Clarifying Accounting Terms – Or Getting Your Money Out

Your local Certified Public Accountant is spending time gearing up for the upcoming holiday. Tax season! As the rest of the worked is focused on the end of December, CPAs all over are focused on the end of January. The first electronic filing day is January 22, 2013 and it will be here before you know it.

Doctors. We, as a species, have the inherent need to survive and this occupation in the strongest of terms, help us achieve this goal. Not just the medical practitioners but also researchers and psychiatrists are needed by our society more than ever.

All businesses should hire an accountant to prepare cash flow forecasts. Because having the right accountant to create the right cash flow strategy is important. An accountant can prepare budgeting processes, general accounting procedures and practices, billing and collections procedures, internal and external reporting, internal controls, IRS return filing and taxation, and audit requirements.

Choosing an accountant on price alone is not a very good idea. No one is adverse to finding a bargain, but a good accountant can actually end up saving you a lot more money than you spend on them so it is always worth looking for the best one you can rather than choosing one just because they are cheap.

Cashflow Advice. If you get your cashflow wrong you can actually got out of business. It’s all well and good having orders in the pipeline for the coming year, but if you haven’t got cash in the bank to pay the bills that are due right now, you’re still in trouble. An accountant can help you plan properly to check your cashflow is keeping up with expenses, and if it isn’t, to spot the problems early enough to give you a chance to head them off.

The IRS is not going to be cooperative with these loan companies. It will no longer provide information to these refund processing companies. In the past, these companies would check with the IRS to see if there were any liens, back child support or past due student loans owed. This is private information which the IRS will no longer share. The IRS has taken their stance against these for profit loans. In 2009, there was approximately 750 million in fees paid into companies for 8 million people who requested these tax loans. The quick turnover rate for electronic filing tax payers should help prevent the need for the tax loans. There are reputable tax companies offering these loans as one of their services, but the IRS and many Certified Public Accountants Stoke Newington do not recommend them.

“I can’t do that”, he said, “I’m an accountant”. I would have to camp down there in the restaurant to see what’s going on. And they wouldn’t pay the fee”.

Today, clients are increasingly prepared to pay for documents they can understand. One day soon, they’ll refuse to pay for documents they can’t understand. Fair enough too.

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