June 26, 2015
I just had a meeting with a newer client that in many ways demonstrated the all-encompassing job of a Corporation CPA Tax Preparation Chicago Illinois. They started their business as a sole proprietorship a couple of years ago. As it grew, the excessive taxes that they paid as sole proprietors led them to give me a call.
After doing some tax planning both for the business and the individual partners, it was obvious that establishing the enterprises as an S-Corporation would provide them with adequate legal protections and be the most advantageous entity from a tax reduction perspective. So they set up a corporate structure, moved everything into it, and operated their business.
The business has continued to grow. Our meeting today was about the proper way to compensate and provide incentives to their employees. They also had some questions on their own retirement plans. Given their increased incomes, this portion of the job now requires revision. Here’s the point.
Today’s meeting had little if anything to do with corporation accounting. Most Corporation CPA’s in Chicago would not have been able to properly answer their questions.
When you are a small business corporation accounting firm, as we are, you need to be able to help an entity through all of the stages of business. When a company is new, it has a certain and specific set of questions. As it grows, it has another. Once it matures, yet another set. A proper accounting firm has the experience to help clients through all of the stages of the life cycle. The work isn’t just about accounting. You have to be able to grow with them.
If you have outgrown your current accountant we would love to hear from you. I can be reached at
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June 26, 2015