Las Vegas Cpa Firm - Planning Cpa

I'm a partner at a Las Vegas CPA firm. Choosing a CPA can be a very complicated decision, however, there are some common factors that you should look at that all CPAs should have. One of those factors is: they should excel at working with people. Being a CPA is a "people profession". It's not just the numbers, you definitely have to be able to work with people; to be a good communicator and a good listener. A second thing a CPA firm should have is: they should be honest. They should be honest and have integrity well above and beyond what you expect. You should be able to be comfortable with the tax returns and financial statements that they're presenting, and that integrity is crucial.

They should also have a great network of other Las Vegas professions. You might need an estate plan or a will done; or maybe you need some investments. There should be some people they can refer you to in order to get your entire financial profile in order. They should be able to do what they say they're going to do. For instance: if they tell you they're going to return your phone call within 24 hours, they should return your phone call within that specified period of time. You want them to return your tax return within the specified time. Your fees should be exactly what you think they're going to be. Make sure they oblige by everything that they tell you. Those are some of the most important things that a Las Vegas CPA firm should have.

One of the things my Las Vegas clients ask me often is, "How can you help me more with my tax planning?", and I think the best answer to that is "I need to talk to you". Whoever your Las Vegas CPA is, if you let them know what you're doing before March of the next year, they can often do a lot of things with entity structure, or just planning the deal to make it more tax efficient. Communication is the key with Las Vegas tax planning, but if you only talk to your CPA once a year, in March, you're missing the boat, and he or she isn't able to help you as much as they could.

For example: I had a client come to me once that was doing a land deal; they owned some land and they were going to build a building on it. And by talking with us, and letting us understand their particular tax situation, we were able to structure another entity, take the advantages between a partnership and a corporation, and capture most of that gain as long-term capital gain, instead of all as ordinary income. But it's one of those things that we couldn't have done if they had started construction and talked to us after the fact.

Make sure that your CPA understands your business and tax situation as early as possible. Give them any information that they might be able to use during the tax planning process, and make sure your Las Vegas accountant really gets to know your and your business.

I'm a Las Vegas CPA who just came out of a meeting with a bunch of students. They were down at a recruiting visit down in Southern Utah. And one of the things we told them when they're looking for an employer is to "find your fit". And that is an absolutely important tip I can give to any business owner as well: When you're looking for an advisor - your attorney, your insurance agent, your Las Vegas CPA - these are people you're going to have to trust an awful lot with the personal details of your life and with the success of your business in some case, and so you need to take the time to interview people and see whether you relate to them, and whether it's somebody that you can trust, someone you can get on the phone and talk to, and someone who shares your values.

Maybe they have a similar appetite for risk. You may not be as cutting edge as your CPA wants to be on taxes, and that may make you uncomfortable. Or, your CPA may be more conservative than you want to be. So it's very important that you spend the time on this relationship at the front, because it's much easier to spend it then, than to change CPAs every 2 or 3 years. So, "find your fit" when choosing a Las Vegas CPA.