Sly Bald Guys Forum
Confidence and Success => Business/Work => Topic started by: GASlick on February 07, 2008, 06:13:20 AM
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In April, my wife and I started our own small business. I have always done our taxes myself because it was easy, just 1040s and the state return. Anyway, this business stuff is way over my head and I have talked to a couple of CPAs here in town. I go to church with one of them and know the other one personally through some Chamber of Commerce functions and other things so I DO NOT think I am being ripped off. BUT, what is a reasonable fee for a return?
We are not incoporated, just a partnership. (my wife and myself) We use QuickBooks. My wife pays our state sales tax bill and does all the day to day accounting. (she's really smart) I have gotten estimates from $200 - $700 and I dont have a lot of cash laying around to just hand over to people.
Any input?
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GASlick, I'm a CPA, but I don't do taxes. If someone gave you a quote of $200 you're probably either really getting a bargain or you're going to get trash as your end product. I know that H&R Block will charge more than that. If you find a good CPA, they will also give you some good advice that will help in running your business. I don't think $700 is unreasonable, at all.
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I don't mind paying - This is just a new process for me and have no idea what a reasonable amount is. Thanks for the input.
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Just shove it all under the desk...I wouldnt worry about....whats the worst that could happen??? Jail??
Boy..you have a purdy mouth...lol
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I'm like KC, a CPA that doesn't do taxes (other than my own) and his assessment is dead on.
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Timmy I decided a long time ago to behave. I am way to cute to go to jail!
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I have a guy that I use that cost me about $350 a year for both state and federal.
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I used to have a stake in a retail business. Our CPA charged about $1000 for the business and another $400 for personal my personal return. If you can get it done for $700, I'd say that is fair.
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We specialize in individual tax and accounting/returns for small businesses. The fee is really going to depend on how much time it takes to FIX YOUR QUICBOOKS file to get true figures. Uunfortunately, unless you were trained from a QuickBooks person on how to set up your books properly in QuickBooks, they probably need to be re-worked pretty good to get true figures...we charge some of our small businesses $200 - $700 per month to do their monthly work and this includes weekly payroll. There is an additional flat fee of $400 to do the business tax return at the end of the year.
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Go to a local college that has its students do a work term, find the college that trains cpa's, get a student for a work term and pay nothing.
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Go to a local college that has its students do a work term, find the college that trains cpa's, get a student for a work term and pay nothing.
There are no colleges that "train CPAs". You can earn a degree in accounting and typically that includes two courses on taxation - one course for individual taxation and another for corporate taxation. Both are just general overviews and do not even begin to cover what needs to be known to do what GASlick needs to have done. That is type of expertise that comes from on-the-job training and additional coursework beyond what is required for a bachelor's degree in accounting and a CPA license. Like Rick and Schro, I'm a CPA who doesn't work with taxes. I wouldn't feel comfortable taking on an assignment like this. No way would a student be qualified.
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Go to a local college that has its students do a work term, find the college that trains cpa's, get a student for a work term and pay nothing.
There are no colleges that "train CPAs". You can earn a degree in accounting and typically that includes two courses on taxation - one course for individual taxation and another for corporate taxation. Both are just general overviews and do not even begin to cover what needs to be known to do what GASlick needs to have done. That is type of expertise that comes from on-the-job training and additional coursework beyond what is required for a bachelor's degree in accounting and a CPA license. Like Rick and Schro, I'm a CPA who doesn't work with taxes. I wouldn't feel comfortable taking on an assignment like this. No way would a student be qualified.
Way to bite my head off, it was just an idea. Note to self: don't ever post on SBG
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Go to a local college that has its students do a work term, find the college that trains cpa's, get a student for a work term and pay nothing.
There are no colleges that "train CPAs". You can earn a degree in accounting and typically that includes two courses on taxation - one course for individual taxation and another for corporate taxation. Both are just general overviews and do not even begin to cover what needs to be known to do what GASlick needs to have done. That is type of expertise that comes from on-the-job training and additional coursework beyond what is required for a bachelor's degree in accounting and a CPA license. Like Rick and Schro, I'm a CPA who doesn't work with taxes. I wouldn't feel comfortable taking on an assignment like this. No way would a student be qualified.
Way to bite my head off, it was just an idea. Note to self: don't ever post on SBG
I'm not biting your head off; I'm sorry if it came across that way. I was just trying to explain why it's not a good idea.
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Shdwwlk, Don't take it personally. I'm a CPA, and I know that it is very frustrating that people assume that if you're a CPA....Then you must know how to do taxes. Nothing personal at all, but that is a big misconception. Doing taxes (or at least doing them right) takes alot of ongoing training and keeping current with the tax laws. The softwares that are out there can help, but if you don't know what you're doing, they can still get you in trouble. If your return is a simple 1040 or short form, by all means do it yourself or use the freeware or other software. But if you have a business or anything short of the basics, you really should get some help from a qualified professional.
Nothing personal here. Just some words of advice.
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Great summation of the required schooling, Razor. Also, great advice KC!
You shouldn't take offense, Shdwwlk, Razor was just pointing out the basic undergrad requirements of getting a degree in accounting.
That's just the basics.
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I haven't taken offence at all as I have no concept of books nor would I ever want to, the family accountant has always done my taxes and will do the books for my business if I open one. I think I was confusing CPA's with something else related.
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Go to a local college that has its students do a work term, find the college that trains cpa's, get a student for a work term and pay nothing.
There are no colleges that "train CPAs". You can earn a degree in accounting and typically that includes two courses on taxation - one course for individual taxation and another for corporate taxation. Both are just general overviews and do not even begin to cover what needs to be known to do what GASlick needs to have done.
This is true. I'm a recent graduate with a BS degree in accounting (ha, pun!), and there is no way I am prepared for this type of assignment. Some of the students in my courses, who had previous work experience, might have been able to do it though. I'm finding that there is no substitute for on the job training, and getting that training can be very difficult.
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I'm not a CPA yet...I'm on my way. I have one section passed, three more to go.
As far as $700, I don't think it is that unreasonable.
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Another caution, when you do select the CPA for the work, even if they're quite good, their work is defined by your input and so it is ESSENTIAL that you completely check their work to make sure they understood in detail what you gave them. Case in point, I put my apartment building back in service this year, March, after a long and tedious rehab after Hurricane Katrina and the flooding and fighting w/ the insurance adjusters, etc. My CPA didn't pick up the rehab costs in excess of depreciated value, and I would have had to refile an amended return to pick up the new depreciation resulting from the costs of renovating the structure.
Lesson: Check the return completely and ask questions if everything you provided is not reflected in the return.