Text Box: F A Q ’ s

Q. I don’t have a business, all I need is someone to prepare my 1040 tax return, Do you prepare tax returns for individuals?

Answer: Absolutely.  Each year we prepare a large number of individual returns at costs similar to, or often even lower than the “national tax preparation franchises”. 

 

Q. Our company’s bookkeeper just quit, Can you help straighten us out quickly?

Answer: The faster we address your problems the better.  Personnel changes often provide the best opportunity to identify any irregularities or problems, and to make procedural changes and improvements to eliminate them.

 

  Q. My partner and I are just starting out in business, Is it too early to talk to you?

Answer:  Definitely not.  It is very valuable for your business to bring in a CPA at the very beginning. We can help structure your business by guiding you through the options. Do you need a partnership, a limited liability company or a corporation? All offer different pros and cons. Plus, once your business is up and running, you will need to track and account for everything, and we can recommend the best approach for both your start-up needs and what you will need in the future.  Starting off on the right course is the best road to success. 

Frequently Asked Questions...

Q. I want a CPA who knows all the loopholes so I don’t have to pay any tax,  Is that you?

Answer:  Good luck on that one.  Very few people enjoy paying taxes, but so-called loopholes are generally ill-conceived arguments that often land taxpayers in trouble. What you should be seeking is a CPA who asks all the right questions and maximizes your deductions and credits in order to leverage your most favorable tax position.

 

  Q. I’m thinking about retiring next year and selling the business to my daughter and son-in-law, Can you offer any helpful Advice?

Answer:  Executive succession can be tricky in any business, but especially for family owned businesses. We’ve guided clients through this process,  and we can identify some of the foreseeable business concerns that will need to be addressed, as well as help structure the transition in a manner that protects your business interests and equity of all involved.  A well thought out plan can significantly reduce potential tax liabilities.

 

Q. My company has grown from $2m to $9m in size, and I think I need an experienced controller or CFO on staff, Can you help me?

Answer: Rapid expansion, while very exciting, can require careful management and control methods that very often exceed current in-house skills and talents. We have worked closely with expanding clients — even clients who grew internationally — and we have assisted them in this area, either by helping them to identify what they need or should expect from a controller or CFO, or fulfilling that role for them as one of our service offerings.  Our professional experience has included virtual CFO or controller roles with both domestic and international manufacturing and distribution companies. We can help evaluate your particular situation and advise the best option.

 

Q. We would like to outsource all our bookkeeping and accounting, including payroll, Can you handle all of these accounting issues?

Answer: Full service, small business accounting is our core business. We can handle all of your day-to-day accounting needs, even weekly payroll and 401(k) administration.

 

Q. My husband and I are getting divorced, and I am not sure how it will affect our

family business and finances, Can you offer any advice?

Answer: Although we’re not lawyers or marriage counselors, divorce is an unfortunate reality of life and it can be even more difficult when a family business is involved. Divorce settlements often require objective analysis and assessment of asset and business values, and a CPA can be very helpful in establishing objective valuations. 

 

  Q. We just received a nasty letter from the IRS, Can you help us figure out what it all means?

Answer: Perhaps nothing is more intimidating than an officious letter from the IRS. Generally speaking, most letters from authorities merely seek additional information or clarification of prior submissions.  Unless an intentional misrepresentation has taken place, most issues can be resolved with a well-worded letter explaining the circumstances.  In many cases, even penalties can be avoided. We can review your situation and provide the best approach in response, and provide the customary level of tax representation should it become necessary. 

 

 Q. Our bank requires independently audited financial statements, Can you audit our company?

Answer: No, we do not perform audits — see Client Services: “About our Independence and Auditing”

          

 

Tax Loopholes

What about Tax

Loopholes?

Text Box: Rosenhoover
& Associates