Cell: 415 308-0678
Fax: 415 704-3238


Lee@RileyAccounting.net


1001 Bridgeway, #229
Sausalito, CA 94965


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Sausalito 
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San Mateo  
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Larkspur   
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Walnut Creek    
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Robert Lee Riley CPA, MBA-tax
Riley
Accounting
How I Operate, and How to Best Work With A CPA

Here are some of the operational logistics of how to work with a CPA, and, how my business model works;

Working with a CPA;

...your information needs to be submitted at least 30 days prior to any deadline.

...please wait and send in complete information all at once, rather than sending it in a little bit at a time. The logic being, that there is no way to know what is missing.

...when information is received, a preliminary tax projection will be prepared, whereby most of the numbers, but not all,  will be put into the computer to see if you owe, or have a large refund. If you owe, then payments need to be made ASAP, if you have a large refund, your tax return will be moved higher on the To-Do list.

...protective elections are filed in January of each year. Corporate extensions go to September 15th, individual extensions go to October 15. Still, 90% of the tax is due on April 15th, even if you have an extension.

...if you submit information around April 1st, there is a very good chance that the CPA will not have time to even do a quick tax projection, therefore, make your best guesstimate as to whether or not you will owe, or have a refund, and, tell the CPA that.

...every tax season, at least one client will call around April 1st, and demand that the CPA drop everything and deal with this person's problems, please be aware that the CPA will have a To-Do list that is many pages long, and, that the CPA has been working 16 hour days for the last month and a half, therefore, please endeavor to be polite.

How to ask questions

...I can usually respond to E-mails sent to me, right away. The problem with telephone calls is that we end up playing phone tag for days, just to respond to a simple question.

...in her book "Loopholes of the Rich" the author Dianne Kennedy writes that she requires all clients to first submit questions in writing, either by fax, or by E-mail, prior to talking to the client on the telephone. The logic being that there is little that can be accomplished over the phone. It is necessary to first review the file, review for any new changes in the law, crunch the numbers, prepare documents, etc., etc. Most CPA's will not give advice over the phone, just off the top of their heads, the logic being that it is too risky. Most questions can be answered via E-mail, which is better, as there is no confusion about what was said, then, if the question is complicated, the CPA may call the client on the phone, and, if the question involves looking at the computer, for example a QuickBooks question, then it may be best to have a conference with the client.

Professional, and ethical considerations

...if you openly admit to a CPA that you are cheating on your taxes, for example you are not reporting cash income, the CPA will not want you as a client.

...if you are not a client, the CPA, for the most part, will not give you free advice as to specific questions of accounting, or law. The logic being that there is no formal relationship, and you are not covered by the CPA's insurance professional liability policy.

...if you have questions of a general nature, please come to one of my seminars, which are interactive, and you may ask as many questions as you like.

...do it yourself Turbo-tax returns are often hopelessly incorrect if your tax return is complex. Generally it takes four, to six, years of college, and ten years of experience, in order to be a competent tax accountant. It is naive to think that you can buy a software program for $50 that will replace a professional CPA.

How my business model works

...if at all possible, I like to have people come to my seminar first. The seminar is at the SBA/Score, the cost is around $20, and it takes 2 hours. I talk about how to best use QuickBooks, and the Neat Receipts scanner. I also talk about tax theory, strategies, accounting logistics, and entity formation.

...my seminar is interactive, so, you may ask as many questions as you like.

...after attending the seminar, I will sit down with a new client for about an hour and a half to go over QuickBooks, set it up, show them how to best use the Neat Receipts scanner, talk about entity formation, eg. S-corp. verses LLC, or, just help the client develop a tax strategy. The cost of this initial meeting is $50, but, I credit that amount back to the client if they hire me to do their tax returns.

...as a general rule, most clients will use my pre-configured QuickBooks file. The logic being that it is easier to use, and is more intuitive than the standard file that QuickBooks creates, and my pre-configured QuickBooks file has all of the expense account categories that are on my Tax Data Organizer. These expense account categories use the language that the IRS computers, and employees, understand, thus, lowering your audit profile.

...at the end of the year, I have my clients go to my web site www.RileyAccounting.net, and fill out the Tax Data Organizer. Then, if they have a QuickBooks file, it is best if they can E-mail me a backup copy of the file.

...all documents need to be submitted either by fax, or by pdf file scans. The logic being that I archive these files on a CD Rom, and put the CD in a safe deposit box.