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Frequently asked questions
Quick answers about our services and how we work. Don't see your question? Ask us directly.
About WAFS
What services does WAFS offer?
We offer six practice areas:
- Tax planning and preparation
- Assurance, advisory and review services
- Outsourced accounting
- Audit
- Business information and portfolio management
- Business and economic development consulting
Many clients work with us in more than one area. See all services.
Who does WAFS work with?
Closely held businesses and their owners, not-for-profit organizations, government entities and individuals. Our clients range from small privately owned companies to larger entities, including companies regulated by the Securities and Exchange Commission.
Which industries do you have experience in?
Construction, health care agencies, not-for-profit organizations, manufacturing, retail, distribution, professional services and government entities.
Who will actually work on my account?
Our engagements are partner-led. The CPA responsible for your work is directly involved in your account, supported by specialized staff, so you always know who to call.
What are the owner's qualifications?
Kokou Dogbe-Tsogbe, CPA, FCPA is a licensed Certified Public Accountant and Certified Forensic CPA with a master's degree in accountancy from DePaul University in Chicago, and more than 15 years of tax and accounting experience. More about the firm.
Tax
Do you only prepare tax returns?
No. We prepare returns, but we also develop tax strategies for you and your business, watch for new opportunities to reduce your liability, make sure you comply with current tax laws, and keep an eye on upcoming changes that could affect you.
Do you work with individuals as well as businesses?
Yes. We provide tax planning and compliance for individuals, as well as tax compliance and strategy for businesses.
Can you help if I'm contacted or examined by the IRS?
Yes. We help clients with IRS and other regulatory examinations.
Can you help with tax planning for a major business change?
Yes. We plan for mergers, acquisitions and other major business changes, analyze construction projects for the tax benefits you're entitled to, and prepare tax forecasts and projections.
Audit, review and assurance
Do I need a full audit, or is a review or compilation enough?
It depends on your needs, the needs of your creditors or investors, and the size and complexity of your business. Compilations and reviews are generally smaller in scope and less costly than an audit. We can help you decide which level is right.
What assurance services do you provide besides audits?
- Compilation and review of financial statements
- Director's examinations
- Loan reviews
- Fraud testing and compliance testing
- Forecasts and projections
- Business improvement reviews
Do you audit not-for-profit organizations and government entities?
Yes. We audit for-profit companies, charitable and other not-for-profit organizations, and government entities. Our staff know the auditing and accounting requirements that apply to each.
Is the auditor just checking the numbers?
The partner in charge of your audit gets to know your business and acts as an advisor as well as an auditor, helping you manage the risks in your financial operations, find ways to improve operations and reduce costs, and meet outside reporting requirements.
Accounting and payroll
Can I outsource only part of my accounting?
Yes. Our team can take over any portion, or all, of your accounting. We can help you decide whether outsourcing makes sense, in whole or in part, and we can provide temporary support when your own staff is unavailable because of illness or turnover.
Do you handle payroll?
Yes. We prepare payroll, file monthly and quarterly sales and payroll tax returns, and prepare annual W-2s and 1099s.
What accounting work can you take on?
- Preparation of financial statements
- Reconciliations to your general ledger
- Accounts payable and accounts receivable
- Payroll and payroll tax returns
- On-site accounting
Other services
Do you offer portfolio management?
Yes. We start by getting to know your financial objectives, cash-flow needs, investment experience and circumstances, then recommend a long-term asset allocation. We revisit it regularly as your situation changes.
What kind of consulting do you do?
Business and economic development consulting, including strategic planning, organization development, market research, project management, monitoring and evaluation, management information systems, and microfinance and entrepreneurship development.
Getting started
How do I get started?
Call us at (773) 655-6400, email info@wafss.com, or send a message. The first conversation is about understanding your needs.
Where is your office?
5113 S Harper Ave, Suite 2C, Chicago, IL 60615. There's a map on our Contact page.
Can I send my tax documents through the contact form?
Please don't. The contact form isn't meant for Social Security numbers or other sensitive financial details. Send a short message or call us, and we'll arrange how to receive your documents.
Talk to a CPA about your situation
Call, email or send a message. The first conversation is about understanding your needs.