A medical practice, a retail store, an insurance agency and a restaurant each have unique accounting and tax needs, so it’s important to find a New York metro area accounting firm that understands the difference.

Legal & Professional Service

Legal and professional service providers often grapple with intricate billing structures, trust accounts, and client expense tracking, making their financial management unique. We assist in accurately tracking billable hours, managing cash flow, managing client trust accounts, and ensuring compliance with industry-specific tax regulations, such as those related to legal fees.

We assist in the accurate and timely preparation of K-1’s for partners knowing how important the individual partner needs are for tax reporting purposes. We also take full advantage of state specific tax planning opportunities related to the partnership pass through entity tax structure. Our services will enable your legal or professional services firm to focus on delivering high-quality services while managing your finances effectively in a competitive landscape.

Our services include:
  • Improving Revenue Cycle
  • Financial Planning & Tax Planning
  • Succession Planning
  • Estate Tax Planning
  • Retirement Planning to Maximize your Tax Benefits
  • Profit Per Partner Analysis
  • State-Filings
  • Tax Planning and Compliance
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Hotels operate within a multifaceted financial landscape, involving revenue streams from room bookings, dining, events, and more. We will assist in budgeting, expense tracking, payroll management, and optimising revenue management systems. Additionally, we are well-versed in hotel-specific tax considerations, such as lodging taxes and various tax incentives and deductions. By offering tailored financial solutions, we empower hotels to streamline their financial operations, minimize tax liabilities, and ensure compliance with the complex web of tax regulations.

Our services for hotels include:
  • Tax compliance and structuring
  • Cash flow forecasting and projections risk management, internal controls and internal audits
  • Revenue Recognition and Cost Segregation
  • Fair value analysis
  • Tax Incentives and Credits
  • Special purpose statements
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Real Estate

Real estate transactions involve complex financial structures, property investments, and a multitude of tax considerations. We assist clients in property portfolio management, tracking income and expenses, and optimizing tax strategies, including deductions and credits specific to real estate holdings. Additionally, we are well-versed in navigating real estate tax laws and regulations, such as 1031 exchanges and capital gains tax implications. By providing tailored financial solutions, our real estate clients are able to efficiently manage their investments, minimize tax liabilities, and maximize returns on their real estate ventures.

Our services include:
  • Review and tax return services
  • Passive Activity Loss Analysis
  • 1031 Exchanges
  • Cost Segregation Studies
  • Property Acquisition Analysis
  • Rental Income Reporting
  • Property Development Accounting
  • Tax Incentives and Credits
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Pharmacies face intricate financial challenges, from managing inventory costs to ensuring regulatory compliance in a highly regulated industry. We help track expenses, manage cash flow, and ensure precise record-keeping, crucial for compliance with pharmaceutical regulations and tax reporting. We are well-versed in specific tax deductions and credits available to pharmacies, which can significantly impact their bottom line. By delivering personalized financial solutions, we help pharmacies efficiently manage their tax obligations, minimize liabilities, and maintain the financial stability necessary to continue providing essential healthcare services to their communities.

Our services include:
  • Accounting Tax & Advisory services
  • Pharmacy-specific Deductions
  • Pharmacy Tax Credits
  • Prescription Reimbursement Analysis
  • Inventory Cost Management
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Healthcare Providers

Healthcare organizations operate within a highly regulated and complex financial landscape, where precise record-keeping, compliance, and cost management are paramount. We are well-versed in healthcare-specific tax considerations, including Medicare and Medicaid reimbursement, medical expense deductions, and healthcare compliance regulations. By delivering personalized financial solutions, our clients are able to streamline their financial operations, minimize tax liabilities, and maintain the fiscal stability required to deliver quality patient care and navigate the challenges of an ever-evolving healthcare industry.

Our services include:
  • Tax planning strategies
  • Medicare and Medicaid Reimbursements
  • Value & risk-based modeling and reporting
  • Tax Credits and Incentives
  • Financial forecasts and analytics
  • Revenue Cycle Management
  • HIPAA Compliance:
  • Medical Expense Deductions
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Retail Stores

Retailers operate in a dynamic and competitive environment, with multipart financial transactions, inventory management, and sales tax considerations. We will assist in tracking expenses, managing inventory turnover, and optimizing cash flow, all while ensuring accurate financial reporting. Additionally, We are well-versed in the intricacies of retail tax laws, including sales tax compliance and deductions specific to the industry. Our expertise will allow your retail businesses to focus on customer service, product selection, and strategic growth, ultimately enhancing your competitiveness and success.

Our services include:
  • Tax Compliance & Advisory
  • Expense Tracking
  • Inventory Management
  • Cost of Goods Sold (COGS) Analysis
  • Point-of-Sale (POS) System Integration
  • Multi-state Tax Compliance
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Nonprofits operate within a unique financial landscape, characterized by diverse funding sources, grant compliance, and stringent reporting requirements. We will assist in financial statement preparation, grant tracking, and compliance with nonprofit-specific tax regulations. Moreover, we are well-versed in identifying available tax exemptions, deductions, and credits that can maximize the financial resources available to nonprofits. Our tailormade approach to your not-for-profit entity will allow you to efficiently manage your financial affairs, maintain donor trust, and fulfill the organization’s mission of making a positive impact in your communities.

Our services include:
  • Nonprofit Tax-Exempt Status Maintenance
  • Financial Statement Preparation
  • Form 990 Preparation
  • Fund Accounting
  • Grant Compliance Reporting
  • Board Governance and Reporting
  • Unrelated Business Income Tax (UBIT) Analysis
  • Tax Credits and Incentives
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Restaurants & Franchise Groups

Restaurants function in a fast-paced and often complex environment, where managing expenses, revenue, and compliance with tax regulations can be challenging. We will assist in tracking and categorizing expenses, optimizing inventory management, and ensuring accurate payroll processing. We are well-versed in the unique tax considerations of the food service industry, such as sales tax and tip reporting. By providing comprehensive financial solutions, we enable restaurant owners to maintain profitability, manage their tax liabilities efficiently, and stay compliant with the ever-evolving tax code, allowing you to focus on delivering exceptional dining experiences to your customers.

Our services include:
  • Tax compliance and advisory services
  • Cost of Goods Sold (COGS) Analysis
  • Sales Tax Compliance
  • Multi-location Tax Compliance
  • Tip Reporting and Compliance
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Private Equity & Portfolio Companies

Trager, Kevy & Trager utilizes its industry expertise and operational insight to deliver value to clients across the spectrum, spanning from private equity firms and their portfolio companies to family offices. This encompasses providing value at both the fund level and throughout the entire portfolio.

Our services include:
  • Preparation and compliance (federal, state, international)
  • Due Diligence and Transaction Support
  • Tax Optimization & Structuring
  • International Tax Planning
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