Our firm prepares federal, state, and local tax returns for corporations, individuals, partnerships, estates and trusts. We also offer tax planning and consultation services to our clients. The majority of our tax clients are Pennsylvania entities. However, we are able to prepare tax returns for all of the states requiring income tax returns.
Audits of Non-Public
Audits are performed for clients who require the highest degree of assurance that their financial statements fairly represent the business entity’s financial position and results of operation in accordance with generally accepted auditing standards. During a financial statement audit, we use various testing and confirmation methods to obtain reasonable, rather than absolute, assurance that the client’s financial statements are fairly presented in all material respects in accordance with generally accepted accounting principles or other special purpose framework.
Luchini & Company prepares compilations which involve the preparation of financial statements based on data and information provided by the client that have not been reviewed or audited by our firm. Therefore, no assurance or opinion is provided on the issued financial statements. Reviews are performed upon financial statements using inquiries and performing analytical analysis, allowing us to accumulate sufficient review evidence to express limited assurance that no material modifications need to be made to the financial statements issued. A financial statement review does not provide the level of assurance of an audit, but it is more comprehensive than a compilation. Both of these services are performed in accordance with Statements on Standards for Accounting and Review Services.
Our staff performs the necessary “write-up” work to transfer client data into a usable form for the preparation of financial statements or tax returns. In addition, they prepare bank reconciliations and are experienced with QuickBooks software.
We facilitate business payrolls by preparing employee payroll checks or direct deposits, as well as preparing the related tax deposits and necessary compliance. In addition, we accumulate the data necessary for monthly, quarterly, and annual government payroll filings. We also offer the preparation of the monthly, quarterly, and annual government payroll filings for clients preparing their own payrolls as a separate stand-alone service.