Our firm offers a wide range of services to our individual and business clients. Being a relatively small firm, we are able to offer our clients personalized quality service. Below, we have listed the services that we offer to our clients along with a brief description.

As the list below is by no means all-inclusive, please feel free to inquire about a service if you do not see it listed.


(Click Service Title For Details)

Taxation

Tax Representation

Licensed CPAs are respected as representatives of their clients with Federal, state and local tax authorities. At DMSimon CPA, we know that it is very important to maintain a cooperative a relationship with all government agents.

Tax representation normally occurs at the beginning of any engagement. Commonly, representation commences with the acceptance of an engagement by DMSimon CPA and the preparation of the return or upon a client’s receipt of a tax inquiry, notice or audit request from a government entity.

DMSimon CPA represents both clients whose compliance the firm handles and clients referred from other practitioners. Audits of returns prepared by DMSimon CPA, or Debra M Simon, CPA, in most cases have concluded with favorable results (i.e., the audit is completed without any changes to the tax position). When handling inquiries or audits for returns that were not prepared by this firm, we have been very successful in reaching results with the taxing authorities that the clients find are reasonable.

Client Testimonial

Handling the financial matters of Cavagna, I work with 22 companies and over 20 countries. Understanding American taxation is a challenge, with the Federal laws themselves and then every state having its own laws.  English is my second language, and so I am not accustomed to reading US law in its original form.

Debra Simon has been involved with this group since 1996. She helps us understand the issues of taxation for the US and the various states. Debra represented us with both Federal and state government authorities, straightening out problems within acquired companies. I trust her to stay on top of the issues, represent us to our benefit and help us avoid pitfalls within the tax systems.  We continue seeking her guidance as our organization expands.

- Giacomo Poli, Administration & Finance Manager
Cavagna Group International, Italy

Tax Planning

In today’s world, much of what we do has tax ramifications. Tax planning is every taxpayer’s obligation to his (or her) self, family, heirs and employees.

DMSimon CPA takes an integrated approach to clients’ tax planning. A client’s best interests are represented when every issue is examined for both its unique aspects and for how it effects the overall financial picture.

Multistate taxation is a specialty of the firm. With many states having budgetary problems, they are more and more aggressive in the efforts to identify every taxpayer that may have some liability to the state and to collect the tax dollars. Laws in this arena are confusing because states and localities differ in their laws and the types of taxes and fees that they levy. Furthermore, income tax, sales and use tax, and franchise tax laws and case law differ as to what creates nexus, or attachment, for a business entity within a specific state. Analyzing the operations of a business in every state it touches to determine whether or not the operations create tax liabilities, and then planning to minimize those liabilities without hampering operations takes special knowledge.

Tax planning is its most effective when the clients' respective advisors communicate well with each other. The team often includes attorneys, financial asset managers, insurance brokers and other specialists. We work with clients to help them understand the importance of giving proper weight to the tax ramifications of their various decisions, and work directly with their team on their behalf.

In our tax planning, we aim to find the most practical solutions for clients to achieve their goals – always within the spirit of the law.

Tax Compliance

Compliance services are an important focus of this practice. These services mostly relate to preparing and assisting with the timely filing of tax returns, and advising clients’ of other requirements necessary in order to comply with Federal, state and local tax laws.

When we work on a client’s tax returns and issues, our professionals personally study the supporting documents, determining appropriate reporting, and assess how the issues may impact on the clients in other areas. We do much more than merely throw figures onto lines within the tax returns and “push buttons”.

While we work on clients’ returns, we also evaluate the transactions and financial pictures that we see on the pages in front of us and compare this information with the overall goals of each client. In this way, we can provide them with objective feedback and suggestions to strengthen their respective situations.

Estate Planning

Estate Planning

Estate planning is important for everyone. Prudent estate planning involves much more than having a will prepared. With IRAs, 401Ks, appreciated homes, and life insurance (in certain situations) all added into the individual’s estate values; estate planning is no longer a concern of only business owners or the very wealthy. Estate planning also addresses trust utilization and gifting of assets.

Estate planning involves:

  • Examining assets that flow through a will (testate) as well as those that do not (non-testate)
  • Safeguarding the value of assets
  • Determining when gifting is preferable to leaving assets in an estate
  • Evaluating charitable giving techniques
  • Understanding how and when to use different types of ownership, such as trusts
  • Understanding the income tax aspects of different choices in estate planning
  • Planning for the transfers of assets, both through the will and with extended powers of beneficiary forms for non-testate assets
  • Examining differences between Federal and state laws in terms of how they will effect one’s estate, and then making informed choices
  • Ensuring that wills are as tax effective as possible.

DMSimon CPA uses an integrated approach to estate planning. We work with the client’s team of advisors, and cross check all planning ideas to make sure they meet the client’s goals and to determine how the estate plan effects the client’s tax, financial and business plans. Our commitment is to arrive at practical answers to all key questions.

Financial Advisory

Financial Advisory

DMSimon CPA helps clients build and preserve their wealth through careful attention to all the aspects of each client’s financial position.

Our approach is integrated with the client’s tax, business and estate planning. Specifically, with regard to financial planning, we assist clients with strategies for retirement, insurance, investment management and education funding.

As in every other area of our practice, we assist clients in finding practical answers to their own questions and in identifying other questions that need to be addressed in order to optimize their financial positions.

Client Testimonial

I’ve been a client of Debra’s for around 10 years, and am extremely pleased with Debra’s financial, accounting and tax services. At all times, my questions and financial matters are professionally and speedily addressed. She fully understands my concerns and coordinates seamlessly with my brokers in order to ensure that my securities accounts meet my entire needs. I look forward to continuing working with her for my retirement and tax planning.
- Ruth C. Brooks
Ret’d. NASD Cause Investigation Coordinator

Business Services

Business Planning

Often, business owners and key executives become so engrossed with their business’ current operations and challenges that planning for the future becomes secondary. All of the sudden, the future is upon them and the situation in which they find themselves is not what was desired or expected. At DMSimon CPA, we constantly promote the importance of planning.

Business planning often addresses such issues as:

  • Optimal business structure (e.g., type of entity)
  • Shareholder, member and partner agreements
  • Key employee agreements and plans
  • Finance
  • Benefit planning
  • Expansion, merger and acquisition
  • Exit strategies
  • Succession plans
  • Buy/sell agreements

Planning exit strategy and business succession may seem less critical to an owner who is years away from retirement than to one whose retirement is around the corner.

It is, however, critical to all owners. Planning for the time when an owner retires or is unable to manage the business is a key aspect of protecting the value built up within a business for family and employees, as well safeguarding the interests of customers/clients who put their faith in the products/services of the business.

Our integrated approach to a client’s needs ensures that a client’s business planning always takes the client’s estate and tax planning into account, and gives us the basis to recommend whatever changes may be necessary or prudent to keep the plans in sync with each other.

Client Testimonial

When I had first taken over my family’s business in the late 80’s, I realized that beside myself the company needed another key person – an accountant and financial advisor who was knowledgeable, aggressive and self-confident. All of those attributes would guide my company out of harm’s way and into a direction of financial growth and business longevity.

The years have passed and my company is still here and doing business better than before.

- Tony Lanzilotti, President
G.S. Auto body, Inc.

Management Consulting

Our management consulting services enable business owners and executives to avail themselves of expertise and objectivity on an as needed and cost-effective basis. At DMSimon CPA, we assist business owners with everything from basic accounting through to due diligence relating to mergers and acquisitions.

Start-up businesses appreciate our commitment to practical answers. We understand the limited resources of a start-up and help management and owners accurately project cash flow, realistically determine financing needs, and set truly achievable goals.

Frequently, we serve in an adjunct Chief Financial Officer capacity, assisting clients with obtaining financing, evaluating financier’s requirements and caveats, designing management reporting and analytical tools, structure of accounting/financial departments, hiring financial staff members and various projections.

Client Testimonial

As the owner of businesses with volumes in the millions and multinational considerations, it is extremely important for me to have accurate, up to date financial information on the health of my businesses. I also frequently look for guidance on various “what if” scenarios relating to tax and business matters.

Debra Simon, with her expertise and business acumen, gives me the right information through thorough, careful, analysis. She doesn’t stop until she finds the most practical answer. Debra quickly advises us if she feels we are moving in the wrong direction, and respects whatever the final decision is. She treats our business with kid gloves, like it is her own. Debra’s been an invaluable asset to me for over 12 years and I highly recommend her services to you if you want the very best!!

- Richard J. Darche, Kodar Corporation; Algonquin Realty Company and Southampton Partners

Financial Statements

Banks, investors, other lenders, or government authorities may require that financial statements be provided in the form of a compilation, review or audit. We work with clients and their investors and lenders to ensure that the level of financial statements is appropriate for the situation. DMSimon CPA, through collaborations with other quality CPA firms, ensures that client needs for financial statements are handled in an efficient and cost-effective manner.

Insurance

Insurance

Both Estate and Business Plans often include insurance components. Obtaining insurance to implement those plans should be handled as professionally and with as much integrity as the financial and legal elements of the estate and/or business plans.

Determining which policy to select for a given purpose should include consideration as to cost, cash flow requirements of premiums, the suitability of the carrier in terms of available products and historical experience with costs and claims, and any special medical underwriting considerations. In evaluating a client’s overall picture, it is also important to analyze existing policies to determine whether (1) they are still appropriate for the client’s goals and (2) the client is getting the best value for premiums and the best terms within the policy that current underwriting would allow.

Debra Simon is licensed as a producer of Life and Health Insurance. She personally acts as an independent consultant on a client’s behalf, rather than an agent of any one specific provider. Debra can assist clients with sourcing policies and obtaining comparatives for the following insurance products:

  • Life Insurance
  • Health Insurance
  • Disability Insurance
  • Long-term Care Insurance

Since Debra’s perspective takes financial and tax issues into account, she has often helped business clients understand how to revise their group policies to achieve significant savings. She has helped individuals balance the cost, tax ramifications and benefits of these types of insurance and the respective configurations of each within their personal financial and estate plans.

Because Debra is committed to a client’s overall situation, she focuses on practical answers and the entire professional client relationship. She often assists clients in understanding how to balance their insurance needs with their other objectives.

Service for Other Practioners

Multistate Taxation

Multistate taxation is a specialty within DMSimon CPA, and an area in which we provide services for other practitioners as well as for our clients.

With many states having budgetary problems, they are more and more aggressive in the efforts to identify every taxpayer that may have some liability to the state and to collect the tax dollars.

Laws in this arena are confusing because states and localities differ in their laws and the types of taxes and fees that they levy. Furthermore, income tax, sales and use tax, and franchise tax laws and case law differ as to what creates nexus, or attachment, for a business entity within nonresident states.

Analyzing the operations of a business in every state it touches to determine whether or not the operations create tax liabilities, and then planning to minimize those liabilities without hampering operations takes special knowledge.

We assist the clients of other practitioners with multistate tax issues including:

  • Responding to out-of-state nexus questionnaires
  • Planning for multistate businesses
  • Setting requirements for independent contractors that would not create nexus for the engaging entity
  • Multistate apportionment issues
  • Out-of-state tax audits

DMSimon CPA always respects the intrinsic client relationship with the referring practitioner.

Client Testimonial

I have known Debra for over ten years as a leader of tax committees and a trustee of the NJSCPA. I have seen her represent CPA interests through interaction with State government tax leaders in a forthright, tactful and professional manner.

Debra is always willing to share her expertise with other practitioners. She is an easy go-to person for discussions of areas of Federal, state, multistate and estate tax law. After consulting with Debra, I often see a client’s case in a broader perspective than before. Debra helps me find the practical answer.

- Linda L. Fasano, CPA
Princeton, NJ

General Services

Debra Simon has become a trusted name within the CPA community. She often assists other practitioners with particular aspects of client cases, while the main client relationship remains with the original practitioner. Debra assistance to other practitioners most often includes handling of tax audits, tax planning and estate planning. Practitioners avail themselves of additional expertise on an as needed and cost effective basis.

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