Frequently Asked Questions
What types of payroll services does Kyle P. Nagy offer small businesses?
Kyle P. Nagy’s small business payroll services include payroll outsourcing, payroll taxes, and payroll processing, as well as issues relating to direct deposits, payroll tax withholding, and more.
Can you help my business find tax deductions?
Yes, we can. By taking a deep dive into your business and expenses we can help determine which items are deductible.
What is the qualified business income deduction?
The IRS defines the QBI as follows:
Many owners of sole proprietorships, partnerships, S corporations, and some trusts and estates may be eligible for a qualified business income (QBI) deduction – also called Section 199A – for tax years beginning after December 31, 2017. The deduction allows eligible taxpayers to deduct up to 20 percent of their qualified business income (QBI), plus 20 percent of qualified real estate investment trust (REIT) dividends and qualified publicly traded partnership (PTP) income. Income earned through a C corporation or by providing services as an employee is not eligible for the deduction. For more information on what qualifies as a trade or business, see Determining your qualified trades or businesses in Publication 535
We suggest meeting with the advisors at Kyle P. Nagy if you have any questions about your business tax deductions.
How do I know whether I have what it takes to run my own business?
Before starting out, list your reasons for wanting to go into business. Some of the most common reasons for starting a business include wanting to be self-employed, wanting financial and creative independence, and wanting to maximize your skills and knowledge.
When determining what business is “right for you,” consider what you like to do with your time, what technical skills you have, recommendations from others, and whether any of your hobbies or interests are marketable. You must also decide what kind of time commitment you’re willing to make to run a business.
Then you should do research to identify the niche your business will fill. Your research should address such questions as what services or products you plan to sell, whether your idea fits a genuine need, what competition exists, and how you can gain a competitive advantage. Most importantly, can you create a demand for your business?
What's involved in succession planning for family businesses?
Transferring the family business requires the family to make a determined effort to do the following:
- Create a business strategic plan.
- Create a family strategic plan.
- Prepare an Estate Plan.
- Prepare a Succession Plan, including arranging for successor training and setting a retirement date.
These are the four plans that make up the transition process. By implementing them, you will virtually ensure the successful transfer of your business within the family hierarchy.
What is a business strategic plan?
A business strategic plan defines goals, objectives, and targets for a company and outlines the resources that will be allocated in order to achieve them. When a strategic business plan is in place, it allows each generation an opportunity to chart a course for the firm. Setting business goals as a family will ensure that everyone has a clear picture of the company’s future. A strategic plan is long-term in nature and focuses on where you want the business to be at some future date.
What is a family strategic plan?
The family strategic plan establishes policies for the family’s role in the business and is needed to maintain a healthy, viable business. For example, it should include the creed or mission statement that spells out your family’s values and basic policies for the business, and it may consist of an entry and exit policy that outlines the criteria for working in the business. The plan should consider which family members desire to have a part in the management of the business versus those who desire a more passive role.
What is an estate plan?
An estate plan is a written document that outlines the disposal of one’s estate and includes such things as a will, trust, power of attorney, and a living will. An estate plan is critical for the family and the business because, without it, you will pay higher estate taxes than necessary, allocating less of the estate to your heirs. The estate plan should be used in conjunction with the succession plan to see that the family business is transferred in a tax-effective manner.
What is a succession plan?
A succession plan identifies key individuals who will be groomed to take over the business when the time comes. It also outlines how succession will occur and how to know when the successor is ready. Having a succession plan in place goes a long way toward easing the founding or current generation’s concerns about transferring the firm.
Can I get a copy of my return later?
We will provide you with a paper copy of your return at the time of preparation. We can also upload an electronic copy to our portal. If additional copies are required at a later date, we will be happy to provide them for you, but we will charge a service fee of $25 per year, regardless of the method of delivery. Why? This is to cover the time associated with processing your request, verifying your identity, and, in the event the return is to go to a third party, obtaining your signature authorization in accordance with Internal Revenue Code.
What are the advantages of outsourced accounting and CFO services?
Your business gains several advantages by hiring a firm to perform accounting or CFO services, including:
- Experts in your corner. Accounting firms are experts in their fields. It’s vital that you hire a firm with experienced individuals who can analyze your company’s finances and give you relevant recommendations.
- Big-picture, strategic thinking. Accounting firms can look at details, but they can also translate financial statements into a big-picture strategy and long view to help you achieve success and outline goals in future years.
- Reduce workload. Having financial experts on your team lets you focus on your core business model.
- Fostering relationships and partnerships.
How do I determine what services my company needs?
We’re here to help you determine what services would be suitable for your organization. Our team will set up an on-site or virtual meeting with you to learn more and then perform a complimentary due diligence review, which includes a review of your financial records and interviews with key staff.
We then generate a proposal that outlines our assessment and makes recommendations for implementing best practices, including a multi-phased approach to achieving the mutually agreed-upon goals.
My business is very complex. How will you be able to understand the work we do and quickly start helping?
Our team consists of individuals with CFO and operations experience in a wide range of industries. We match the specific person or people assigned to your team based on skill set, experience, and expertise to ensure they have knowledge about your industry. The only thing we need to learn is how you conduct your particular business operations, but in terms of your industry, we can add value immediately.
Can you help my business find tax deductions?
Yes, we can! By taking a deep dive into your business and expenses we can help determine which items are deductible.
What is a business succession plan?
What is an IRS audit letter?
Does Kyle P. Nagy, CPA only offer accounting services?
Not at all. We offer a wide range of accounting, tax planning, and financial services to individuals and businesses in over 40 U.S. states. We can provide bookkeeping, tax preparation, financial planning, payroll services, business consulting, and so much more. Our team of CPAs and tax professionals can help you manage all aspects of your personal and business finances – no matter how complex they may be.
How important is a business succession plan?
Whether you own a small, local business or a multinational corporation, a business succession plan is critical for ensuring the continuity of your business in the event of your retirement, death, or disability. A well-crafted succession plan can help you transition your business to a new owner or management team, protect your family and employees, and maximize the value of your business. If you need help drafting a business succession plan that takes into account your unique circumstances, Kyle P. Nagy, CPA is a reputable CPA firm business owners can trust.
How difficult is it to pass an IRS audit?
There is no easy answer when it comes to IRS audits. The difficulty of passing an audit depends on many factors, including the type of audit, the amount of documentation you have, and your ability to prove your innocence if you are accused of any wrongdoing. However, having a qualified and experienced CPA on your side can make a big difference in the outcome of your case. Kyle P. Nagy, CPA has a proven track record of helping businesses and individuals successfully navigate the IRS audit process. So, if you are looking for expert IRS audit representation near me, Kyle P. Nagy, CPA is the firm to call.
What exactly is the IRS Offer-in-Compromise?
An Offer-in-Compromise is an IRS program that allows eligible taxpayers to settle their tax debt for less than the full amount they owe. To be eligible for the program, taxpayers must prove that they cannot pay the full amount of their tax debt, show that paying their tax debt would create a financial hardship, and have filed all required tax returns. If you’d like to know whether or not you qualify for the Offer-in-Compromise program, reach out to a top-rated CPA near me like Kyle P. Nagy, CPA for a free consultation.
Can Kyle P. Nagy, CPA help me check irregularities on my company's financial statements?
Yes, absolutely. If you’re concerned that there may be some irregularities in your company’s accounting records or financial statements, reach out to Kyle P. Nagy, CPA for a thorough evaluation. Our team of certified public accountants will go through your books with a fine-tooth comb to identify any potential areas of concern. We’ll then provide you with a report detailing our findings and recommendations for addressing any issues that we found. If you are looking for a trusted fractional CFO for small business, Kyle P. Nagy, CPA is the accounting firm to call.
When should you hire a fractional CFO?
There is no one-size-fits-all answer to this question, as the need for a fractional CFO varies from one business to another. However, in general, you should consider hiring a fractional CFO when your company is experiencing significant growth and you need help managing your finances and making strategic decisions about where to allocate your resources. If your business is growing at an unprecedented rate and you need help staying on top of your finances, Kyle P. Nagy, CPA is one of the best CPA firms near me that offers fractional CFO services.
Can I just drop off or mail my tax information?
Yes! However, in order to accurately prepare your taxes, we will still ask that you complete our annual questionnaire (to make sure we do not miss anything and to honor our due diligence requirements with the IRS), and we will ask that you sign our engagement letter. Why? Because the engagement letter spells out our mutual expectations of one another.
What if I cannot pay all that I owe in taxes?
There are many options: installment agreements, paying by credit cards, creating an offer in compromise, or even being considered currently not collectible. The most important thing to do is a file, and then arrangements can be made to pay if needed.
Can you help me file back taxes?
Yes! We can help you complete any tax unfiled tax returns back as far as you need to go! Generally, the IRS is only looking for the past 4 years, but if you need to do an Offer In Compromise or discharge the taxes in bankruptcy, all returns need to be filed.
I experienced a short sale, foreclosure, or modification involving principal forgiveness. Will I owe taxes on this?
Mortgage debt forgiveness can involve taxable income. Every situation is different, and many circumstances need to be considered when determining if mortgage foreclosure or short sale will affect your taxes in a negative way – but don’t let that discourage you! For a free consultation about how this process works with tax returns contact us today so we may help evaluate the possibilities for success based on what’s best suited for YOUR needs.
Why hire a monthly accountant instead of an annual one?
Truthfully, not all business owners see the need, but our clients sure do! We provide consulting and business advice throughout the year. Our proactive approach allows you to see trends earlier and spot any issues before they become larger problems. Monthly financial statements are a tool to stay on top of your business, which allows you to focus on growing your profits.
How much does monthly accounting cost?
Pricing for our monthly accounting services varies by your company’s needs. It is not based on the size of your company, but rather on your company’s accounting activity and the complexity of your financial statements.
What makes you different from other monthly accounting services?
Our customer service sets our firm apart. We make it our priority to reach out to clients on a consistent basis because we care about the success of your business. Our experienced team of accountants also provides proactive business advice and tax planning, allowing you to maximize your profits.
When should I consider outsourcing my accounting?
If your business is too small to hire an in-house accountant or you simply don’t have the desire to do it yourself, you should consider outsourcing the task. While QuickBooks is used by many small business owners, the software can be more complicated than first realized. By outsourcing your accounting, you free yourself to focus on other aspects of your business.
How can I make my new business financially successful?
It depends. We’d be happy to have a brief consultation to provide personalized financial advice for your new business, but at a high level, you need three things:
- A strategic plan
- Consistent accounting records
- Expert advice
What is an outsourced CFO?
This individual serves as a finance leader outside of your organization and the financial expert for your business. Think of this service as hiring a CFO to help you make the best decisions for your company’s financial health.
Am I better off using an outsourced CFO firm or hiring a freelancer?
Partnering with an outsourced CFO firm can often save time and money as they usually keep a variety of highly-experienced CFOs with a wide range of industry and project experience on their staff. This allows them to best meet virtually any client’s needs.
While you’ll have a primary CFO with whom you work, most CFOs within these organizations will collaborate on difficult problems. This means by default you gain access to multiple great finance minds for less than the cost of an in-house CFO with equivalent experience.
It also means that should there ever be turnover (which is unlikely in higher-end CFO firms), you won’t have a lag in service during which you’d seek candidates, hire, and train a new CFO like there would be if you lost a freelancer. Since your agreement is with the CFO firm and not the individual CFO, you can expect little or no disruption of service for training or onboarding time as the previous CFO’s duties are taken over by the new CFO.
My business has had a lot of turnover in the accounting department and I have very specific requirements. How do I know you are going to address them?
Businesses are unique and some are complex, a one-size-fits-all approach doesn’t work. We tailor and customize our services and approach to every client to ensure your needs are met. Our new client process involves doing the work, and ongoing discussion about the work so we continue to understand and meet your expectations.
Why outsource my payroll?
Removing the stress and liability of making tax deposits and filing correct tax returns is the #1 reason to outsource. Savvy business owners also realize that every minute spent handling non-core tasks is time NOT spent talking to customers, looking for new business, training employees, and digging for cost savings. In other words, payroll outsourcing allows you more time to focus on managing your core business.
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How can a fractional CFO help your startup?
A fractional CFO can provide the financial expertise and guidance you need to grow your startup and achieve your long-term business goals. A fractional CFO can help you develop and implement financial strategies, raise capital, manage cash flow, forecast revenue, and so much more. If you are looking for a fractional CFO for a small business to take your startup to the next level, Kyle P. Nagy, CPA is a top-rated CPA firm that offers fractional CFO services.
What are the implications of inconsistencies in your tax returns?
If the IRS finds inconsistencies in your tax returns, they may flag your account for an audit. The implications of an audit can be serious, so it’s important to make sure your tax returns are accurate and complete. If you need help preparing your tax return or have questions about how to avoid potential audit triggers, Kyle P. Nagy, CPA is a reputable tax preparer businesses and individuals can rely on for expert tax advice.
I haven't filed my taxes in a few years, can Kyle P. Nagy, CPA help me catch up?
Yes. Our team of certified public accountants can help you catch up on your overdue tax returns. We understand that life can get busy and it’s easy to let things like filing your taxes fall by the wayside. But if you’re behind on your taxes, you need to keep up with them as soon as possible to avoid penalties and interest charges. The IRS offers a few different payment plans and programs for taxpayers who are behind on their taxes, and we can help you determine which one is right for your situation. If you are looking for a top-rated CPA tax accountant near me to help you catch up on your overdue taxes, contact Kyle P. Nagy, CPA today.
Is tax planning only for the wealthy?
No. Tax planning is not just for the wealthy. While it’s true that wealthy individuals and businesses have more complex tax situations and can therefore benefit more from comprehensive tax planning, everyone can benefit from taking some time to plan for their taxes. Even if you don’t have a lot of income or assets, there are still some basic tax planning strategies that can save you a lot of money. If you’re not sure where to start, reach out to Kyle P. Nagy, CPA for a free consultation. Kyle P. Nagy, CPA is one of the leading tax preparer for small business and individuals looking to minimize their tax liability.