Why the Hire Act Means You Need to Get Caught Up on Your US Taxes Now – Americans Abroad
There are different ways your CPA should be saving your small business money. Good accountants can make the difference between being "in the black" or "in the red". If your business is located in a small town like Traverse City, Michigan you may think that you CPA options are somewhat limited, but even if you have to travel to get the services your business needs it's worth it, and if you can find a local accountant they may be more in tune to the economic opportunities and challenges of the area. Here are 5 different ways your Traverse City CPA should be helping you save money.
Although it has always been a requirement to file a tax return for all Americans living outside of the US each year, many American expats until now have justified not filing with the belief that the IRS has no way of "finding" them and knowing that they are living abroad/earning income abroad. This has all changed with the HIRE Act.
Offer strategical advise. Valuable accountants can double up as business consultants as well. They are able to add fresh perspective on problem areas within the business. Their advice and suggestions can be invaluable. To measure this in dollar terms is not easy, however one can rest assured that there is a monetary value that can be attached to this advice. Accountants like these want to see the small business succeed. The success is a direct reflection on them as they have helped the business manage the funds in the right way. Their skills in marketing, risk management and inventory matters can be considered invaluable, and you can rest assured they are keeping an eye on the bottom line. This can be an especially valuable asset to a small Traverse City business that does not have access to the plethora of business consultants located in larger cities and is working hard to expand in the current Michigan economy.
Put you in touch with the right people. Quality accountants are well connected in the business world. Traverse City has been affectionately referred to as the largest small town you'll ever live in. Establishing relationships with people who can help you is critical to your success. An accountant is likely to be able to refer investors, bankers and attorneys to the business owner if necessary. They may also have relationships with cost-effective suppliers. In a town where everyone seems to know everyone, warm introductions are very valuable.
The clauses that they can use are - Offer in compromise - Penalty abatement - Partial payment installment agreement - Innocent spouse relief - IRS tax bankruptcy
Executing this task properly the first time can save your business from making costly mistakes based on poor information. Although somewhat sheltered, the economy has affected Traverse City businesses, and many cannot afford to make the expensive mistakes that often accompany unprofessional accounting practices. Thankfully, although a small town Traverse City has over 30 certified public accountant offices located in the area to choose from, and each CPA must pass rigorous testing before being licensed.
Once the attorney has agreed with the IRS, a payment plan that is suitable, the person then has the responsibility to make sure the payment plan is adhered to and all future taxes are taken care of. Once again if the person owing the taxes, feels they need the help of a professional then the attorney will be able to help them.
Take the time to interview several CPA's and discuss your goals and how they might be able to help you attain them. Choose someone who is experienced, able to help in the areas mentioned above and easy for you to communicate with.
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