Talk of The Villages Florida - S Corp. and personal tax accountant needed

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Quote:

Originally Posted by Haggar (Post 2219591)

I'm a CPA specializing in small businesses.
You commented that most tax preparers are just paperwork completers. Probably true of H & R Blocks preparers and similar firms. BUT a good tax preparer knows the rules and regulations and laws that can benefit S Corp owners. The IRS is constantly updating their regs and interpretations of the laws. Seen too many returns self-prepared that are incomplete or leave off valuable tax deductions. And it goes beyond just the income tax law - recently in reviewing the "sales tax paid" by a client discovered he was paying too much sales tax by $1,000. Like they say you get what you pay for and paying a qualified and knowledgable tax preparer may save you money.

Medical insurance, home office expenses, pension plans (simple, SEP, IRA, 401 (k)) , mileage, etc - does the average self-preparer have any idea of all the deductions available?

Haggar:

Thanks for your background!

So you will join Stu and I for dinner and theoretic discussions about stock buybacks?

so my personal distain for accountants is not for you to take personally, but for the difference between accounting and finance skillsets and impacts, which have completely different viewpoints on I/S, B/S and C/F statements, and the difference between what accountants do and what finance/financial planning/investment planning does. . . IYKYK

Please keep in mind my background:
Finance, corporate finance, m&a finance, international finance, (20 currencies at once) investments, operational finance, marketing finance with pricing models, IT database / datamart / database design for corporate finance reporting and basis for, data analytics for finance, model builder, corporate forecast model builder in several applications for many parts of corporate finance in many industries and accounting systems, current system accounts in GAAP, IFRS and FERC, most complex activity based costing system in the US as related by E&Y or one of the big firms. . and 40 years part time day trader in stocks and options. . .

so my personal distain for accountants is not for you to take personally, but for the difference between accounting limitations and finance skillsets and impacts, which have completely different viewpoints on I/S, B/S and C/F statements, and the difference between what accountants do and what finance/investments/ and finance does. . .

peace

Quote:

Originally Posted by retiredguy123 (Post 2219602)

I operated a Type C corporation for years and prepared my own taxes and state documents. I would also point out that a CPA is a certification, not a license. You don't even need a college degree to be a CPA.

To practice in Florida, hold yourself out as..............don't you need a license???

Would love to see the non-degree CPA...........can't be many of them. :crap2:

Quote:

Originally Posted by CoachKandSportsguy (Post 2219603)

Haggar:

peace

Can kinda c Haggar's concern about your public disdain (I think the word u r looking for).

Since the tread is about tax return prep, nothing to do with what you listed as your background (too long & wordy to list)...........seems Haggar's background is more suited.

:beer3:

Quote:

Originally Posted by retiredguy123 (Post 2219599)

Just a question. You didn't mention anything about TurboTax. I owned small businesses for many years and always depended on TurboTax to keep up with the new tax laws and to guide me through the legal deductions. Don't most CPAs use tax software when they prepare a tax return?

Can't speak for all CPA's but yes - the professional tax preparers all use tax software. The tax law - just the tax law - is over 40,000 pages. The complexity of all returns has made it necessary to use tax software because of all the interlocking calculations.

And yes - Turbo Tax is good at guiding you through the legal deductions. But the software - as an example - can't guide an owner of a s corp to get a home office deduction if it qualifies.
On Schedule C it's relatively easy to claim a home office deduction - but the S corp rules require a specific procedure to to be able to get a deduction (again if you qualify) and if you want to take the time.

Turbo tax doesn't go into the pension plan options - you can still contribute to some pension plans after 65, after you draw down on other plans and options.

Quote:

Originally Posted by dewilson58 (Post 2219613)

To practice in Florida, hold yourself out as..............don't you need a license???

Would love to see the non-degree CPA...........can't be many of them. :crap2:

You are correct. My bad. Apparently, you do need a Florida license to call yourself a CPA in Florida.

Quote:

Originally Posted by retiredguy123 (Post 2219621)

You are correct. My bad. Apparently, you do need a Florida license to call yourself a CPA in Florida.

No biggie.
At one time, I think there was an additional exam CPA's had to pass prior to putting a shingle out in Florida because there were too many old, non-current, CPA's retiring down here. Not sure if that was fact or fiction..........but probably a good idea.

:wave:

Quote:

Originally Posted by jimbo2012 (Post 2219523)

Log into Facebook | Facebook

Thank you Jimbo2012!

Quote:

Originally Posted by TStVillages (Post 2219527)

Gwynne Lewis, CPA, LLC
P.O. Box 2470
Belleview, FL 34421
352.877.4186 phone
352.600.0544 fax

Thank you TStVillages!

I have used a company called Wells Business Solutions LLC. Very knowledgeable people, and reasonable priced. You can do the quarter things if you like, and they will fill in the rest. They will do business taxes, and personal taxes.
Wells Business Solutions LLC
217 N Apopa Ave.
Inverness, FL 34450
352 423-4290

Quote:

Originally Posted by jwwbmw (Post 2219569)

We used Cheryl Pelott from Dugan & Joyner Associates in Ocala. We were pleased. We also have an LLC and moved from another state. We got her name from another person with similar situation as ours.

Thank you jwwbmw!

Quote:

Originally Posted by Crateman (Post 2219644)

Thank you Crateman!

Quote:

Originally Posted by CoachKandSportsguy (Post 2219603)

Thanks for your background!

So you will join Stu and I for dinner and theoretic discussions about stock buybacks?

peace

Hi.

Have you moved here yet?

Quote:

Originally Posted by retiredguy123 (Post 2219602)

A CPA is Licensed by the States and with some very old exceptions, one requires a degree, and most States require 5 years of College today. While a CPA is not an officer of the court, he/she may represent a client before the IRS. An Enrolled Agent (with the IRS) does not require a college degree but must pass tests to practice before the IRS. A lot of misinformation on this thread.

Quote:

Originally Posted by jmpalladino (Post 2219693)

Thanks. One question. I cannot find anything on the Florida website that requires a CPA to have a college degree. There are education requirements, but not specifically a degree requirement. Am I missing something?

Excellent local CPA

For more than a decade I have used Bill O'Brian, Hartman and O'Brian. He is local (Lady Lake) and has always done an excellent job. We have two companies as well as our personal tax returns and he has always been more than sufficient. Phone number is 352-750-6326.