CPA TAX SHOP

OUR SERVICES

We Make Your Business Our Business

We have an outstanding track record in dealing with a wide variety of tax and accounting demands. CPA TAX SHOP has worked with individuals and businesses - from the smallest of startups to the largest corporations - and is equipped for any challenge that may come our way. Whatever financial management advice you may need, please contact us to see how we can help you out. If we can't help you, we have an extensive referral network and partner with the right professionals who can. 

Individual Tax Accounting

YOUR SOURCE FOR TRUSTED PERSONAL ACCOUNTING AND TAX PREPARATION

As your trusted advisors, we evaluate your individual tax situation and guide you through any tax challenges that develop. Our goal is to minimize your tax liability so that you can keep more of your hard-earned money.

It's also our job to stay up-to-date on current federal and state tax laws through continuing education and we use our in-depth knowledge of tax codes when we prepare your individual tax returns -- so you don’t miss out on any tax credits and deductions that you are entitled to take.

TAX PREPARATION SERVICES FOR INDIVIDUALS

Here's what else we do for you:

• Prepare accurate tax returns that are filed on time

• Calculate estimated taxes for self-employed small business owners

• Develop tax planning strategies that reflect individual financial goals

• Electronic filing and direct deposit for a faster tax refund

• File extensions and calculate estimated tax to avoid interest and penalties

TAX SEASON IS JUST AROUND THE CORNER.

If you need a fast, accurate tax professional to prepare your tax return this year give us a call today or fill out the contact form below.

Tax Services for Businesses

WE SPECIALIZE IN BUSINESS TAX PREPARATION

As a business owner, you’re busy developing new products or services and making sure your business runs smoothly. You probably don’t have time to reconcile your bank account or generate balance sheets to manage your cash flow, let alone read up on the latest tax laws to find out which tax breaks you can take advantage of.

When you first started out, and money was tight, the do-it-yourself method of accounting might have worked just fine. But now that you have employees, pay estimated taxes, and need to manage your cash flow better, it’s time to find a trusted advisor to partner with all year long--not just at tax time.

THERE’S NO BETTER TIME THAN NOW TO DISCUSS TAX PLANNING STRATEGIES THAT WILL HELP YOU BUILD A FOUNDATION FOR FUTURE SUCCESS.

Here is what we do for you:

• State and federal income tax preparation and filing

• Local and state sales tax compliance

• State and federal payroll tax

• Minimize tax liability through the use of proven tax planning strategies

• Profit and loss statements

• Mergers and Acquisitions

• Entity selection and structure (S-Corp, C-Corp, LLC)

MAKE SURE YOU NEVER MISS A DEADLINE AGAIN

The IRS, as well as state and local governments, imposes strict deadlines for business tax obligations. Missing these tax deadlines and failing to comply with payroll and sales taxes negatively impacts your bottom line and may result in fines for non-compliance.

As your trusted advisor, we make sure you stay on top of your tax obligations and avoid penalties and fees that reduce your profitability.

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TAX PLANNING

START PLANNING YOUR FINANCIAL FUTURE TODAY

Many people feel like their tax bill is too high. Maybe you do too. The good news is that it doesn’t have to be. When you work with an accounting firm like ours, we make your financial success a priority.

IF FINANCIAL SUCCESS IS YOUR GOAL, WE ARE HERE TO HELP!

There is more to preparing your taxes than simply filling out forms at tax time. It's also about understanding our clients’ needs and helping them plan for a secure future.

Here’s how we do it:

• Based on careful analysis of your tax situation we make sure you take every tax credit and deduction you deserve on your tax return.

• We help you set up a record-keeping system that meets IRS requirements.

• We work with you all year long--not just at tax time to develop tax planning strategies that lower your tax bill.

• We review and adjust your paycheck withholding so that it accurately reflects your tax situation and lets you keep more of your money (why give the IRS a free loan?).

• We help you understand how to defer tax liabilities through pension plans, retirement contributions, and similar plans.

• We make sure you take advantage of certain investments to produce tax-exempt income (federal or state or both).

Bookkeeping Services

WHEN YOU LEAVE THE BOOKKEEPING TO US, YOU CAN FOCUS ON GROWING YOUR BUSINESS

Accurate bookkeeping is essential to your company’s long-term viability. Experienced, affordable, and reliable, we serve a variety of industries and clients from self-employed home-based business owners to small and medium-sized businesses with employees. When you outsource your bookkeeping services to us you get one on one personalized service and state of the art technology and payroll software.

If you’re just starting a business, we’ll set up reporting and record-keeping systems that make it easy for you to keep track of where your money is going. If you’ve been in business for a while, but need help cleaning up your books, we’ll work with you to streamline your bookkeeping systems and set up a system of checks and balances.

But the best reason to use our bookkeeping services? You’ll have more time to focus on running your business and generating more profits.

BOOKKEEPING SERVICES FOR SMALL BUSINESSES

• Accounts payable (entry, bill paying)

• Accounts receivable (entry, invoicing, deposits, collection)

• Bank Reconciliations

• Inventory management

• Bookkeeping clean up

• General ledger

• Tax forms (1099s, 1096)

• Payroll processing

• Outsourced bookkeeping

THERE'S NO BETTER TIME THAN NOW TO TAKE ADVANTAGE OF OUR BOOKKEEPING EXPERTISE.

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No matter what type of financial situation you have, our team of experts will provide the best course of action. We serve clients in the greater Washington, DC area with both individual and business needs.

Management Accounting

BUSINESS PLANNING IS THE FOUNDATION OF FUTURE SUCCESS

In today’s fast-paced, competitive world, many businesses face unprecedented challenges.

Maybe yours does too. If you agree, then chances are you’re spending more and more time on human resource issues, payroll tax compliance, and sales and use tax than you are on revenue-generating opportunities and planning for future growth.

IF YOU FEEL LIKE YOU'RE SPINNING YOUR WHEELS, WE CAN HELP.

With years of proven expertise in business planning, we make sure that business owners like you have the information - and insights - they need to remain competitive and ensure financial stability for you and your loved ones for years to come.

We combine industry experience with time-tested solutions to develop a framework upon which to build your company’s success. Even better, when you leave the business planning to us, you can get back to doing what you enjoy and do best--running your business.

Our business planning and advisory services include:

• Planning for strategic growth

• Performance metrics

• Review and evaluation of internal controls

• SAS 112 compliance

• Business valuations and due diligence

• Budget and cash flow analysis and management

• Business entity selection and restructuring

• Financial projections and forecasts

• Assistance with debt and financing

• Business expansion and acquisition analysis

• Evaluation and implementation of accounting software

START PLANNING FOR FUTURE SUCCESS TODAY

It’s more important than ever to have a trusted business advisor like us by your side to help you plan for the future success of your business. If you’re ready to turn today’s challenges into tomorrow’s opportunities, don’t wait a minute longer to contact us. 

Payroll

COST-EFFECTIVE PAYROLL SERVICES FOR YOUR BUSINESS

On average, small business owners spend eight hours per month on payroll-related tasks. While it may not seem like a lot of time, it does add up--and it takes time away from running your business.

If you own a small to medium-sized business with more than a few employees, you already know that payroll is complicated. It seems like every year a new piece of federal, state, or local legislation related to payroll is passed that you need to comply with.

If you’re just starting out, you may only have a few employees to worry about. You might be able to handle payroll on your own, but wouldn’t your time be better spent on developing new products or services for your business?  

OUTSOURCING YOUR PAYROLL IS MORE AFFORDABLE THAN YOU THINK.

When you outsource your payroll responsibilities to us you get a dedicated payroll specialist who works with you throughout the entire payroll process. There’s no need for you to hire an in-house specialist or maintain a payroll system. We also stay on top of legislation affecting payroll compliance, so you don’t need to.

Here’s what we do for you:

• Direct Deposit and Electronic Fund Transfer (EFT)

• Payroll checks printing

• Payroll tax compliance, e-filing, tax payments

• Payroll reporting by employee or department

• W-2, W-3, and 1099 processing

• User-friendly, and easy to understand monthly, quarterly, and annual payroll tax reports

• Payment of third-party withholdings such as insurance

Part-time CFO Services

CFO SERVICES: A COST-EFFECTIVE SOLUTION FOR YOUR BUSINESS

Businesses of all sizes benefit from hiring a Chief Financial Officer (CFO) or controller. But many small business owners worry that they can’t afford it. Maybe you’ve been trying to take care of your business financials in your spare time (or ignoring them altogether), but quickly realized it’s a losing battle because unless you’re an accounting professional yourself, your expertise lies elsewhere.

Fortunately, there is a cost-effective solution: part-time, outsourced CFO services.

EXPERIENCED, KNOWLEDGEABLE AND TRUSTWORTHY, WE'RE IN YOUR CORNER.

When you take advantage of our outsourced CFO services, you get a dedicated, experienced financial professional who helps you make the tough business decisions you need to guide your business to future success.

You’ll also have a better understanding of the financial side of your business based on hard numbers. No more guessing about whether you’ll qualify for that loan to buy more equipment or wondering why you’re always short of cash.

When you use our CFO services, here’s what we do for you: 

• Prepare monthly, quarterly, or annual financial statements

• Financial forecasting

• Accounts payable and receivable

• Provide guidance for increasing cash flow and improving profitability in support of future financial goals

• Strategic tax planning

• Tax compliance (sales use and payroll taxes)

• Set up an accounting system and controls

DEDICATED CFO SERVICES

The role of CFO is crucial to every business no matter what size. Whether you’re a start-up business, have made it to the five-year mark, or are ready to expand, we have the expertise -- and experience -- you need.

Cash Flow Management

MANY BUSINESSES FAIL BECAUSE OF POOR CASH FLOW MANAGEMENT - DON’T BE ONE OF THEM

Cash flow refers to the movement of money flowing into and out of a business. Positive cash flow is when you bring in more money than you spend. It is what every business owner strives for because it enables you to pay your liabilities and invest in your business.

Conversely, if you are spending more money than you are bringing in, it is called negative cash flow. While there will be times when every business experiences temporary periods of negative cash flow, too many months of negative cash flow can - and will - cause a business to fail. 

MANAGING CASH FLOW IS THE KEY TO OPERATING ANY SUCCESSFUL BUSINESS.

As tax and accounting professionals for small and medium-sized businesses, our expertise lies in helping business owners manage their cash flow better with the goal of increased profitability.

Here’s what we do for you: 

• Develop short and long-term cash projections

• Analyze prior years cash flow statements to help you understand where the money goes

• Prepare monthly, quarterly, and annual cash flow statements

• Provide you with tools to accelerate the collection process

• Develop updated billing and payment policies

• Assist with obtaining a line of credit

• Help you get the maximum rate of return on surplus cash

AVOID A CASH CRISIS, CALL US FIRST.

Bank Financing

IF YOU NEED BANK FINANCING, IT PAYS TO BE PREPARED.

The US Department of the Treasury has invested more than $3.9 billion in community banks across 47 states and the District of Columbia as part of the Small Business Lending Fund. Despite the availability of these funds, however, many small business owners have discovered the hard way that securing bank financing is not an easy task. If you’ve tried - and been unsuccessful at - obtaining bank financing for your small business without the help of a trusted advisor like us, you may be wondering where you went wrong.

Banks are not in the business of handing out money to everyone who asks. When you apply for a loan, they are evaluating your ability to pay back that loan by examining a number of factors. Whether you need money for startup costs or expanding your business, understanding what a bank wants and how to prepare for it can mean the difference between securing the financing you need or having to scrape together cash from other sources. 

HOW WE HELP YOU SECURE BANK FINANCING:

The first step we take is to make sure we understand your business and what you are trying to achieve. Next, we take a look at financial performance and projections and identify potential sources for financing. The final step is to work with you to prepare a successful business loan proposal that includes the following services:

• Executive summary

• Pro forma cash budgets

• Business financial statements

• Owner’s personal financial statements

• Lender introductions

• Representation

ARE YOU READY TO GET THE FINANCING YOU DESERVE?

Obtaining bank financing for your small business is a major decision, but if you’re ready to take the next step, we are here to help you achieve your goal.

New Business Formation

HELPING YOU BUILD THE FOUNDATION FOR A SUCCESSFUL BUSINESS

The decision to start a new business is an exciting one, but as every experienced business owner knows, there’s more to it than developing a product and hoping it sells. As an entrepreneur, you’re probably a "big picture" person with a vision. You'd rather not deal with nitty-gritty details like choosing a business entity, sales and payroll tax, or accounting systems that help you manage cash flow. The good news is that we're here to help you figure it out.

WHAT WE DO FOR YOU:

• Determine which business entity best meets your goals and minimizes tax liability

• Partnership agreements

• Prepare a cash flow budget

• Create a business plan to help you secure financing (if needed)

• Set up an accounting system using software that works for you

• Create billing systems and implement policies and procedures for collections

• Make sure you are compliant with state, local, and federal tax laws such as sales and use tax, payroll tax, and Federal EIN (Employer Identification Number)

• Prepare annual tax returns and quarterly estimated taxes as needed

• Assist you in filing paperwork for state and local licenses and permits as required

• Assess your business insurance needs

PLANNING FOR SUCCESS - AND PROFIT

The keys to a successful - and profitable - business are meticulous planning and a methodical approach to running your business. Failing to do this in the initial stages of business formation is often a recipe for disaster, and it's the reason most businesses fail. Don’t let it happen to you.

Services for QuickBooks

Why QuickBooks (click to open Blog Post on why we recommend QuickBooks)

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SETUP FOR QUICKBOOKS

Although QuickBooks is designed for the layperson to understand, the initial setup and installation must be done correctly in order for future information to be accurate.

All information necessary to set up manual accounting records is also necessary to set up and install QuickBooks on your desktop. This task is even more complicated if you switch from manual accounting operations to QuickBooks in the middle of the year.

Which accounting method will you use? What chart of accounts do you need for your business? How do you handle beginning balances?

An expert can easily answer all of these questions and complete the initial setup and Installation in a timely manner. In addition, your accounting employees receive training on the accounting software to enhance their performance.

How Much Does It Cost?

We first want to find out a little more about your business and your accounting records before we quote you an exact price. Rest assured that we work with many small business owners and our rates are designed to fit the budgets of our clients.

As with any accounting software program, installation and training take time -- time taken away from managing your business. Here's a short list of the services we provide while setting up QuickBooks:

• Study and evaluate your software and accounting needs.

• Recommend software and hardware requirements.

• Install software, design and set up a chart of accounts and entire accounting package including payroll, accounts receivable, inventory, accounts payable, etc.

• Determination of your QuickBooks starting date.

• Loading your chart of account and balances as of that starting date.

• Preparation of a list of the items that you sell to your customers. This list includes services, inventory parts, non-inventory parts, other charges and sales taxes.

• Entering your outstanding accounts receivable and accounts payable details as of your starting date.

• Entering your ending statement bank balances and outstanding checks and deposits in transit as of your starting date.

• Printing a trial balance as of your starting date and comparing it to your trial balance from your old system.

• Entering your transactions since your starting date into QuickBooks

• Train client or client staff in use of software to meet their accounting, management and tax needs.

Ongoing Services:

• Follow up training to ensure the client is "on the right track."

• Monthly, quarterly or annual review of client QuickBooks data to assist in tax preparation and management reports.

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TRAINING FOR QUICKBOOKS

Once QuickBooks is set up and working properly, we can train you or your employees to properly operate QuickBooks specifically for your business.

Why choose one-on-one attention instead of taking a class?

• We come to your location.

• We focus on the individual issues facing your business.

• We will be there to answer your specific questions and concerns.

• No need to spend time on features that don't impact your business!

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ANSWERS TO QUICKBOOKS QUESTIONS

Questions about QuickBooks?

QuickBooks users are generally not stumped by the software, they are stumped by the accounting information necessary to complete the transactions. Quick access to correct information is essential to maintain the accuracy of your financial records.

Employees in your accounting department will find comfort in knowing an expert in QuickBooks is only an email or phone call away, preventing many wasted hours of aggravation and embarrassment.

How much does it cost? $20 per question.

Questions may be called in, left on voice mail, faxed or sent via email. A Certified Professional Advisor who specializes in working with QuickBooks will respond with a detailed solution to your problem or question, usually within 24 hours.

100% Money-Back Guarantee: If we cannot adequately resolve your problem or question, your money will be refunded 100%, guaranteed.

Our Answers to QuickBooks Questions service keeps your employees on task.

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TUNE-UP FOR QUICKBOOKS

Overhaul your accounting system with a Tune-up for QuickBooks.

Whether you need to prepare for tax time, a financial review or you just need to clean up some problem areas, you'll be prepared with a Tune-up for QuickBooks. In four (4) hours, a QuickBooks Professional Advisor will help you clean up and organize your bookkeeping system.

Tune-up Topics:

• Reviewing your transactions for the year

• Cleaning up stray entries

• Customizing reports

• Balancing general ledger to subsidiary records

• Additional personalized training

A Tune-up for QuickBooks is a smart and affordable way to get a handle on your books. Accurate records allow you to make educated decisions for your business and will save you money!

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CERTIFIED QUICKBOOKS PROADVISORS

Industries

• Manufacturing

• Distribution & Transportation

• Health, Safety, and Environmental Laws and Regulations

• Dairy Industry

• Nonprofits 

• Technology Startups

• Nonprofit Startups

• Franchises

• Law Firms

• Federal Government Contracting

• Labor Unions

• Food Industry

• Nonprofit Startups

• Healthcare

• Media Industry

• Marketing Agencies

• IT and Cyber-security

• Dentists

• Restaurants

• Professional Services

• Startups

Referral Network

If there are any services or products you or your business needs that we don't offer, we have built many relationships and used various software and products to offer a referral that will meet your needs.

We are here to provide our clients with personalized accounting strategies. Contact us to see which of our services best meet your needs.