Newman, Newman & Kaufman, LLP has a wealth of resources and management tools to service our valued clients beyond the competition. Our clients have assurance that they will receive expert advice that comes from years of advanced training, technical experience and financial acumen. The following is a summary of the services NNK offers.

 

All of our services are provided by experienced professionals with specialized knowledge in the cooperative and condominium industry. Our audit process is unique as it is ongoing throughout the year and provides the ability to address financial concerns on a timely basis.  Continuous evaluation of the corporate transactions made by your managing agent, including an evaluation of the adequacy of their internal controls, is an integral part of our audit services.

  • Audits and Financial Statment Preparation
  • In-Depth Analysis of Entity’s Financial Condition
  • Corporate Tax Return Preparation
  • Operating and Capital Budgets and Forecasts
  • Evaluation of the Adequacy of Working Capital and Reserve Funds
  • Assistance in Planning for Financing Capital Improvements
  • Advisory Services for Investing and Accumulating Reserves
  • 80/20 Analysis, Projections and Resolution
  • Preparation of Shareholder Tax Deduction Letters
  • Mitchell Lama Feasibility Studies and Offering Plan Budgets
  • Evaluation of Alternative Refinancing Proposals
  • Representation for IRS Audits
  • Representation for New York State Franchise and Sales Tax Audits
  • Representation for New York City Department of Finance Tax Audits

  • Audit:  An intensive examination with the highest level of assurance. Based on our understanding of your business and the environment in which you operate, we devise a comprehensive audit program.
  • Agreed-Upon Procedures:  An agreed-upon procedures engagement is one in which a CPA firm is engaged by a client to issue a report of findings based on specific procedures performed on specified subject matter.  The “Agreed-Upon Procedures Engagements” is covered under the attestation standard and is promulgated by the American Institute of Certified Public Accountants (AICPA).
  • Review:  Analytical procedures conducted with limited assurance.  The scope of a review is substantially reduced from that of an audit and provides limited assurance.
  • Compilation:  A compilation gives the lowest level of assurance.  The information is the representation of management and we express no opinion on the content.  Compilations are primarily for internal use.

  • General Ledger
  • Financial Statement Preparation
  • Bookkeeping (Monthly/Quarterly/Annual)
  • Reconstruction of Accounting Records
  • Financial Forecasts and Projections
  • Cash Flow and Budgeting Analysis
  • Computerized Payroll Services
  • Sales Tax Services

Taxes play a significant role in a company’s overall financial plan. With our expert knowledge of tax laws, we strive to minimize the tax burden of our clients. At Newman, Newman & Kaufman, we educate our clients in industry tax matters so they have the ability to understand the tax implications of certain transactions. When the client understands tax implications, it provides an opportunity to structure the operations of the entity to reduce or eliminate a potential tax liability. Our team of tax professionals will:

  • Develop income tax strategies which result in lower taxes.
  • Assist Boards to maximize tax deductions for shareholders in cooperative housing corporations.
  • Provide guidance to Boards to increase basis for shareholders and unit owners.
  • Prepare and comply with annual and quarterly tax filing requirements.
  • Respond to inquiries from taxing authorities.
  • Represent clients in Federal, New York State and New York City tax examinations.