Business Details
50+ Years
experience
Expert Tax Planning and Accounting Services in Cottonwood
At Forsmann Accounting, we guide clients through comprehensive tax planning and preparation strategies designed to minimize liabilities, maximize cash flow, and align with financial goals. Our expertise in evolving tax laws enables us to identify opportunities for individuals and businesses, from startups to established enterprises. We prioritize accurate record-keeping, financial reporting, and tailored support for accounting system setup, cost management, and employee benefit plans.With a legacy dating to 1949, our team combines decades of experience with a commitment to staying current on regulatory changes. We emphasize transparency, personalized service, and delivering value that exceeds client expectations through every interaction.
Services
Income Tax Preparation
Small Business Accounting
Payroll Services
Bookkeeping
Escrow Management
Tax Planning
Financial Reporting
Cost-Containment Strategies
Employee Benefit Plans
Details
- Year established: 1949
Highlights and features
- We offer over 70 years of combined experience in tax and accounting services.
- Our team stays current with evolving tax laws to ensure compliance and optimization.
- We provide personalized financial strategies tailored to individual and business needs.
- Our accurate record-keeping and reporting support long-term business profitability.
- We prioritize transparency and client education in all financial interactions.
Associations and certifications
- Certified Public Accountant (CPA)
- Idaho Society of Certified Public Accountants (ISCPA)
- American Institute of Certified Public Accountants (AICPA)
Services
Income Tax Preparation
We prepare individual and business tax returns for corporations, partnerships, estates, and trusts. Our team ensures compliance with federal and state regulations while identifying deductions and credits to minimize liabilities. Clients receive clear explanations of their filings and proactive advice for future tax years.
Small Business Accounting
We provide accurate financial record-keeping, reporting, and system setup for startups and established businesses. Services include cost-containment analysis, investment guidance, and employee benefit plan administration. Our goal is to help businesses maintain profitability and capitalize on growth opportunities through precise financial management.
Payroll Services
We handle payroll processing, tax withholding calculations, and compliance reporting for businesses. Our services ensure timely and accurate payments to employees while meeting federal and state tax obligations. We also assist with year-end tax document preparation and submission.
Bookkeeping
We maintain organized financial records, including accounts payable/receivable, bank reconciliations, and general ledger updates. Our bookkeeping services provide businesses with real-time insights into cash flow, expenses, and financial health to support informed decision-making.
Escrow Management
We manage seller-financed contracts, calculate interest and principal payments, and generate year-end statements. Our escrow services ensure accurate tracking of transactions and compliance with contractual agreements, providing peace of mind for all parties involved.
People
Brandy McElroy
Owner
Brandy has been a Certified Public Accountant since 2000 and joined Forsmann Accounting in 2008. She became owner in 2020 after 11 years at firms in Boise and San Diego. She holds a Bachelor of Science from the University of Idaho.
Ken Forsmann
Accountant
Ken has worked at Forsmann Accounting since 1966. He also owns a ranch and contributes decades of experience in tax and accounting services to the firm's clients.
Tim Forsmann
Former Owner
Tim joined Forsmann Accounting in 1971, earned his Licensed Public Accountant license in 1977, and led the firm until selling it to Brandy McElroy in 2020.
Cleo Forsmann
Founder
Cleo co-founded Forsmann Accounting in 1949 and worked until shortly before his death in 2008, establishing a legacy of excellence in tax services.
Lindsey McElroy
Accountant
Lindsey joined Forsmann Accounting in 2019. She resides in Grangeville and provides dedicated support to clients with expertise in tax preparation and financial reporting.
Questions
What tax services do you offer for individuals?
We prepare federal and state income tax returns for individuals, ensuring compliance and identifying opportunities to minimize liabilities.
Do you support small business accounting needs?
Yes, we provide bookkeeping, payroll, financial reporting, and tax planning services tailored to small businesses.
How are your fees determined?
Fees are based on the time and expertise required for your specific work. We prioritize transparency and value.
Are you experienced with complex tax situations?
Yes, our team has decades of experience handling estates, trusts, partnerships, and business tax planning.
How do you stay updated on tax law changes?
We maintain professional certifications and memberships in accounting organizations to ensure compliance with current regulations.
