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Planet Financial, Inc. provides a wide range of services to individuals and businesses in a variety of industries. At Planet Financial, Inc., we strive to meet each client's specific needs in planning for the future and achieving their goals in an ever-changing financial and regulatory environment. Our professional services include:

AAA Tax Preparation Services

  • Forms 1120, 1065, 1040, 1041
  • Corporations, Partnerships, Trusts, Individuals
  • Reasonable Fees, please email for details and free quote

Accounting, Assurance, Consulting

  • Prepare, compile, review and audit financial statements
  • Analyze financial materials and reporting procedures to reassure stockholders that a companys financial position is reported honestly

In addition to traditional attest services, CPAs provide assurance expertise in other niche areas:

  • CPAs address electronic commerce issues, security, online privacy, and confidentiality
  • CPAs address financial systems reliability and offer a range of advisory and assurance services
  • to help clients address reporting, security, availability and adequacy of insurance
  • Assist clients in sourcing financing
  • Perform financial, inventory management, cost control and credit studies
  • Evaluate accounting systems
  • Develop budgets and forecasts
  • Analyze financial data trend analysis, expense savings opportunities
  • Create damage studies and use experts for valuations to assist attorneys
  • Serve as liaisons to attorneys and bankers during business acquisitions, divorce settlements and alternative dispute resolutions
  • Coordinate plans for employee compensation, fringe benefits and retirement

Audited Financial Statements

Audited financials involve procedures performed by a CPA for the purpose of expressing an opinion as to the fairness of the information contained in the financial statements. The audit work is conducted in accordance with Generally Accepted Accounting Principles (GAAP) and includes tests of internal controls, confirmations, analytical reviews, and verification of data and other activities deemed appropriate by the auditor.

Revenue recognition, balance sheet item classification and s. GAAP rules implementation are evaluated when auditing financial statements. An audit is designed to protect the shareholders/other users and provide reliable (materially correct) information .The financial report includes a balance sheet, an income statement, a statement of changes in equity, a cash flow statement, and notes comprising a summary of significant accounting policies and other explanatory notes.

Non-Profit Audit and Tax Services

Planet Financial, Inc. is a public accounting firm based in Roseland, NJ which provides nonprofit organizations audit and tax services. We understand concerns regarding Board governance, UPMIFA fiduciary responsibility and potential personal liability. We are committed to serve nonprofit organizations -501 (c) 3, 4, 5, 7 or 9 throughout the United States with quality services focused on solving unique problems of various charities.

We have over thirty years of experience serving the audit, tax and consulting needs of various nonprofit organizations such as: - Habitat for Humanity - Junior Leagues - Women?s Clubs - Charities for the Developmentally Disabled - Advocacy Groups - 501c3 Social Service Agencies - Federated Fund-Raisers - Family Counseling - Vocational Services - Churches - Disabled Schools - Religous Charities - Rooming Houses - Aides /Ryan White ? NJHMFA Section 8 - Senior Housing -HUD - Literacy Volunteers - Senior Orgs-Title III - Unions - Garden Conservancy - Cancer Foundation - Disease Research - Dance Groups - Theatres ? Foundations - VEBAs ? 401K/403B Plans

Special Improvement Districts Several of our nonprofits audit clients have multiple grants or utilize the services of professional fund-raising organizations which require special audit procedures including: - Reconciliation of the fund-raiser weekly reports against the bank deposits - OMB-A133 audits of financial statements, internal controls and compliance with OMB A122, etc. - Grant quarterly Reporting for Cost Reimbursements for 50+federal, state and county agencies We appreciate the opportunity to meet you and discuss your needs at a mutually convenient time and location. Please call 973-747-9526 to schedule a meeting or email

Non-Profit 501C3 Audit Services

Nonprofit Organizations Providing audit services to nonprofit organizations is the very foundation of our audit practice. To provide the highest quality service, we have assembled a service team that specializes in serving nonprofit organizations. Our team works with many nonprofit organizations that receive direct public support, funding through fee-for-service contracts, and federal or state financial assistance. A Proactive Approach Our team makes sure clients are promptly informed of significant new developments in accounting rules, tax laws or other business changes.

We help clients assess the potential impact of such developments on their particular organizations and provide strategic, long-term guidance. Understanding Your Needs Our professionals have established a reputation for having solid experience in working with various types of nonprofit organizations. This is critical in understanding the complexities involved with nonprofit organizations. In addition, our nonprofit team members have provided many years of service to the community as board members for several local nonprofit organizations, so we understand management's fiduciary responsibility for operational oversight and organizational governance. Our Objective-significant cost savings for your organization.

Real Estate

Accounting and tax returns for real estate development, management and construction Partnership, Limited Liability Corporation , Limited Liability Partnership, Corporations, IRS Sub-chapter S-Corporation Certified audits-HUD, A-133, Cost Certifications New construction - single family, multi-unit residential and/or commercial rentals, Section 8-HUD, Rehab, NJHMFA cost certifications.

Employee Benefit Plan Audit

Employee benefit plan regulations pose unique, high risk decisions for Plan Sponsors and affect the future well-being of plan participants. We meet the demands of Plan Sponsors for assistance with meeting their fiduciary responsibilities in this unique area years ago, before the headlines were filled with retirement plan problems. We pride ourselves in helping clients fulfill their annual reporting requirements in the qualified plan arena. The ERISA and Department of Labor requirements make employee benefit and welfare benefit plan audits complex.. Our team of professionals has the expertise to guide and assist organizations as they navigate through the rules and regulations.

We have the experience required to efficiently and accurately perform audits of employee benefit and welfare benefit plans, including 401(k), 403(b), profit sharing, pension and muti-employer plans. We have been commended by clients for our superior service and hands-on partner involvement, as compared to our competitors. Services Provided: Audits (Full Scope and Limited Scope) of qualified defined contribution and defined benefit employee benefit plans as required by ERISA 103(a)(3)(A) and 29CFR 2520.103-1(b) Audits of welfare benefit plans with a 501(c)(9) or other trust arrangement Audits of 403(b) plans Review of Form 5500 Multi-year audits of plans not compliant with annual reporting obligations.

Consultation on auditor independence issues Our audit best practices include: Providing a comprehensive list of schedules required Providing a timeline from inception to completion Documented, streamlined audit approach Offer a full range of services, customized for your organization When does a Plan need an audit? Audits are generally required for employee benefit plans with an excess of 100 eligible participants at the beginning of any plan year, however, there are transitional rules. The definition of an eligible participant includes employees who are eligible regardless of whether they elect to contribute. Welfare benefit plans, such as medical, dental, life and long-term disability plans funded by a 501(c)(9) Voluntary Employee Beneficiary Association (VEBA) Trust that have more than 100 participating employees at the beginning of the plan year are required to have an audit performed. An audit report for these plans must accompany the Form 5500. There are mandatory supplemental schedules and specific reporting requirements imposed by ERISA, the DOL and generally accepted auditing standards ("GAAS"). These unique reporting requirements make the area of employee benefit plan and welfare plan audits complex and place them outside of standard accounting and auditing services.

IRS Representation

Do you have back taxes owed to the IRS? We will serve as your intermediary with the IRS to request an installment agreement, abatement of penalties for reasonable cause, or file an Offer In Compromise on your behalf. Forms 433A, 433B completed with your input.

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