Discussion:Time for an accountant
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Discussion Forum Index --> Consumer Questions --> Time for an accountant
| 30 December 2006 | |
| As I'm about to close the books on the first year of my corp's existence, I will now be needing an accountant. Since it seems to me that the professionals that post here have a wealth of experience and are very helpful, I figure this will be a good place to start. Here is some information, I'll be happy to discuss the situation further in private with professionals based either in New York or Chicago.
2006 Cakewalk - Illinois single shareholder/employee S corporation. Books are very simple and kept in order (fairly well, I think) using Quickbooks. All work/revenue from Illinois sources by an Illinois resident. I do payroll/payroll tax form filing/tax payment through a third party. I can do personal tax returns myself. I expect to pay around $500 for this service, based on previous quotes and threads in this forum. 2007 Much more difficult - Books will still be kept by me, but revenue will come from at least two states (Illinois and New York) and most likely from a third. In depth New York State/City experience a MUST. I will need throughout the year consultation re: foreign corporation operations, non-resident state tax withholdings, and New York S corporation filing, to name a few. I will also need a corp return filed for each state in addition to 1120S, and would like you to handle personal state tax return preparations as well. I am hoping to keep the total cost for these services to $3000 (obviously split in some way between corporate and personal dealings). I am willing to pay, given the presence of an acceptable working contract, a reasonable amount of these corporate fees early in '07. I apologize if this is the wrong place for solicitation... otherwise, let me know what you think. | |
| 31 December 2006 | |
| Jc: Go to www.natptax.com and then click on "Find a Pro" and the just fill in either IL or NY and you will be able to find yourself an accountanot/Tax Professional.
NATP = National Association of Tax Professionals. | |
Liberati@frontiernet.net (talk|edits) said: | 16 January 2007 |
| Monday, January 15, 2007
Hello, Jc. I am a Certified Public Accountant in the State of New York, and have my own accounting and tax practice. I live and practice in the State of New York. I can help you file your federal S Corporation form 1120S and your State of Illinois Subchapter S Business Income Tax Return for 2006 and for 2007. For 2007, I can consult with you throughout the year regarding New York State and New York City S Corporation Business Income Tax matters as well as Sales and Use Tax concerns. For 2007, I can help you prepare your Subchapter S Corporation New York State and New York City Business Income Tax Returns, as well as your federal, State of Illinois, and State of New York(with New York City included)individual income tax returns. I can also prepare financial statements for your Subchapter S Corporation business for the year ended on December 31, 2006. Please contact me via my contact information below. Thank you.
Managing Member Accurate Accountants, CPAs, LLC CONTACT INFORMATION Business Address: 20 Ford Court, Meadow Glen, Monroe, New York State 10950 - 4946 Business Telephone Number: (845) 783 - 9074 Business Facsimile Number: (845) 783 - 0779 Business E - Mail Address: liberati@frontiernet.net Accurate Accountants, CPAs, LLC Taxes Done Right...The First Time
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| 16 January 2007 | |
| Jc,
If you want a good accountant, they're probably way, way, way too busy to contact you or ask you for your business. Posting here and asking for someone to recommend themself is rather like asking someone to fleece you. They'll gladly do so! When negotiating fees, never give your position away first - always let the other person state what they're going to charge you before you tell them what you're willing to pay. If you give your position first, you'll not unsurprisingly get most offers at or around $3,000 (or whatever limit you've set). If you let others tell you what they charge, I'll bet most of the them will be less than that. 1) To get one of the top contributors here, read through some of the replies to other people's questions and see if you like the answers. Pick someone you see who posts frequently. You can go to their profile page and send them a personal email. See if that person is taking on new clients. 2) Look through NY's CPAs by region: http://www.nysscpa.org/leadership/directory.asp Or try NATP's search. I'd go for a CPA; you need accounting and business advise as well as tax prep. 3) Verify their NY CPA license here: http://www.op.nysed.gov/opsearches.htm 4) Make sure they have a succession/exit plan, in case a tragedy befalls them: What will happen if they get hit by a bus? Who takes over your accounts? Make sure you know before you sign up. 5) Get them to give you an engagement letter and SET FEES. Do not go for hourly, they will nickle and dime you for every email and telephone call. Make sure you know exactly what is covered for the price. Make sure you include at least two hours of advice annually - you shouldn't need more than five for a business with your size and growth pattern. Lastly, I'm going to stress the advice end - your accountant should be able to tell you whether it saves more money to lease or buy that new plant machinery. S/he should be telling you how to wangle the new Domestic Production Credit and ways to tweek your expenses in 2007 to increase it. S/he should be telling you when laws change regarding sales, use, and employment taxes so that you're not caught out at the end of the year. Paying that little extra for the advice element should more than pay for the entire cost of the accountant's services in saved taxes. | |
| 16 January 2007 | |
| JC: Good luck with your new business! I'm sure everyone here wishes you well, and has your best interests at heart. I think that Lizzit has some excellent advice, and suggest that you read it, before selecting an accountant. This is a very important step, and can make a world of difference, not just to keep you out of trouble, but to advise you on your future. Only thing I would add to Lizzit's advice is that I always like to ask new clients about their exit plans. (What do you want your business to become, and how are you going to get out of it...sell it?....Gift it?...will it?...and to whom?)Accountant should know WHOLE picture to give you any advice. GOOD LUCK, we wish you well. | |
| January 16, 2007 | |
| I'd only add to not look for CPA's exclusively. Many CPA's don't know squat about tax, and many folks who do know about tax aren't CPA's. Look for someone with experience in your world...like most of the folks on here. Some ex-auditor for a BigWhoKnowsHowMany firm wont' be much help to you... | |
| January 16, 2007 | |
| Agree, JR! What do you tell people when they ask you if you're a CPA? I just tell them the truth - that I never had time to work for a CPA firm for two years in order to take the CPA exam, because I was too busy with my own business and I never wanted to get into auditing, estates, gifts, large corporations, etc. | |
Death&Taxes (talk|edits) said: | 17 January 2007 |
| We Enrolled Agents get the same bum's rush too. I represent clients at the Tax Review Board of Philadelphia hearings and always get asked what is an EA. Last time the City's rep was nice enough to explain that I passed a test given by IRS. My ex-partner was neither certified nor an EA but she was one terrific interviewer since she had been a social worker. Every question would begin "With respect to your auto expense." Alas, she only wanted to work 3 months a year, and was a stoner the other nine months. | |
| January 17, 2007 | |
| For me, being in Chicago, I say the magic words: Notre Dame. End of conversation, usually. Once in a while, I tell the longer story, got the accounting degree, went to work in large corp world and couldn't stand it, ended up in small biz world where tax rules, and the CPA is absolutely irrelevant. I did pass Theory and Practice, showing that I knew my accounting, but failed auditing and law. Not an auditor, nor an attorney. In fact, severe penalties for practicing as either. Don't get me started on public accounting, the public fraud. | |
| 12 January 2008 | |
| I know this is an old discussion, but . . .
I seem to be a bit challenged in the operation of this web site - but I'm in a somewhat similar position of looking for a new accountant. And I have found that some CPAs and EAs and other acronyms may or may not be knowledgeable - seems almost irrelevant. Also, Lizzit mentioned the advice end which is what makes me the most frustrated. I hate getting breakdowns of what I will owe, and then realize that I could have avoided various tax liabilities with better planning. I also hate having to remind my CPA of various looming deadlines - I want to concentrate on my business and have someone else say, "Hey - we need to figure out payroll for your business because X deadline is approaching", or whatever. Anyways. How do I send people private messages on this website? I am interested in small S Corp accounting and wanted to discuss rates and workflow with a few people, but I assume that's not meant for people's User Page Discussions? By the way - I know this site is for tax professionals, but it's immensely helpful for non-professionals to see how detailed and knowledgeable folks are about difficult tax issues. I know what issues I have, but I have no clue how to deal with them or what is the best way to deal with them. My CPA keeps saying I have some interesting issues, and then gives me no advice for dealing with them. | |
| 12 January 2008 | |
| Jc: you are not saving yourself any money by doing your personal return yourself, though you may think you are. Find a professional you can trust and have some tax planning done as well (outside of busy tax season). It may take several years to "turn the ship" and get a plan in place, but it beats the heck out of "planning on the return." In fact, in your case, I'd say your personal income tax strategy has more opportunties for tax savings than do your business returns, just guessing. | |
| 12 January 2008 | |
| Okay - duh. I figured out how to email a user (on the left side - kept looking at the Leave a Message link). I'm slow, but I get there eventually. | |
