Twin Falls CPA Helps Local Businesses Grow
Stevens Pierce & Associates, a Twin Falls CPA firm, has provided financial and tax services to small to mid-sized business owners across Idaho. The days when a person could have a good idea or marketable talent and with hard work use that to build a successful business are long gone. Today, it’s not enough to create value. To operate a business, one must comply with myriad rules, regulations, and financial reporting requirements imposed by federal, state, and local authorities.
Even if you do it correctly and don’t incur the fines, penalties, and late fees that can result from a simple mistake, the amount of time you’ll have spent researching pages and pages of IRS instructions to understand how to complete the forms will have cost you more than would paying a reputable accounting firm to do it.
There are More Regulations on the Way
As the federal government tightens its grip on the healthcare industry, and finances that oversight with more taxes, which require more forms, and more tax enforcers waiting for you to make a mistake, the risks incurred by preparing your own personal and business financial statements and tax filings will increase.
While Idaho has fared better economically and fiscally than many states in this “recovery,” all states are looking for more revenue as federal subsidies shrink, and prudent Idahoans should expect new revenue regulations and related compliance costs from both federal and state lawmakers in the near future. Investors are in for more compliance hurdles as well.
In the upcoming months, federal lawmakers will be looking to reduce deductions and write-offs that shield investment income from taxation or that differentiate short- and long-term investments. If you don’t prepare for those changes in advance, when they become effective, you lose.
Employers Face Increased Costs What was once a nice benefit provided by employers to retain valued employees, health insurance is now a mandated cost of doing business under provisions of the new Affordable Care and Patient Protection Act for any employer with more than 50 full-time employees. The employer must either provide their full-time employees with insurance coverage meeting the Act’s minimum standards or pay a hefty fine per employee per year.
Like so many aspects of the Act, the details are a bit vague, and there is a lot of confusion over what constitutes a full-time employee and what level of coverage has to be provided. Congress also passed temporary reductions in payroll tax rates that have now expired – or have they?
Employers could spend hours studying all the new legislation and regulations and still not understand their responsibilities.
You Need Expert Advice
It was recently reported that only 10% of tax filers complete their returns themselves. The other 90% chose to seek professional assistance. That number has been steadily rising over the last decade as tax filing became more complex and will probably increase again this year. Hiring a Twin Falls CPA to produce your tax return or review your financial planning isn’t only a smart move, it is the safest decision you can make.
“I Wouldn’t Think of Doing Business with Anyone Else!”
For more than 15 years, residents and business owners of Idaho have relied on a Twin Falls CPA firm, Stevens Pierce & Associates, to provide tax and financial consulting and services. Operating as an outsourced accounting department for their clients, the firm undertakes responsibility for preparing a client’s compliance-related tax filings and financial reports so that the business owner can focus on more critical aspects of the business.
As financial and tax consultants, clients are advised on the formation of business entities, the timing and structure of business transactions, and due diligence services, including forensic accounting services, to accurately assess business proposals. Their clients rave about the service received. Unsolicited comments from satisfied customers include “Great to work with,” “Excellent advice in all our financial dealings,” and “I would have no clue how to do it on my own.”
Many of the clients date to the firm’s first years in business, more than 15 years ago, and have continued to trust Stevens Pierce & Associates for financial and tax advice. Whether you are a business owner and employer, an investor, or individual tax filer, Stevens Pierce & Associates provide “big firm” experience and “small firm” attention to detail with the flexibility to meet your financial needs.