Accounting

Should my business be an S corp

7 Questions to Ask Before Hiring an NYC Accountant

Congratulations! If you’re an entrepreneur or business owner on the hunt for an NYC accountant, it’s a sign of growth. It’s also a smart move. In a survey of 393 small business leaders, an accountant was ranked as the most important professional used by their business.

From potential tax savings to improved cash flow, an accountant is worth the investment – if you hire the right one. Before hiring an NYC accountant, ask these 7 questions:

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RUSSO CPA Blog tax tips

Tips for Getting Paid on Time

For many business owners, collecting on your accounts receivables can be challenging especially as more people switch from established collection procedures to online payment methods. The good news is that you can take positive action to improve collection rates, shorten the aging days of your accounts receivable, help your business improve its cash flow and tighten up its credit and collections policies. While some of the tips discussed here may not be suitable for every business most can serve as general guidelines to give your company more financial stability.

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Tax Tips Image: Neatly stacked pennies in an ascending line. Russo CPA Tax Tips 2023

Tax Tips: Obtaining Prior-Year Tax Information

Tax season may be over, but you still need to hang onto your tax returns and other tax records for at least three years. However, if the IRS believes you have significantly underreported your income (by 25 percent or more), or believes there may be an indication of fraud they have the authority to go back six years in an audit. Furthermore, some documents including those related to real estate sales should be kept for three years after filing the return on which they reported the transaction.

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Who Can Represent You Before the IRS?

Many people use a tax professional to prepare their taxes. Anyone who prepares, or assists in preparing, all or substantially all of a federal tax return for compensation is required to have a valid Preparer Tax Identification Number (PTIN). All enrolled agents must also have a valid PTIN.

If you choose to have someone prepare your federal tax return, then you should know who can represent you before the IRS if there is a problem with your return. Here’s what you should know:

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