Tax and accounting solutions for everything you need.

Given the complexity of the ever-changing tax laws and the difficulty of interpreting them, you need a tax adviser who not only can ensure you’ve complied with the law, but who can help you claim valuable deductions and credits. At Philip+Rae & Associates, our service offerings have been developed to support the evolving needs of our clients. 

In today’s complex business environment, the need for accurate timely information is critical for organizations to make business decisions, obtain financing and to meet the requirements of regulators and investors. Many firms view these services as a way to meet basic compliance requirements. At Philip+Rae & Associates, we look at it as an opportunity to provide you insights into the best business practices of our clients.

Tax planning is the key to providing effective tax minimization strategies. At Philip +Rae and Associates, we believe that year-round contact is a critical part of our understanding your goals and objectives. Our team has expertise in the following areas:

  • Multi-State Tax Preparation
  • Local Tax Solutions
  • R&D Tax Credit
  • Cost Segregation
  • International Tax Matters
  • Federal Taxation for All Types of Business Entities
  • Personal Tax Preparation
  • Not-for-Profit Entity Tax Preparation
  • Retirement Plan Design

Our firm understands the tax laws. We provide complete representation services before the IRS as well as state and local taxing authorities.

  •  IRS and State Tax Representation at all levels
  •  Delinquent Tac Filings and Preparation
  •  Individuals, Business and Payroll Tax Filings
  •  Offer in Compromise
  •  IRS Installment Agreements

Our CPA firm offers a complete range of accounting services, including receivables, payables, and payroll management. We prepare financial statements in accordance with Generally Accepted Accounting Principles (GAAP) for use by banks and other third parties.

Our firm will also prepare custom financial reports for internal, managerial use.

We work closely with the following accounting software:

  • Quickbooks
  • SAGE 50
  • Intacct
  • Time Slips

We also work with many other broad-based accounting software programs!

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We offer a fully customizable payroll solution for businesses in the Greater Chicagoland Area, tailored to meet your specific needs. Whether you prefer processing your own payroll with guidance from our accounting firm or want a full-service solution, we’ve got you covered. Our payroll service allows you to securely enter payroll data online, automating the rest of the process, while you benefit from our trusted, professional support.
 

With features like simplified data entry, multi-state tax calculations, multiple payroll schedules, direct deposit, tax filings, W-2/1099 services, employee portals, and 401(k) administration, our solution streamlines your payroll so you can focus on growing your business.

We are one of the leading firms in the Chicago area providing outsourced accounting and finance solutions to business. We have provided this service since our inception and as a result have developed an approach that provides an improved accounting and financial function at a more cost-effective price. Our services include:

  • Internal Controls Review
  • Banking Assistance
  • General Bookkeeping
  • Internal Financial Statement Preperation
  • Managing Banking Relationships
  • Lean Accounting Processes
  • On-Site CFO/Accounting Services

Consulting Services Include:

  • Forecasts and Projections
  • Succession Planning
  • Business Planning
  • Performance Management Processes
  • Mergerand Acquisition Due Diligence
  • Strategic Planning
  • Cash Flow
  • Budget Planning and Analysis
  • Turnaround Management Services

Our firm provides professional compilation, review, and audit services to businesses of all sizes. We can quickly compile your financial records into meaningful GAAP-compliant financial statements, offer limited-scope review testing, and can deliver complete audit attestation.

We provide businesses with full-charge bookkeeping services, including:

  • General journal and subsidiary ledger maintenance
  • Bank statement reconciliation
  • Receivables and payables tracking and analysis
  • Full Accounting Needs
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Our goal is help your small or mid-sized business succeed, no matter what the economic climate. To this end we offer a wide range of consulting services to help you improve business operations, boost efficiency, and increase your bottom line.

Industries Served

  •  Private Duty and Home Health Care
  •  Manufacturing
  •  Physician and Dental Practice
  •  Real Estate
  •  Distribution
  •  Golf Course
  •  Not for Profits
  •  Technology
  •  Law Firms
  •  Printing
  •  Transportation and Logistics
  •  Health Clubs
  •  Hospitality
  •  Construction

Whatever you needs, our experienced team of business consultants has the experience to help you grow and manage your business.

The intricate laws of differing international tax jurisdictions have the potential for many pitfalls including double taxation.

In today’s complex business environment, the need for accurate, timely business information is critical for organizations to make business decisions, obtain financing and to meet the requirements of regulators and investors.

 

We will provide you with an experienced staff that is well versed in your industry to both provide you the attest services you require, and to go deeper and make sure you benefit from our many years of experience. As a result, you will receive insights into the best accounting practices used by our clients.

 

We provide the following attest services:

  • Audits
  • Reviews
  • Compilations
  • Agree Upon Procedures Engagements
  • Consulting Related to the Implementation of New Issued Accounting Pronouncements

We utilize the best technology available today and provide continuous training to our staff, to ensure the process is streamlined and sensitive to the time constraints of your staff.