Oh boy, aren’t you curious as to what this tax is You are probably saying “Not another f*#^ing, tax, Rabecca”
Well here’s the thing it’s not a real “tax” per the US Government.
Let me debrief you. Back when we owned a brick-and-mortar tax and accounting firm, we would occasionally get a new client who just didn’t know how we roll.
They would come in with their books, records and receipts, but these receipts were completely unorganized
As a matter of fact they would be in Stop & Shop grocery bags or Macy’s bags
One time a client came in with sand pails full of receipts! Yup, you heard me, sand pails…. like the ones you make sand castles with!
We would proceed to prepare the work and then invoice the client with a line item for the “Pain and Suffering Tax”.
This charge was listed as an actual fee with a “courtesy discount” down to zero dollars, meaning we didn’t charge the client for it that year, but SHOWED THEM THE LINE ITEM.
Upon pick up of the return the client would be escorted into my office for the talk with regard to this invoice line item.
Almost like visiting the principal’s office.
Our chat would consist of how the receipts and documents were presented to us, as well as how we would like them to be organized for next year.
With a strong warning that if they showed up in S & S bags or sand pails and such, we would, in fact, assess the “Pain and Suffering Tax” to their invoice ☺.
Of course there would be a chuckle, but there would also be a wink to assure them our sarcasm was serious!
Here are 10 Tips to Becoming Your CPA’s Favorite Client:
Compile all quarterly tax reports from your payroll service. This includes Form 941s, 940s, State Reports, W-2’s, etc.
Obtain year-end payroll journal with year-to-date totals for each employee as well as all payroll taxes.
Identify shareholders and officers of the corporation. Also inform of any changes or new adds from last year.
Information on any shareholder loans to the company or from the company. Provide any substantiation that you may have, i.e. cancelled checks, deposit records, etc.
Provide December 31st bank statements (assuming you are at calendar year-end) from any and all accounts, as well as statements from investment accounts.
Present December 31st statements on credit cards and any loans you may have.
Make available purchase and sales documents for any major purchases of equipment, automobiles, office furniture, fixed assets, etc.
Supply loan agreements on any new purchases.
Check your asset list from the accountant’s balance sheet to ensure you still own all of it. If you don’t recognize some assets, notify your accountant.
GET THIS STUFF TO YOUR CPA ASAP! This will put you in the line up, even if you are missing documents.
Your CPA will love you, appreciate it and you will rise to the top of his/her “A” list!
This should not be cumbersome with everything available online. It should be easy to download and send to your accountant.
And you had best be on a cloud based accounting program where you can invite your CPA to access your file.
Nice and easy. If you are NOT on the cloud for your accounting system, GET THERE!
We can help with the implementation of accounting programs so give us a SHOUT if you need assistance picking one and setting it up!
Alrighty team, that’s all for today.
Until next time, we are proud to assist you in MAKING YOUR BUSINESS EVEN BETTER!