Start With Nexus: How Great CPA's Protect Their Clients From Devastating State Tax Audits - Softcover

Johnson CPA, Andrew

Softcover

ISBN 10: 1977019064 ISBN 13: 9781977019066

Publisher: Independently published, 2018

Synopsis

Start with Nexus! The intended audience for this book are partners and owners of firms who perform tax services for businesses. If this is you, I salute you. I know what it takes to run your own firm and my hat’s off to you. I’m sure you have a lot to be proud of. You’ve got a good thing going, so what’s next? Let me suggest that you should expand into SALT! If you are considering starting or expanding your own State and Local Tax (“SALT”) practice, then you can take comfort in the fact that you’re not alone. A recent survey of CPA firms pointed out that 75% of firms are looking to add SALT to their portfolio of services. That means you are in the mainstream with many other firms. That so many other firms are moving into SALT is not surprising to us. In 1992, Jerry Peisner and I created our own CPA firm and focused entirely on providing SALT services. Now, over 25 years later, we can speak from our own experience about what is possible in this specialty. SALT is a profitable niche service with opportunities to offer premium services. State governments are increasingly hungry for tax revenues and they are turning up the heat. It's an area of increasing complexity with bigger pitfalls for clients. Your clients need this help from their CPA. To add SALT to your practice, the best thing is to START with NEXUS! Start With Nexus will show you how to: 1. Get new clients with businesses who are begging for firms with state tax expertise. 2. Attract new, qualified staff by showing your commitment to stay on the cutting edge of tax consulting. 3. Enhance your staff's resume with new marketable skills, without investing years and years of study. 4. Keep you people busy on high-profit work all year round. 5. Protect your clients from potentially devastating state tax audits. 6. Protect yourself from soul-crushing lawsuits. 7. Protect yourself from a competitor stealing your biggest, most profitable clients. 8. Increase the value of your firm by adding additional recurring work without having to acquire another firm. 9. Add an entirely new high-profit revenue stream without having to add a single new client. 10. Easily stay on top of rapidly changing state tax laws. Do You Get These Questions from Clients? You may hesitate to bring up sales tax with your clients, but they probably have lots of questions for you. Sales tax can cause tremendous headaches for CPAs and their clients. Businesses have many questions for their CPAs about sales tax. Here are just a few: NEXUS – Where should we be collecting tax? Even if we have nexus, is the exposure we have enough to bother with? That depends on such factors as: TAXABILITY – Is what we sell even taxable? What rules apply – the “ship-from” or “ship-to” state? What if we bundle different items? TAX RATES – What’s the correct tax rate? And is the tax rate we charge based on the “ship-from” or “ship-to” state? USE TAX – Do we owe tax on items we purchase if the vendor doesn’t charge us the tax? EXEMPTION CERTIFICATES – What if our customer gives us an exemption certificate? How do we know it’s valid or the proper one? TAX RETURN PREP/FILING – Can you take care of my monthly sales tax filings? Do you sidestep the question and just hope they don’t ask them anymore? Or do you just flat out say: “We don’t do sales tax.”? What opportunities are you missing or what risks are you taking on by not answering these questions? What risks do you face in not proactively seeking sales and use tax problems you can solve? What if you could confidently answer these questions? What if your practice could actually grow by answering these questions? No Need to Hire a SALT “Expert” Right Now Don’t assume you must hire an outside expert right now. There’s no need to spend that time and effort and risk all that capital. You can start a SALT practice with your existing people. This book will take you a long ways toward being an expert yourself.

Edition details

• Publisher: Independently published
• Publication date: 2018
• ISBN 10: 1977019064
• ISBN 13: 9781977019066
• Binding: Paperback
• Language: English
• Number of pages: 154