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Corporate tax strategist

WYRD

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Anybody have any experience or recommendations with a good corporate tax strategist. Not looking for a CPA exactly just somebody that really knows proper tax strategy in the corporate world.
 

Xtrmwakeboarder

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Not sure what you’re trying to do or how much you want to spend, but we have had good experiences with Grant Thornton. Mostly consulting on structure.
 

Done-it-again

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We just move to RKE. I’m sure they could help, it’s been night and day over our last firm.

Richardson Kontogouris Emerson LLP
 
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Go-Fly

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Is your current Engagement focused on the corporation's tax position? That's not normally what I think of, other then clarity of your current tax obligations. If you think you are over paying in taxes, the answer is yes, if you have to ask. I can get long winded on taxes so, I won't
 

WYRD

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Is your current Engagement focused on the corporation's tax position? That's not normally what I think of, other then clarity of your current tax obligations. If you think you are over paying in taxes, the answer is yes, if you have to ask. I can get long winded on taxes so, I won't
Well I assumed you were being sarcastic. To answer your question on a serious note no I'm not looking to skirt the system. I do feel like we are not able to take advantage of the legitimate deductions and programs available for our type of business. Our current CPA has been with us for decades and I feel like it's just status quo at this point. There are certain retirement strategies I want to explore like a back door Roth for example, that my research says is allowed but yet I'm being discouraged from taking advantage of that.

There are some other things that the new tax policy allowed such as 100% deductions for businesses on vehicles and equipment in the first year they are purchased yet my depreciation schedule still shows 5-year terms on new equipment. I've asked about that and can't seem to get straight answers so looking now for second opinions and an in-depth review to see if there's other things we might be overlooking.

So in short I guess my answer is I want to work the system.
 

Gonefishin5555

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Well I assumed you were being sarcastic. To answer your question on a serious note no I'm not looking to skirt the system. I do feel like we are not able to take advantage of the legitimate deductions and programs available for our type of business. Our current CPA has been with us for decades and I feel like it's just status quo at this point. There are certain retirement strategies I want to explore like a back door Roth for example, that my research says is allowed but yet I'm being discouraged from taking advantage of that.

There are some other things that the new tax policy allowed such as 100% deductions for businesses on vehicles and equipment in the first year they are purchased yet my depreciation schedule still shows 5-year terms on new equipment. I've asked about that and can't seem to get straight answers so looking now for second opinions and an in-depth review to see if there's other things we might be overlooking.

So in short I guess my answer is I want to work the system.

SCorp, solo 401k or simple ira, yes on the back door Roth, vehicles has to be a heavy one to expense and if your marginal tax bracket is low enough I pass on the immediate expense of equip

What else you wanna know? Also PPP loan foregiveness is taxable
 

Done-it-again

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SCorp, solo 401k or simple ira, yes on the back door Roth, vehicles has to be a heavy one to expense and if your marginal tax bracket is low enough I pass on the immediate expense of equip

What else you wanna know? Also PPP loan foregiveness is taxable

Yes it is, but the last I heard It might be pushed off a year or so. Has that changed?
 

Done-it-again

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Well I assumed you were being sarcastic. To answer your question on a serious note no I'm not looking to skirt the system. I do feel like we are not able to take advantage of the legitimate deductions and programs available for our type of business. Our current CPA has been with us for decades and I feel like it's just status quo at this point. There are certain retirement strategies I want to explore like a back door Roth for example, that my research says is allowed but yet I'm being discouraged from taking advantage of that.

There are some other things that the new tax policy allowed such as 100% deductions for businesses on vehicles and equipment in the first year they are purchased yet my depreciation schedule still shows 5-year terms on new equipment. I've asked about that and can't seem to get straight answers so looking now for second opinions and an in-depth review to see if there's other things we might be overlooking.

So in short I guess my answer is I want to work the system.

WYRD.....Give RKE a call. We were in a similar situation with our long time existing firm.

This one of the CPA's working on our behalf. You can tell them Matt from Material Flow Systems referred you.....
Brian Gose, CPA | Richardson Kontogouris Emerson LLP
2942 Columbia Street |Torrance, CA 90503
(310) 294-5136 Direct | (310) 527-4550 Main | (310) 527-4549 Fax |RKE OneDrive
 

samsah33

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Well I assumed you were being sarcastic. To answer your question on a serious note no I'm not looking to skirt the system. I do feel like we are not able to take advantage of the legitimate deductions and programs available for our type of business. Our current CPA has been with us for decades and I feel like it's just status quo at this point. There are certain retirement strategies I want to explore like a back door Roth for example, that my research says is allowed but yet I'm being discouraged from taking advantage of that.

There are some other things that the new tax policy allowed such as 100% deductions for businesses on vehicles and equipment in the first year they are purchased yet my depreciation schedule still shows 5-year terms on new equipment. I've asked about that and can't seem to get straight answers so looking now for second opinions and an in-depth review to see if there's other things we might be overlooking.

So in short I guess my answer is I want to work the system.
Cold call a couple of the local CPA firms in your area and ask to meet about their services. Interview them and that will give you a feel for what is out there and whether or not they're a good fit for you. It will also give you an idea about whether or not they can offer the services that you're looking for because a CPA license is not one-size-fits-all, different CPAs specialize in different areas. Additionally, if you tell them your concerns, they will probably give you some advice on above, but don't expect them to review your returns without engaging them in some form or another.

I'm assuming your a small biz, which is why I'm recommending local. Let me know if that's not the case, and I can recommend some good tax CPAs at larger national firms. Something else to keep an eye out for with local firms is their affiliations. Sometimes smaller local firms will become part of an affiliated network of CPA firms, which gives them access to other CPAs who will work with your CPA if yours doesn't provide all of the specific expertise that you're looking for.
 

Done-it-again

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Almost that time of year again. 4th quarter is the time to make changes to current strategies to take advantage of available tax policies 🤔
The R&D tax credit was a big saving.......
 

boatpi

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It’s a great question our company sales increase 420% last year our heads or spinning. We have a new accountant and of course a different CPA on board crunching numbers of the next two months but when you grow medium size overnight or larger, you have to have a strategy.
There are even many sleepless nights, always trying to do the right thing. It’s a real load, so you seek the best advisers to work your way through it.

My recommendation is to do what we did get a high-quality accountant not necessarily a large firm. It works when they work with a close cpa who is a very trustworthy CPA, having to go through your entire books and a sign, all the expenses and purchases and invoices names and commingled them so everything looks correct on your balance sheet and accounting so you can pass any IRS audit . And there it goes to a CPA and you’ll be in good hands.
You’ll also sleep a lot better at night knowing you did a very thoroughly and honestly.
 

King295

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Anyone have insight of what the cost should be for a cpa reviewed financial statement for a smallish single shareholder S-corp should be?

Running Full accounting software with access to all reports and gl entries

@WYRD I sent you a PM with my cell number, happy to chat through any questions you have and can give you an honest fee estimate with a bit more info.

For the benefit of the thread and others, there are numerous factors that play into fee quotes for audits/reviews but the age old saying you get what you pay for applies in earnest here. A lot of smaller tax-driven CPA firms will simply sign-off on your financials without any real thought, I see it all the time. For a lot of business owners an audit or review is a check the box task typically being driven by outside influence (lending requirements, bonding, etc.). Tax planning, which most business owners are more interested in and rightfully so, starts with your financial statements. You can be proactive for book purposes to assist in tax saving strategies while still having GAAP financials.
 

Xtrmwakeboarder

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@WYRD I sent you a PM with my cell number, happy to chat through any questions you have and can give you an honest fee estimate with a bit more info.

For the benefit of the thread and others, there are numerous factors that play into fee quotes for audits/reviews but the age old saying you get what you pay for applies in earnest here. A lot of smaller tax-driven CPA firms will simply sign-off on your financials without any real thought, I see it all the time. For a lot of business owners an audit or review is a check the box task typically being driven by outside influence (lending requirements, bonding, etc.). Tax planning, which most business owners are more interested in and rightfully so, starts with your financial statements. You can be proactive for book purposes to assist in tax saving strategies while still having GAAP financials.

To a point... once you move up the ladder, you're paying for a name that will HOPEFULLY get you a better price on an exit. I think you may get better value from a Big 4 if you have a complex tax structure but see very little in going Big 4 for audit. 20x the fees over a midsize firm, 2x the headache, 2x as slow, and no material changes to your FS, unless the last firm was a total hack and you don't have your FS in line.
 
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