Solutions for Your Business

Risky Business

Providing Solutions

Statistics show that many new businesses fail in their first year. Most never celebrate a fifth anniversary. Fortunately, in spite of these odds, entrepreneurs still pursue creative ideas, and many do succeed! Over ninety percent of American businesses have some form of family ownership, and that includes approximately one third of the one thousand largest publicly traded companies.

Small business isn't small anymore. It's a critical segment of our economy, led by the power of new ideas and the untiring efforts of entrepreneurs. Family owned businesses (FOB's) and their related, closely held businesses (CHB's - five or less owners) contribute to more than fitly percent of Arnerica's Gross National Product. Companies with fewer than 100 employees create more new jobs than large corporations, and FOB's and CHB's pay more than seventy percent of U.S. wages.


But, hard work is not enough. That's why entrepreneurs rely on Certified Public Accountants as consultants to advise them on a broad range of subjects (financial management, tax planning and compliance, information systems, raising capital, succession planning, etc.) CPA's rank as the most trusted business advisors. Why this high level of trust? Performance!


We are also entrepreneurs, along with over 400,000 American Institute of Certified Public Accountant members, over half of them owners or partners of their own business. It is another reason why we understand risk and creative ideas.


FOB's and CHB's have an average life span of twenty-four years and only a third of them survive to the second generation, ten percent to the third generation.



The lack of time, money, energy, the dual role of family member and business participant, the letting go syndrome, selecting a successor, retirement, fair and equitable treatment of all family members, including those who are not involved in the business and most important, the lack of planning and communication.


...and on top of all this you have taxation!

The tax laws have not been made simple. Despite recent attempts at tax reform, simplification and stimulus packages, the laws are still very

complicated and Congressional delays have added to the confusion. Intelligent business decisions must be made despite these uncertain tax obstacles. Americans know that taxes are part of the price they pay for freedom; however, each of us has the right to pay only the minimum amount of tax due. In order to accomplish this, you most determine what income is reportable and what expenses are properly deductible. Because we know the tax laws, we can help reduce the impact of taxes on you, your company and your estate, by planning ahead with tax compliance conferences



...and what if the tax man calls?

Our firm can handle all forms of tax audits and appeals for businesses and individuals at the federal, state and local level, as your CPA representative.




Our firm's philosophy is simple -- to provide our clients with good, sound, practical advice and the best possible services available. We are problem solvers who strive to analyze an issue, develop a plan of attack, and assist our clients in resolving their issues.


We use a team approach when evaluating your financial information. While discussing your accounting and/or tax needs we know that opportunities for financial decisions and estimating their tax consequences often leads to a better bottom line. Sometimes these decisions may require input from the clients' other professionals; attorneys, investment advisers, insurance providers, bankers, etc. to explore all of the information available for making informed decisions. We encourage (when applicable) that our client meetings include these other professional advisers.


An accountant should be a source of information and a sounding board. We succeed because our staff is knowledgeable, can talk your language, and encourages your communication. Accounting relationships are not just confidential. They are unique!

Our Clients...

Our client base reflects two very distinct, yet similar clients. Unlike many "traditional" accounting firms, our firm has a strong individual tax practice, which is growing. Many of these clients are seeking not only assistance with taxes, but also information to help them with financial decisions on major expenditures, funding education, retirement, estate planning, and business decisions plus other lifestyle choices. Our client base represents a cross-section of taxpayers: self-employed individuals, people with home-based businesses, real estate or stock investors, corporate executives, bankers, trust and estate managers, and just everyday people who find the whole idea of preparing a tax return repulsive. We strive to make this chore not just easier, but even pleasant.


The accounting side of our practice shares many of the same concerns and problems as our individual taxpayers. In general, our accounting clients are small to medium sized sole proprietorships, partnerships, corporations or limited liability companies. Their businesses represent numerous industries, including service-based professionals, attorneys, physicians, veterinarians, professional handlers, contractors, manufacturers, wholesale distributors, retailers, automotive services providers, the recreational industry, nurseries, landscapers, real estate brokers and others. Many of these clients are family-owned or closely held businesses and face many of the same daily problems that any family faces.



...and as their accounting firm.

We strive to provide the level of service they ask of us. Frequently businesses need a team player, someone willing to provide more than number crunching, a professional, who offers ideas and works with the business owners, as well as their other advisers to obtain a common goal. O'Malley & O'Malley, LLP makes every effort to be this type of firm.


...and how do we stay current?

As members of the AICPA, state societies and other organizations, to maintain our licenses and memberships all of our CPA's, CFP® Professionals and Licensed PA's are required to complete forty hours annually in continuing professional education on accounting, taxes, ethics, management and other business related subjects. The firm is subject to a tri-annual Peer Review to ensure that the strict quality standards of the AICPA are met. We write and edit our own newsletter, conduct seminars and lectures and encourage client meetings to help clients become more informed. We strive to simplify the complex tax laws for our clients. Our commitment to continuing professional education assures clients of our efforts to keep staff and clients informed. This means that O'Malley & O'Malley, LLP will continue to work harder to provide the sound, professional advice that you require.





Clients need trusted, competent advisors. Take advantage of our expertise.

New Jersey Society of Certified Public Accountants Pennsylvania Institute of Certified Public Accountants National Society of Accountants Burlington County Regional Chamber of Commerce
Moorestown Business Association
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