Discussion:New S-corp owner, lost in all the red tape!

First (please do not flame me) I am not a professional (did give some background on my profile), but do perform bookkeeping and payroll for our S corp for 7 years. I have learned so much from reading this site and want to thank you all for that. I print some of the discussions and share with my CPA when discussing issues at times. I know this is a busy time and am looking for some opinions.

How does one find a good CPA or EA that is good with S-corp taxation. I realize everyone can't be an expert at everything. I run a profitable consulting company and understand the importance of paying for expert advice and help. I have had trouble finding the right fit of a professional to help in the tax advice and planning role.

My first CPA was good and her husband was a tax attorney. But, she would not do my personal return, only the business. I did my own taxes for many years, but since the S-corp I know this is beyond me and really want someone to look at the whole picture as the profits all flow to my personal return.

My second CPA was an EA, but would not deal with nexus issues. We expanded and he would not do any out of state returns. Asked him to do the S-corp federal, shoot it the the CPA in another state who would do state adjustments and send it back. He would not do this. So I paid multiple times for the same return.

I incorporated in VA and have nexus in TX and questions about a few other states. I am not looking for day to day bookkeeping. I have that under control. Like to have my CPA review my chart of accounts and have an "other" expense for any of the few items that need to be reviewed. I use QB to do payroll for 8 employees in 3 states and file all the reports. Understand SH is W2 with reasonable salary. I need someone to "partner" with me. Be available to answer questions during year and do tax planning. Refer me to a tax attorney or other expert if I am asking questions that should be addressed to such.

Is this unreasonable? Too late for this year, but I am looking ahead. Any advice?

Thanks for reading this.

Sounds like you have a great business. What you're asking for is not unreasonable at all; you're certainly not the only business with nexus issues in multiple states. A mid-sized CPA firm should be able to handle this for you, but of course know it probably won't be cheap. A lot of regional CPA firms around me are affiliated with RSM McGladrey. They're national and could probably hook you up with someone somewhat local to you. Try this link for more info:

http://www.rsmmcgladrey.com/About-Us/Strategic/

Good luck and continued success!

I don't have much S-corp experience (being outside the U.S.) I have an S-Corp client who's both shareholders emigrated from the U.S. (were never a U.S. citizen or Green Card holder). By definition, S-corp can only have U.S. resident shareholders. Can anyone tell me what happens with the AAA account in this case (is it a 351 contribution of the assets, subject to the liabilities in exchange for shares and AAA=R/E?).

I would greatly appreciate your comments!

Vesco