Comprehensive Accounting and Business Advisory Services

Our knowledgeable accounting and tax advisors work to keep you organized, informed and on track with your business strategy and individual needs. We can consult on special projects through advisory services and planning.

We have compiled numerous online resources for you: articles, videos, case studies and more.

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Accounting and Auditing

At Markowitz, Fenelon & Bank, LLP we go far beyond simply preparing state and federal tax forms. Because our tax laws are constantly changing and increasing in complexity, it’s often difficult to determine what their impact will be. This is why we place heavy emphasis on tax planning and using sound strategies to ensure that you are paying the least amount of tax possible. Our intimate knowledge of your business and the environment in which you operate allows us to take advantage of all the options available. As your needs expand, we have the strength and expertise to keep pace with you.

Our services include:

  • Account reconciliation
  • Bookkeeping and bill pay
  • Budgeting, projections and analysis
  • Cash flow monitoring
  • Financial projections and analysis
  • Financial statement preparation
  • Fixed asset management
  • Management financial reports
  • Review and compilation
  • Sales tax and payroll tax return preparation
  • Tax compliance and planning
Tax Preparation & Planning

MFB offers a wide range of tax strategies designed to help you maximize your wealth-building opportunities. Because we take time to understand your goals and objectives, we are able to take a comprehensive approach and consider the practical and business implications when making recommendations or giving advice. You can count on taxes as a certainty, but most importantly, you can count on MFB to be there to help. Working with you throughout the year, we will develop an integrated and flexible tax plan that considers corporate, individual and estate factors for tax minimization.

Our services include:

  • Individual tax planning
  • Corporate tax planning
  • Partnership tax planning
  • State and local tax issues
  • Federal and state income tax returns, including multiple state tax returns
  • Federal and state gift tax returns
  • Federal and state trust and estate income tax returns
  • Federal and state exempt organization returns
  • Same sex couples tax planning
  • Tax audit representation
  • Preparation of U.S. tax returns for U.S. citizens abroad
  • Preparation of U.S. tax returns for nonresident aliens and dual-status taxpayers
  • Retirement planning
  • Business succession planning

IRS Forms and Publications

Check out our tax resources

high-net-worth Tax Planning

With wealth and success come much more involved estate and succession responsibilities, yet your time to manage those responsibilities becomes more limited. At MFB you can rely on us to know the ever-changing tax laws and how those laws impact you and your estate. We will advise you and work with your attorneys and other service professionals to help them make the best decisions possible for high-net-worth tax planning and compliance. Our clients gain access to our full range of services, including tax return preparation, tax planning, trust tax planning and special projects:

Our services include:

  • Quarterly estimated tax requirements
  • Maximization of charitable contributions
  • Year-end tax planning including Alternative Minimum Tax considerations
  • Individual retirement tax planning
  • Gift and estate tax planning
  • Trust tax planning
  • Family office services
  • Review of tax law changes and impact on clients
  • Additional specialty compliance services
  • Code Section 1031 tax-free exchange planning
Estate and Trust Services

We understand it takes time and effort to build an estate, business or retirement income program. At MFB, we make sure our clients and their families enjoy the results of their hard work. We will work with you and your other advisers to prepare, develop and execute comprehensive plans that will achieve your financial objectives. We will also educate you on the steps needed to fulfill your fiduciary duties, helping you get through the difficult time that the passing of a loved one can present.

Our services include:

  • Review of wills for tax implications
  • Review of trust documents for tax implications
  • Detailed estate planning
  • Estate transfer procedures
  • Elder care coordination
  • Fiduciary and estate tax return preparation
  • Gift tax filing and planning
  • Lifetime gifting
  • Estate and trust final accountings
  • Property management plan

Planning for your estate? See what resources we have for you to get started

Business Succession Planning

All privately owned companies eventually change hands through succession or buy-sell agreements. To properly position a company for an eventual exit, you must be aware of important steps that can reduce the company’s risk, generate buyer interest and increase value in a sale process. MFB can help you develop a succession plan, including multigenerational succession planning dealing within a family unit and key managers. We will discuss available exit strategies and analyze which is most appropriate. We can identify improvements or changes to potentially increase market value and help you prepare an exit strategy, implement strategic interim initiatives and execute the plan at the appropriate time.

Our services include:

  • Long-term ownership and management
  • Ownership transfer
  • Change in control
  • Succession planning
  • Multigenerational succession planning
  • Management buyouts
  • Business sales and purchases
  • Exit strategy identification and preparation
  • ESOP succession planning
  • Mergers and acquisitions
  • Funding the buy-sell agreement
  • Company sales & divestitures

Prepare your business with a succession strategy

Business Valuations

All our work adheres to the highest business valuation standards as established by the American Institute of Certified Public Accountants (AICPA). We follow the AICPA’s Statement on Standards for Valuation Services and the Accredited in Business Valuation (ABV) by the American Institute of Certified Public Accountants. Our valuation professionals have obtained the AICPA’s designation of Accredited in Business Valuation (ABV). Performing a valuation engagement demands a specialized knowledge and skill that our CPA/ABV professionals have obtained through experience and education.

Our valuation services have assisted our clients in:

  • Merger and acquisitions
  • Employee stock ownership plans
  • Shareholder (owner) disputes
  • Business purchases or sales
  • Marriage dissolutions
  • Contractual disputes
  • Estate tax planning and tax return compliance
  • Gift tax planning and tax return compliance
  • Charitable contributions
  • Purchase price allocation
Litigation Support and Forensic Accounting

With today’s complex business environment, litigation and fraud issues continue to be major concerns for companies and organizations. Some industries are more susceptible than others; the typical organization loses 5% of its annual revenues to occupational fraud each year. In the areas of litigation and forensic accounting, it is important to work with experienced professionals who have the ability to clarify complex financial information and prepare evidentiary documentation for presentation to a wide range of audiences, including judges and juries. We provide litigation and forensic accounting advice from the discovery phase through providing testimony during a trial. More importantly, we can provide you with assistance in the prevention of fraud and with calculating lost profits.

Litigation services

  • Lost profits
  • Marital dissolutions
  • Stockholder/partner disputes
  • Bankruptcy and insolvency
  • Breach of contract
  • Business interruption
  • Estate disputes
  • Fraud investigations
  • Civil and criminal litigation

Forensic accounting services

  • Due diligence
  • Forensic analysis
  • Internal control assessments
  • Special investigations
Employee Benefit Plan Audit

We understand that as a plan sponsor you are faced with the challenges of adhering to the ever-changing rules and regulations governing employee benefit plan compliance. Our employee benefit plan audit services include defined benefit plans (pension), health and welfare, and defined contributions.

We believe that understanding our clients’ objectives and expectations is the first critical step in a successful engagement. Therefore, you can rest assured that your annual employee benefit plan audit is comprehensive, thorough and in compliance with the required reporting and disclosure requirements.

Not-For-Profit and Government Accounting

Not-for-profit and government accounting requires specialized training, continuing education and experience. It also requires a unique ability to understand the mission, the management and the reporting requirements that make not-for-profits and governments different from corporate clients. Operating in an environment that is far more challenging than ever with regulatory compliance, donor scrutiny, and the challenges of a shifting economy continually raises questions that can only be answered by qualified, trusted professionals. Our experts in not-for-profits and government accounting understand these challenges. Working with your management and board members, we combine extensive experience serving our clients with insight to address the nuances of financial and operational management.

Our services include:

  • Budgeting
  • Audit, review and compilation of financial statements
  • Cash flow monitoring
  • Compliance audits
  • Special purpose reports
  • Fraud audits
  • Agreed-upon procedures engagements
  • Federal, state and local tax/compliance planning and return preparation
  • Assistance with employee-benefit-plan structures and filing requirements
  • Guidance for governing board compliance with today’s “best practices”
  • Internal-control and risk-management reviews
  • Preparation of IRS Form 990
  • Information returns for exempt organizations
  • Assistance with IRS audits
  • Preparation of IRS Form 990T, exempt organization business income tax return

Governmental auditing:

  • Auditing financial statements
  • Operational and systems review
  • User fee analysis
  • Grant compliance audits
  • Agreed-upon procedure engagements
Management Advisory Services and Business Strategic Planning

As a business owner, you know that it takes time and resources to run a successful business. But doing it all on your own can be overwhelming and inhibit growth. At MFB, we keep you moving forward with our management advisory services and business strategic planning.

Our first step is to fully understand your business. This helps us identify ways to improve operations and processes. After we gain this understanding, we provide analysis to uncover exposures and inefficiencies, as well as opportunities to increase productivity and improve profit margins. We also monitor costs, provide financial forecasts and projections and benchmark against industry standards. Since tax and labor regulations are constantly changing, we look for compliance issues, too.

If you’re in need of higher level consulting, we can provide the expertise and guidance of a CEO or controller. If your business is in merger and acquisition talks with another business, we can analyze economies and efficiencies to help ensure you get the best deal. Plus, we can assist with the implementation of QuickBooks and point of sales systems. Whatever assistance you need to support the strategic direction of your business, we’re there for you.

Our services include:

  • Cost controls analysis
  • Industry and market benchmarking analysis
  • Financial forecasts and projections
  • Risk management
  • Operational efficiency review
  • Internal control assessment
  • Cash flow analysis and efficiency review
  • Outsourced CEO and controller services
  • Mergers & Acquisitions
  • Accounting systems analysis
  • Tax compliance issues analysis
  • Labor compliance issues analysis
  • QuickBooks and point of sale implementation and analysis

Service you deserve. Advice you trust.


Bridgehampton Office
269 Butter Lane
PO BOX 853
Bridgehampton, NY 11932
Tel: 631-537-2300
Map and Directions

Riverhead Office
552 East Main Street
Riverhead, NY 11901
Tel: 631-727-3626
Fax: 631-727-6058
Map and Directions