Do you fit in one of the following categories?
- A business owner (regardless of size)
- Self-employed
- A business owner who received COVID-19 related SBA loan proceeds
- An employer who took advantage of COVID-19 payroll tax incentives
- An investor
- A real estate owner
- A recipient of income from partnerships and/or s-corps
- An individual with significant out of pocket medical expenses
- An individual who received and/or sold inherited assets
If you fit into any of the above categories, or believe that your accounting/tax situation includes some complexity this post is for you.
We all know that this has been a crazy year in terms of not only our national public health, but also in terms of our economic and business environment. During 2020 we have all seen an abundance of tax-related legislation introduced surrounding the COVID-19 pandemic crisis response. By now we have all grown familiar with hearing the terms PPP, EIDL, payroll tax deferral, employee retention credit, sick and family leave credit, and many more. Prior to 2020, these were unknown terms. Much of this legislation has also been revised a few times throughout the year, and has continued to grow increasingly more complex as 2020 has advanced.
If you are a complex individual, a business owner, or even someone with a “side gig” who has thought many times about extending your business partner reach by working with a CPA firm for accounting and tax preparation, this may be the right time. Due to the newly enacted tax regulations surrounding all things COVID-19, as well as the continuation of the regulations put in place through the Tax Cuts and Jobs Act (TCJA) this is a great time for you to establish a relationship with a trusted advisor who can help you navigate these complex times.
Why a CPA Firm?
I get the question quite often, “Why a CPA firm? Can’t someone who is a tax preparer just do my taxes?” Although it is true that someone who is a “tax preparer” can prepare and file your taxes for you, the greater question you should ask yourselves is, “What level of education, professionalism, and proven dedication to a profession should be important to me in such a volatile season while I am considering a partner?”
CPAs have not only achieved a great deal of formal education and certification that proves their dedication to a profession of serving the best interest of clients, but CPAs are also required to obtain 80 hours of continuing education every two years to maintain licensure. It is through our continuing professional education requirements that we focus on learning complexities of the ever-changing tax law/accounting regulations and how to apply these to best assist our clients in their unique situations.
Only CPAs are held to this high standard of continuing education.
I’m Interested, What Next?
Our firm, Bynum CPA, PLLC and our bookkeeping subsidiary company Arc Accounting, PLLC, would like to earn your business as your trusted advisors during this season. If you are interested or know someone who may be interested in tax planning, tax preparation, business bookkeeping, or payroll services please reach out to us.
You can email us directly at info@bynumcpa.com or head over to our website and fill out a contact form. Following that, we will reach out to you to arrange a time to chat about your needs either in person or via video conference.
As always, we are striving to serve our clients well and would welcome you as one of our own.
-Wes
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