For those unfamiliar with my work, Im Joe Rosenberg and I’m a Certified Public Accountant licensed in New Jersey and New York . I prepare personal and business tax returns. I am a Certified Quickbooks Professional Advisor who helps people get their books and records up on quickbooks. And I prepare business plans for people who have existing businesses or are starting new ones and are looking for financing. I also teach small business subjects such as understanding financial statements, small business taxes, small business recordkeeping, starting a business. I have taught these at a few community colleges. Who are good referral sources for me? These would include financial planners/consultants, commercial insurance agents, personal insurance agents, business attorneys, estate planning attorneys, elder care attorneys, bankers, payroll service, organizations that support small businesses, including government agencies, and staffing services/outplacement firms and headhunters . They will be in touch with people needing the services of a Certified Public Accountant. Those people in transition may need tax help and consultations regarding severance from existing firms, and retirement plans if they are looking to change positions. Some of them will decide to start new businesses. In typical situations involving business recordkeeping, a client will maintain their books on quickbooks. I will review their work, make corrections and adjustments to the books, make recommendations to improve their recordkeeping. Sometimes it is as simple a recommendation as maintaining receipts, and reconciling the bank account. Other times I’ll prepare a checklist or work program for them to watch for certain accruals or prepaid expenses to be adjusted. These could include insurance liabilities under a workman’s compensation policy, additional rent due under agreements with a mall that give the mall a percentage of sales over a designated amount, or additional royalties with to a franchisor where my client is a franchisee of a national franchise. Typical situations for individual tax filings will include obtaining an estimate of capital gains and losses prior to the end of the year to enable the tax payer to estimate their tax liability from those transactions and make sales before year-end to achieve the projected results. I will work with the client’s financial advisor in this area. Sometimes a client changes jobs and has a 401k pension plan with both jobs and has exceeded the amount they are allowed to contribute. I’ll work with the financial advisor to take out before April 15 the excess contribution plus the earnings relating to them, to eliminate penalties. Sometimes clients contribute to an IRA and in the past exceed the limits on earnings or have a retirement plan from their job that limits their contribution. Again, I’ll work with the financial advisor and the client to withdraw the excess contributions plus earnings. I hope the scenarios I have described will help you identify similar situations with your own client base.I look forward to hearing from you. call me at 973-443-4332, or reach me via my website at cpajoe.net.
Posted on: Sat, 31 May 2014 15:41:28 +0000
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