Omotosho and Associates

The firm provides accounting, management consulting, auditing and income tax services to commercial enterprises, not-for-profit organizations, and Local, State and Federal agencies. The staff has more than 50 years of combined professional experience.

Key focus

• Helping clients improve their tax position, capital position, business structure, benefits packages and acquisition potential.
• Supporting the growth and success of businesses and organizations of various sizes.
• Building long-term relationships and understanding each client's unique needs and goals.

Location and service area

• Neighbourhood: Hyde Park, Chicago, Illinois
• Typical clients: individuals, small and mid-sized businesses, and not-for-profit organizations, including recipients of government funds.

• General ledger and financial statement preparation.
• Bookkeeping services (monthly, quarterly or annual).
• Accounting system setup for new businesses.
• Business tax return preparation for:
• Sales and use taxes.
• Business property taxes.
• Preparation of personal financial statements.
• Litigation support related to financial information.

Management and controllership services

From the firm's management services offering:

• Bookkeeping and management of daily transactions.
• Payroll: management of payroll and related taxes.
• Planning: reporting and advice to support business growth.
• Management of accounts payable and accounts receivable (supplier and customer invoices).
• Controllership and other management services.

These services are tailored to keep financial records meaningful and well‑organized so that business operations run more efficiently on a daily basis.

Omotosho and Associates provides auditing and assurance services for businesses and not‑for‑profit organizations, including those that receive government funds.

Types of audits

• Financial statement independent audits.
• Audits of not‑for‑profit recipients of government funds.
• Audits of organizations that require Single Audits under Uniform Guidance.
• Audits of local businesses and non‑profit (501(c)(3)) organizations in Hyde Park, Chicago and surrounding areas.

Standards and approach

• Audits are conducted in accordance with generally accepted auditing standards (GAAS).
• The audit process typically includes:
• Examination of internal controls.
• Substantive testing of information underlying the financial statements.
• Issuing an opinion on whether the financial statements are fairly presented in conformity with generally accepted accounting principles (GAAP).

These services are designed to provide third parties with assurance on the reliability of an organization's financial statements.

Omotosho and Associates provides tax accounting, tax planning and tax preparation services for individuals, businesses and not‑for‑profit organizations.

Tax accounting and compliance

The firm helps clients maintain meaningful, well‑organized financial records so that tax reporting is accurate and timely. Services include:

• Tax accounting support as part of ongoing accounting services.
• Assistance with business tax returns, including sales and use tax and business property tax filings.

Tax planning

Tax planning is integrated into the firm's broader financial and accounting services. The goal is to:

• Improve each client's overall tax position.
• Coordinate tax planning with business structure, financial planning and estate planning.

Tax preparation

The firm prepares income tax returns for:

• Individuals.
• Businesses.
• Not‑for‑profit organizations and entities that receive government funds.

Specific tax forms, jurisdictions and filing requirements are handled case by case based on each client's situation.

Office hours

Regular office hours as published on the website:

• Monday: 9:00 am – 5:00 pm
• Tuesday: 9:00 am – 5:00 pm
• Wednesday: 9:00 am – 5:00 pm
• Thursday: 9:00 am – 5:00 pm
• Friday: 9:00 am – 5:00 pm
• Saturday: By appointment only
• Sunday: Closed

How to inquire or request a quote

• Prospective clients can use the website contact form to describe their accounting and tax needs and request a free quote for regular or one‑time services.
• Clients and prospects may also call the office during business hours using the published phone number.

Video conference meeting room

The firm offers a video conference virtual meeting room for remote meetings. Guests are asked to request a secure PIN from their host before joining.

Scheduling and appointments

Details about online scheduling tools or a specific booking link are not published in the current knowledge. To schedule or confirm an appointment, clients should contact the firm directly using the phone number or website contact form.

Business valuation services are available for situations such as:

• Employee Stock Ownership Plans (ESOPs).
• Litigation support.
• Mergers and acquisitions.
• Divorce settlements.
• Buy–sell agreements.

The firm performs comprehensive analyses to help owners and other stakeholders understand what a business is worth so they can make informed decisions.

Estate planning

Estate planning services focus on:

• Facilitating the orderly transfer of assets to beneficiaries.
• Providing financial security for surviving spouses.
• Reducing or helping to eliminate taxes due on the transfer of a business and other assets.
• Planning for business continuity and succession of ownership for business owners.

The firm guides clients through the process of organizing their financial affairs for these purposes.

Investment review

As part of its advisory services, the firm can act as a sounding board for clients and their investment advisors. Support includes:

• Helping develop an investment strategy with attention to tax impacts.
• Working toward a favourable after‑tax return, in coordination with each client's overall financial and tax plan.

• The firm uses ShareFile to allow clients to send confidential tax and financial documents securely.
• ShareFile uses bank‑level encryption and secure login while files are in transit and stored.
• Typical process:
• Log in to the secure ShareFile portal using the link provided by the firm.
• Upload documents from a computer, phone or tablet.
• The firm is notified and can begin reviewing files.

Suralink portal

• The firm also uses Suralink as a secure document request and delivery portal.
• Suralink provides a private, secure area instead of sending documents by email.
• Typical process:
• Click the link provided by the firm to log in to Suralink.
• Upload the documents listed in the firm's request list.
• The firm reviews the uploaded documents and can securely send files back.

These portals are intended to keep sensitive tax and financial information organized and protected. Specific login links or credentials are provided directly by Omotosho and Associates to their clients and are not published here.

Ask anyway — the agent will say plainly that it is not published rather than guess.