Kyle P. Nagy, CPA

The way you manage your bookkeeping and accounting system is critical to the success of your non-profit organization. You need to make sure that you have accurate yearly income statements, a balanced sheet for your accounts payable (AP) and receivable (AR), detailed expense statements (individual program expenses), and updated revenue support schedules. If you are looking for a tax preparer near me for your non-profit organization, contact Kyle P. Nagy, CPA today.

An IRS audit letter is a notice from the Internal Revenue Service (IRS) that you are being audited. The letter will outline the specific areas that are being examined and will request supporting documentation. An audit can be triggered by anything from a simple mathematical error on your return to discrepancies between your reported income and what the IRS has on record. If you have received an audit letter, Kyle P. Nagy, CPA offers IRS audit representation for small business owners and individuals. We will work with you to gather the necessary documentation and build a strong case to support your position. Contact us today to schedule a free consultation.

Fiduciary advisors are investment professionals who are legally bound to act in their client's best interests. Unlike brokers, who are only required to recommend “suitable” investments, fiduciaries always put their client's interests ahead of their own. If you are looking for a trusted accountant near me that offers fiduciary financial advice, contact the team at Kyle P. Nagy, CPA today.

A business succession plan is a document that outlines how a business will be transferred to another owner in the event of the death or retirement of the current owner. The plan should include provisions for funding the buy-out, as well as guidelines for choosing a successor. A good succession plan can help ensure that your business continues to thrive after you are no longer at the helm. If you are looking for a top-rated CPA for small business that offers succession planning services, Kyle P. Nagy, CPA is the accounting firm to call.

The “Innocent Spouse” IRS Relief program is designed to help those who have been financially harmed by their spouse’s improper tax filing. If you can prove that you had no knowledge of, and were not complicit in your spouse’s actions, you may be eligible for relief from some or all of the tax liability. If you are looking for a reputable CPA near me to help you prove your case, contact Kyle P. Nagy, CPA for a free consultation.

Yes, we can! By taking a deep dive into your business and expenses we can help determine which items are deductible.

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.

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.

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.

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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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?

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.

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.

A business strategic plan defines goals, objectives, and targets for a company and outlines its resources 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.

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.

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 running 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?