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At BrookWeiner, every member of our team is dedicated to building and preserving close relationships with our clients. As part of our core philosophy, we make every effort to maintain the continuity of professional staff assigned to each relationship. As a result, you always know who to call for reliable, responsive service.
In addition to Certified Public Accountants, our professional staff includes Certified Financial Planners, Certified Fraud Examiners, and Certified Valuation Analysts. We are members of the American Institute of Certified Public Accountants (AICPA) and the Illinois CPA Society (ICPAS). What's more, our firm has successfully completed quality performance reviews conducted by our peers in accordance with guidelines established by the AICPA. All of our personnel participate regularly in training programs and continuing education courses to improve our technical skills and keep us current in today's ever-changing business environment. |
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BrookWeiner Services |
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Accounting & Auditing |
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Today many companies view traditional accounting and auditing services as a commodity. We at BrookWeiner look at it as an opportunity. Our services pertaining to your company's financial statements gives us an opportunity to bring our vast knowledge of business operations to bear in your company's environment. This interaction helps identify conditions that could, if not addressed promptly, become serious business problems. Frequently, new business opportunities are identified through this process. |
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Cash requirements, production demands, labor conditions, acquisitions, and insurance requirements are reviewed as part of this process. |
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We regularly discuss issues of business succession, employee incentives, and technology needs with our clients. |
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If your accountant views you as a buyer of a commodity, and not as a client, perhaps we can redefine this accounting relationship. |
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Distressed Companies |
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Decreasing sales volume, shrinking profit margins, and increasing employee turnover are all early warning signs that a historically healthy company is slowly deteriorating. Technological changes and financially troubled customers are other major contributors to the downward spiral that companies all too frequently experience. |
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The best way to right the ship is through early recognition and a strategic action plan. The factors to be considered in developing this plan vary depending on the particular circumstances. We have the tools to assist in developing your action plan. |
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Late recognition of the warning signs frequently leads to the need for more drastic steps. Quasi reorganization or even court protection may be necessary. BrookWeiner can, even at these stages, help you right the ship. |
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Forensic Accounting |
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If you prudently carry insurance for embezzlement loss, your insurance/bonding company will require an investigation in order to determine the extent of any loss and to discover evidence for the purpose of prosecuting the perpetrator. |
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After you get over the initial shock, you ask yourself, "What do I do next?" |
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The logical answer to that question is, call your BrookWeiner Member. If you don't have a BrookWeiner Member, call us, and one will be assigned to handle your situation. |
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Why call BrookWeiner? BrookWeiner has specialists in forensic accounting. We have in depth experience in this highly specialized area. Among other engagements, we have investigated insider fraud schemes and financial statement frauds. |
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One of the BrookWeiner personnel who will be assigned to your case is a Certified Fraud Examiner. Our specially-trained personnel will find the answers you need in a timely and efficient manner, so that you can get on with what you do best, running your business. |
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Forensic Accounting is a BrookWeiner specialty. Find out more by visiting our Forensic Accounting web site. |
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Litigation Services |
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Here's a listing of our Legal Situation Support Services |
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Business Valuations
Mergers and Acquisitions
Gift and Estate Planning
Financing and Refinancing
Divorce
Bankruptcy
Litigative Support |
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Mergers, Acquisitions, Business Dissolutions and Reorganizations
Valuations
Projections and Forecasts
Due Diligence Reviews |
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Gift and Estate Planning
Valuations
Lifetime and Postmortem Reviews |
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Financing and Refinancing
Valuations
Consultation |
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Divorce
Valuations
Litigative Support
Expert Witness
Evaluation of Tax Returns
Settlement Review
Discovery Assistance
Mediation |
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Bankruptcy
Valuations
Litigative Support
Expert Witness
Evaluation of Tax Returns
Settlement Review
Accounting Services
Quasi-Controller Functions |
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Litigative Support
Review of accountants work papers and tax files
Business Valuations
Fraud Investigations
Claim Validation
Consulting (including strategies and discovery theories)
Settlement Evaluation
Expert Witness |
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Non-Profit Companies |
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Non-profit organizations typically have limited access to professional services because of budgetary constraints. Because of this, it has become apparent that the special business needs of your type of organization has not been given the appropriate level of attention by professional advisors. |
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At BrookWeiner, we have taken the approach that many of the issues facing non-profit organizations are the same as those effecting the general business sector. But others issues effecting the non-profit sector are unique. Funding limitations from governmental and private sector programs frequently cause services provided by your organizations to be curtailed. Specialized reporting requirements put strains on the organization's accounting staff and computer software. Accordingly, we have trained professional staff who specialize in serving the needs of your organization. We can provide specialized assistance in grant applications, tax status issues, and like-kind donations. We are experienced in handling the special requirements of OMB Circular 133. |
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Our clientele includes theater and performing arts organizations, private foundations, local taxing authorities, and cooperative housing associations. |
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Real Estate |
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BrookWeiner is highly regarded by the financial community, as well as our clients, for the scope and creativity of our real estate related services. We have established our niche in this market through our experience in providing cutting-edge solutions to complex financing and structuring situations. |
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Our clients include local, regional, and national developers, building contractors, real estate sales companies, and commercial and residential property management companies. In addition to tax return preparation, we provide expertise in section 1031 exchanges, property refinancing, cost segregation, forecasting models for real estate syndication, and transfers of property interests into family limited partnerships, and long range estate tax planning. |
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We can provide audit services for FHA and HUD assisted real estate projects and have assisted our clients in obtaining "industrial revenue bond" issues. |
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While the old adage about real estate of "location, location, location" is as true today as it was when first uttered, the other adage "structure, structure, structure" is the extra ingredient that is needed to maximize the value of location. At BrookWeiner, we work with developers to structure the project to obtain the best advantages in both tax treatment and owners' flexibility. |
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Risk Assessment |
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In the broadest sense, a risk assessment study entails a review of a company’s operations in order to determine the financial and operational areas which present the greatest risk to the Company for fraud, errors and operational inefficiencies. Once identified, the independent auditor, under SAS 99 requirements, would adjust the scope of the audit examination to expand scope and procedures into the areas of highest risk. |
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The amount of emphasis on defining, evaluating and testing for risk assessment, by auditors, varies significantly between CPA firms. Frequently, the degree of focus in many cases relates to the audit fees that can be charged and the comfort level that various auditing firms have in undertaking such assessments. Regardlessok of the extensiveness of such studies, their impact on audit fees has been significant, and not surprisingly businesses want more benefits from expanded procedures in order to justify the additional costs. |
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A comprehensive risk assessment study can be done as a project separate from the annual audit. Once completed, the independent auditor can limit SAS 99 procedures to reviewing and testing the study. |
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BrookWeiner L.L.C. has been undertaking such studies for both its audit clients and as stand-alone projects for non-audit clients. Our team of CPAs and CFEs (Certified Fraud Examiners) provide this service directly to family and mid-size businesses and also as sub-contractors of other CPA firms. Our team of experts can make the process both efficient and effective. |
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Succession Planning |
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For many owners of family businesses, succession planning represents the consideration and planning in the transferring of possibly the most significant asset in their estates. The result of one's business efforts over a lifetime demands more than simply making provisions in your will to leave your company to your children. |
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Typically, we focus on providing for our spouse and our children in our wills. Estate planning typically focuses on these issues but does not generally consider the issues of business succession. |
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Over the years, you nurtured your business and sacrificed to make it grow and prosper. Corporate finances, taxes, production problems, and answering customer needs all demanded your attention. After dealing with these and other countless issues, you built a thriving company. |
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The same care used in buying a new machine for your factory or planning the development of a new product line should go into the issue of business succession. |
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You must ask yourself some very tough questions about your children, key employees, and the long term outlook for the company. Succession planning allows for the smooth transition of your business to the next generation. We assist our clients in this area by integrating various elements, both tax and non-tax, into a plan that works. |
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Successful business succession cannot be achieved without appropriate tax planning. |
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BrookWeiner has developed a comprehensive program to assist you in succession planning. Contact us to learn how we can help you pass the baton to the next generation. |
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Tax Services |
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Preparing tax returns for both you and your business is only a small part of what we do. Our program is based upon first evaluating your personal and business situation in light of your goals and objectives. The service is highly personalized. We explore with you such issues as gift, estate and trust planning, retirement goals and needs, succession planning, wealth transference, and wealth management. We work closely with your primary advisors. If you need legal assistance, investment management counseling, or insurance needs assessments, we can help you select experts in these areas to work with us as your personal advisory team. |
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BrookWeiner will also handle all your business needs. We will be able to advise you on benefit plan issues, key employee concerns, stock option features, and the use of ESOPs as a means of asset diversification and succession. We will work closely with your bank to meet your cash requirements. If the IRS contacts you, we will act as your representative and help minimize your sleepless nights. |
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Valuation Services |
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Many owners of closely-held businesses have invested most of their energy and cash in an effort to build a successful enterprise. Yet, many have little, if any, idea of the economic value of their business and the potential impact of estate taxes and the resulting difficulties on the ability of the family to retain ownership of the business. Needless taxes are often the result, as well as lost opportunities. |
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The determination of the value of a business should not be an estimate or a 'guess'. The value must be based on an analysis of many factors. Commonly, an executive might rely on the traditionally prepared financial statements, which are based upon historical costs and consider tangible assets that are measurable and quantitative (such as machinery, equipment, inventory, etc.). Appraisals can present realistic current values of such tangible assets. |
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Often overlooked are the qualitative values of the business such as management's ability, sales product identification, sales distribution systems, cash flow, etc. Recognizing that a combination of the net tangible assets with the intangibles reflects a more accurate presentation of value. BrookWeiner's team of professional valuators has continued the tradition of presenting useful and comprehensive valuations. |
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Our team is led by experienced and trained Certified Valuation Analysts (CVAs) who also have extensive experience as CPAs working with closely-held businesses. The accreditation and continuing professional education of the National Association of Certified Valuation Analysts (NACVA) of our members enables us to offer the business community important and dynamic valuation information. |
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Valuation is a BrookWeiner specialty. Find out more by visiting our Evaluation Services web site. |
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Wealth Management |
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BrookWeiner subscribes to the philosophy that the tax return is only the starting point for the services we offer to our clients. The needs of the financially successful individual extend well beyond Form 1040. Needs such as retirement planning, educational funding, business succession, and estate planning must be addressed on an on-going basis in order to help our clients reach their goals. |
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Frequently, there is a need to assist in allocating available cash resources in order for a client to reach long-term financial goals. Unanticipated events occur as well. A death, divorce, major illness, or long-term disability requires hands-on personalized attention to help our client through the crisis. |
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Our affiliated company, BW Financial Services L.L.C. (BWFS), has registered investment advisors available who are licensed to assist you in mutual fund investing, annuities, health insurance, property + casualty, and life insurance products. BrookWeiner Financial Service can also provide benefit plan services to your company and retirement fund management to you. For more information on BWFS or on our wealth management program, please contact us. |
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