Riverdale
Bookkeeping and accounting in Riverdale, the Bronx
Professional practices around the colleges and private schools need accrual timing, not cash guesswork.
What you get
- Accounts reconciled every month
- Statements you can make decisions from
- Payroll and sales tax filed on time
- QuickBooks set up to fit the business
The MyCleverCPA team
- 25+ years in regulated finance, compliance and audit
- Tax work led by a CPA. Jillian Sinel holds the CPA and the CAA
- Riverdale Office at 331 College Rd, Bronx, NY 10471
In Riverdale
Bookkeeping and accounting for Riverdale
Owner compensation separated from distributions, revenue recognized when it is earned, and reporting a partner can read without a translator. That is most of our Riverdale bookkeeping work.
Practices with more than one owner also need allocations documented as they happen, because reconstructing who took what at year end is how partnerships end up arguing.
Scope
What is included in bookkeeping and accounting
The same work wherever you are. Scoped to what you actually need.
Monthly close
- Bank and credit card reconciliations
- Accruals and adjusting entries
- A close calendar you can rely on
Reporting
- Profit and loss, balance sheet and cash flow
- Management reports for owners and lenders
- Budget against actual, and the variance explained
Payroll and sales tax
- Payroll processing and payroll accounting
- Federal, New York State and local payroll filings
- Sales tax registration and returns
Cleanup and systems
- QuickBooks setup, cleanup and conversion
- A chart of accounts rebuilt to fit what you do
- Inventory and job costing where they apply
What this covers
- Bookkeeping and general ledger maintenance
- Financial statements and management reports
- Account reconciliation and adjusting entries
- Payroll processing and payroll accounting
- Payroll tax compliance
- Sales tax compliance
- QuickBooks setup, cleanup and conversion
- Financial and accounting analysis
- Budgeting, forecasting and cash flow analysis
- Cost, profitability and performance analysis
- Internal accounting support and advisory
- Inventory control
Local tax
Co-ops, and a tax border four miles north
Riverdale is co-op country, and co-ops are taxed differently from the houses and condos most guidance is written for. You do not own real property, you own shares in a corporation with a proprietary lease. The deduction for mortgage interest and real estate taxes comes through as your allocated share of the corporation’s own costs, reported to you annually, not from your own bills. Flip taxes on sale are set by the building. A personally occupied co-op does not generate a Schedule E. These are the errors we see most often on returns prepared elsewhere.
The other Riverdale specific point is geography. You pay New York City resident income tax and sit in MCTMT Zone 1 at 0.60%. Cross into Yonkers four miles north and you pay no city tax at all, you pay a Yonkers resident surcharge of 16.75% of net state tax instead, and your MCTMT rate drops to Zone 2 at 0.34%. People move across that line regularly, and the part year filing that follows is where things go wrong.
The professional practices around the institutional cluster are mostly S corporations and PLLCs, where the S corporation exemption from the Unincorporated Business Tax is the planning lever worth looking at.
How it works
How bookkeeping and accounting runs
Four stages. Most of the value sits in the first two, before anything is filed.
Look at what exists
The current file, the bank feeds and the last month anyone actually reconciled.
Clean up the history
Past months reconciled and categorized before anything new gets built on top of them.
Close every month
A fixed schedule, with statements that arrive without being chased.
Review the numbers with you
Reports walked through, so they answer the question you actually have.
Questions
Frequently asked questions
How do I deduct anything on a co-op?
Through your allocated share of the corporation’s mortgage interest and real estate taxes, which the corporation reports to shareholders annually. You do not deduct your maintenance payment as such. Using the maintenance figure instead of the allocated share is the most common co-op error we correct.
Is Riverdale in New York City for tax?
Yes. The Bronx is one of the five boroughs, so city resident income tax applies in full. The neighborhood’s character leads people to assume otherwise, and the assumption is expensive.
I am thinking of moving to Westchester. What changes?
You stop paying New York City resident income tax. If you move to Yonkers you pick up the 16.75% resident surcharge; in most of the rest of Westchester, including Scarsdale, there is no local income tax. Your MCTMT rate falls from 0.60% to 0.34%. In the year you move you will file as a part year resident, which is where the care is needed.
Our books are a mess. Is that a problem?
It is the normal starting position. Cleanup is a defined piece of work with an end, and we would rather do it properly once than build a year of planning on top of numbers nobody trusts.
Do you work in QuickBooks?
Yes, including setup, cleanup and conversions from other systems. If you are already on something else that works, we are not going to move you for the sake of it.
Can you run our payroll?
Yes, along with the payroll tax compliance that goes with it. Payroll is also where worker classification gets decided, and getting that wrong is expensive in New York.
How often will I see numbers?
Monthly, as a rule, with the reporting shaped around what you actually decide from. A statement nobody reads is a cost, not a service.
Also in Riverdale
Our other services here
Tax preparation and planning
Riverdale returns are professional salary returns with complications attached.
Tax preparation and planning in RiverdaleTrust and estate tax
A Riverdale estate is usually a co-op, a brokerage account and a pension.
Trust and estate tax in RiverdaleNonprofit accounting
Riverdale is dense with institutions, which means dense with affiliated nonprofits.
Nonprofit accounting in RiverdaleIRS representation
Riverdale notices often come down to residency.
IRS representation in RiverdaleTalk to us about bookkeeping and accounting in Riverdale
Book a time online, or call the Riverdale office directly.
Nearest office
Riverdale Office
331 College Rd, Bronx, NY 10471
Phone
Office hours
Sunday to Friday, 11am to 8pm Eastern.
Closed Saturday.