Business Services

Business Taxes

If you have ever attempted to prepare your taxes, you know how complex the tax code is. As complicated as personal taxes are, business taxes can be even more daunting. That's why it is so important to have a competent, well-trained professional prepare and file your company's taxes.

Does My Business Need a CPA?

If your company is publicly traded, a CPA is a legal requirement. If your company is private, there is no mandate that a CPA prepare and file your business taxes, but it is in your best interest to have one handle your business taxes. CPAs provide several benefits, including a comprehensive understanding and awareness of the tax code, the qualifications for deductions, and how to best handle your company's needs, whether it is public, private, a partnership, or a sole proprietorship.

The team at Miller & McPhail has been helping businesses prepare and file taxes for decades. We have seen it all and helped clients navigate their way through even the most complex tax situations. As CPAs, we can provide legal representation before the IRS, and we promise to work tirelessly to provide you the insight and knowledge you need to ensure that you are in full compliance. Your business is important, and you are busy. Let Miller & McPhail lighten your load by handling your business tax needs from start to finish each year.

Compliance

Start-Up Procedures

One of the most exciting days in the life of any business owner is the day that they open their business. But, the work to get to that day can take weeks, months, or even years. Proper preparation on the front end will help your company succeed for years to come.

Part of preparing well is formatting your business properly. A CPA can be invaluable in helping you take the necessary and correct steps to structure your business. The type of business structure you begin with can be the difference between seamless success and unnecessary struggle.

The team at Miller & McPhail will use our decades of experience as we consult with you. We will listen to your needs and goals and determine the proper structure for your company. Whether you are looking to start a sole proprietorship, corporation, or LLC, our team will provide the guidance you require to position you for long-term success. Choosing the correct organizational structure on the front end can prevent difficulties down the road.

Additionally, our team will also help you correctly and accurately plan for the long-term. We will look at your current financial status and help you determine what you will need to reach your goals. By formulating a comprehensive plan, we can best prepare you for the long-range success you desire.

Shut Down Procedures

Closing your business, for any reason, is a complex process. Whether you are having to close your store because of lower-than-expected earnings, because you are selling your company, or because your company is merging with another, proper closing procedures must be followed. A CPA can advise you on the right way to handle the process to ensure that your taxes are handled appropriately -- especially if they will have an impact on both your personal and professional life.

If your business is a partnership and one partner is leaving for any reason, a CPA can help you properly dissolve the partnership. This will protect both you and the partner from potential issues down the road. This is particularly true if a partner is leaving because of a personal issue like divorce. A CPA can help you protect your business in such a situation.

Similarly, if your business is an LLC or a corporation, particular steps must be followed to properly dissolve it. Closing a company of this type is not as simple as just ceasing to do business. A CPA can walk you through the proper steps and ensure that things are appropriately handled.

If your company is being purchased, a CPA can help perform a financial review to ensure that the sale goes through without issue. Performing financial due diligence is an important part of any sale, purchase, or merger. Having professionally trained auditors handle these steps validates their results.

Miller & McPhail has been helping companies correctly work through closing procedures for over 30 years. We have worked with all kinds of companies that have closed for all kinds of reasons. When you need someone to provide the best possible level of advice and insight, you need Miller & McPhail. Call today to learn more about how we can help you.

Compilations

Financial statements are important for any business. They help to track income and expenses and to document exactly where the money is coming from and where it is going. Knowing how to properly create and compile financial statements is not something that all business owners know how to do.

Miller & McPhail is pleased to provide compilation services to clients. Our team will take your financial information and compile it into a proper financial statement. This will help you and your partners, investors, or others have a clear understanding of your financials.

When your business needs accurate financial statements but doesn't have the in-house expertise to produce them, contact Miller & McPhail. We will put all of your financial information into the proper format and make it presentable to the people who need it. Call our office today to learn more about our compilation services.

Payroll

Few business owners have a full understanding of payroll and everything that goes into it. This is particularly true of business owners who are starting their first company. Paying your employees consistently, on time, and accurately can be some of the biggest challenges facing first-time business owners.

In addition to keeping the payroll process accurate and on-time, it's also important to be aware of payroll taxes that must be paid. Business owners have to also ensure that they are properly deducting benefits like insurance and retirement from their employees' paychecks. If not, the company and the employees may be in for unpleasant surprises when taxes are due.

Miller & McPhail can help you keep your payroll operating efficiently and correctly. We will ensure that deductions and payroll taxes are being handled properly. We will also be sure that employee expense reimbursements like mileage or meals are accurate. When you need trustworthy certified public accountants to help you keep your payroll on track and on time, you need Miller & McPhail.