CAROL GENRICH, C.P.A.
FOR PEACE OF MIND!
For Peace of Mind
The economy is in chaos and you just got an audit letter from the IRS!
Looks like you could use a CPA about now!
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Cash Flow Problems?
Where did it all go?
CPAs by training are conservative. They would usually rather keep you out of trouble in the first place than have to try to rescue you later.
Business people are risk takers. If they weren't, they wouldn't go into business in the first place. The job of their CPA is to provide their client with various viable alternatives in financial situations, evaluate them to determine the likely outcome and cost, inform the client, and let the client decide how much risk they are willing to accept.
The general rule in such situations is that the more risk, the higher the potential return. Nobody but the client can decide how risk sensitive they are.
The CPA helps the client make good decisions by providing the backup analysis on which to base these decisions. They provide the tax analysis of the various options so they can be prepared on an after tax basis. They also do a good job of playing the devil's advocate to make sure the client has considered all options and possible outcomes.
Nobody has a crystal ball. At some point you just have to take a giant leap of faith when you decide to enter new territories. Your CPA can help make sure you do so with your eyes wide open and your rose colored glasses safely tucked away in a drawer.
Good records over the years provide a firm foundation for decisions because they help you truly understand where you have come from and what it took to get you where you are today. They are also an indicator of future success.
In the final analysis, you still have to take that giant leap of faith when you step off into unchartered waters.
Good Luck!
A small business person's CPA also serves as their confidential personal adviser when financial crisis occur.
They can represent their client before the IRS in an audit situation. They don't just sit there and listen to what is going on. They have the legal right, with the taxpayer's written permission, to speak for them, attend audit conferences in their stead, negotiate adjustments to their tax bill and the like.
You may wonder why a taxpayer would not want to be present in an audit interview with the IRS. The IRS is not supposed to just go on fishing expeditions. They have to have a reason behind their requests for information.
During casual conversations with the auditor during the audit process, many a taxpayer has inadvertently let something slip which gave the IRS cause to request additional information and expand the scope of their audit. This is never good for the taxpayer. The tax laws are so complex that most taxpayers can end up breaking some rules just because they didn't know about them.
Even if you are found to have done nothing wrong, the mere suspicion that you may have is enough to add to your cost of the audit. Your professional fees are higher. Time needed by you and your staff to provide the additional information is expensive. The entire process disrupts your business and your life until it is resolved.
The concept is similar to that old saw that says that anyone who represents themselves in a court of law has a fool for a client.
Caution: If you have been charged, or you think you are about to be charged with a criminal act, you will need a tax attorney to represent you.
Don't you deserve a professional adviser who can help you steer clear of pitfalls in this time of chaos?
You may want extra financial advice now or you may just want help with your more routine accounting needs.
I can help you with your more difficult questions and decisions and/or with your more routine planning, budgeting and accounting needs.
Check out my "Accounting" page for a list of some typical tasks.
For a free initial conference,
Contact me at:
carol@genrichcpa.com
You have a lot to gain and little to lose.
