Once the corporate, individual and foundation tax reporting season is complete, there’s always an opportunity to evaluate and reassess the taxpayer’s level of satisfaction with their CPA relationship. Lack of communication, unwanted tax return extensions, incorrectly prepared Schedule K-1’s, and inability to accurately apply the qualified TCJA reform benefits are just a few of the many frustrations that may have been experienced this past tax season.
Situations can arise in a taxpayer-CPA relationship which makes a taxpayer to question whether or not their current accounting firm is the right fit for them. Small to mid sized closely held companies and family business owners may feel as though they have outgrown their small practice CPA or might feel under served by their larger accounting firm. Some of the common situations where Wright Ford Young is referred into a new client relationship have been:
- Delayed responses from their current CPA or lack of follow up communication that caused their tax returns to be unnecessarily extended.
- Excessive turnover of accounting firm staff that caused the need for re-training and more work to be completed by company employees.
- Need for new growth capital, loan or line of credit that requires a company’s financial statements to be audited, reviewed or compiled for the first time.
- When a company’s employee benefit plan exceeds 100 participants for the first time, thus requiring a qualified ERISA auditor to audit the plan (i.e. 401(k)).
- When a business owner considers a liquidity event, yet doesn’t want to fully exit the business, the consideration of structuring a tax-friendly ESOP is warranted.
- The need for a family business owner to take advantage of the new tax strategies relating to personal estate and trust planning.
- Anytime a company financial leader or family business owner no longer sees a true correlation between the accounting fee they pay and the value of service they receive.
If you are a small to mid-sized company or family business owner who is dissatisfied with your current accounting firm, please contact Wright Ford Young to schedule a no-obligation conversation with one of our audit, tax, or estates and trusts planning specialists.
Spend some time getting to know us and you’ll see how you can achieve compliance without feeling like a number in a “check the box” environment.
Learn how a proactive year-round tax strategy can serve as a valuable improvement vehicle to your profitability, not just a tax time expense.
Understand why estate planning is critical to maximizing your wealth preservation while you are still able to fully enjoy life with your family, not after.
See how our partners and staff are hands-on and better equipped to respond to individual requests from all our clients and not shielded with layers of staff, and realize a true correlation between the fee you pay and the value of service you actually receive.