January, the start of a New Year and the time that taxpayers start gathering information and stuffing folders with documents to prepare for the April 15 filing deadline. Sure, taxpayers can prepare their own returns using a variety of online tools. However, these software programs lack the human touch required to understand individuals’ unique financial situations, their business operations and their personal plans and goals for the future. Remember, tax planning is not a once-a-year-and-forget-it activity. One’s actions during the course of the year can affect his or her tax liabilities and savings the following year and in subsequent years. A tax accountant can help ensure that taxpayers identify and maximize the benefits of these planning opportunities and can offer advice on tax-efficient methods to manage a range of often-overlooked life and business events that occur long after April 15.
Throughout the year, savvy individuals and businesses rely on accountants to serve as managers of household budgets; trusted business advisors; and sometimes therapists, who can provide guidance on estate plans, financial disagreements and disputes between family members and business partners. Following is a list of just some of the triggering events for which individuals and businesses should seek the professional advice of an accountant and tax advisor. While taxpayers may be able to manage through these issues on their own, failing to seek professional counsel at the onset can prove to be a costly mistake.
For Businesses
Changes in leadership, boards of directors, audit committees and others responsible for corporate governance and oversight
Changes in corporate structure, operations and technology
Changes in legislation, regulations and matters of compliance
Issues relating to IT security, identify theft and fraud
Managing cash flow
Mergers and acquisitions, spinoffs and divestitures of operating companies
Sales of business
Passing business assets onto heirs
Business expansion
Business across borders
Outsourcing and co-sourcing
Patent protection
Construction
For Individuals
Marriage and/or divorce
Birth of a child or grandchild
Death of a spouse or family member
Receipt of an inheritance
Changes in employment, earnings and assets
Purchasing a home or another large asset
Investing in real estate
Investing overseas
The advisors and accountants with Berkowitz Pollack Brant counsel business owners, individuals and families through a range of life events and help them put into place the appropriate strategies to achieve goals and mitigate tax liabilities.
About the author: Joseph L. Saka, CPA/PFS, is director in charge of the Tax Services practice at Berkowitz Pollack Brant. He may be reached in the Miami CPA firm’s office at (305) 379-7000 or via e-mail at info@bpbcpa.com.
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