Frequently Asked Questions
A Certified Public Accountant can provide much more than annual tax preparation. Meinershagen & Co., LLC provides tax services, accounting services, tax planning, bookkeeping, payroll, financial projections, estate and trust tax preparation, entity selection and restructuring, business valuation, financial and retirement planning, and IRS representation.
For business owners, working with a small business accountant can also provide greater visibility into cash flow, profitability, taxes, budgeting, and long-term financial decisions. Individuals with more complex financial situations may benefit from working with a tax advisor who can coordinate tax considerations with broader financial goals.
Tax preparation primarily focuses on accurately completing and filing tax returns based on financial activity that has already occurred. Tax planning is proactive and looks ahead to determine how current financial and business decisions may affect future tax obligations.
A tax accountant or tax advisor can help evaluate income, deductions, business structure, investments, retirement considerations, cash flow, and other factors that may influence your tax position. For many business owners and financially complex individuals, business tax planning and year-round tax planning can be more valuable than waiting until tax season to consider tax strategy.
Some of the most useful questions to ask a CPA include what types of clients they regularly work with, which accounting and tax services they provide, how they approach year-round tax planning, how often they communicate with clients, and whether they provide additional business advisory services.
Business owners may also want to ask about bookkeeping, payroll, financial forecasting, entity structure, cash-flow planning, business valuation, and IRS tax representation. The best questions to ask your CPA should help you understand whether the firm can support both your immediate accounting needs and your longer-term financial objectives.
A CPA can help business owners understand where money is coming from, where it is being spent, and how financial decisions may affect future profitability. Meinershagen & Co. provides cash-flow and budgeting analysis that can help businesses with cash flow optimization, budgeting, expense management, financial planning, and improving cash flow.
Using financial statements, budgets, profitability projections, and forecasts can also help a business evaluate hiring decisions, major purchases, expansion opportunities, debt obligations, and other growth initiatives.
Businesses can use several types of financial projections and forecasts when evaluating future growth, including revenue projections, expense projections, cash-flow forecasts, P&L projections, profitability projections, and scenario-based forecasts.
Business projections can help owners evaluate what may happen if revenue increases, expenses change, new employees are hired, equipment is purchased, or the company expands.
Understanding the difference between a financial projection vs forecast is also important. A forecast generally reflects what management currently expects to happen, while projections can model different assumptions or potential scenarios. Developing realistic growth projections and financial projections for business growth can help management make more informed decisions about future spending and opportunities.
A business may consider entity selection and restructuring when its ownership, profitability, tax situation, liability exposure, compensation structure, or long-term objectives change. Choosing between an LLC, corporation, partnership, or another structure should not be based on a single factor. Entity selection and tax planning should consider the business's specific financial circumstances and objectives.
Existing businesses may also benefit from evaluating whether it makes sense to restructure LLC operations or consider another form of business entity restructuring as the company grows. A CPA can help evaluate the financial and tax implications of a proposed change while coordinating with legal counsel when legal advice is required.
Common payroll mistakes can include incorrect employee information, inaccurate hours or compensation, missed payroll deadlines, incorrect tax withholding, worker classification problems, and incomplete payroll records.
Even relatively small payroll errors can create administrative problems if they continue over multiple pay periods. Regularly reviewing payroll information can help identify payroll discrepancies before they become larger payroll issues.
Professional payroll services can help businesses establish more consistent payroll processes, maintain accurate records, and meet applicable payroll reporting and tax requirements.
A CPA can help clients address the tax and financial aspects of estate and trust planning, including tax preparation for estates and trusts and planning involving the transfer of assets to beneficiaries. Meinershagen & Co. provides estate and trust tax preparation and planning services designed to help clients navigate complex tax considerations involving estates, trusts, assets, and beneficiaries.
For individuals and families with significant assets, estate and trust decisions may also intersect with retirement planning, business ownership, investments, gifting, and long-term tax planning. Because estate planning can involve both legal and tax considerations, a CPA may work alongside attorneys and other professional advisors as part of a coordinated planning process.
IRS representation allows a qualified tax professional to assist a taxpayer when communicating with the IRS or other tax authorities. You may consider IRS tax representation if you receive an IRS notice, are selected for an audit, have questions involving a previously filed return, or need professional assistance responding to a tax matter.
Meinershagen & Co. provides CPA IRS representation and professional assistance for clients dealing with federal and state tax authorities. The specific steps depend on the tax issue involved, but understanding how IRS representation works can help taxpayers respond appropriately and provide the information requested by tax authorities.
When searching for a CPA near me, look beyond proximity and consider the firm's services, experience, communication style, and ability to support your specific financial or business needs. Meinershagen & Co., LLC serves the Kansas City metropolitan area through offices in Grain Valley, Missouri, Lee's Summit, Missouri, and Overland Park, Kansas.
Clients looking for accountants near me, accounting firms near me, a tax accountant near me, tax services near me, a bookkeeper near me, or a small business accountant near me should consider whether the firm provides both immediate compliance services and longer-term tax and financial planning. Meinershagen & Co. provides accounting services Kansas City, tax planning Kansas City, tax preparation, bookkeeping, payroll, IRS representation, financial projections, and other CPA services for individuals and businesses.