Consulting Services


In today's business and tax environment, you may find yourself facing issues that require special planning or thinking "outside of the box."  Lovoy, Summerville & Shelton offers various consulting services in areas where we commonly see such issues, some of them interrelated.

Individual Tax Planning

Lovoy, Summerville & Shelton works with individual tax clients to minimize taxes and plan appropriately for cash flow requirements related to taxes.  If you have an unusual event you are considering that may impact your tax liability, you should not assess its tax impact after it has happened.  Our tax professionals will work with you on the front end to prepare projections using different planning scenarios that will allow you to make informed decisions regarding the impact of a particular event.  Examples include the following:

  • Selling stocks, bonds, etc.

  • Exercise of stock options

  • Inherited assets

  • Retirement

  • Buying or disposing of your ownership in a closely-held business

  • Gifts to your favorite charity

  • The impact of new tax laws

  • Job change

  • Disability

Estates and Trusts Tax Services

Lovoy, Summerville & Shelton understands that estate and gift tax planning can be a very personal matter.  You worked hard for many years to grow your assets.  You wish to protect those assets yet provide for the future of your family and/or certain charities.  We will work with you to achieve your personal and financial objectives of tax minimization, retention of control and preservation of family harmony.  See our Tax Services link for more information.

ASC 740 (Previously FAS 109), Accounting for Income Taxes

Lovoy, Summerville & Shelton offers its business clients tax-provision and tax-accrual services.  We work with your tax personnel and the external audit team to address treatment of ongoing transactions and issues regarding compliance with accounting for income tax rules, ASC 740 (previously FAS 109), FIN 48 and other pronouncements.  Together they will help ensure that the tax consequence of various transactions are reviewed as they occur and that last-minute surprises are avoided.  Our knowledge of ASC 740 and its underlying principles is extensive and our staff is highly-trained and broadly experienced.

State and Local Taxes

A company's tax burden is often based on the size of its profits.  But unlike federal income taxes, state and local levies can impose a multitude of taxes, even when no profits are generated.  And that can challenge an organization's competitive position.  Lovoy, Summerville & Shelton helps companies manage their multi-state obligations, delivering customized services that enhance the bottom line.  Our experienced professionals also represent clients before state and local taxing authorities.  We continuously monitor the changing tax and non-tax environment, seek to anticipate the impact of these changes on our clients, and communicate potential opportunities and issues.  Companies can benefit from the knowledge, experience, and perspective that our tax professionals offer.

Mergers, Acquisitions and Divestitures

The Lovoy, Summerville & Shelton team understands the complex issues that arise in each phase of the merger and acquisition life cycle, from the acquisition itself to post‑transaction integration to disposition of assets or shares of a subsidiary.  Our tax professionals can help companies identify the elements that could generate tax savings far beyond closing and help make the deal a business success.  Specifically, Lovoy, Summerville & Shelton provides the following services:

  • Due Diligence

  • Acquisition Tax Planning

  • Disposition Tax Planning

  • Post-Transaction Integration Services

  • Services Related to Troubled Companies

  • Leveraged Employee Stock Ownership Plans

  • Stock-basis studies

  • Tax-basis balance sheets









Employee Benefit Plan Audits

Lovoy, Summerville & Shelton's team of dedicated professionals has extensive experience in dealing with ERISA regulations, the complexities of financial reporting and the auditing requirements of employee benefit plans.  According to the Department of Labor, filing deficiencies, and their associated costly penalties, often result from audits that fail to test unique areas of an employer's plan.  During the planning phase of the audit, we design tests that will account for those factors.  Through this process, our experienced professionals apply their technical expertise, which not only reduces your risk, but also allows you to file the audited financial statements with confidence.

The regulatory and legislative environments surrounding employee benefit plans are changing rapidly due to increased oversight and compliance monitoring by the Department of Labor (DOL), which is on a mission to improve the audit quality of employee benefit plans.  Thus, a lot is at stake for you.  Let the professionals at Lovoy, Summerville & Shelton assist you with compliance of the ERISA and DOL guidelines.

Lovoy, Summerville & Shelton is a voluntary member of the Employee Benefit Plan Audit Quality Center established by the American Institute of Certified Public Accountants.  The Center was created to promote the quality of benefit plan audits and provide auditors with additional resources to add value to the process.

Litigation Support Services

At Lovoy, Summerville & Shelton, our professionals have experience providing expert witness testimony regarding financial accounting matters and interpretations of Generally Accepted Accounting Principles (GAAP), the Internal Revenue Code, and state tax laws.  We first focus on understanding the nature of the dispute.  This allows us to better plan our financial records review.  We look for financial patterns or additional information that is needed to reach conclusions or interpretations with respect to any dispute.  After we complete our financial records review, we perform financial analysis.  Finally, we prepare our report, which may be used during legal proceedings.