CPAs & Consultants · Little Rock & Hot Springs

Start it, grow it, sell it. Arkansas CPAs who see it through.

Tax, accounting, audits, payroll and business valuations for Arkansas businesses, non-profits and individuals since 1987. Some of our clients started their businesses with us and stayed all the way to the sale.

  • CPA
  • Certified Valuation Analyst
  • Master Analyst in Financial Forensics
  • MBA, UA Little Rock
  • Former Arthur Young principal & CFO

Not ready to call? Take the 60-second Intangibles Inventory Get the year-end checklist

Historic buildings along Central Avenue in Hot Springs, Arkansas
Stephen A. Leek, CPA, CVA Owner, Founder & Managing Principal
  • 1987Founded in Little Rock as a professional association of CPAs
  • 2Offices: Little Rock (main) and Hot Springs
  • 11Industries we serve, from timber and farms to medical practices
  • 20+Years one client has trusted us with five companies

Our Hot Springs office carries on two long-standing local practices: Luebben & Associates, founded by Oscar Luebben in 1952, and Ed Hogaboom's practice, built from 1986.

Who we serve

Built around how Arkansas actually earns a living.

Eleven industries on our client list. These four get the most specialized work.

A tractor working a flooded rice field under an overcast sky Stacks of sawn lumber drying in an outdoor mill yard

Agriculture Wood products

Farms, timber and mills, from planting to succession.

Agriculture has always been central to the Arkansas economy, and smaller family-owned timber, logging and milling companies face giant competitors and expensive machinery. We work alongside you all year, as the crop cycle and the market move.

  • Timber depletion, nontaxable exchanges and involuntary conversions
  • Energy credits, equipment upgrades and real property purchase planning
  • Statements your lender asks for, compiled, reviewed or audited
  • Retirement, estate, succession and ownership planning
Plan my operation's year

Medical practices

Sole practitioner or clinic, hospital-based or office-based. Medical professionals are a core part of our Hot Springs client base.

  • Valuations for the sale or purchase of a practice
  • Billing and internal control procedures
  • Practice structure, operations and planning
Talk through my practice

Non-profits

Accountable to donors, boards and oversight agencies. Our staff have served on non-profit boards, so we know how they run.

  • Annual Form 990 preparation and planning
  • Start-up planning to secure tax-exempt status
  • Compiled, reviewed or audited statements
Get my 990 handled

Attorneys & disputes

We reconstruct financial information for pre-trial, trial and settlement proceedings, and trace the causal link between liability and damages.

  • Marital dissolution and asset and income tracing
  • Fraud detection and documentation
  • Shareholder disputes and lost or diminished profits
Discuss a case

Also on our client list: manufacturing, construction, real estate, insurance, wholesale and retail, professional services and publishing.

The Intangibles Inventory

Your business is worth more than a rule of thumb.

“Many business owners believe the value of their business is net profit, or gross sales, multiplied by some industry rule of thumb. It’s not.”

Leek & Associates on business valuation

1Tick what your business has. We’ve started you off with three common ones.

Things you can touch
Things you can’t
2Why do you need a number?

How the two methods compare

Rule of thumb

Net profit times an industry multiple

Counts 0 of the 3 things you ticked.

A qualified valuation

  • MachineryTangible
  • GoodwillIntangible
  • Customer listsIntangible

2 of your 3 are intangible, the part a rule of thumb can’t see and the part that is quite often worth more than everything you can touch.

A defensible number to negotiate from, before you sit down with a buyer.

Value my business for a sale

Counts only. A real valuation takes specialized training, a careful look at your business and Steve Leek’s CVA credential, not a calculator.

Before December 31

Six moves to make before the 2026 books close.

Take the full list to your next meeting: a two-page checklist for owners, farms and non-profits.

Download my year-end checklist

PDF · free · no email required

  1. Owners & individuals

    Send the fourth-quarter estimate on time

    The last federal estimated payment for 2026 is due January 15, 2027. Arkansas fourth-quarter estimates fall on the same date. A December look at actual profit beats guessing in January.

  2. Farms, mills & manufacturers

    Put equipment in service, not just on order

    Machinery has to be placed in service by December 31 to count toward 2026 depreciation. Check delivery and set-up dates before you count on the deduction.

  3. Anyone with staff or contractors

    Collect W-9s now, not in late January

    Forms W-2 and 1099-NEC are due February 1, 2027, because January 31 falls on a Sunday. Confirm names and taxpayer IDs while people still answer email.

  4. Profitable owners

    Ask whether a defined benefit plan fits

    In the right business, a defined benefit plan can allow 5 to 10 times the contribution of a defined contribution plan. Under current rules a new plan can often be adopted as late as the return’s due date, but the design work takes time.

  5. Families with a business

    Use this year’s gift exclusion with a real value

    Annual gift exclusions do not carry over, so 2026 gifts must be made by December 31. Gifting shares of a private company needs a supportable valuation behind it.

  6. Non-profits

    Close the books with the Form 990 in mind

    For a calendar-year organization, the Form 990 is due on the 15th day of the fifth month after year end. Reconcile restricted gifts and board-designated funds before December’s activity is a memory.

General information for the 2026 tax year, not advice for your situation. Deadlines and limits change; confirm with us before you act.

Book my year-end review

Meet the founder

Stephen A. Leek, CPA, CVA

Owner, Founder & Managing Principal

Steve started out in audit, tax and consulting at a Big Eight firm, then served as Vice President and CFO of Systematics, Inc. He founded Leek & Associates in 1987 and still represents clients himself, from healthcare and real estate to manufacturing, agriculture and publishing.

Beyond tax, audit and general accounting, his specialties are the moments that decide what a business is worth: business valuation, forensic and litigation support, debt and equity restructuring, and acquisition consulting.

“My ultimate success story is helping a client from start-up or growing a business, to maturity and accumulating wealth, to ultimately selling out and taking it to the house.”

Steve Leek
  1. Big EightPrincipal at Arthur Young & Co. (now Ernst & Young): audit, tax, consulting and peer reviews of national firms
  2. IndustryVice President and CFO of Systematics, Inc. (later ALLTEL Information Services, today Fidelity Information Services)
  3. 1987Founded Leek & Associates in Little Rock

Credentials & education

  • CPA, Certified Public Accountant
  • CVA, Certified Valuation Analyst
  • MAFF, Master Analyst in Financial Forensics
  • BS in Accounting, University of Arkansas at Fayetteville
  • MBA, University of Arkansas at Little Rock

Service & community boards

  • U.S. Air Force, Missile Unit Officer
  • Pulaski Technical College Foundation Board
  • Arkansas Community Health & Education Foundation
  • Downtown Little Rock Rotary Club 99
  • Central Arkansas Chapter, American Heart Association

A team, not a single desk

Every associate is trained in Total Quality Management, so your work is delivered as a team and you get the full resources of the firm, not one person’s calendar.

The Leek & Associates Little Rock office

Little Rock

Our main office since 1987, at its current location since 2001. Audits, valuations, forensic work and consulting are based here.

  • David Harrison Client Services Manager
  • Christina Bates Accounting Services & Office Administrator
The Leek & Associates Hot Springs office

Hot Springs

Opened in February 2013, carrying on Luebben & Associates (est. 1952) and Ed Hogaboom’s practice. Individuals, estates and trusts, and medical professionals.

  • Diana Smith CPA & Client Services Manager
  • Patti Painter Accounting & Tax Services
  • Tonya Butterbredt Accounting Services & Office Administrator

What clients say

What clients say

I have used the professional accounting services with Leek & Associates for over 20 years. Expert advice and guidance through numerous IRS tax audits, state and federal filings, guidance with valuations, mergers acquisitions, estate and trust planning as well. Leek & Associates provide spontaneous critical accounting and tax planning support for five of my companies today. Steve Leek and his team are the best!!!

Roger A. SnyderClient for 20+ years · as published on leekassociates.com

Five questions we answer “yes” to

Our published standard for every engagement. If any answer is no, the work isn’t finished.

  1. Have we met the client’s needs?
  2. Have we properly addressed the task, the problem or the concern?
  3. Have we been responsive to the client’s requests?
  4. Have we completed our task in the most timely and cost-efficient manner possible?
  5. Is our fee commensurate with the benefit to the client?
Hold us to it: request my consultation

Services

Everything an owner needs, from the first return to the final sale.

Tax services

  • Individual and corporate tax planning
  • Return preparation: federal, state and local
  • Representation in IRS and state examinations
  • Estate and retirement planning
  • Securing tax-exempt status
  • Tax compliance advice

Accounting & assurance

  • Audits and related services
  • Compiled and reviewed financial statements, monthly to annually
  • Internal control reviews and agreed-upon procedures
  • Cash flow and pro forma projections
  • Payroll processing, deposits and tax filings

Business valuations

  • Sale, purchase or merger
  • Estate and gift tax
  • Buy-sell agreements and ESOPs
  • Divorce and partner disputes
  • Financing, succession and management planning
See how it works

Forensic & litigation

  • Reconstruction of financial records
  • Fraud detection and documentation
  • Asset and income tracing
  • Business interruption and lost profits
See how it works

Retirement & benefits

  • SIMPLE and individual IRAs and 401(k)s
  • Safe harbor 401(k) plans
  • Defined benefit plans
  • Employee benefits and stock option plans

Systems & business model

  • Entity choice: C corp, S corp, partnership, LLC or non-profit
  • Turn-key accounting, billing and payroll systems
  • Software selection, installation and staff training

Not sure which service you need? Tell us what’s going on and we’ll route it to the right person.

Request my consultation

Questions

Straight answers before you call.

Have a question that isn’t here? Ask it in your consultation request and the right person will answer.

Who does Leek & Associates work with?

Businesses, non-profit organizations and individuals, principally in Arkansas. The Little Rock office serves high-net-worth individuals and their companies, non-profits and trusts; the Hot Springs office serves individuals, estates and trusts, and medical professionals.

Is Steve Leek a CPA?

Yes. Stephen A. Leek is a Certified Public Accountant and a Certified Valuation Analyst, and lists the Master Analyst in Financial Forensics credential. He holds a BS in Accounting from the University of Arkansas at Fayetteville and an MBA from the University of Arkansas at Little Rock.

When does a business need a valuation?

Most often to calculate estate tax, divide assets in a divorce, or negotiate a purchase, sale or merger. Buy-sell agreements, gifting programs, ESOPs, financing, partner disputes and succession planning are other common reasons. NACVA recommends a valuation every two years as a management tool.

Why not just use an industry rule of thumb?

Because the value of a business is not net profit or gross sales times a multiple. Intangible assets such as goodwill, customer lists, trademarks, a strong management team and non-compete agreements are often worth more than the tangible ones, and valuing them takes specialized training.

Do I need an audit, a review or a compilation?

It depends on who is asking for your financial statements. Many businesses early on need statements in a proper format for creditors or owners without a full audit, and a compilation can serve that economically. We will tell you which one your lender, board or agreement actually requires.

Can you help if the IRS examines my return?

Yes. Representation during examinations by the IRS and other taxing authorities is part of our tax services, alongside planning, preparation and compliance advice.

Do you work with attorneys?

Yes. We reconstruct financial information for pre-trial, trial and settlement proceedings, and have performed investigative accounting in marital dissolution, fraud, shareholder and partnership disputes, asset and income tracing, and lost-profits cases.

How are fees set?

Fees are not published on this site; ask during your consultation. We hold ourselves to a simple test: is our fee commensurate with the benefit to the client?

Get started

Wherever your business is headed, start with a conversation.

Tell us what you’re facing: a tax question, statements for your lender, a sale on the horizon or a dispute. We’ll answer, and route it to the right person in Little Rock or Hot Springs.

Or take the Intangibles Inventory first