Mar 04, 2016

How Small-Business Owners Can Get the Best Advice from Their CPAs

By Maureen Renzi, Vice President - Communications

MoneyLife100WomensHisMon_J_reducedSuccessful small-business owners know their industry, their clients, and their market, but chances are they don’t know taxes. They count on their CPA to help guide them with good tax strategy and savvy business planning. Here is a list of issues small-business owners should talk with their CPAs about so they can get the best advice to meet their business needs and avoid costly mistakes.

CPAs also field many questions from business owners through the PICPA’s online Ask a CPA service. Here’s a sample of concerns other business owners have shared.

In addition to the federal tax issues, Pennsylvania’s business tax structure provides some additional challenges. PICPA members work regularly with the Pennsylvania Department of Revenue to clarify local tax issues. While these summaries may be a bit more complicated for the average small-business owner, they may raise some issues you will want to discuss with your CPA. An easy-to-read Guide to Business Privilege and Mercantile Taxes may also be of help.

Providing guidance on 1099s and other issues related to nonemployees is one of many tips CPAs provide to help small-business owners tame their taxes.

CPAs know more than taxes, and a smart small-business owner will turn to their CPA for additional advice throughout the year. Here are some helpful brochures on what you can expect from your CPA and the professional standards that affect the CPA-client relationship.

You can also find more tips in the small-business center. Whether you are just starting a business or continuing a family tradition of success, your CPA should be a valuable member of your success team.

1 comment

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  • Victoria Addington | Feb 12, 2020
    I agree with what you said in your article about how successful small-business owners sure know their industry, their clients, and their market, but unaware of taxes. With that, I'm thinking of getting a small business CPA in case I venture upon the business industry in the future. It's interesting to know that CPAs know more than just taxes. Since I am not aware of the importance of having an accountant on board, I am grateful to know all of this.

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    Statements of fact and opinion are the authors’ responsibility alone and do not imply an opinion on the part of PICPA officers or members. The information contained in herein does not constitute accounting, legal, or professional advice. For professional advice, please engage or consult a qualified professional.