THE STORY
Two “thrirty something” entrpreneurs visited me last week shopping for a new CPA firm. They reported that their current firm was good for “recording history” but never offered advice on how to grow their 18 month old business. Their first question was “how much do you charge for a tax return”. Like any good salesman, I responded with a series of probing questions: what’s the goal, competition, unique sales proposition, marketing advantage… You know, the kind of questions one asks when interested. Two hours later (after I convinced them they had overpaid Wisconsin Sales tax by $7,000 and that I could file for a refund) their question was “will you take us on as business and personal clients?”
MY CFO
So, how can it be that one CPA firm can cost a client $7,000 and another can save a client the same? Part of the answer is the quality of the CPA’s experience. Is their career experience limited to that of a public accountant or do they have real world experience like: solving/preventing problems as a Chief Financial Officer in publically held and privately held businesses; like working in executive level positions in Banking; like owning and operating small businesses; like helping businesses recover from financial disasters… Another part of the answer is providing holistic services as opposed to simply satisfying a client’s immediate need. My new client is excited about the My CFO bundle of services they have chosen: outsourced, cloud based, bookkeeping, accounting, payroll, tax compliance, and Chief Financial Officer consulting. You can learn more about MY CFO here.
If you or someone you know is looking for a “Hands On” CPA to help grow their business profitably, give me a call at 877-752-1630
IN THE WEEDS
I am sure you heard that Congress passed a Budget bill last Friday at 2:00 in the morning. It was signed into law by the President on Saturday. On Monday, we found out that “buried in the weeds” of the Budget were 50 Tax law changes that were made retroactively to January 1, 2017. This caught everyone but Congress by surprise. The IRS is currently adjusting affected 2017 tax forms, instructions and publications. Next the software vendors will have to correct their applications and then we can file all returns. There are four extensions that may impact individuals:
  • Exclusion of Cancellation of Debt income
  • Deducting Mortgage Insurance as mortgage interest
  • Above the line deduction for tuition
  • Credit for residential energy efficient property put in use
I’ll leave the news right there for now.