Client Stories

Because our work is confidential we do not share the names or any specifics of our clients without their express consent. Following are several stories of how Bass, Solomon & Dowell is helping our clients.

Second Generation Family-owned Business – A second generation family-owned business located in Chicago turned to us for their accounting and tax needs, as well as the occasional consulting engagement. This client employs bookkeepers and family members to handle the internal accounts payable and accounts receivable. We gather the underlying accounting records and documents each month and update the general ledger for all of the detailed transactions, reconcile various general ledger accounts to the underlying documents (such as bank statements, loan statements, and payroll tax records), interact with the client, and prepare compiled financial statements. The financial statements are periodically shared with the bank. Near the end of the year, we project the net income for the year and the income taxes for the business and the individual, and recommend tax strategies and changes to the estimated tax payments or tax withholdings. After the end of the year, we finalize the S corporation income tax returns and prepare the income tax returns for the individual business owner.

Real Estate Investor –One of our clients is a group of investors, who have purchased a high-rise in Chicago. Ownership in the group involves several unrelated individuals, collective investors, and operating entities. Ownership is also diverse geographically. Space in the building is primarily rented as office space for businesses. A management company is part of the ownership group and is responsible for leasing space, maintaining tenants, and initiating the re-development of the building. The accounting records of the entity are in the control of the management company. Our engagement involves providing quarterly oversight of the accounting process and the accounting personnel and then reporting the results of the oversight to the investor group. We also provide tax planning and tax preparation services.

Specialized Manufacturing – Our client has a controller in place, who handles the day-to-day and month-to-month accounting needs of the business. The business has been in existence for over 40 years; the founder-entrepreneur remains heavily involved in the operations of the business. Our engagement is to provide a certified audit of the financial statements, and then to prepare the necessary Federal and State corporate income tax returns. During the course of each year, we interact with the owner and the controller to discuss business performance and operations, and to determine if any significant changes have occurred with the client’s operations, accounting, or financing. Near the end of the year, we discuss performance with the client and consider the impact on the business’ and individual owner’s income taxes. When the controller finishes the year-end updating of the accounting records and the reconciliations are complete, we step in to begin the process of auditing the business’ books and records and preparing audited financial statements. When the audit is complete, we communicate proposed changes to the accounting records to the controller and to the owner, and we discuss any specific concerns that might have arisen during the course of conducting the audit. Finally, we prepare the necessary Federal and State S corporation income tax returns for the business, and then begin the process of preparing the owner’s individual income tax returns.

Foreign Subsidiary in the United States – Our foreign client has a subsidiary that is located in Florida. The foreign entity manufactures most of the components that go into the finished product that is made in the U.S. Those components are then shipped to the U.S. subsidiary, which then adds a few more supplies to the assembly process and ultimately distributes the finished product to clients in the U.S., South America, and Canada. Due to the geographical distance, the client looks to us to perform services that ultimately give the client additional comfort that the accounting records and controls of the U.S. subsidiary are reliable. On a bi-monthly basis, we perform certain analyses and reconciliations from our Illinois offices by using VPN connections to the subsidiary’s server. Twice each year we visit the client site and perform additional in-depth analysis of the subsidiary. We provide a report to the foreign client at the conclusion of each remote bi-monthly engagement and after our bi-annual on-site visits. Shortly after the end of the year, we prepare the necessary Federal and State corporate income tax returns.

Small Equipment Seller – One of our clients was initially an employee for a leasing company located in Michigan. In order to gain more control over his life and take a step back from the corporate world, our client terminated his employment with the leasing company. However, he had developed strong ties with the underlying equipment manufacturer and he was not bound by any non-compete agreements with his prior employer. Using our advice, our client formed a corporation and entered into a contract with the manufacturer. He received a territory of several states in the Midwest and has spent the last 20 years selling equipment. Our client has no debt and has no employees. As a “one-man show” with a handful of sales transactions each month and a short list of routine expenses, he has no need of spending time capturing his accounting activity in a formal manner. Near the end of each year, we have the client send us an estimate of income and expenses so that we can do some quick tax planning for the corporation and for him individually. After the end of each year, our client provides us with the checking account and credit card activity for his corporation, and we update the formal accounting records of his business and perform reconciliations of some of the underlying accounts. When the accounting records have been updated, we prepare the Federal and State corporate income tax returns, as well as the tax returns for the individual owner.