If you're a small business owner, we want you to read the following to better understand your obligations. We believe this will help clarify our role in working with you to meet these obligations.
You are obligated to comply with a seemingly overwhelming set of legal, accounting, and tax-related responsibilities associated with the privilege of owning and running a business. This obligation remains with you even though you may be unfamiliar with the rules.
Some of your responsibilities may include:
Maintaining complete accounting records for tax-reportable business transactions
Maintaining receipts containing clear descriptions of what product or service was purchased
Maintaining bank records (cancelled checks/statements) evidencing payment of products/services for which you have receipts
Compliance with tax deductibility associated with travel, meals, and entertainment expense
Compliance with tax deductibility associated with business automotive use
As consultants, our objective is to address your stated concerns. We may inquire of you if we become aware that your accounting system does not meet your obligations or we notice noncompliance in the course of addressing your stated concerns. However, we attempt to minimize our additional inquiries in order to focus on your stated concerns. In other words, our objective is not to expand your engagement with us without your request/consent to do so. For this reason, we urge you to inquire of us if you feel uncertain or unfamiliar with any areas of your responsibilities in the tax and accounting arena.
We appreciate the opportunity to consult with you on expanded areas of your obligations, and will do so generally only when you request such. We want you to be in control of how we work with you.
Forney Accountancy Bryce Forney, CPA Bryceforney@Gmail.com 925-323-2892 Phone/Text 1973 Faye Ct Pleasant Hill CA 94523-3307
