The accountants at Thomas, Judy & Tucker, P.A. routinely handle the accounting needs of non-publicly-traded businesses from all major industries as well as non-profits of all types. With over 20 years in business, our accountants have developed special expertise in certain areas that goes well beyond what is required to render typical accounting services. In these areas, our accountants are in a position to give in-depth business and organizational advice. These areas of specialization include the following:
- Closely Held Businesses
Family-run enterprises provide the basis for this country’s economic foundation. Too often, these businesses flounder or fail as the 1st generation tries to pass along the business to the next. At Thomas, Judy & Tucker, P. A. we work intimately with business owners to ensure that they are charting a solid financial path today and for the next generation. Obviously, the business owner’s financial well-being depends upon the success of the business entity. We work with you to see the whole picture and establish a business or tax strategy that not only benefits the business but the individual as well. We know that the small business owner has enough to worry about – we handle any tax or regulatory filings and allow you to focus on maximizing the potential of your business.
- In the ever-evolving construction industry, you need a partner to work with you in the good times and over the rough patches. Thomas, Judy & Tucker, P. A. has been such a firm for the Greater Triangle construction industry. Our clients have come to rely upon our experience, judgment, and perspective for good advice and effective business strategy. Builders and contractors have worked with us for years and have come to depend upon our firm for the full range of tax and accounting services. We work closely with a variety of companies in the construction industry including homebuilders, contractors, grading companies, subcontractors, HVAC, roofing, and other construction specialists. We use innovative approaches that will allow you to maximize the potential of your business while remaining in compliance with the ever-changing array of regulations and tax laws. With our experience, we have become experts in the nuances of construction accounting, including job cost estimation, percentage-of-completion accounting, and uniform capitalization.
Thomas, Judy & Tucker, P. A. is an active member of the Triangle Construction & Financial Management Association, Triangle Commercial Association of Realtors, Triangle Commercial Real Estate Women, and the Wake County Homebuilders Association.
- Employee Benefit Plans
- We are experts in the rules and regulations that govern Employee Benefit Plans. We have extensive experience with the audits of benefit plans as well as the filing of Form 5500. Our team is well-versed in the audits of benefit plans for both for profit and non- profit entities. The penalties for not being in compliance can be extensive – would you trust your plan and your organization’s well-being to anything less than an expert? Our team stays up to date on the ever-changing standards that govern such plans and provide yearly training to our staff to ensure that we are offering the very best service possible. We are also a member of the AICPA’s Employee Benefit Plan Audit Quality Center (EBPAQC), established to help CPAs meet the challenges of performing quality audits in this unique and complex area. The EBPAQC provides guidance on current technical issues, best practices, education resources to help perform quality audits, awareness of key audit areas and audit deficiencies as identified by the DOL and AICPA, and insight for planning and performing the firm’s annual inspection of our ERISA employee benefit plan audit practice. We can work with you to determine whether your company’s plan needs to include audited financial statements with your 5500 filing.
- Governmental | Affordable Housing
- Our audit department has extensive experience with yellow book audits as well as audits of affordable housing entities. Our audit and tax teams coordinate their efforts to produce audits and tax returns in a timely and cost-efficient manner.
We perform audits, agreed upon procedures and cost certifications for new affordable housing projects. Commonly, these audits and agreed upon procedures are required by HUD, Rural Development and/or various other third party investors and interested parties. The tax department will complete the associated tax returns and compile the related tax credits for the partners.
Our audit department is fully compliant to perform audits under government auditing standards, Yellow Book Standards and OMB Circular A-133. One of our concentrations is charter schools, but we perform audit engagements for a wide variety of entities that receive government funding.
- Health Care Accounting
- Health care has emerged as a critical industry/profession. With the aging of the fifty million plus Baby Boomer population, the challenges of health care will only increase. The health care practice team of Thomas, Judy & Tucker, P.A. is prepared to respond to those challenges for our clients in the health care field. For starters, our firm has experience in the full range of health-care providers: medical and dental private practices, clinics, physician’s groups, non-MD licensed practices of all sorts, various care centers, and home health-care providers.
The firm’s experience has shown that it takes a team to do accounting and consulting for the health-care sector, as various specialties have to be brought to bear. We take that approach at Thomas, Judy & Tucker, P.A. Here are just some of the ways we serve the health-care sector:
- Preparation of all relevant financial statements
- Available outsourcing for a turnkey approach
- Across-the-board taxation services
- Forensic and lawsuit support
- Practice financial-management consultation
- Operations and systems support
- Wealth management and estate planning for practice owners
- Practice startup, merger, succession, transfer, and sale support
- Practice valuation
- Cash flow management
- Income/salary allocation to owners
- High Net Worth Individuals
- The phrase “High Net Worth Individuals” (HNWI) generally refers to individuals or families that have in excess of $1 million in liquid financial assets. When net worth increases, so does the complexity of its maintenance and continued growth. Often individuals and families need help with this, and they cannot afford to put their trust in anything but the most ethical, well-equipped, experienced, and fiduciary-minded firm. The firm is prepared to handle the complexities of accounting and advisory for wealth management. Here are some of the specialized services we offer out of our HNWI practice area, some in conjunction with our carefully selected service partners:
- Taxation planning and preparation
- Estate planning and management
- Financial planning
- Gift planning and execution
- Investment strategies
- Closely-held business succession, transfer, and sale
- Individual and business insurance matters
- Trust advisory
- Charitable giving
- Personal bill paying services
- Manufacturing & Distribution
- Members of our firm have developed a special expertise from years of handling the accounting and taxation needs of manufacturing and distribution companies. We offer a complete array of services that can be employed “off the shelf” or customized to fit the specific requirements of our clients. The following list highlights some of the services the firm offers to manufacturing and distribution companies:
- Planning to include budgeting and forecasting
- Process improvement support and analysis
- Oversight of the accounting close process
- Inventory control and management support
- Cost accounting and cost reduction recommendations
- Revenue accounting and analysis
- Financial statement preparation and analysis
- Key business driver metrics
- Business trend analysis
- Senior management decision support
- Uniform capitalization
- The Thomas, Judy & Tucker, P. A. non-profit team has extensive experience with a variety of non-profits. We perform audits and assist in the preparation of financial statements for private schools, churches, museums and other Triangle non-profits. Tax return Form 990 has become increasingly complex in recent years and we stay up to date with any changes or required filings for our clients. Our firm holds yearly seminars for local non-profits to help them stay on top of the ever stringent regulation of the non-profit industry. Our outsourced accounting department can provide higher level accounting functions that many non-profits cannot afford through a full-time employee. We can consult with your staff or the board of directors to establish sound financial practices and strategic long term financial goals for your organization.
- Real Estate
- Since the firm’s founding in 1990, the real estate industry has been a major focus. Over the years since then, the firm has expanded its expertise in the industry. We go beyond offering simple accounting services; we offer solutions to achieve client goals. You will find that team members understand the real estate industry in its breadth and depth. This layering of services runs the entire gamut of real estate, from acquisition to development and through the selling phase. Our firm takes a comprehensive approach and sees the full picture rather than a facet of it. Trust Thomas, Judy & Tucker, P. A. to handle all of your real estate accounting, taxation, and consulting needs. Here are some of our areas of expertise:
- Real estate developers and investors
- Commercial real estate
- Residential real estate
- Architects, engineering and surveying firms
- Real estate brokers and agents
- Real estate lawyers
- Condominium and homeowner associations
We are active in a number of real estate related associations including, Triangle Commercial Association of Realtors, Wake County Homebuilders Association, and Triangle Construction Financial Management Association.
- Restaurant & Hospitality
- An accounting firm serving the restaurant and hospitality industry must be known for its client service and lightning-fast responsiveness. The owners and employees of Thomas, Judy & Tucker, P. A. provide nothing less than this elevated standard to our clients in the hospitality field. Our client base includes relationships with numerous Triangle based hotels and locally owned restaurants as well as several nationwide restaurants chains. We service these clients by providing outsourced accounting services, as well as tax and financial management services. Our customized accounting and tax services have helped our clients become leaders in the hospitality industry both in the Carolinas and throughout the country.
Our hospitality accounting services include, but are not limited to:
- Preparation and analysis of income statements, balance sheets, and cash flow statements
- Budgeting: capital and operational
- Fixed-asset purchase decision making support
- Cash management
- Tip credits
- Our retail clients span a broad spectrum – both in size of operation and type of goods and services sold. For this industry, general accounting is necessary but not sufficient. The firm has long experience with the complexities and nuances of accounting for retail operations to maximize profitability and help keep expenses in line. In addition to complete general accounting services, the firm can answer your questions on sales taxes, inventory control, and accounting systems for retailers. Our team can help you keep control of the financial aspects of your business as you focus on growth and profitability.