When considering a CPA, you must think about tax and bookkeeping – all they can provide. But CPAs are much more than the number crunchers! While auditing financial records and tax preparation are the primary CPA services a Tampa Bay area CPA provides, today’s accounting professionals provide a wide array of value-added services to assist individuals & organizations in obtaining financial success. The rule of accounting is evolving; hence, so many CPAs in Tampa Bay can provide innovative services nowadays, which you are unaware of! Let’s start with some of the remarkable services the CPAs offer!
- Estate & Trust to Protect Your Legacy
Correct trust and estate administration are vital for preserving assets to pass on to your family members. CPAs are professionals in gift, estate, and trust taxes who can aid you in:
- Setting up trusts to safeguard assets – Set up trusts to steer clear of probate, guard assets from creditors, control distributions to beneficiaries, and smoothly transition family businesses.
- Administer estates & trusts as per laws & regulations – Steer through intricate tax rules and filing needs, maintain adequate documentation on behalf of trusts and estates, and make distribution to beneficiaries.
- Create estate plans that reduce taxes – Generate tailored plans to use deductions, exemptions, exclusions, and credits to minimize estate tax liability.
With their years of expertise and meticulous attention, CPAs can ensure your estate plan meets your wishes while improving inheritance for your beneficiaries.
- Tailored Services for Your Financial Concierge
CPAs often create long-term relationships, acting as reliable financial strategists for entrepreneurs and individuals. Services that your CPA can provide directly to you include:
- Insurance assessment – Asses existing guidelines to ensure proper health, life, property, and liability coverage at optimum charges.
- Assistance with significant financial decisions – Give input on major personal financial decisions, such as changing jobs, buying or selling properties, inheriting wealth, or early retirement.
- Budgeting & cash flow planning – Monitor earnings and expenditures to set realistic budgets based on your financial objectives, handling cash flow smoothly throughout the months.
- Forensic Accounting
It uses auditing, accounting, and investigative proficiencies to execute examinations into financial disputes or crimes. CPAs in Tampa Bay serve as forensic accountants and can offer litigation support and professional witness service for the below-mentioned legal cases:
- Calculation of economic damage – Financial damages resulting from loss of business worth, intellectual property violation cases, contract violation, and personal injury lawsuits.
- Matrimonial conflicts – Give complete guidance on isolating finances, detecting concealed assets, and determining income for child and spousal support in case of a divorce proceeding.
- Fraud identifications – Unravel deception by assessing accounting records, legal records, bank statements, and other financial details to spot discrepancies and dubious transactions that may show deceitful activities.
- Non-profit Accounting
They have innovative compliance and bookkeeping requirements. CPAs are well-versed in non-profit regulation and can offer the following:
- Tax reporting customized for 501(c) entities – To preserve 501(c) tax exemption, file correct Form 990 information reports documenting your revenue avenues, spending, assets, and critical personnel wages.
- Budgeting & cash flow assessment – Create budgets that align with grant cycles and strategic objectives and include cash flow forecasts to account for unforeseen liquidity requirements.
- Mechanisms for tracking grants and restricted money – Put in place bespoke mechanisms to accurately record and use grant funds for approved uses while keeping track of compliance documents.
Conclusion
Having a CPA in Tampa Bay for non-profits focused on their mission gives confidence that compliance and bookkeeping are handled with expertise. Their business accounting services help organizations at every stage, from pre-revenue startups to fully set-up enterprises. They provide several strategic insights customized for your business. With their wise financial minds, CPAs are suited for the different types of accounting services mentioned above.
