Updated July 2, 2015
Owning a Small Business Tax Preparation Service Chicago Illinois can be challenging. Especially when we look at our client’s expectations. So, whenever I teach one of my courses, I always ask my students the following question. “What is the main job of a Small Business Accountant?”
The answers normally come in three basic categories.
1 – “To do accounting.”
2 – “To do tax returns.”
3 – “To keep me out of jail.”
The job is all of that, and a lot more. The main job in Small Business Tax Preparation Service Chicago Illinois is to protect the client, their family, and their business. We certainly do that through completing audit-able financial statements and tax returns.
But an easier way to explain the job is to discuss who or what are we protecting clients from.
Sometimes its the taxation agencies. The Internal Revenue Service and the various State Department’s of Revenue have far and wide reaching powers which include the imposition of tax, interest, and penalties. In extreme cases, jail time is also possible.
Sometimes its the banks of other lenders. Most lending agreements give lenders enormous powers in regard to collection. Legal actions, foreclosure, and bankruptcy are all possible when these issues arise.
Sometimes its your own employees, suppliers, or even customers. In today’s litigious times, all of these sectors of your business pose substantial threats.
Sometimes its your own family. Whether its a spouse in a divorce, even possibly your own children once you are older, these situations can prove to be most challenging.
Sometimes its even yourself. How many of my clients want me to put things on their tax returns that will pose a threat to them if audited? Whether its under reporting income, over deducting expenses, or improperly handling their independent contractors, a difficult part of the job is just sometimes saying no. It isn’t easy. But we have to have the independence necessary to save a client even from themselves.
The relationship should by its very nature, be close. My clients discuss issues with me that they would never discuss with anyone else. And that is exactly the way that it should be. The confidentiality and sanctity of the accounting relationship exists for many reasons.
But the main reason for those rules, is so that we can do our job. And that job is to protect.
If you are looking for a new Small Business Tax Preparation Service Chicago Illinois or are having problems with your accounting in general, we would love to help. I love hearing from my readers, and can be contacted at
Additional Accounting Articles and information on my firm can be found at
Chris Amundson is the President of Accounting Solutions Ltd., a full service public accounting firm of Certified Public Accountants and Enrolled Agents handling the bookkeeping, accounting, tax preparation, and audit representation needs of Businesses, Estates, Trusts, and Upper Income Individuals.
Updated July 2, 2015