Comprehensive Tax Preparation Services in Edina, Minneapolis
Don’t Be Afraid to Dream Big. You Have Experts on Your Team.
More money means more chances to do the things you love. All year you face decisions that impact the journey toward your financial goals. So why not work with experts each step along the way? At Rapacki + Co. we’ll do a whole lot more than file your tax returns. We want to be a lifelong, strategic partner in building up your wealth and making sure that it stays safe.
We take it as an honor that clients trust us with their future. We listen and we care.
We’re the people who know money, and we can help you make the most of all the things you know. Everyone knows something, like where to catch the best fish, how to make exquisite jewelry or plan the perfect trip—if you could just afford to travel, buy that beauty of a boat or start a business of your own.
That’s where we come in. We go to seminars throughout the year to keep abreast of changes in the world of finance that might affect you in a big way. We add the latest info to our store of knowledge built over many years in business. Our graduate degrees in the subject of taxation also help us expertly navigate the complex and ever-changing world of finance.
Your job is to reach high and dream big.
Our job? Minimize liabilities and make your money grow. Our promise? Peace of mind. You’ll know you’re on the right track with our expertise.
There’s so much to consider in creating a sound financial plan, but we’ll tell you a secret. We love what we do. We’re those people at dinner parties who can’t wait to have a conversation about the IRS and the latest changes in the world of finance.
We love delving into the intricacies of tax law, which means more money for your passions. That might mean college for your children or a second home. Your goal might to travel widely in retirement, or maybe what you dream of is just more financial ease.
We offer year-round planning, and we’re here if you have questions as circumstances change or new opportunities arise. When tax time comes around, we prepare returns for both individuals and businesses. If you have issues with the IRS, we offer comprehensive services in tax resolution.
You work hard to make your money. We’ll work hard to keep it safe.
So let’s have a conversation. We love to get to know our clients, because we do so much more than advise them on finances. We’re helping families build their dreams, one decision at a time.
CPA Assurance
As CPA’s, we are required to follow procedures and meet many rigorous policies and standards. One of the most important standards is SSARS, which stands for “Statements on Standards for Accounting and Review Services”. The newest version is SSARS 19.)
Q: Audits, Reviews, and Compilations
Audits, Reviews, and Compilations
In accounting, there are three tiers of financial evaluations: audits, reviews, and compilations. Our firm only issues compilation and review reports (no audits).
Q: What exactly is an audit?
An audit is the highest level of assurance. It provides a reasonable level of assurance that the financial statements conform to Generally Accepted Accounting Principles and are free from material misstatement. While rigorous, audits are not absolute guarantees against inadvertent error or deliberate misstatement.
Q: What steps are taken to make an audit the highest level of report?
The CPA is required to have an extensive knowledge of the organization’s industry.
• Auditors perform search and verification procedures, which may include obtaining written confirmation of accounts receivable, and examining contracts and other supporting documentation. They also include physical reviews, such as observing year-end inventory counts.
• Auditors also review internal control systems to identify potential risks to the company that are included in the final audit report.
Q.What is a review?
A: Reviewed financial statements provide limited assurance that the statements are free from material misstatement and conform to Generally Accepted Accounting Principles.
Q: How is a review different from an audit?
The CPA is not required to have extensive knowledge of the organization’s industry but must have a specific understanding of the type of business being reviewed.
|• If information provided appears questionable, the CPA will take additional steps in performing a review. However, a review does not require the CPA to analyze the internal controls of the business or provide risk assessment.
Q. What is a compilation?
When a CPA prepares a compiled financial statement from data provided by the client, it is called a compilation. This means that the CPA does not express any form of assurance regarding the financial statements. The CPA also does not provide an analysis of internal controls or risk assessment. This example of recommended language to be used in a compilation demonstrates the limited scope: “I (We) have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or any other form of assurance on them.”
Q: What is required for a compilation?
If the CPA becomes aware that information supplied is inaccurate or misleading, she/he must request additional information. If the financial statements contain departures from Generally Accepted Accounting Principles, this must be disclosed by the CPA.
• The CPA is required to issue a report whenever completing a compilation of financial statements for nonpublic entities
The type of review required is determined by both cost and need. The SEC requires all public companies to be audited annually. Larger private firms may also benefit from an audit’s thorough report.
Q: The Requirements of SSARS 19
SSARS 19 requires that we obtain an engagement letter before we prepare and issue financial statements. This includes compilation and review reports, as well as financial statements issued for management use only. We may not be considered “independent” if we perform certain services in preparing your accounting records (see below). We are required to disclose any “lack of independence” in the compilation report. A review report may not be issued if we are not independent. If we change the type of engagement we are performing, we are required to get a new engagement letter.
Q: What is an engagement letter?
SSARS 19 requires us to “document our understanding with the client in writing”. The engagement letter is used for that purpose.
Why is the engagement letter so long?
We are also required to have a peer review every three years. As part of the peer review, we are required to document the system of Quality Control within the firm. The engagement letter is written in such a way as to ensure compliance with our system of Quality Control, AICPA Independence rules, and SSARS 19 requirements.
Q: What Is Meant by “Independence”?
What Is Meant by “Independence”?
Independence is a complex subject. In order to be considered independent, CPA’s are not allowed to be part of client management or ownership, or perform functions that would ordinarily be performed by management. Here are some examples of when independence would or would not be impaired in the performance of bookkeeping services
Independence - Would not be impared
| Independence Would Not Be Impaired | Independence Would Be Impaired |
| Record transactions for which management has determined or approved the appropriate account classification, or post coded transactions to a client’s general ledger. | Determine or change journal entries, account codings or classification for transactions, or other accounting records without obtaining client approval. |
Q: Independence - Would be impaired
| Independence Would Not Be Impaired | Independence Would Be Impaired |
| Record transactions for which management has determined or approved the appropriate account classification, or post coded transactions to a client’s general ledger. | Determine or change journal entries, account codings or classification for transactions, or other accounting records without obtaining client approval. |
Wealth Planning
Wealth Planning That Changes When Your Life Does
Life can hit you with surprises; priorities can change. The sound plan of today might need to change tomorrow. For us, wealth planning is a process with adjustments made along the way to meet your changing needs.
We can help you respond to life’s uncertainties by making wise decisions for your family and your future.
Making your money last longer and go further is a complicated matter with so much to consider. But Rapacki has your back. Our exceptional team has the skills and expertise to coordinate all your planning needs. We’ll look at estate planning, taxes, and investments to create a comprehensive blueprint for your financial future.
We’re happy to work with other advisors already on your team to make sure your goals are met. We can also call on top professionals with whom we’ve built strategic partnerships to serve our clients’ needs. These include leaders in the fields of insurance, investments, mortgage, and the law.
Our founder, Joe Rapacki Jr., holds an elite designation from the American Institute of Certified Public Accountants. The title of Personal Financial Specialist (PFS) only goes to those with proven expertise as well as experience in comprehensive personal financial planning.
Doesn’t your hard-earned money deserve a watchdog who’s the best? Don’t your dreams deserve a PFS?
Put Rapacki + Co. on your team to make your money go further faster to meet your family’s needs.
Complete Business Solutions
On Your Mark, Get Set, and Thrive With Sound Decisions for Your Business
Whether your company is brand new or an established business with a record of success, we’ll put together a service package that’s just right for you. You’ll have peace of mind with an affordable plan that meets all your financial needs.
While you’re busy with operations, we’ll be busy too. We’ll make sure you’re on a steady path to building wealth. And as tax laws and regulations change, we’ll stay on the lookout for new ways to grow your bottom line.
Why is Rapacki different? Because it’s personal to us. We work hard because you work hard. We know that what we do is vital in protecting the business that you’ve built. We want to be a trusted partner as you continue to move forward.
We can cover all the bases with a comprehensive range of services for the savvy business owner. The work we do with you is designed to keep your business healthy while you move toward your goals—for the near future and the long haul.
We’ll help you make decisions in areas that are important to a sound financial plan. Your plan might include:
- Support services to assist in starting a new business.
- QuickBooks setup and training.
- Full-scale accounting for small businesses. This includes bookkeeping, assistance with your payroll as well as payroll taxes, and support in the preparation of financial statements.
- Comprehensive tax services. We’ll help you develop a tax plan for the long term that limits your liability throughout the year. This plan can have a big impact on your bottom line. We’ll make sure you take advantage of all of the deductions that are available to benefit your financial picture.
Come in. Let’s have a talk. Wise financial planning means more opportunities for you. What can we build together?
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