If you’ve worked with the same tax professional for as long as you can remember, it may be time to take a fresh look at your needs, especially if your business or family has grown in size and complexity.
Change is constant for everyone. The accounting and tax advisors you chose early in your life or career may not be the best suited or comprehensive enough for the challenges you and your family face today. At the same time, your accountants may have moved on, retired, or handed the reins to someone else. Finding a savvy, knowledgeable tax professional who can address and support your current needs is important.
Key Questions to Ask
If you’ve been in business for a long time, it’s time to think about how your life may have changed as the years have gone by. You may want to consider the following questions about your present and future needs.
How has your family’s wealth grown? How complex is your financial situation? Accounting is more than just processing an annual tax annual return and updating changes in estimated income. Cash flow, budgeting, and forecasting are also critical for success. For closely held businesses and family offices, your tax management strategies should help you maximize your benefits, minimize your liabilities, and keep more of your earnings over the long term.
Do you plan to start or acquire additional business ventures? You may be facing complex decisions about your business and its future growth. A trusted and qualified business advisor can help you make informed choices about opportunities such as mergers and acquisitions, as well as how to create optimal corporate structures for maximum benefit.
Do you have succession planning in place? Experts predict that a major economic transition is coming in which trillions of dollars will change hands from older generations to the next generation. Yet only an estimated 42% of family offices have a wealth succession plan and governance framework in place for family members. Whether your intent is to transition the business to other family members or identify an exit strategy, a knowledgeable advisor should be by your side.
What are your family’s priorities? How important is community involvement and charitable planning? Not only does this generational transfer require that younger generations learn to manage wealth; it also requires that families discuss how their wealth is connected to their principles and legacy. Philanthropically minded families can benefit from comprehensive trust and estate services that include annual gifting, charitable trusts and foundations.
Complete Accounting Services Involve More than Filing Taxes
Busy families and successful professionals need tax advisors who not only help them meet their basic record keeping and tax obligations; they also need a trusted sounding board for open and ongoing conversations about their bigger financial picture.
Today’s Certified Public Accountants (CPAs) can help businesses and individuals keep operations running smoothly with services ranging from personal as well as business bookkeeping, accounts payable and receivable to tax planning and preparation of returns. However, comprehensive tax and accounting services include much more.
A knowledgeable and trusted CPA can:
• Provide strategic guidance on improving business operations and financial management practices.
• Properly prepare and analyze financial statements and reporting to gain actionable business insights.
• Help you go behind the numbers and plan for growth and sustained success.
• Implement a forward-looking tax savings strategy for you and your business.
• Represent you or your business before the IRS if needed, including audits, collections, and appeals.
• Help you achieve peace of mind for your family’s future generations, including providing financial gifts for your most treasured causes.
As families and businesses mature, the sophistication of your tax and accounting needs matures along with them.
S.J. Gorowitz Accounting & Tax Services understands that proper management of your tax and financial obligations not only affects your livelihood, it also shapes your family’s financial legacy and the security of future generations. We invite you to contact us at 770.740.0797 if we may be of service to your family.
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