FACT - "The Federal Tax Code is composed of 45,662 pages that require taxpayers to choose from 703 different forms. The Internal Revenue Code has grown to almost 1.4 million words today and is now 500,000 words longer than the Bible."
There is another unequivocal fact that every small businessperson should know - "small privately held businesses pay a considerably higher percentage of their earnings to taxes than do large corporations in America."
Though competent and qualified, the attorneys and accountants serving the small business community are not tax specialists. They are general practitioners. Small business attorneys focus mainly on legal matters such as contracts, entity formation and debt collections. Small business accountants wear many hats, such as: handling the books, interacting with the state and federal revenue services, reconciling bank records, preparing quarterly wage reports, etc. They simply don't have the time to spend 50 hours a week, 52 weeks a year, learning the intricacies of the ever changing tax code and applying the tax saving opportunities that lie within it.
When it comes to taxes, we have consistently found that most small businesses are merely doing year-end compliance work. Year-end tax compliance is what the IRS requires of a business. Basically, your accountant subtracts your expenses from your revenues, throws in the standard deductions and tells you how much you owe Uncle Sam. Does this sound familiar?
Small businesses should, like big businesses, properly structure their organizations to take advantage of the tax code. They should learn the tax reducing opportunities afforded to all businesses, both big and small. veba LLC provides tax expertise that enables the small business owner to legally hold on to a considerably higher percentage of his earnings.
On average, we reduce our clients' tax burdens by 20% to 40%. In fact, if after a complimentary verification of a client's tax disposition, we determine that we cannot reduce his full year tax payout by more than twice our one time fee, we walk away with no obligation to the client. We are so confident in our abilities that we will sign our name to a binding agreement assuring the client those tax savings.
Is your accountant a tax collector for the IRS? Probably. Google his name and Lance Wallach and YOU decide.
Lance Wallach, National Society of Accountants Speaker of the Year and member of the AICPA faculty of teaching professionals, is a frequent speaker on retirement plans, abusive tax shelters, financial, international tax, and estate planning. He writes about 412(i), 419, Section79, FBAR, and captive insurance plans. He speaks at more than ten conventions annually, writes for over fifty publications, is quoted regularly in the press and has been featured on television and radio financial talk shows including NBC, National Pubic Radio’s All Things Considered, and others. Lance has written numerous books including Protecting Clients from Fraud, Incompetence and Scams published by John Wiley and Sons, Bisk Education’s CPA’s Guide to Life Insurance and Federal Estate and Gift Taxation, as well as the AICPA best-selling books, including Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots. He does expert witness testimony and has never lost a case. Contact him at 516.938.5007, wallachinc@gmail.com
ReplyDeleteJanuary 18 at 7:56am ·
I have a CPA and an Attorney. Why do I need you?
Lance Wallach
FACT - "The Federal Tax Code is composed of 45,662 pages that require taxpayers to choose from 703 different forms. The Internal Revenue Code has grown to almost 1.4 million words today and is now 500,000 words longer than the Bible."
There is another unequivocal fact that every small businessperson should know - "small privately held businesses pay a considerably higher percentage of their earnings to taxes than do large corporations in America."
Though competent and qualified, the attorneys and accountants serving the small business community are not tax specialists. They are general practitioners. Small business attorneys focus mainly on legal matters such as contracts, entity formation and debt collections. Small business accountants wear many hats, such as: handling the books, interacting with the state and federal revenue services, reconciling bank records, preparing quarterly wage reports, etc. They simply don't have the time to spend 50 hours a week, 52 weeks a year, learning the intricacies of the ever changing tax code and applying the tax saving opportunities that lie within it.
When it comes to taxes, we have consistently found that most small businesses are merely doing year-end compliance work. Year-end tax compliance is what the IRS requires of a business. Basically, your accountant subtracts your expenses from your revenues, throws in the standard deductions and tells you how much you owe Uncle Sam. Does this sound familiar?
Small businesses should, like big businesses, properly structure their organizations to take advantage of the tax code. They should learn the tax reducing opportunities afforded to all businesses, both big and small. veba LLC provides tax expertise that enables the small business owner to legally hold on to a considerably higher percentage of his earnings.
On average, we reduce our clients' tax burdens by 20% to 40%. In fact, if after a complimentary verification of a client's tax disposition, we determine that we cannot reduce his full year tax payout by more than twice our one time fee, we walk away with no obligation to the client. We are so confident in our abilities that we will sign our name to a binding agreement assuring the client those tax savings.
Is your accountant a tax collector for the IRS? Probably. Google his name and Lance Wallach and YOU decide.
Lance Wallach, National Society of Accountants Speaker of the Year and member of the AICPA faculty of teaching professionals, is a frequent speaker on retirement plans, abusive tax shelters, financial, international tax, and estate planning. He writes about 412(i), 419, Section79, FBAR, and captive insurance plans. He speaks at more than ten conventions annually, writes for over fifty publications, is quoted regularly in the press and has been featured on television and radio financial talk shows including NBC, National Pubic Radio’s All Things Considered, and others. Lance has written numerous books including Protecting Clients from Fraud, Incompetence and Scams published by John Wiley and Sons, Bisk Education’s CPA’s Guide to Life Insurance and Federal Estate and Gift Taxation, as well as the AICPA best-selling books, including Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots. He does expert witness testimony and has never lost a case. Contact him at 516.938.5007, wallachinc@gmail.com