Trusted Accounting, Advisory, Auditing & Tax Services in Western New York

Situation: A plan sponsor learned in late August that an employee benefit plan audit was required before the October 15 filing deadline.

Solution: Tronconi Segarra & Associates coordinated an accelerated audit and identified an approximately $300,000 prior-year misstatement in employer contributions.

Impact: The audit was completed in time for the filing deadline, and the misstatement was corrected in the current-year financial statements and Form 5500 reporting.

Situation: A health and welfare plan received an IRS notice suggesting that additional employer reporting was required and that significant penalties could apply.

Solution: Our team explained the plan’s status to the IRS and documented that the appropriate federal reporting forms had already been filed.

Impact: Our timely and accurate response avoided potentially erroneous penalties for our client that could have exceeded $75,000.

Situation: A multistate waste removal and equipment resale business was preparing for sale with more than 20 years of uncollected sales tax exposure.

Solution: Tronconi Segarra & Associates completed registrations and voluntary disclosure agreements (VDA) and implemented the Vertex tax engine across four of the business’ entities to manage approximately 450 annual sales tax returns.

Impact: The engagement resolved historical exposure, helped protect the company’s sale price, reduced audit risk, and established outsourced support for ongoing compliance.

Situation: An estate planning client had incomplete foreign corporation filings and an unaddressed  transition tax obligation going back several years, creating extended tax and penalty exposure.

Solution: Our team completed the required forms and prepared the transition tax calculations and disclosures.

Impact: Our expertise reduced the client’s current tax liability by more than $100,000 and avoided potential penalties exceeding $300,000.

Situation: A business experienced duplicate bank accounts and incomplete transaction history in QuickBooks Online after reconnecting its bank feeds.

Solution: Tronconi Segarra & Associates identified that the feeds had been connected to new accounts rather than existing ledger accounts and guided the client through the corrections.

Impact: The bank feeds were connected to the correct accounts, existing transaction history was preserved, and the client resumed regular accounting activity with more reliable records.