In the article, Tom describes how Congress and the Obama administration is desperate to tap sources of tax revenue.

“One of the legislation’s most alarming provisions is a payroll tax on certain individuals and small businesses that form S-corporations. Under current law, owners of S-corporation service-sector companies—such as architectural and accounting firms—don’t pay taxes at the company level; rather, the owners pay personal income taxes on the business profits as a shareholder in the company. Increasing taxes on fully compliant small business owners and making the tax code even more complex would not inspire confidence in our nation’s primary job creators.”

One of the most alarming provisions of the proposed legislation is:

In the past, S-corporation shareholders would only pay social security & medicare taxes totaling 15.3%  on their salaries and would not have to pay that tax on the portion of the income that was received as dividend distribution and/or kept in the business. The provision seems to target small business and professional and consulting firms.

There is actually a “laundry list” of permanent taxes that may be imposed on small businesses to help pay for the “American Jobs and Closing Tax Loopholes Act” or the “jobs bill”.

It’s worth noting that Speaker of the House - Nancy Pelosi has posted her spin on this “jobs bill” act. You can read it at http://www.speaker.gov/newsroom/legislation?id=0374.

Like most bills, the provisions are buried in legislation (this one  is supposedly beneficial in “creating jobs”).  In her comments she refers that the above S corporation provisions closes a major loophole for wealthy attorneys and lobbyist and others, but the fact is,  it will affect many small consulting and professional businesses whose “principal asset” is the reputation and skill of 3 or fewer workers.  Social security is supposed to be a retirement contribution, and your retirement income (if you live) is based on your contribution just like any other retirement, but the government seems intent in considering this as a mandatory payroll tax.

Post from: Alvarez Company P.A. CPA Firm

“Taxpayers who decide they need assistance when preparing a tax return should choose a tax preparer with care and caution. Even if a return was prepared by an outside individual or firm, taxpayers should remember that they are legally responsible for what they file with the Internal Revenue Service.” IRS FS-2010-3

With this in mind, here is a list of considerations and questions you should ask before hiring someone to file your income tax return.

What credentials does your tax preparer have? (CPA, Enrolled Agent, Tax Attorney)

The tax preparation business is largely unregulated. ANYONE, regardless of experience or expertise, who charges a fee may file a return on behalf of a taxpayer. Make sure to ask your tax preparer what credentials they have. Don’t assume that just because someone is employed with one of the major tax preparation service providers, they are experts. In fact, H&R Block’s employment site claims, “Each year H&R Block employs thousands of seasonal and part-time associates.”

The Treasury Inspector General for Tax Administration (TIGTA) discovered that unenrolled agents are wrong more often than they are right. Some details of the test include:

• TIGTA auditors posed as taxpayers earlier this year at 12 offices of commercial tax preparation chains and 16 small, independently owned offices.
• Unenrolled, unlicensed preparers had only a 35% accuracy rate in preparing income tax returns.
• More than one-third of the erroneous returns contained misstatements or omissions that TIGTA considered willful or reckless.
• Of the 28 tax returns prepared, only 11 were prepared correctly, TIGTA said. If the 17 erroneous returns had been filed with the IRS, they would have resulted in $12,828 in underpaid taxes.
• TIGTA determined that six returns contained willful or reckless omissions or misstatements.
• In a similar test conducted in 2004, TIGTA checked 35 returns by unenrolled tax preparers and the accuracy rate was ZERO!
• Fees charged by the preparers varied widely—even among similar returns—but averaged $234 per tax return at commercial chains and $132 at independent offices.”

(source: http://www.journalofaccountancy.com/Issues/2008/Dec/UnenrolledPreparersOftenWrong.htm)

Remember, when the IRS detects a fraudulent return, the taxpayer — not the return preparer — must pay the additional taxes and interest and may be subject to penalties.

CPA’s (Certified Public Accountants), tax attorneys, and enrolled agents inspire confidence because they have passed a series of state examinations focusing on tax law and are regulated by associations such as the A.I.C.P.A. Also, don’t assume that licensed CPAs charge more than non-regulated preparers. In the TIGTA report, the average cost of a tax return by commercial chains was $234.00.

If you decide to not hire a CPA, your return should at least be reviewed and signed by an enrolled agent or tax attorney. Only CPAs, enrolled agents and tax attorneys can represent tax payers before the IRS in all matters including audits, collection and appeals. By electing to have your taxes prepared by one of these professionals, you are hiring someone who has earned valuable credentials through ongoing training and passing complex exams.

Will the person handling your return also be the one signing it?

Ideally you want the person/firm preparing your return to have the above credentials.  At the very least, you should make sure the person with credentials signs your return and will carefully reviews and inspect it before filing to the IRS.

Did your Tax Preparer earn continuing education credits in the past year?

There are multiple changes to the tax code each year and unless your preparer is keeping themselves current through continuing education, it is difficult to be aware of all the subtle changes in the law. Don’t be afraid to ask open ended and pointed questions to your tax preparer. Questions like, “How do you stay on top of all the changes in the tax code?” should be answered with confidence. Don’t accept answers such as, “All the changes are handled through our software”. The person handling your income tax return should be up to date with the tax laws and be able to ask the right questions to properly utilize the software.

What software does your tax preparer use?

This may seem a bit trivial, but you would be surprised to find out there are still some tax preparers who do not use any software at all. In addition, there are some who are use basic consumer level programs. There is a huge difference between an off the shelf tax preparation program you can buy in a retail store versus professional tax preparation software. Also, be aware if your preparer does not personally offer electronic filing (E-File). The IRS gives approval to who can E-File and if your preparer is not authorized, consider it a warning.

Does your tax preparer have experience within your business industry or within your individual profession?

Different businesses and different individuals may have unique issues relating to their return. Your preparer should be knowledgeable and familiar with some of the complexities unique to your own situation.

Ask your tax preparer if they will personally represent you if you are audited by the IRS.

The answer to this question should always be yes (assuming your preparer is a CPA, tax attorney or enrolled agent). If not, ask them why. You’ll probably end up wanting to hire someone else.
Also, be aware that services that claim they will explain your tax return is NOT the same as representing you.

RED FLAGS to look out for:

• Does the tax preparation service aggressively push high interest refund anticipation loans?
• Income Tax preparers who promise you a refund before reviewing your situation should not be trusted.
• Avoid tax preparers who base their fees on the amount of your return.
• Avoid tax preparers who claim they can get you a larger refund than other preparers.

About the author:  Jose Alvarez is the Managing Director of Alvarez Company PA CPA Firm,  a full service tax and accounting firm that has been serving the greater Tampa Bay area for over 35 years.  If you would like help with your personal or business tax return and/or accounting, you can call  (813) 938-2400.

If you would like more information on this subject, you can view “How to Choose a Tax Return Preparer and Avoid Preparer Fraud” (Fact Sheet FS-2010-3) at the official IRS website.
Related Resources: Tax Scams and Consumer Alerts from the IRS

Post from: Alvarez Company P.A. CPA Firm

If you are like most business owners, you set up your venture based on something you love. Your vision includes building the next great widget or delivering a service superior to your competitors.  This passion, or entrepreneurial spirit,  is what energizes you. However, there is another side of business that can drain you of this energy…Bookkeeping and Payroll. I have yet to meet a business owner who wakes up each morning excited with the idea of entering transactions into Quickbooks.

It’s no wonder that we often come across business owners who ignore bookkeeping altogether or are making so many errors that their financial statements are almost meaningless. We want to share the 7 most common bookkeeping errors we run across with the hope that you avoid making these accounting mistakes yourself.

1. Failing to track all business related expenses.
   Are you keeping track of the mileage for each trip to the office supply store? Do you often make purchases with your personal credit card and forget to assign the transaction to your business?  Do you know the expenses you are entitled to claim for your business?
2. Improper Employee Classification
   Many small business owners will hire subcontractors, freelancers, and consultants and then may incorrectly classify them and the subject to possible IRS payroll taxes and penalties.  As a result, they fail to file the proper forms because of the different regulations pertaining to employees and non-employees.
3. Keep Your Backups to maintain an audit trail
   You should maintain a trail of all your transactions including receipts, invoices, etc. for tax and/or accounting purposes.  We recommend scanning these documents and backing up your digital data remotely.
4. Not Reconciling with the Bank Statement.
   This is basic accounting that should be done by businesses (and individuals) to make sure you capture all your expenses and incomes and to be aware of your balances.
5. Improper use of Chart of Accounts.
   This may be the most common error we run across. A smart business owner will make sure that the Chart of Accounts is set up properly from Day 1. A well thought out Chart of Accounts will help you (or staff) classify your data so you get a clean financial snapshot of your business. Many businesses use a generic chart of accounts that is not customized to their business needs. As a result, transactions are often assigned into improper categories.
6. Hiring internal bookkeeper for something that often can be done for less cost by a professional bookkeeping department.
7. You Do the Bookkeeping Yourself.
   In our opinion, there is very little benefit of a business owner handling their own bookkeeping duties. Here’s why:
   • Focus on why you started your business to begin with. I highly doubt that your business passion is rooted in bookkeeping tasks.
   • Hire a professional and you’ll probably save money in the long run. Your time is money.
   • You get an extra set of eyes to review your books. In the process, a professional CPA will also make suggestions and offer advise to help grow your business. Plus, you’ll have piece of mind knowing that a true professional is handling an important aspect of your business.

Post from: Alvarez Company P.A. CPA Firm

The Business Tax Index takes into account 16 different tax measures, including:

1. Personal Income Tax Rates (Florida tied for 1st with 8 other states).
2. Capital Gains Tax Rates (Florida tied for 1st with 8 other states).
3. Corporate Income Tax Rates (Florida ranked 15th)
4. Corporate Capital Gains Tax Rates (Florida ranked 17th)
5. Additional Income Tax on S-Corporations
6. Individual Alternative Minimum Tax
7. Corporate Alternative Minimum Tax
8. Indexing Personal Income Tax Rates
9. Property Taxes (Florida ranked 31st)
10. Local Sales, Gross Receipts, and Excise Taxes (Florida ranked 43rd)
11. Adjusted Unemployment Tax (Florida ranked 4th)
12. Death Taxes
13. Tax Limitation States
14. Internet Taxes
15. Gas Tax (Florida ranked 48th)
16. Disel Tax (Florida ranked 38th)

Download the full PDF report: Business Tax Index - 2009

Post from: Alvarez Company P.A. CPA Firm

Filing Tax Returns Late can be very costly.

Let’s face it, filing your tax return is not the most exciting task you’ll do every year.  For many people, they would rather get a root canal than worry about their tax return.  Nevertheless, it’s something that must be done and putting off the filing process can be costly.  Every year, for various reasons, an estimated 7 million Americans fail to file their tax returns.

Why You Should File Your Late Tax Return As Soon as Possible -
Reduce Your Late Filing Penalty to the IRS

Be filing your return sooner than later, you’ll reduce the late fees imposed by the IRS.

NOTE: It’s important to realize that the IRS penalty for filing a late tax return is much different than the penalty for making a late payment.

The IRS penalty rate for late filing, without reasonable cause,  is 5% of the net tax due for each month the return is late, with a maximum of 25%.  The IRS Penalty for making a late payment is only .5% (1/2 of 1%) on the net amount of tax due with a maximum of 25%. If the IRS believes you have filed a fraudulent return, the penalty is even steeper.  The monthly penalty for filing fraudulently is 15% per month of the net tax due with a maximum penalty of 75%.

In summary, the fee for filing your taxes late is 10 times more costly than the late payment fee.  It’s obviously a smart idea to at least file and pay a late fee than to avoid filing your return altogether.

• IRS Late Filing Fee: Monthly penalty of 5% of net tax due (up to 25%)
• IRS Late Payment Fee: Monthly penalty of .5% (1/2 of 1%) of net tax due (up to 25%) plus interest on the amount owed.
  The IRS offers installment agreements when the situation is warranted.
• IRS Fraudulent File Fee:  Monthly penalty of 15% of net tax due (up to 75%)

If you do not owe money, there are no late fees but after 3 years you’ll lose any refunds you would’ve been entitled to.  In addition, why let the IRS sit on the money they owe you?  A new client came to us after receiving an IRS notices demanding over 10 years of tax returns.   After we prepared the returns for this new client, he did not owe the IRS any money as per the notices, however, he lost over $40,000 in tax refunds he would have been entitled to.  We were only able to recover for him about $10,000 for the last three years.

If you owe the IRS money, they can go back forever to collect the money.

If you are self employed, and have not filed your return, you will not receive credits toward Social Security retirement or disability benefits.  If you are self employed, we highly recommend creating a Corporation,  S-Corp or LLC depending on your circumstances.

If you are late in filing your 2008 tax return (after April 15^th, 2009) and did not file an extension, we highly recommend you contact a certified public accountant as soon as possible.  If you did file an extension (form 4868) , you’ll have until October 15th, 2009 to file the return.  You are still subject to late payment penalties.  Under certain circumstances, if the payment has not been made, the IRS could possibly void the extension and you would be subject to late filing penalties too.

How does the IRS know if you evade filing?
The IRS often finds tax evaders when ex-friends, spouses, disgruntled employess or other “enemies” decide to rat you out among other things including reports they receive.

Will you go to jail if you don’t file?
The IRS does not recommend criminal prosecution of individuals for failing to file their tax returns, assuming you voluntarily file or make arrangements to file, before a criminal investigation.  Flat out avoiding to file year after year is a different story,  just ask Wesley Snipes or Al Capone.  You do not need to worry about prosecution, as long as you make an honest effort to file a correct return and have legal income.  The long term plan of the IRS is to get American citizens back in the system and not prosecute people who just made an honest mistake.

Post from: Alvarez Company P.A. CPA Firm

José will be speaking at the Apollo Beach branch on Thursday February 19th, 2009 between 4:30 pm and 6:00 pm and will be at the Sun City Center branch on Tuesday February 24th between 4:30 pm and 6:00 pm.

During the free presentations, José will explain the tax benefits and consequences of the various entities and explaining the different types of ways to incorporate your business.
You will learn the basic principles of each entity type (Sole Prop, C-Corp, S-Corp, LLC, General Partnership, etc.) and why it’s important to carefully select the type that’s right for you.

Alvarez will also be including other tax saving tips for individuals.

SouthShore Community Bank - Apollo Beach Branch is located on 5998 US Highway 41 N., Ste A.
SouthShore Community Bank - Sun City Center Branch is located on 131 South Pebble Beach Blvd.

Post from: Alvarez Company P.A. CPA Firm

With tax season upon us, I thought I would be a good idea to provide advice on how to organize your personal financial records. Of course, businesses will have much stricter recordkeeping and document retention requirements.  Keeping track of your financial records will pay off in the long run and accomplish the following:

• You’ll simplify the tax preparation process and remind yourself of deductions you might have otherwise overlooked. By keeping the back-up documentation you may save taxes and interest charges. Plus, if the IRS ever questions your return, you’ll have the proper paperwork conveniently in hand.
• You’ll have a better picture of your complete financial position.
• Your CPA (Certified Public Accountant) will have an easier time identifying financial and tax-planning opportunities.
• Your family members will have an outline on how to handle your financial affairs should something happen to you.

With the benefits of keeping your financial records organized in mind, here are some recommended tips to make sure you have everything in order before visiting your CPA this tax season.

Hot to create a Filing System for Tax Records

If you want to keep your financial records in order, it is imperative that you start a filing system. Find a designated spot for all of your current files.  The spot should be in an accessible area in which you can easily get to because you will be regularly filing files here.  Ideally you will want to use a small filing cabinet, but a small accordion file or plastic box will make do for most small families.

You will also need to find a second area in which you will keep your “non-current” or “dead” files.  These are the files you will need to hold onto but should not have to access on a regular basis.  Last, but not least, you should have a safe deposit box.  The safe deposit box should store any important documents that would be difficult, or costly, to replace.  Examples of files that should be kept in your safe deposit box include: Marriage Certificates; Birth Certificates; Adoption, Citizenship, and Divorce documents; Records of Ownership including; Titles to your Vehicle, Deeds your home or land; and any Stock and Bond certificates.  You should also keep your original signed will in the safe deposit box.  I advise that your attorney also holds a signed copy of your will.

Of course, in today’s world, it is becoming easier and affordable to scan your documents and have digital copies.  You should ensure that any of your personal digital files are secure and backed up, (CD, flash drive, or preferably remotely) should your hard drive either crash or be stolen.

What Files Should You Keep and How Long Should You Keep Them?

Each household will have unique requirements thus making their recordkeeping system fairly unique.  However, in most cases, your financial records can be sorted into six primary categories, or files. If you focus on getting these six categories organized, you will find you are well on your way to having an organized record keeping system in place.

Tax Document File

Your tax document file will contain anything you’ll need in order to prepare your tax return.  This file will hold all of your receipts and cancelled checks that relate to any deductions and credits. Your Tax Document File will also hold all of your W-2, 1099 forms, and any other miscellaneous income records.  You should keep all previous returns and supporting documentation in your “non-current” files for at least three years after the return is filed. The IRS generally has 3 years to examine your return after it is filed (if not filed, the return requirements remain open forever until filed).  However, to be safe, I highly recommend holding onto your actual tax return forever (helps proves your filing and has your earnings history) and keeping your supporting documentation for 6 years.

Download your Free Tax Organizer Worksheet.
This organizer will help you to summarize your 2008 tax information.

Banking Records File

When organizing your Banking Records, keep your checking and savings statements separate. My personal preference and recommendation is holding on to your banking records for a total of 3 years.
In most cases, you should save your statements, until you can double check them against the year-end 1099 Form the bank sends you detailing any interest earned. Normally cancelled checks can be discarded after 3 years, with a few exceptions. Checks that support tax deductions, like those for charitable contributions or tax payments, should be moved to your tax files and saved for as long as the suggested 6 years of supporting documentation for the returns they support. Keep indefinitely, and move to the appropriate files, all cancelled checks related to a home purchase, capital improvements to your home and non-deductible IRA contributions.

Insurance Policies File

Create a unique folder each type of your insurance policies.  It’s a good idea to keep a data quick reference sheet at the front of the folder that contains your policy number(s), your insurance agent’s name and contact information, the amount and type of coverage.  If you ever need to file a claim, you will be thankful that this information is readily accessible.

Investment Reports File

It is wise to keep a separate folder for each of your investment accounts.  Remember, you will have a capital gains tax when you sell stocks or mutual funds.  You will need to prove your profit and loss on the sold investment.  You should keep detailed records on purchases, commission charges, any reinvested dividends or capital gains (this is important as it increases your tax basis), as well as sales prices. At the very least, you need to keep this information for three years after you file the return reporting the sale. Although most brokerage firms will hold the transaction history for you, it is ultimately your responsibility to provide this detail should the IRS question you. Most brokerage houses provide a summary of purchases and re-investments every year.

Home Records File

If you own a home, you already know that this folder will be your largest.  You were probably given a folder from your title company when you closed.  This folder should hold all the closing documents, the sales agreements, copies of the mortgage statement as well as appraisals.  In addition to this folder, I would create a unique folder that contains all your home improvement paperwork.  Your capital improvement will increase the cost basis or your home and reduce the amount of your gain when you sell. Real estate profits are not taxable right now (assuming the profit is less than $250,000 or $500,000 if married), the law could change at any time. A third folder documenting all of your valuable home items may come in handy for insurance purposes.  You can also use either a digital camera or video camera to record your items.  You want to make sure you capture the item, brand, model number, purchase price, and estimated replacement costs.  I also think it is a good idea to record the serial numbers as well. Protect this CD-Rom/DVD in a safe deposit box or backing up the data remotely.

Retirement Plan File

Create a folder for all of your retirement plan files, including: Individual Retirement Accounts (IRAs), 401(k), and any pension plans. The folder should contain your enrollment forms, statements and contact information.

Personal Financial Overview

I would recommend keeping a summary sheet that documents your system.  This will provide a guideline should someone else need to access your files.  Provide copies of this summary to your family, attorney, and CPA.

Maintaining Your Records

Once you have created your organization system, you will find it fairly easy to maintain your financial records.  The key is to not let paperwork pile up.  Try to file as you receive new documents or at least once a week. Remember, when discarding personal files, be sure to shred them before putting them out with the trash.

Post from: Alvarez Company P.A. CPA Firm

In one of our blog post from last August, the IRS had increased the business mileage from 50.5 cents to 58.5 cents in the second half of 2008. The new rate starting in January 2009 will be 55 cents a mile. The 2009 rate for moving or medical costs will also decrease from 27 cents a mile down to 24 cents a mile. In 2008, the IRS unconventionally increased the rates for the second half of the year due to the surge in gasoline prices. The 2009 mileage rates “reflect generally higher transportation costs compared to a year ago, but the rates also factor in the recent reversal of rising gasoline prices,” according to an IRS spokesperson. If you are using your vehicle for charity work, the rate will remain at 14 cents per mile.

For more complete details, please visit this page on the IRS Website:  2009 Standard Mileage rates.

If you need more information on how this effects you personally, or to learn about other possible tax deductions you can claim, please feel free to email me or give us a call to schedule an appointment.

Post from: Alvarez Company P.A. CPA Firm

The recent credit crisis is just a reminder of the importance and benefits of having a sound strategy that you can use to navigate through turbulent times. Don’t hesitate to contact a qualified Certified Public Accountant for objective guidance in helping you make intelligent financial decisions for the future of your business.

In the meantime, below are some tips to help you assess your current financial condition and start rethinking your business plan to face the current economic challenges you may find yourself in right now.

2. Go through and analyze your monthly income and expenses. Are you meeting your
budget projections? If you have noticed a drop in your revenues, try to determine how much of a drop in revenues your business can handle and for how long?
Determine your cash-flow needs for the next 3 to 4 months? What about the next 6 months?
Do you have sufficient cash reserves for the next 30 to 60 days?

3. Check with your lenders on the status of your credit lines. Ensure your in compliance with their
terms? Contact your banks and ask if they will renew their commitments at similar amounts, rates and terms?

4. Minimize the need for credit by reducing or eliminating any non-critical expenses.

5. Refocus on your balance sheet and how much credit you are extending to your customers.

6. If your credit lines are frozen or at their maximum limits, consider meeting with vendors and
working out a schedule of partial payments that would allow continued delivery of critical
materials and supplies.

7. Look into alternative types of financing. Some to be considered are loans on life insurance
policies, loans from key customers that rely on your business for their materials and supplies
or from labor unions, local development agencies or the U.S. Small Business Administration.

8. Keep an eye on your accounts receivable. Watch for new patterns of slow payments and
follow up immediately. Review your largest and riskiest accounts to determine whether credit
constraint or economic slowdown will affect their ability to pay you. Keep receivables aging
current at all times.

9. Manage accounts payable more closely. Forfeiting early pay discounts may be more
advantageous in preserving cash that may be needed for critical items. Keep payables aging
current at all times because that’s an important tool for managing cash.

10. Analyze your expenses and determine which ones can be controlled. Can you reduce
spending in any areas to put less of a burden on your cash-flow needs? As necessary,
communicate to staff/team members about the need to tighten spending. If you are a
manufacturer, review inventory management practices. Are there opportunities to reduce your
on-hand inventory? Service companies should make sure they’re capturing all their billable
hours and invoicing promptly. Have you billed all your contractual items? How about all your
pass-through expenses, such as billable third-party services and travel and living expenses?

11. Consider ways to pass your increased costs (i.e., fuel expense) on to your customers.

12. Check the safety of any cash deposits you have. On October 3, 2008 the FDIC deposit
insurance was temporarily raised from $100,000 to $250,000 per depositor through December
31, 2009. If you have more than $250,000 in any one bank, move the excess to another FDIC
insured bank. Consider investments such as CDARs (Certificates of Deposit Account
Registry) to spread the risk of short- to medium-term cash you may have invested in CDs.

13. Don’t engage in panic selling of your investments. Make sure your portfolio is diversified and
in accordance with your risk tolerance.

14. Come up with a plan NOW to respond to future declines in revenues, before they actually
occur. Re-think your business strategies and update projections. Review your
product/service lines to identify the most profitable items and determine how to leverage for
future growth in profits.

15. Contact your good customers. Even casual discussions can lead to new business
opportunities.

16. Review all your insurance coverage, particularly any from companies with weak balance
sheets. Be careful not to surrender a policy, as securing new coverage might require
underwriting that can affect your coverage.

17. Calm your employees’ fears about how this crisis will affect the company, their jobs and their
retirement or other benefit plans. Speculation and gossip are counterproductive, so it’s better
to address their concerns directly.

18. Finally, remain focused on your own advantages. Remember that:
• Your small business has greater flexibility and can more easily adjust to these economic changes than the larger companies within your industry.
• As a small business owner, you can use the recent crisis as an opportunity to buckle down, refocus, assess and make your company more financially sound, disciplined and less reliant on credit.

Although times are tough and things may seem impossible, remember that you are not alone and this is a situation that is manageable with the help of a trusted and experienced adviser.

If you would like to set up an appointment so that we can assist you in navigating through these tough economic times, please contact us.  Alvarez Company PA CPA is a firm that has been helping small business owners just like you for the past 33 years, we understand how these challenging times effect your business and we can work with you and help you navigate through the challenges. Please contact us today and we can help you gauge your current situation in the wake of recent market events and create a sound business plan in response.

Image courtesy of faungg@flickr.com

Post from: Alvarez Company P.A. CPA Firm

Apollo Beach, FL Issued October 1st , 2008

The Apollo Beach accounting firm of Alvarez Company P.A. CPA Firm has successfully completed a rigorous independent review of its accounting and auditing practice. The reviewer concluded the firm complies with the stringent quality control standards set by the American Institute of Certified Public Accountants (AICPA), the national professional organization of CPA’s.

José A. Alvarez CPA, managing director of Alvarez Company P.A. CPA Firm, has been a member of the AICPA for over 34 years and explained the importance of the AICPA Peer Review. “AICPA membership firms must have an independent peer review of its accounting and auditing practice every three years. It validates to my clients that our firm continues to comply with the highest standards as we continue to deliver quality service and professionalism while complying with strict quality control policies”. The review was conducted under the auspices of the Florida Institute of Certified Public Accountants following the standards issued by the AICPA.

José Alvarez, an Apollo Beach resident, has over thirty years experience in all facets of financial, accounting, tax and business advisory matters, including business valuation and consulting. In addition, the firm also provides personal income tax return services for individuals in Southshore.

Alvarez Company P.A. CPA Firm is a proud supporter of the local community and has sponsored the Alvarez Award for the Hillsborough County Outstanding Male and Female High School Soccer Players of the Year since 1983 as well as active members of the Apollo Beach Chamber of Commerce. To reach José A. Alvarez with questions about business accounting practices or other subjects, contact him at 813-600-2927 or email him at jalvarez@alvarezcpa.com.

The American Institute of Certified Public Accountants is the national, professional organization for all Certified Public Accountants. Its mission is to provide members with the resources, information, and leadership that enable them to provide valuable services in the highest professional manner to benefit the public as well as employers and clients.

About Alvarez Company P.A. CPA Firm.

Alvarez Company P.A. CPA Firm is a CPA (Certified Public Accountant) provides audit, accounting, tax and business advisory services to businesses and individuals. José A. Alvarez CPA, the managing director, has been providing CPA services to the greater Tampa Bay area since 1975. The firm focuses on privately-owned businesses, individuals, and not-for-profit

Post from: Alvarez Company P.A. CPA Firm