Beyond Green Visors…175 Things Accountants Do

Beyond Green Visors…175 Things Accountants Do

By John T. Iacopi, CPA

Accountants do so much more than “count beans” and wear “green visors”….the old stereotype picture people think of when the term “accountant” is used.

I have been reflective on the many services our firm provides to its clients and thought I would prepare a listing of “things that we do” that quickly come to mind. I am sure there are more but for a solid description of what a CPA can do for you and your company, this is a fairly comprehensive list developed from the services our firm can provide. Here we go:

1. We provide business planning services and analysis to all types of clients and family businesses,
2. We cheer on our clients in good times and encourage and support them when times are no quite so good,
3. We offer solid business advice to the entrepreneur and we think as entrepreneurs think,
4. Business goal setting and client mentoring,
5. Crisis management,
6. Incentive compensation arrangements and deferred compensation planning and payouts – non-qualified plans, past service compensation planning,
7. Reasonable compensation analysis for tax deduction and shareholder related purposes,
8. “C” to “S” corporation conversions and consultations,
9. Personal coaching and consultation for executives,
10. Estate planning and consultation on the use of various tools such as SCINS, GRATS, Defective Trusts and the like,
11. Tax preparation services – individual, corporation, partnerships – all prepared in-house and timely,
12. Audits of financial statements,
13. Financial statement review engagements,
14. Compilations of financial statements,
15. Divorce related accounting services,
16. Settlement conferences conducted and attended,
17. Depositions including preparations,
18. Trial preparation services and testimony review,
19. We listen well,
20. We act as your “sounding board”,
21. Planning, planning and more planning,
22. Restructuring plans,
23. We work with clients to find ways to grow their businesses,
24. We think…..way, way outside the box,
25. Succession planning services,
26. Tax audit avoidance and support,
27. Family business disputes and resolution assistance,
28. We help clients market and sell their business,
29. We help clients locate and buy businesses,
30. We act as trusted advisors with privacy assured,
31. Assist clients with changing banks and relocating their business and loans,
32. Purchase and sale price allocations to component parts to maximize tax savings via depreciation and capital gains versus ordinary income recognition,
33. We assist with client finances and locate lenders and assist in refinancing of business loans and preparing loan applications,
34. We assist in evaluating opportunities for our clients,
35. We offer tax audit representation services – income, sales tax, estate and gift tax audits,
36. Expert witness testimony at trial,
37. Loan proposal evaluations and loan document reviews,
38. Cost segregation studies to allocate purchase costs to depreciable components to maximize legitimate depreciation related deductions (shorter life assets),
39. We dig for legal tax deductions,
40. IC Disc planning,
41. Cash flow analysis,
42. Human relations (HR) assistance,
43. Pre-marital agreement planning,
44. Business breakups,
45. Joint venture formations,
46. Tax free exchanges and planning, IRC 1031,
47. We speak to client staff members and assist them in their positions to better serve our clients, their superiors,
48. We offer fringe benefit planning and speak to your employees,
49. Board of director meeting attendance and participation,
50. Strategic and creative thinking and planning at all times and implementation on a “hands on” basis,
51. Gift tax planning and decision making assistance,
52. Creative solutions to your business and tax related issues,
53. Think and planning and brainstorming sessions including “think tanks” offsite,
54. Review of tax returns for taxpayers who are not our clients…i.e.: Second opinions,
55. Computer processing and support,
56. Depreciation schedules – both clean ups and set ups,
57. Business appraisal services – what’s your business worth?
58. Dispute resolution and litigation settlement assistance,
59. Structured settlements to maximize, clarify and support tax filing positions,
60. Use of Trusts in business and estate and insurance planning,
61. Limited legal liability evaluation,
62. Capitalization of businesses – thinly capitalized and exposure planning (pierce the corporation veil),
63. California Code Section 500 related values and services,
64. California Code Section 2000 related values and services,
65. IRC 529 plans and related educational planning to set aside funds for future education purposes,
66. Purchase or lease analysis – equipment and real estate,
67. Shareholder/business partner redemptions and special meeting minutes,
68. IRC 754 elections and its applications – partner buyouts and tax related allocations upon the death of a partner or LLC member,
69. Partner and shareholder admissions to businesses,
70. Buy-sell agreement preparation assistance,
71. Input on loans and promissory notes – loan terms and security,
72. Fractional interest gifts and appraisal discounts – lack of control and lack of marketability discounts and support, USPAP compliant reports,
73. Charitable foundation consultations,
74. Charitable donation deductions for appreciated property,
75. Farmer accounting services and planning,
76. Tax loss carry backs and refund applications,
77. Offers in compromise with taxing authorities,
78. Business budgeting and cost cutting planning,
79. Sales growth planning,
80. Family law consultations and planning for community property divisions,
81. Separate property agreements,
82. Planning for active/passive tax losses and offsets,
83. Trust and estate accounting,
84. Court accounting,
85. Trust tax returns – forms 1041,
86. We bug our clients for their own good and establish as sense of teamwork,
87. Estate tax returns – forms 706,
88. We help clients make the “tough calls”,
89. Employer – employee liaisons and dispute resolution,
90. ESOP consultations – pro and con, etc.,
91. Non-profit accounting and tax filings and establishment,
92. Enterprise zone, R & D and other tax credit consulting,
93. We offer “in the home appointments” and after hour and weekend appointments,
94. We travel for your business and “go where the project takes us”,
95. Insurance evaluations – we evaluate your needs for insurance, which has its place in any business setting and planning process,
96. Insurance claims – damages assessments,
97. Investment counseling and investment opportunity evaluations,
98. Budgeting and Forecasts and present value analysis,
99. Year end tax planning,
100. Fiscal vs. calendar year reporting evaluations,
101. Tax projections and planning….so that very few “surprises” pop up on “tax day”,
102. No “last minute” or crammed “here’s your return, now file it” tax filings,
103. Tracing of funds in litigation settings,
104. Charts and graphs for your presentations,
105. Account management staff consistency….low turnover of CPAs at our firm…you don’t have to work with a new CPA each year!
106. Forensic accounting services,
107. Legal counsel trial preparation assistance on accounting matters,
108. Second opinions on accounting matters,
109. Arbitration and mediation of accounting and tax issues,
110. Inventory observations,
111. Lifestyle analysis,
112. Family budgets and savings planning,
113. Financial planning – personal and corporate,
114. Personal financial statements prepared,
115. Retirement planning – setting funds aside for the future,
116. We will serve as a Trustee for Trusts,
117. We will serve as a Court Appointed Receiver,
118. Bookkeeping services,
119. QuickBooks consultations and instruction on its use,
120. Alimony and temporary support computations in divorce related settings,
121. Property settlement agreements and memorandums of settlement for legal counsel to follow with tax related input,
122. Interviewing attorneys for client needs and related referrals,
123. Fee related evaluations,
124. Fairness opinions,
125. Financial planning – we do not sell products – hourly charges only,
126. Board of director meeting minutes to document tax sensitive business actions,
127. Shareholder loan work outs and resolutions,
128. Consultation on releases,
129. Roth conversions/IRA account planning and projections,
130. Video presentations/absentee presentations and analysis,
131. Consultations regarding innovation for your business ,
132. Social networking and planning,
133. Professional writing/authorship/ghost writing,
134. Business commentaries and sales brochure presentations,
135. Field trips and photography of your business for valuation and documentation purposes,
136. Business real estate purchase consultations and financing options and evaluations,
137. Product pricing assistance and cost accounting, gross margin analysis,
138. Compensation studies and compensation planning,
139. Present value analysis and computations including Monte Carlo variations,
140. Corporation governance compliance,
141. Intangible asset appraisal services – i.e.: What is the value of your goodwill?
142. Decision trees/pros and cons to actions being considered, shaping decisions,
143. Maximizing your travel and entertainment deductions,
144. Entity planning and evaluations – “S” corporation, “C” corporation, Limited Liability Company, Partnerships, etc.
145. Business capitalization options – common stock, debt, paid in capital, etc.
146. Amazing service with a smile and positive attitude,
147. Rate of return analysis….justification of purchase price tests and presentations,
148. Investment evaluation – pros and cons with thought out reasoning/risk-reward commentary, etc.,
149. Planning for the purchase of a second home,
150. In house presentations for our clients and their staff on topics such as employee motivation, goal setting, attitudes, new tax law changes, other educational topics,
151. Family Limited Partnerships (or LLC’s) – set up and administration, advisability and valuations, checklists, reasoning and support, consultations on an ongoing after set up,
152. Employee policy manuals – input and evaluations,
153. Planning for gifts of separate property via gift splitting with a spouse where non-community property is being gifted,
154. Planning and consulting on corporation tax balances due that will be extinguished via loss carrybacks and getting the balance due NOW stayed via form 1138,
155. Planning for cancellation of indebtedness income and ways to defer immediate tax and reduce basis in assets,
156. Tax credits – energy credits, jobs credits, enterprise zone, etc.
157. We help clients “connect the dots”,
158. Bankruptcy consultations,
159. “S” corporation conversions from “C” corporations with long range analysis presentations,
160. Change in accounting methods and form 3115 preparation,
161. Life insurance trusts – Irrevocable Life Insurance Trust consults,
162. On Campus staff recruitment,
163. Trial preparation and testimony input,
164. Multi-State taxation matters,
165. Computation of damages and analysis,
166. Employee motivation and evaluations,
167. Golden rule practices discussed with clients,
168. Health care planning and use of HSA’s,
169. Cafeteria plans consulting,
170. Business ethics reviews and audits, corporation culture input,
171. Business formations,
172. Offers in compromise on your tax debts,
173. Estate planning/tax elections for pre-2010 tax relief for estates of decedents – $5.0 million estates,
174. Compensation settlements and payouts,
175. Capital gains vs. ordinary income analysis and structure,

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