Financial accounting and cost accounting with preparation of SSARS No. 21 financial statements
US tax compliance
Foreign tax compliance
Mergers and acquisitions
Tax planning and payroll
Consulting
∞Assessment of bookkeeping compared to generally accepted accounting principles
∞Transition support from bookkeeping to generally accepted accounting principles
NEW!
A CPA means many things to many people. The perception of CPAs by business owners is critically important because business owners look to CPAs for explaining seemingly difficult topics in a way that makes sense to them in order to make reasonable decisions.
When information entered into the books of a company is incomplete, inaccurate, inadequate or utilize shortcuts taught on the Internet, answers to critical questions business owners have become out of reach. This unfortunate situation often leads to incorrect decisions being made which can alter the course of a company and compromise not only the trust required in a professional relationship but also the livelihood and well being of the business owner, the company's employees as well as the continuity of the business itself.
Bookkeeping is by and large an unregulated and unlicensed occupation. This means anyone can call themselves a bookkeeper. Given the recent widespread acceptance of home-based businesses, marketing campaigns have targeted business owners by suggesting bookkeeping products can correctly be used by anyone calling themselves a bookkeeper. However, this is a baseless claim. The misperception of a bookkeeper as being knowledgable and thus adhering to accounting standards has become commonplace and widely accepted because, simply put, there is nothing which prevents this.
Webtaxcpa was begun over two decades ago with the simple idea of preparing financial statements and income tax returns from information provided via email. This has proven to be not only a safe and secure method for sharing confidential information, but it is now a widely accepted common practice. I am grateful for my affiliation with qualified, trained accountants who understand the risks associated with alternative methods being widely advertised.
Webtaxcpa has been and will continue to be a reliable online source for financial and cost accounting as well as taxation.
Attorneys and CPAs work seamlessly together primarily attributable to overlapping client matters involving contracts, trusts, deeds of trust, buy-sell agreements as well as other legal documents. Also, a tax attorney can represent clients before the IRS as well as the United States Tax Court where litigation is involved. Often CPAs are utilized by attorneys to provide expert witness testimony in trials in which a CPA provides information regarding the accuracy of books and records as well as income tax returns.
However, at no time may a CPA disclose client confidential information without the permission of a client, except in limited situations where there is a court order or a client initiates a legal proceeding by the client which requires the CPA to defend himself/herself. The rules of evidence generally afford an attorney the same rights whereby breach of confidentiality results in the inadmissibility of evidence.
CPAs are required to adhere to ethical standards of impartiality and objectivity, and attorneys must also assert this principle resulting in CPAs and attorneys having a similar approach in effectively and efficiently resolving client matters. In a nutshell, impartiality and objectivity are essential elements in a professional engagement and are the cornerstone for guaranteeing the equality of all citizens before the law. Having a CPA and an attorney who adhere to this standard almost certainly guarantees a satisfactory result for the client.
Attorneys and CPAs work seamlessly together primarily attributable to overlapping client matters involving contracts, trusts, deeds of trust, buy-sell agreements as well as other legal documents. Also, a tax attorney can represent clients before the IRS as well as the United States Tax Court where litigation is involved. Often CPAs are utilized by attorneys to provide expert witness testimony in trials in which a CPA provides information regarding the accuracy of books and records as well as income tax returns.
However, at no time may a CPA disclose client confidential information without the permission of a client, except in limited situations where there is a court order or a client initiates a legal proceeding by the client which requires the CPA to defend himself/herself. The rules of evidence generally afford an attorney the same rights whereby breach of confidentiality results in the inadmissibility of evidence.
CPAs are required to adhere to ethical standards of impartiality and objectivity, and attorneys must also assert this principle resulting in CPAs and attorneys having a similar approach in effectively and efficiently resolving client matters. In a nutshell, impartiality and objectivity are essential elements in a professional engagement and are the cornerstone for guaranteeing the equality of all citizens before the law. Having a CPA and an attorney who adhere to this standard almost certainly guarantees a satisfactory result for the client.
Tax topics of general interest
SECURE Act basics for inherited IRAs:
Post 12/31/19 inherited IRAs are required to distributed within 10 years of the date of death.
Exceptions apply for beneficiaries who are not eligible designated beneficiaries:
Surviving spouses
Individuals not more than 10 years younger than the account owner
Chronically ill individuals
Disabled individuals
Minor children
An exception applies to designated beneficiaries, meaning one who is not an eligible designated
beneficiary. Designated beneficiaries can "stretch" inherited IRA RMD (required minimum distributions)
over their lifetime if they are not more than 10 years younger than the account owner