Our extensive services

Derenzis & Associates, LLP Services

Our firm offers of a vast selection of services for our clients and their businesses. Our highly educated and trained staff helps guide our clients to receiving information that is accurate and comprehendible. Listed below are standard services we provide to our clients with a short explanation of what they entail.

Agriculture Accounting and Related Services

About this service

Providing information to our clients in the form of a reviewed or compiled financial statement is needed to secure lending by any financial and loan institutions. Our financial statements cover all areas for your lending institution to provide your dairy with an interest rate and loan availability as best as possible. Our detailed statements segregate dairy operations from farm operations, allowing a clear picture of how the dairy is operating and how the farm is operating, all combined under one statement. This farming schedule was developed and formed based on many major lending institutions requests.

The following is also a list of services we provide:

  • Financial statement preparation (business and individual)
  • General ledger preparation
Income Tax Planning and Preparation

Our firm excels at being your #1 client in tax services

Income tax planning and preparation allows our dairy clients access to the most current and available options to save tax dollars. As our dairy clients utilize prepay option and milk deferral, the planning continues throughout the year by our firm. Our firm is constantly keeping track of taxable income through our general ledger preparation processed quarterly.

A visit to your dairy by one of the partners gives our clients the comfort and understanding of where their taxable income remains months prior to year end.

Estate Planning

We provide the very best Estate Planning

Estate planning is something that does not happen overnight. It is a continuous process. Our firm works closely with many lawyers and estate planners in all states to properly set up and execute tax savings. Our goal is for our clients to make comfortable decisions with passing on wealth to the next generation.

Financial Breakeven Analysis, forecast and projections

Have any questions about projections and breakeven analysis?

A financial breakeven analysis converts your accrual basis financial statement to a cash basis format, letting the user see just what it takes to repay debt, receive owner draws and operate the dairy. Think of it as “what gross milk price do I need to breakeven?” This is a very useful tool in contracting feed and milk and is performed for our clients everytime a financial statement is prepared by our firm. Our firm specializes in forecast and projections. If you’re thinking about acquiring a piece of farm ground, but the price seems too high and you’re not sure it will be profitable with crop yields, then a projection is needed to justify your decision. Detailed factors incorporated into your projection will give you and your lending institution the expectations and understanding you need.

Estate, Trust and Gift Tax Returns

You're in the best company

The reporting of estate, trust and gift tax returns is a complicated and detailed process. One item checked wrong on an estate tax return will most likely turn to an audit. It is why our clients can safely rely on our staff’s extensive training and our research programs to give you a level of comfort no other firm can provide. Our firm has daily access to all the new major legislation and changes in estate, trust and gift taxes.

Accounting Software Setup and Support

We can handle any of your software needs

Writing checks, making deposits and paying payroll is a time consuming task. We offer superior knowledge in setting up, operating and maintaining QuickBooks, Peachtree and Quicken software. We pride our firm on always being available to our clients for help on any of these programs. We help setup, calibrate and provide assurance to all clients who use these programs. We offer onsite setup and training if needed.

Other Services

Details about our other services:

Our firm also provides our clients with additional services. These services are what set our firm apart from any other accounting firm. These services include the following:

  • Client IRS audit representation (instate and out of state). Giving a clear understanding of how the dairy industry works is a key element in successfully settling an audit with no change in taxable income. Our firm is in great standings by the Internal Revenue Service with reference to paperwork availability and professionalism.
  • Bank loan acquisition and negotiations
  • Litigation support
  • Partnership dissolution and buyout calculations
  • Quarterly payroll reports (federal, state and unemployment)
  • Annual payroll reports (federal and state)
  • W-2’s
  • 1099’s