Do you want to know what’s wrong with the world today? It’s simple. There are too few magicians.
I yearn for a time when pointy-capped wizards roamed the countryside in search of orcs to toast. When circus tents boomed with oohs and aahs as long-mustached prestidigitators yanked entire wardens’ worth of rabbits out of hats. When 1 (800) 931-4003 still connected you directly to Miss Cleo, who could see anything coming with the exception of numerous lawsuits.
That’s why I thank goodness one class of magician still exists. I’m speaking, of course, of accountants, and I’m also speaking as someone whose mathematical education more or less ended the day his teacher told him X is a number.
Frank E. Nute, Certified Public Accountant performs that most fantastical magic of all: preventing the government from taking your money. They’ll still take too much of it, but Frank’s mastery of IRS arcana will keep you more whole nonetheless.
The Magic of Entity Selection
“I frequently meet with business owners to discuss that most fundamental key to success: entity selection,” explained Frank. “There are myriad tax and compensation implications to electing S Corporation over LLC or vice versa, and I’m here to help my clients understand all of them.
“For example, an S Corp allows for potential tax savings by splitting income into two components: reasonable compensation, which is subject to payroll taxes, and shareholder distributions, which aren’t subject to self-employment tax. If my client believes an S Corp’s stricter compliance requirements and closer IRS oversight aren’t worth it, then we may instead explore whether an LLC’s fewer restrictions and greater flexibility in profit distribution (which come at the cost of a larger tax burden) would better serve their purposes.
“We’ll review industry benchmarks. We’ll discuss your role in your business’s daily operations, and your bandwidth for documentation and compliance. Before very long, we’ll have estimated the most generous compensation you can receive – without provoking IRS scrutiny.”
The Magic of Cash Flow
“Statistics show that only 35 percent of businesses survive their first ten years,” Frank continued. “The main reason for many of those casualties is cash flow, which I focus on as part of my comprehensive CFO services.
“I regularly partner with businesses ranging from $1 to $5 million in revenue that need clarity, structure and strategy around cash flow. I help my clients turn reactive financial situations into proactive plans for stability and growth through my proven five-step process: diagnose root causes, improve forecasting and visibility, optimize collections and payables, manage debt and financing options, and control spending while increasing efficiency.
“My process is all in service of enabling cash flow stability, and supporting business owners in making safe investment, hiring, and expansion decisions. I’m proud to say that several of my clients are still in business because of it.”
The Magic of Tax Resolution
Have you already attracted the wrong kind of attention from the tax man? No worries. Frank is your man.
“I also work with clients who have failed to pay taxes, pay them on time, or both,” said Frank. “If they think all hope is lost, then they’re relieved to discover they still have an excellent chance at leveraging the IRS’s First-Time Abatement (FTA) program."
“For example, I recently worked with a client who had experienced unemployment, and did not file their 2023 taxes until the end of the following year. They owed $10,000, and had incurred a $2,500 penalty for failure to file, a $200 penalty for failure to pay, and interest of $567. Their grand total debt to the IRS? A cool $13,267.
“Upon reviewing my client’s compliance history and determining that it was clean, I submitted a formal request to the IRS citing their FTA program. After some back and forth, the IRS granted the request to eliminate all penalties. My client saved a grand total of $3,267!”
It doesn’t matter if your business is still in its shower thought stage of development. It doesn’t matter if you’ve already shown the world you’re an entrepreneurial powerhouse and own multiple jets with your name on them. It doesn’t matter if the IRS’s army of pencil pushers is currently grinding the mother of all axes for you. Wherever your business might be, you need Frank to make sure you’re set up for success.
Is it really magic? No. It is something even more potent and inscrutable: accountancy.
Call (952) 405-2082 or visit FrankNuteCPA.com for expert tax planning and consulting services!
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