You look like a smart business owner! And smart business owners know the importance of surrounding themselves with exceptional advisors. The most successful organizations are those that have successful advisory teams, from lawyers to bankers, to IT folks and everyone in between. We at Whyte & Associates are privileged to have partnered with some of the Inland Empire’s most successful entrepreneurs over our more than 65-year existence. The way that we partner is as diverse as the businesses themselves.
So, business consulting services by definition can mean a lot of different things. As accounting professionals in Rancho Cucamonga, we view supporting and advising businesses through the lens of financials. Below, we’ve answered some of the most frequently-asked questions about our consultative approach to teaming up with businesses to boost their financial health.
We are pleased to offer an extensive breadth and depth of tax planning and preparation services. These services are important, because they ultimately reduce your costs and keep more money in your business’s “pocket.” As seasoned professionals, we are aware of the latest regulatory changes. New credits, deductions, and other opportunities to reduce your tax liabilities can be identified by us. We want to make sure you are taking advantage of all the mechanisms that you can to prevent overpaying, and to save at “tax time.” Our professionals also provide peace of mind that your tax returns will be filed properly, fully, and by deadline. This helps you to avoid costly, cumulative penalties.
This also minimizes the risks of oversights that could be “flagged” and lead to a dreaded audit. In the rare event that you are audited, our accountants are designated Enrolled Agents. The highest credential bestowed by the Internal Revenue Service, EAs are qualified to represent all taxpayers, regarding all issues and at all IRS offices.
However, these tax services are only one aspect of how we partner with our clients.
Congratulations! There are many ways that we can get your business off to a great start. How you structure your business can either help or hinder your goals over the longer term. There are different implications, financial and otherwise, depending on if you operate as a sole proprietor, partner, corporation, or LLC. We work closely with you to identify the best start for your business, and to ensure that all “i’s” are dotted and “t’s” are crossed properly and remain that way through the life of your business.
Everyone’s situation is different. But, generally, if you and all of your advisors or appropriate partners and parties have collectively decided to shutter, there are specific legal, creditor, asset, and tax responsibilities and processes that must be satisfied. Again, the specific paperwork and processes that must be submitted or undertaken depends on how your business is structured. Dissolution of a corporation looks different than dissolution of a sole proprietorship or partnership. We also encourage you to explore options for exit strategy and succession planning earlier rather than later. The idea is to begin with the end in mind.