J. Walter Michael & Associates, Inc. is an accounting, taxation, fiscal and administrative consulting firm located in the historical New Center of Detroit, Michigan. We specialize in the following practice areas:
The comprehensive consideration of tax is an integral element in the development, implementation and ongoing management of your overall financial plan. Tax laws are among the most complex ever written and it requires extensive knowledge and experience to fully understand and derive full advantage from planning opportunities. Taking the proper steps to ensure that the impact of tax is minimized and that investment strategies are accordingly maximized is absolutely essential. JWM works diligently to control tax consequences and are prepared to deliver this service exclusively or to collaborate with your existing tax professionals at your discretion. Sophisticated and integrated, and taking into account both short-term and long-term implications, our tax services can touch a wide range of applications including compensation in all its various forms, business acquisitions, philanthropic involvement, debt management and much more. We are able to manage the preparation of individual, corporate, partnership, trust and other types of returns, as well as coordinate scheduled payments and represent you before federal and state tax authorities as required.
Wills, Estates & Trusts
Wills, Estates, Gifts & Trusts plans are the result of deep thought given to your family, your priorities, and your legacy; they reflect your truest intents. Given the volatile nature of the economy, however, these plans are subject to changing laws that may result in unintended effects. JWM's approach towards estates, gifts, and trusts planning is proactive and strategic. Our objective is to work with you in developing a plan that meets your expectations and that also demonstrates foresight in the face of changing laws. We develop options that maximize your tax savings to the greatest extent possible. With some advanced planning and the help of our accountants, feel the peace of mind in knowing that your family and wishes are cared for and executed as planned.
Affordable Health Care Advisory
JWM The Affordable Care Act was passed almost three years ago with the goal of extending quality health insurance coverage to more Americans. The Act’s core requirements are that most Americans must have health insurance and that all but small employers must offer insurance to full-time employees.To encourage compliance, the Act takes a carrot-and-stick approach: for both individuals and employers, credits are offered for those who need financial help with buying insurance, and penalties are defined for those who do not get insurance. These requirements, credits and penalties become effective January 1, 2014 for taxpayers and January 1, 2015 for employers to offer insurance to their employers. JWM provides free health care analysis, with each filed tax return, which will show all the hidden opportunities available to the client in order to reduce health insurance. Also in your Health care Analysis Options, you can choose from a broad selection of well-known, trusted insurance companies; Gain access to 180+ carriers offering 13,000+ plans; Receive insurance health care quotes
JWM offers payroll services in a variety of forms and function, and we tailor a system that is custom to our client’s needs. Anyone can set up the withholding accounts and run payroll- a quick warning however. If you think the IRS is crazy about income taxes, they are insanely fanatical about timely and proper payroll taxes. Fines and penalties can cost your business money and time. There are several versions of running payroll. Our services include options for direct deposit, paycards, paper checks, incognito checking accounts, etc. JWM handles all the payroll filings (Forms 941, 940, State, etc.) and all the payroll deposits. Of course, Payroll is not just about writing paychecks. You might also have deductions such as health insurance, garnishments, child support, 401k, IRA and other deductions (or reimbursements) that need to be dealt with outside of the payroll run. We maintain all this information for you, and can either write checks directly for you or we can tell you what to pay and where to send it.
Bookkeeping & Accounting
JWM offers accuracy and comprehensive financial reporting and accounting services. An in-house bookkeeper is good, but another set of objective eyes can prevent errors and possible fraud. Banks, lenders and IRS agents prefer a set of accounting records and financials that have been prepared by a Certified Public Accountant. Remember, these professionals review financial records every day, and they can quick spot accidental inconsistencies and errors. Heck, even PaySimple which offers ACH and credit card services might require financials.
We perform bank reconciliations and provide a statement of cashflows, plus any adjusting entries for missing cash, merchant card fees, etc. A profit and loss statement is also created with comparisons to previous periods in both summary and detail format. A general ledger report which shows every transaction and and a balance sheet are optional (sometimes too much information messes up the signal to noise ratio).
Media, Technology & Entertainment
Choosing the right 21st Century Business Financial Fiscal Fiduciary Advisor is an important relationship decision. The success of your business project to hire, employ or outsource entertainment contracts or media production on commission or fixed fee & technology capture of sources of revenue and deposits accurate accountability can be significantly enhanced by a 21st Century Accounting firm which offers the best fit for your needs. Managing a successful business requires commitment, prayer, hard work and skill. Therefore it makes sense to have a team of Fiscal professionals working just as hard to provide insight and solutions to your needs.
Businesses face new challenges at every turn. Achieve your goals with the valuable insight of J. Walter Michael's business consultants. Our business advisory professionals combine real world experience and in-depth knowledge with a hands-on, accessible approach. We staff each engagement with professionals of the highest caliber, who are dedicated to helping you achieve your goals and responding with urgency and speed. Throughout the engagement, we continue this proactive approach, enabling us to anticipate issues and address them quickly. Our commitment to meeting your needs will drive you successfully through to the finish line, whether it be an acquistion, merger, strategic alliance, restructure or other "bet-the-company" matter. Additionally, our advisory practice has provided integrated legal support services relating to litigation and investigations, regulatory and compliance issues, global structuring, acquisitions and divestitures, financing, tax and general commercial matters.
We advise the following industries:
Advertising and marketing
Appliance sales and service
Art, dance, theatre
Beauty & Barber Hare Care Providers
Commercial and residential rental properties
Consulting service providers
Computer products and support
Contractors in numerous trades
Education, private schools
Franchises, food services and others
Funeral and related services
Healthcare Products Manufacturing
Insurance and financial service companies
Medical services and health care professionals in numerous specialty fields, assisted care
Plant nurseries, horticulture growers, landscaping and design
Real Estate Developers
Real estate development & rentals, commercial & residential
Retail stores and other shops
Warehousing, storage, distribution and trucking
Entity Selection & Incorporation
Choosing the form of entity of your business (e.g. "S" corporation, sole proprietor, limited liability company…) is a crucial decision that can have longstanding tax implications, positive or negative. We can assist you in evaluating the pros and cons of each entity type to help you determine the most advantageous form of business for your company.