It’s That Time of Year Again. Businesses and individuals are gathering the information needed to complete tax returns and accountants are preparing for yet another “tax season.” You know the drill. This year we want to urge businesses owners to talk to their accountants about more than just minimizing the taxes paid.
The Problems We Want To Avoid: Each year business owners and individuals come to law firms like ours to help them preserve capital, maximize recoveries and minimize losses. Too many times these clients come to us 3, 6 or 12 months too late. We pride ourselves on Results Oriented Legal Solutions, and we hate saying “If only you come to us earlier . . .”
The Good News: With so many great accountants available businesses and individuals can avoid the most common problems we see. Some super accountants work for huge firms that are default accountants for the large institutions or substantial regional firms. Other outstanding accountants practice in boutique practices that focus on one or more market segments. Each client should have a bright capable accountant who really understands their needs.
The three mistakes that businesses and individuals make each year:
- Failure to select an accountant who understand their business (or family tax issues); Neither a computerized tax preparation program, nor a simple tax is going to offer you the insight of a great, experienced, CPA. [Hiring Tip – look for the best value proposition and not the lowest cost]
- Failure maximize their relationship with their accountants share with the accountant the information necessary for the accountant to identify your risks and opportunities; Your accountant can be a great resource to help you improve your business’ performance, but not without the information he/she needs
- Failure to invest the time or money to implement the strategies that minimize risk and maximize reward.
Learn more about how our Hartford Connecticut lawyers can help you with bankruptcy, insolvency, workouts and asset protection.