Frequently Asked Questions

General Questions

What services does TaxPro Accountants offer?

TaxPro Accountants offers a comprehensive range of financial services including tax planning and preparation, bookkeeping, financial reporting, business advisory, payroll management, and audit and assurance services. We provide personalized solutions tailored to businesses of all sizes and industries.

How do I schedule a consultation?

You can schedule a consultation by contacting us through our website, calling our office, or sending us an email. We offer both in-person and virtual consultations to accommodate your preferences and schedule.

What industries do you specialize in?

Our team has experience working with clients across a wide range of industries, including retail, hospitality, professional services, healthcare, manufacturing, technology, real estate, and nonprofit organizations. We adapt our services to meet the specific needs and regulatory requirements of each industry.

How do you ensure the security of my financial information?

We take the security of your financial information very seriously. We employ industry-standard security protocols, including encrypted communications, secure document storage, and strict access controls. Our team members are trained in data security practices, and we regularly review and update our security measures.

Tax Services

When should I start preparing for tax season?

Tax planning should be a year-round activity for optimal results. However, we recommend beginning active preparation at least three months before the filing deadline. This allows time to gather necessary documents, identify potential deductions, and implement tax-saving strategies before the year-end.

How can I minimize my tax liability?

There are several legitimate strategies to minimize your tax liability, including maximizing deductions and credits, timing income and expenses strategically, contributing to retirement accounts, and structuring your business appropriately. Our tax professionals will work with you to develop a personalized tax planning strategy that aligns with your financial goals while ensuring compliance with tax laws.

What documents do I need to provide for tax preparation?

For personal tax returns, you'll typically need to provide W-2s, 1099s, financial statements, investment records, mortgage interest statements, charitable donation receipts, and documentation for any deductions you plan to claim. For business tax returns, you'll need financial statements, payroll information, asset purchase records, and business expense documentation. We'll provide you with a detailed checklist based on your specific situation.

What if I receive an IRS notice or audit?

If you receive an IRS notice or are selected for an audit, contact us immediately. Our team provides comprehensive audit support, including preparing for the audit, representing you during the process, and helping you respond to any IRS inquiries. We'll work to ensure that the audit process goes as smoothly as possible and that your rights are protected.

Bookkeeping & Accounting

How often should financial reports be prepared?

The frequency of financial reporting depends on your business needs and goals. We generally recommend monthly financial reports for most businesses to provide timely insights into your financial position. However, some businesses may benefit from quarterly or even weekly reporting depending on their size, complexity, and management needs.

Can you help me transition from manual to digital bookkeeping?

Yes, we specialize in helping businesses transition from manual to digital bookkeeping systems. We'll assess your current processes, recommend appropriate accounting software, set up your chart of accounts, migrate your historical data, and provide training to ensure a smooth transition. Our goal is to make the process as seamless as possible while enhancing the efficiency and accuracy of your financial record-keeping.

What bookkeeping software do you recommend?

We work with various bookkeeping software options and can recommend the best solution based on your business needs, budget, and technical capabilities. Popular options include QuickBooks, Xero, and Sage. Our recommendation will take into account factors such as your industry, business size, transaction volume, and reporting requirements.

How do you handle bank reconciliations?

We perform regular bank reconciliations to ensure that your accounting records match your bank statements. This process involves comparing your bank statement transactions with your accounting records, identifying and resolving any discrepancies, and adjusting your books as needed. Regular reconciliations help detect errors, prevent fraud, and ensure the accuracy of your financial reporting.

Business Advisory

How can business advisory services help my company grow?

Our business advisory services provide strategic guidance and financial insights that support informed decision-making and sustainable growth. We help identify growth opportunities, optimize your business structure, improve cash flow management, develop financial forecasts, and implement strategies to increase profitability. By combining our financial expertise with a deep understanding of your business goals, we provide actionable recommendations that drive success.

What is involved in business succession planning?

Business succession planning involves developing a comprehensive strategy for transferring ownership and management of your business to others, whether family members, employees, or external buyers. The process includes business valuation, identifying potential successors, creating a timeline for transition, developing training programs for successors, addressing tax implications, and establishing legal frameworks for the transfer. Our team works with you to create a succession plan that aligns with your personal and business goals.

How do you help with cash flow management?

Effective cash flow management is critical for business success. We help improve your cash flow by analyzing your current cash flow patterns, identifying potential bottlenecks, implementing strategies to accelerate receivables, optimizing payment terms, managing inventory levels, and developing cash flow forecasts. Our proactive approach helps ensure that your business maintains adequate liquidity to meet obligations and fund growth opportunities.

Can you help with business restructuring?

Yes, we provide comprehensive support for business restructuring initiatives. Whether you're looking to optimize your business for tax purposes, prepare for growth, or address financial challenges, our team can help. We'll analyze your current structure, identify opportunities for improvement, and develop a restructuring plan that addresses legal, tax, and operational considerations. Our goal is to create a structure that enhances efficiency, reduces risk, and supports your long-term business objectives.

Pricing & Billing

How do you structure your fees?

We offer several fee structures to accommodate different client needs. These include fixed fee arrangements for defined services, monthly retainer packages for ongoing services, and hourly billing for specialized or variable projects. During our initial consultation, we'll discuss your requirements and recommend the most appropriate fee structure for your situation.

Do you offer package pricing?

Yes, we offer service packages designed to provide comprehensive financial support at predictable monthly rates. Our packages typically include a combination of bookkeeping, tax planning, financial reporting, and advisory services tailored to different business sizes and needs. Package pricing allows for better budget planning and ensures that you receive all the financial services your business requires.

Are there any additional costs beyond your stated fees?

We strive to be transparent about our pricing. Your fee agreement will clearly outline the services included and any potential additional costs. If your needs change or if you require services outside the scope of your agreement, we'll discuss the associated costs before proceeding. Our goal is to avoid unexpected charges and ensure that you always understand the value of the services you're receiving.

How often will I be billed for your services?

Billing frequency depends on your service agreement. For monthly retainer or package clients, billing is typically done at the beginning of each month. Project-based services may require a deposit upfront with the balance due upon completion, while tax preparation services are generally billed upon completion. We'll establish a billing schedule that works for your business during our initial engagement process.