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Find Accounting Firms Near Me – Perry & Associates

female accountant smiling at colleague during accounting firm meeting

Help! I Need to Find Reliable Accounting Firms Near Me!

Whether you’re in need of complicated financial services, or just reliable accounting advice, finding a firm you can work with and trust is a must. Professional accounting firms can help give you peace of mind for your small business or even for your personal accounting. Finding the best accounting firm near you will be helpful for meeting all of your accounting and tax needs.

How do I find the best accounting firm near me?

If you’re wondering, “How do I find a reputable accounting firm near me?” there are several specific options to consider:

  1. Ask for referrals from your professional network.
  2. Consult the American Institute of Certified Public Accountants directory.
  3. Consider how much experience they have in your particular industry, as well as how much experience they have in the areas that you will need assistance, such as taxes, small business loans, etc.
  4. Find out how the accountant bills for services, and find out upfront what types of fees will be included. Don’t forget to ask about things that you may not even expect, such as dealing with an IRS audit, so that you won’t be surprised if the time comes.
  5. Discuss the availability of your accountant, and how they prefer to communicate.

 

How Will I Know if I Should Find An Accounting Firm Near Me To Assist?

You might wonder if you even need an accountant. After all, there are a variety of resources and apps available that might be cheaper. But will these resources be available for reliable advice and consulting? And will these apps give you all of the information that you need, exactly when you need it? 

Working one-on-one with an accounting firm you trust will help you avoid mistakes and position your business and/or finances for success from the start. Here are just a few of the situations that might indicate the need for an accountant:

Starting a Small Business: As a new entrepreneur, an accountant can work with you as you create your business plan, give you pointers for managing your business’s finances, and give you a solid start to your financial roadmap.

Creating Your Legal Structure: A good accountant can give you perspective on the financial aspects of structuring your entity in different ways. Should you incorporate, become a Limited Liability Company (LLC), a sole proprietorship, partnership, etc.?

Audits: If you or your business are facing an audit with the IRS, having an accountant is almost imperative. They can help you walk through the auditing process, organize your affairs, ensure all legalities are followed and give you suggestions on best practices moving forward. 

Rapid Business Growth: Having a business accountant on hand will be extremely beneficial if you find that your small business has become very successful and money is flowing well. Keeping track of your vendors, employees, payroll, and accounts receivable and payable can become a chaotic venture without proper management. Your accounting firm can help you keep more of the revenue that you’re earning by helping you better track your expenses.

Small Business Loans: Accounting firms can help you prepare the right detailed financial information that your potential lender will want to see. They’ll help answer your lender’s questions about your financials and revenue projections. They’ll advise on interest rates and loan terms & conditions. And their presence in your business plan shows the lender that you’re serious about your business.

Buying or Selling a Business: Interested in buying a business? Be sure to have an accountant scrutinize the business’s financials to determine if the projected revenue is accurate. An account will be able to tell you the current value of the company and its assets, as well as any potential outstanding debt that may become yours. 

On the flip side…when it comes to selling your business, accountants help ensure that your financial records are on track and up to date, showing your business’s true value to potential buyers.   

Tax Services: If you need assistance with taxes, personal or business, professional accountants are well versed and up-to-date in the ever-changing tax laws and regulations, keeping you from making costly mistakes. A good accountant will also look for any available tax credits and/or deductions that you may be missing, helping you put money back in your pocket. Ask yourself “Is this accounting firm near me going to be proactive at saving me money?”

 

In the end, it’s always better to have an expert on your side. If in doubt…at least take the step to talk to a CPA to determine how and if they can benefit you. 

For more information on our various accounting services, give Perry & Associates a call at 740-373-0056.

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Nonprofit Tax Returns for the Tax Exempt – Perry & Associates

volunteers for nonprofit smiling at camera

Nonprofit Tax Returns? But I’m Tax Exempt!

Meet Mary. Mary does a lot of good for the community. In fact, Mary started a nonprofit organization recently helping single moms build marketable career skills, navigate parenthood and balance the demands of work and family life. Mary dutifully filed for her nonprofit tax-exempt (501(c)(3)) status two years ago and has been pouring all her energy into her charity since then. 

But what Mary doesn’t realize is that her nonprofit status is now in danger because she hasn’t filed an annual tax return for the organization in the past two years. But Mary thought that no taxes meant no tax returns. Unfortunately, that’s not the case! 

Most nonprofit organizations, though tax-exempt, are still required to file annual nonprofit tax returns. Not filing, or filing late, can result in penalties for your organization. Failing to file for more than three years in a row can result in the organization’s nonprofit status being revoked.

While these nonprofit tax returns don’t require any taxes to be administered, it is necessary that the organization’s financial affairs be visible to the public.

990 Nonprofit Tax Returns

Nonprofit tax returns, known as the 990, are public documents, and as such, care should be taken to prepare them timely and accurately. Nonprofit taxes can be fairly simple, or quite complex, depending on the size of the organization, nature of the business it conducts, and how much revenue it receives.

The 990 forms serve to allow the IRS and the general public to evaluate the entire mission and operations of the organization; it includes information on the programs, mission, and finances of the organization. Donors, particularly foundations and other grantmaking organizations, use the 990 to help make decisions on whether they should contribute funding to an organization based on the information in the nonprofit’s tax returns.

Does my organization have to file a 990? 

If you’re new to the nonprofit world, or your organization hasn’t filed before, nonprofit tax returns can be daunting. Tax professionals who are experienced with nonprofit organizations can help you figure out if and how you need to file. 

While the type of 990 forms may differ from one organization to another, these types of organizations must file:

  • Private foundations
  • Most tax-exempt organizations with gross receipts over $200,000 or with assets over $500,000
  • Organizations with gross receipts over $50,000 may file a 990 or 990 EZ
  • Organizations with gross receipts that are less than $50,000 MUST file a 990-N
  • Tax-exempt organizations that fall under 501©, 527, or 4947 (a)(1), or that are not exempt from filing

Tax-exempt organizations that do not have to file nonprofit tax returns:

  • Churches and most faith-based organizations (religious schools, missionary organizations)
  • Subsidiaries of other nonprofits, if there is a group return filed
  • State institutions
  • Government corporations

If you are unsure if your nonprofit needs to file, or if you are unsure of how to file a 990 or 990EZ, you should consult a professional tax preparer for help. 

Accountants for Nonprofits

Hiring a firm with a team of experienced tax experts can also help a nonprofit organization with other tax challenges:

  • Filing for tax-exempt status
  • Unrelated Business Income Tax
  • Multi-entity planning
  • State and local tax filing
  • Reviewing internet fundraising activities
  • Maintaining state charitable fundraising status
  • Reviews of sponsorship, affinity, and royalty contracts
  • IRS private ruling requests
  • Donations of property
  • Donations of vehicles
  • Donations of intellectual property
  • Donations of stock

If your nonprofit organization needs assistance with filing nonprofit tax returns or any other tax challenges, give us a call today at 740.373.0056.