Ernest L. Tomkiewicz CPA PLLC

Retail Tax Accounting for an Evolving Industry

Retail businesses are the most distinct industry. Niche apparel shops, local gas stations and hardware stores are some of the many diverse retail offerings. Even with this variety, many retailers have one thing in common, a large amount of inventory to receive, account for and move through the facility.  This is part of what makes their needs unique in business.

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The right solution for the problem at hand

Retail suffers from the seasonality of business. With many stores doing the lion share of their business in the Christmas season, payroll and cash flow can also be an issue. Payroll record keeping, bonus tracking and commissions are particularly tricky for many owners to control. Cash flow is also something that needs special planning so that inventory levels are kept consistent during peak sales times.

Solutions tailored for  you

Given the above facts, retail business tax accounting is better not left completely with on staff bookkeepers and part time employees. Determining the best inventory valuation process or tracking should not be given to chance. You need a CPA that can get involved and really analyze your best options, we can do that. As well, if you sell by mail, sales tax issues could become a bear.  Understanding the complexities of new state sales tax guidelines is difficult. Especially now that some are changing on a daily basis. Helping you stay compliant; we can do that.

Another area you may need help is managing your cash flow. Knowing the best ordering points, paying bills on time (but not early) and cost analysis are keys to survival. Many in retail believe that because they don’t use materials like a manufacturer or a service provider, they don’t have many ways to save. Nothing could be further from the truth. Retail savings are everywhere. From your utility use to your staffing decisions, money can be saved, we can help.

How we can help

Our first step is to sit down with you and LISTEN to your needs and concerns. From there we interactively develop a plan for your success. Our staff is experienced in retail tax accounting and the methods to manage your cash flow, streamline workflows and get lean. Call today, or set up an appointment with our interactive scheduler. Your place or ours, we will meet with you on your terms.

Why Choose Us for CPA Services?

The following three ideals make up ELT CPA’s company mission and they are how we stay ahead of the competition. Our mission as a CPA firm is “Putting YOUR needs first”.

Specialized Expertise: Our team comprises seasoned tax professionals with specialized expertise in retail taxation. We stay abreast of the latest tax laws, regulations, and industry trends to ensure that your business receives the most accurate and up-to-date advice.

We recognize that each store and shop is unique, with its own set of challenges and opportunities. Our approach is to work closely with you to understand your business structure, financial goals, and industry dynamics. This enables us to craft customized tax strategies that align with your corporate objectives.

From tax planning and compliance to strategic advisory services, Our Tax Solutions offer a full suite of retail tax services. Whether you’re a startup or an established enterprise, our services are designed to scale with your business.

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Ernest L. Tomkiewicz, CPA

Founder & Certified Public Accountant

Education & Licensure

MS in Accounting, Saint Joseph’s College of Maine

CPA Licensure in New Hampshire and Massachusetts, and able to service client around the United States due to CPA reciprocity

Professional Affiliations

The American Institute of Certified Public Accountants

The Association of Certified Fraud Examiners

Massachusetts Board of Public Accountancy

New Hampshire Certified Public Accountants

Our Services

All our services are offered in-person or remotely to meet your unique needs and preferences

We handle the intricate process of C Corporation tax return preparation. Our meticulous approach ensures accuracy and adherence to all regulatory requirements, giving you peace of mind and avoiding potential penalties.

Dealing with the IRS can be daunting. We offer audit protection through Protection Plus Audit Defense. Their team will represent your partnership in all dealings with tax authorities, helping you navigate audits and inquiries with confidence.

Beyond compliance, we offer strategic advisory services to help your C Corporation navigate financial decisions, mergers, acquisitions, and other critical business transactions. Our goal is to position your company for long-term success.