familiarity with underlying case law and legal principles. The professionals at TBR are experienced in making the appropriate calculations, preparing detailed reports and economic damages schedules and offering expert witness testimony in court to support their calculations.
Financial Motive in Civil Arson – Analyzing financial motive on the part of an insured is one of the primary considerations when insurers assert an arson defense following a fire loss. Forensic accountants – by virtue of their financial expertise – are uniquely qualified to assist attorneys and insureds in that area. Having served as expert witnesses in over a hundred civil arson cases, TBR’s accountants understand the detailed objective analysis that is needed in order to convince juries and judges as to whether a policyholder’s pre-loss situation potentially provided a financial motive to commit arson.
Family Law – Divorce engagements and other family law matters often center on financial disagreements between the parties. In these instances, attorneys often find that the involvement of a forensic accountant can assist them in building a stronger and more informed case. TBR’s forensic accountants are experienced at working with family law attorneys in order to provide them with the financial data and in-depth analysis that is essential to a successful outcome on behalf of their clients.
Fraud Prevention and Detection – Employee fraud and other forms of white collar crime are constant reminders of the need for strong controls and oversight in the financial process. CPAs are well-positioned to play pivotal roles in both the prevention and detection of fraud by virtue of their backgrounds and expertise in auditing and financial analysis. TBR’s accountants have the skills and training to advise clients on the implementation of effective, common-sense controls or to take the lead in fraud and theft investigations when it becomes clear that a financial loss has occurred.
Expert Witness Services – When CPAs are retained in connection with forensic accounting and consulting engagements that may ultimately result in them offering expert testimony in a court of law, it is essential that they understand the legal process as it relates to their role as an expert. Having served as expert witnesses in a variety of cases in both Federal and state courts, the professionals at TBR are experienced at offering testimony in support of their opinions and conclusions and in preparing comprehensive reports under Federal Rule 26(a)(2)(B).
Forensic Financial Analysis – Whether the analysis concerns something as simple as an inventory shrinkage computation or as complex as quantifying a business owner’s losses from a well-designed embezzlement scheme, the involvement of an experienced forensic accountant is well worth considering. TBR’s forensic accountants and consultants have real-world experience in designing and carrying out detailed forensic financial analysis, as well as the ability to tailor their analysis to your particular needs and priorities.
Estate Planning – A well-designed estate plan can assure you and your family that the wealth you have accumulated over a lifetime will not be significantly and unnecessarily impacted by the imposition of taxes and administrative costs before it can be passed on to your children and grandchildren. The tax professionals at TBR are experienced in working with the members of an estate-planning team – attorneys, insurance agents, investment advisors and trust officers – to ensure that you are able to maintain your preferred lifestyle while also knowing that, upon your death, your assets will be passed to your heirs according to your wishes. We understand that estate planning is a highly personal matter that requires thoughtful consideration and careful planning, and we are here to work with our clients every step of the way.
Personal Financial Planning – Each of us are faced with important financial challenges and decisions throughout our lives, as we deal with income taxes, investments, retirement funding, college tuition and estate planning. Effective financial planning can serve as a road map to help you navigate past the financial pitfalls that are always just around the next corner. The professionals at TBR can help you assess your current situation, establish long-term financial goals, and devise a plan that enables you to reach those goals and build a stronger financial future for you and your family.
Retirement Planning – Each of us wants to be assured of financial independence and peace of mind during our retirement years, but many people unfortunately put off planning for their retirement until late in their working years. On the other hand, individuals who begin saving for retirement, even modestly, at an earlier age can accumulate substantial savings through the compounding of investment returns. The professionals at TBR can help you sort through the plethora of retirement options available in order to find the plan, or combination of plans, that best fit your business needs, income level and retirement goals.