Small businesses in Nashville have a tremendous need for a Certified Public Account (CPA) given the local dynamics and growth of the city.
Employing a licensed Nashville CPA with experience can provide a significant value for your business. An experienced CPA can figure out common redundancies and make your operations efficient. and your accounting systems more effective.
As much as you’d like to take care of the daily business operational activities, and on bookkeeping software like QuickBooks, there are bound to be limitations like accuracy, timeliness, and application of Generally Accepted Accounting Principles (GAAP) or IRS Codes.
Differences between a CPA and bookkeepers, Enrolled Agents, Non-Certified Accountants
Typically, a CPA takes an extensive state governed exam from the State Board of Accountancy that generally takes a couple of days. Accountants/bookkeepers/enrolled agents, for instance, don’t undertake such a rigorous level of examination to maintain a license for future practice.
CPAs possess the extensive knowledge as the accountants, but the state examination allows then a comprehensive input to assess the tax situation of a business.
Today, CPAs are serving small businesses more than any other tax professionals. In fact, small businesses have come to rely on om the expertise of CPAs for many aspects of their business
like financial reporting, tax compliance, tax advisory and tax planning. Besides, CPAs have relatively distinct advantages (like application of GAAP, GAAS etc.) over other tax professionals (like Enrolled Agents) that qualifies them to be your trusted advisors
Reasons to Use a CPA
Financial reporting for third parties
One of the most valuable services a CPA can provide is financial reporting on the clients’ business for third parties like bankers, state, local and federal agencies. Contractors typically need a review, or an audit done on the financial statements of a business in order to obtain or renew a license from the state Board. This requires application of Generally Accepted Accounting Principles (GAAP) and CPA” s are uniquely qualified to perform this. As a Nashville CPA firm with more than twenty-five (25) years of experience, our firm is uniquely qualified to perform this.
Tax planning
As much as tax compliance is the need for everyone, highly compensated individuals and businesses with high taxable income need tax planning to mitigate the tax burden and employ tax saving strategies. Some of these strategies if employed correctly can make a substantial difference and reduce the burden as much as forty to fifty percent in a given year. With a track record of employing tax saving strategies for highly compensated individuals and businesses, our firm has been successful in saving millions for taxpayers
Restructuring of the debt
Restructuring your debt issues can turn out to be a nightmare for small business especially understanding the various covenants of the debt instruments and understanding the closing documents. Furthermore, with ever changing interest rates, negotiating credit can be very challenging with the banks CPAs are perfectly qualified to turn an unreasonable offer from the banks into a favorable one. As a Nashville CPA firm with over 25 years in the community we are well connected and can introduce you to some of the best Nashville bankers to meet your needs
Optimization of Multiple Taxable Income and Tax Liability
Tax compliance can get quite foggy when you have multiple sources of income. In fact, the slightest of mistakes can trigger a very high tax liability. Naturally, you want to minimize your tax liability and maximize your deductions. And this is where an experienced Nashville CPA can make the most difference to decipher the various classes of income like active, portfolio and passive income and its tax implications. Furthermore, an experienced CPA can collectively sort out tax complexities and the deductions available to you against the various classes of income.
Value for Entrepreneurs and Self-Employed
Seasoned and well experienced CPA’s can give you real financial/tax advice that is effective and improves your bottom line. If you solely own a business, it is imperative to find new methods to lower taxes and seek an experienced CPA for tax planning and compliance. With proven results for the last twenty (25) years our Nashville CPA firm can help you minimize your burden and help you choose the best entity for you.
Engagement in a New Business Venture
It is one thing to formulate a business idea out of thin air and entirely another to make it a reality operating profitably. Therefore, seek out an experienced Nashville CPA that can help you understand the financial implications of your decisions and also prepare and file all the required forms correctly to start a new business venture.
Long-term Valuation
As a small business owner, your end-goal is always to create long-term value for your business. However, it is easier said than done when you are on your own. Ultimately, you want to create long term value for your business so that you can sell it for the maximum price at the time of your retirement. An experienced Nashville CPA can help you create and retain the value of your business. With a CVA (Certified Valuation Analyst) on staff and several business valuations, our Nashville CPA firm can guide you how to maximize the value of your business.
Offer in compromise, Tax liability Settlement or Tax Controversy
As a taxpayer, if you are in a situation, that you cannot meet your tax obligations of the past due liabilities, IRS has various options that you can take advantage of like Offer in Compromise, installment agreements or you can contest the liability as computed by the IRS. An experienced CPA can guide you the best route and put you in the right path. With more than twenty-five (25) years of experience in Nashville area and proven results our firm can guide you the best option
Erroneous Calculations
Small businesses can’t afford to make mistakes in tax compliance. And if you find calculating numbers is exhausting, you are instinctively bound to make mistakes – it would be wise to get a professional CPA who is trained to in financial reporting and tax compliance.
An experienced CPA can collectively analyze your work and cut out red flags that lead to a tax audit. To survive and thrive in current business conditions, hiring CPAs have become standard. Besides, the quality of service you will get makes it worthwhile.
Change in your Business or Personal Circumstances
The last thing small businesses want is to get stuck in a transitory period. You are, after all, bound to make some life or business change that would impact your operational activities. Whether you want to get married, plan to have family, or intend to retire, a number of reasons can create hurdles for the financial health of your business. CPAs can seamlessly navigate the changes and help you make viable decisions to maintain your current business growth.
Payment of the Right Amount of Taxes and Timely Compliance
Small business owners often get entangled in the cobweb of back taxes to the IRS. Delay or failure to pay back unpaid taxes can result in harsh penalties. CPA’s can help you realize what you may or may not owe to the IRS and will be beside you every step of the way. As a Nashville CPA firm with over twenty five (25 ) years of experience we can make sure timely compliance of all tax forms are made .
CPAs and Real Estate Ventures
The need to hire a CPA is of utmost significance when you own rentals or run a real estate agency or are in engaged in real estate development. Unlike other taxation rules, rental properties are quite specific, and an experienced CPA can guide you the best choices available for you like the depreciation rules and 1031 exchange. Apart from doing an effective job, a CPA will lift a fog of confusion and can clarify a lot of financial puzzles for you.
Final Thoughts: Collaborate with a Nashville CPA
Your goal should be to find a Nashville CPA that can perform the responsibilities of a bookkeeper and an accountant. Remember, an experienced CPA can not only prepare taxes but also help you plan to save in future. Additionally, you can even ask your CPA to review and confirm the information on your past tax returns. It would be best to form a collaborative relationship with your Nashville CPA to improve your business and eventually set yourself for retirement.