Need New CPA/Tax Planner/Tax Advisor - NJ/NYC

[No One]

2015 was the first year where my tax return became a bit more complicated.  I am working with the "family CPA" now and the experience has been terrible. He has no idea on how to properly fill our forms for HSA, Schedule C, Schedule SE, etc.  I am actually researching stuff and updating him constantly. At this point, there is not much I can do, but file and hope it all goes well.

 

I am looking to establish relationship with someone who is knowledgeable in the tax planning arena.  Currently have two W2, multiple 1099, a little K1, solo 401k contributions, dividends  I don't think all of this is too complicated, but I would like to have someone to turn to for questions and planning. Any suggestions?

 

Also, does it matter if the CPA/Tax Planner is out of state?  I see jfoxcpacfp posts here and is a CPA.  Her posts are very knowledgeable, but she is in KY and I am in NJ.  Does this matter?  Perhaps the local CPAs may have a better understanding of the NJ state tax code?

[LBKCLU]

You might want to reach out to Joseph B. Matheson, MBA, CPA, ABV, CVA, PFS, CFF, CFE
Diplomate American Board of Forensic Accountants
Fellow American College of Forensic Examiners

Matheson & Associates, LLC
A Certified Public Accounting Firm
110 S. Jefferson Road
Whippany, NJ 07981
Tel 973-428-8885 x241
Fax 888-846-4884
[email protected]
www.MatheseonCPA.com

We have no financial relationship but you can see from his credentials, he is involved in many aspects of accounting.

[No One]

Thanks.  Have you used him before?  Any idea on what he charges?

[jfoxcpacfp]

No One wrote:

2015 was the first year where my tax return became a bit more complicated.  I am working with the “family CPA” now and the experience has been terrible. He has no idea on how to properly fill our forms for HSA, Schedule C, Schedule SE, etc.  I am actually researching stuff and updating him constantly. At this point, there is not much I can do, but file and hope it all goes well.

 

I am looking to establish relationship with someone who is knowledgeable in the tax planning arena.  Currently have two W2, multiple 1099, a little K1, solo 401k contributions, dividends, work in NY and live in NJ, etc.  I don’t think all of this is too complicated, but I would like to have someone to turn to for questions and planning. Any suggestions?

 

Also, does it matter if the CPA/Tax Planner is out of state?  I see jfoxcpacfp posts here and is a CPA.  Her posts are very knowledgeable, but she is in KY and I am in NJ.  Does this matter?  Perhaps the local CPAs may have a better understanding of the NJ state tax code?

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Hi, No One (interesting moniker lol), When it gets to the point that you are the teacher and your CPA is the pupil, you're correct that it's time to look elsewhere. We have clients in NJ and NY and I've got 35 years as a CPA under my belt and am also a fee-only Certified Financial Planner. If it's important to you to sit across the table from your professional, then you should limit your search to local CPAs. [Or we could FaceTime as you set your iPad across the desk from your chair :-) ]

Because we are 2.5 hours away from any metropolitan area, we made the conscious decision many years ago to pursue non-local clients. The majority of our business is virtual/phone/email. Our out-of-state clients say they enjoy the freedom of not having to fight traffic and drive to another office and also the ability to meet outside of "normal" business hours. There is no charge for initial consults so if you'd like to schedule a time to chat, use this link. If you need to meet in the evening or on weekends, you'll need to email or call 270-247-0555 to set up a time. I will answer any questions you have as impartially as possible and will not push you to choose our firm if I do not believe it would be a good fit.

otoh, if it's important to have that local physical presence, I can help you find an experienced, qualified CPA near you.

[LBKCLU]

I have not used him as my wife is a CPA but if you call or email him, I'm sure he would be happy to let you know what his fees might be based upon your situation.

I think one of the other moderators (Jim, not WCI) has used him so you might want to message him and he can share his experience with you.

[No One]

Thanks all.

 

Hi jfox - curious, but how long does it take for you to prepare a return?  Assuming all the info is given to you already and it is nothing too crazy. Trying to see if I should just pay an estimate tax, file an extension and have someone qualified look over the numbers.  And do you do offer tax preparation/tax preparation only, or does one have to go all in with everything?  Thanks.

 

Had another question a little off topic: I know one can contribute employER portion to the solo 401K as long it is done before taxes are filed.  So if one were to file an extension and pay estimated taxes, does the same rule still apply?

[jfoxcpacfp]

Our published turnaround time is 1 week from the date we receive all info. Practically speaking, it currently takes a couple of days.

Our services are à la carte. In fact, the CPA firm and the financial planning firm are 2 separate entities and I have a different partner in each firm. If you would like to know the cost, I can send you a link to a secure portal to upload a copy of your prior year return and any relevant information or we can just discuss.

All clients receive an FPA (Fixed Price Agreement) with the cost and included services before committing to hire us. Tax agreements include audit protection (support in the event of an audit at no additional cost), any returns we might have to later amend, and unlimited consultation and tax planning during the year. Please message me if you have additional questions.

If you extend, that extends your date for payment into SOLO-k.

[No One]

sent msg!

[Fatheroftwo]

I have noticed that a lot of "bad debt" is written off by our accountant. Bad debt meaning, clinical accounts for which our practice was unable to collect any payment. I wish I could tell you what written off means, but I am not sure. The accounting firm says we cannot claim it as a deduction of any type, even though, they are a loss of income as far as we are concerned. We have improved our collections over the years, but we still lose out on 5-10% additional collections because of lack of payment or default. Are these outstanding charges deductible in any way for our practice?

[jfoxcpacfp]

Fatheroftwo wrote:

I have noticed that a lot of “bad debt” is written off by our accountant. Bad debt meaning, clinical accounts for which our practice was unable to collect any payment. I wish I could tell you what written off means, but I am not sure. The accounting firm says we cannot claim it as a deduction of any type, even though, they are a loss of income as far as we are concerned. We have improved our collections over the years, but we still lose out on 5-10% additional collections because of lack of payment or default. Are these outstanding charges deductible in any way for our practice?

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It depends if you are on the "cash" or "accrual" basis. Most practices are on cash basis accounting. That means you do not record income until you have received payment. Accrual basis means that you record income when it is receivable - usually when you bill the insurance or the patient. Because receivables are always so much higher than payables, cash basis allows practices to delay being taxed on income until it is received.

I presume that is what has happened in your situation. Because you have never booked the income, there is nothing to write off when you don't get paid for it. Please let me know if this doesn't make sense. I get this question a lot.

[Fatheroftwo]

Thank you for your reply.  I am new to the forum, but will continue reading it. So far, it has been very insightful.