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tax patrol

Tax Patrol Services

Posted January 29, 2021

WCG is happy to announce an additional service for our clients. On one hand we have our Business Advisory Service plans which are very comprehensive yet might contain some services that not everyone needs such as salary optimization, payroll processing, multiple tax planning events, among other things.

On the other hand we have transactional relationships where clients come in each spring for tax return preparation, and that’s all they need. No questions. No tax planning. Just a pile of tax documents and a few discussions later and bada bing bada boom they have a tax return and a nice summer.

Is there an in-between? Yes, Goldilocks, there is!

Tax Patrol is a wonderful tax service for those who don’t need all the business advisory bells and whistles, but from time to time want some love from an experienced tax consultant and business advisor. Have a quick tax question? Need to know the depreciation rules as you buy that new car? Wondering what your April tax bill is going to be in August? Tax Patrol is like ski patrol… you might not use it, but you sleep better knowing you have it.

We offer three typical versions aptly labeled Keystone, Copper and Breck(enridge). However, each of these can be customized to fit your unique needs.

A la Carte* Keystone Copper Breck
Individual Tax Return Prep (Form 1040, joint filing) $500 to $700 Yes Yes
Business Entity Tax Return Prep (Form 1065, 1120, 1120S) $800 to $1,000 Yes Yes
Tax Planning, Tax Projection Worksheets $350 to $500 Yes Yes Yes
Estimated Tax Payments Calcs Included Yes Yes Yes
IRS Audit Defense NA Yes Yes Yes
Complimentary Quick Chats (CQC) $250 to $500 Unlimited Unlimited Unlimited
Annual Fee $1,080 $1,500 $1,980
Monthly Fee $90 $125 $165
(prorated based on onboarding date)

Tax Patrol is specifically designed to give you the freedom to call, text or email us without the worry of being nickled and dimed like other outdated CPA firms. And! We also provide a tax planning event (usually around August) where we gather up your financial records like paystubs, rental activities, stock sales, etc. and we create a mock tax return projecting your annual income and eventual tax obligations. We are not big on surprises… bad news in August is palatable, yet bad news on April 15 is unacceptable.

Let’s not forget that Tax Patrol also includes IRS audit defense for any tax return that we prepare.

Tax Patrol Fine Print

With our Tax Patrol Services, we can provide basic tax advice through complimentary quick chats. We also include one annual tax planning event. However, we cannot provide consultation where we assist you in making a decision based on our recommendation (see our Business Advisory Service plans such as Vail, Telluride and Aspen below). Additionally, the following activities are considered out of scope and might incur a separate fee-

  • handling IRS or state notices for matters that WCG was not originally engaged to perform,
  • payroll audits beyond simply providing an Excel file of the payroll details,
  • verification letters for mortgage loans,
  • postage and delivery beyond simple letters,
  • financial planning or investment advice,
  • QuickBooks or other accounting software setup or training,
  • annual corporate governance such as filings, resolutions and meetings,
  • reviewing legal documents such as Operating Agreements, Shareholder Agreements, contracts, etc.,
  • extensive coordination with attorneys and financial advisors,
  • scenario based tax planning such as selling rentals, business interests, installment sales, etc.,
  • specific research on uncommon or irregular tax matters extending beyond one hour (unless Aspen plan), and
  • new employee setups, terminations, employment verifications, mailing W-2s, correcting 1099s.

If we believe the requested service is outside of scope and not included in the Tax Patrol Services, we will have that awkward conversation with you ahead of time so an agreement can be reached. We will never do work and then bill you without an estimate of time from us and approval from you.

If you need more comprehensive business advisory services and consultation, please keep scrolling for our Vail, Telluride and Aspen plans. The button below is a sample proposal for our Tax Patrol Service.

Tax Patrol Consultation

Want to chat with us to see how it all works? Have some initial questions that need answering? Let’s get them answered and see if Tax Patrol is a good fit for you.

    There are two types of tax appointments. One is a tax intake which is the initial meeting for tax preparation, and is complimentary of course. The other is a tax consultation where you have specific questions and you need answers from a tax professional.

     

    Our fee is $150 for 40 minutes (or $200 for advanced consultation with a Partner). If we decide to press forward with an engagement, we will credit the consultation fee towards future services. If you don’t need convincing and already want our services such as individual tax return preparation, and you simply have some housekeeping questions like "how does it all work?" we answer those at no charge of course. Charging a consult fee to tell you how great we are is not cool.

     

    Consultations are scheduled on weekdays during the work day. Yes, we can accommodate other days and after-hours, but those are reluctantly agreed to after some eye-rolling and complaining. We will answer your questions to determine three things-

     

    • Do you need our help?
    • Can WCG and its support staff help you?
    • Can we work together as a collaborative partnership?

    From there we can determine the best plan which might be a simple "keep on keeping on"; otherwise we will construct a malleable plan together and provide a quote for those services.

     

    Shockingly we actually return all consultation requests via email and phone call. No black holes here!

    wcg cpa

    Business Advisory Service Plans

    WCG specializes in small businesses who generally have fewer than 100 employees. Why? We want to help people, and more importantly we want to help the business owner directly. Frankly speaking, once a business gets to a certain size management layers get in the way of owner access. Access allows us to ensure the owner(s) are leveraging the most out of their business for themselves and their families.

    Because small business is a core competency for us, we have created business advisory service plans which include these really cool things-

    A la Carte* Vail Telluride Aspen

    2020 Tax Planning and Preparation

    Tax Planning, Tax Projection Worksheets $350 to $500
    Small Business Tax Deductions Optimization Included
    Section 199A QBI Tax and Salary Optimization $300
    Estimated Tax Payments (thru payroll or directly) inc. or $75 per
    Business Entity Tax Return Prep (Form 1065, 1120, 1120S) $800 to $1,000
    Individual Tax Return Prep (Form 1040, joint filing), One Owner $500 to $700
    Expat / Foreign Income Calcs (Form 2555, FBAR, Form 8938) $300 to $500 Add-On Add-On Add-On
    IRS Audit Defense NA
    Situational Tax Law Research (up to 3 hours annually) $750

    2020 Payroll

    Reasonable Shareholder Salary Calculation (RCReports) $400
    Monthly Shareholder Payroll Processing (up to 3 shareholders) $1,200
    Employee Payroll Processing (up to 25 EEs, bi-weekly, direct deposit) $300 per month Add-On
    Annual Payroll Processing (W-2s, other filings, up to five 1099’s) Included

    Business Advisory Services

    Consulting
    Business Consultation, Periodic Business Reviews (PBR) $1,000 Quarterly Unlimited Unlimited
    Complimentary Quick Chats (CQC) $250 to $500 Unlimited Unlimited Unlimited
    Interfacing with Lenders, Attorneys, Financial Planners $500 Unlimited Unlimited
    Financial Analysis
    QuickBooks, Xero Consulting $500
    Accounting Services (bookkeeping + analysis... see below) NA Add-On Add-On Add-On
    Fractional Controller (monitoring 3rd party bookkeeping) NA Add-On Add-On Add-On
    Financial Statements Analysis, Comparisons $1,200 Quarterly Quarterly
    Cash Flow Management and Analysis $750 to $1,000
    First Research Industry Reports, Industry-Focused Consulting $250
    National and Metro Economic Reports $150
    KPI Analysis, Benchmarking, Hot Sheets, Trend Analysis $750 to $1,000
    Budgeting, Forecasting, Goal Setting $750 to $1,000
    Strategy and Maintenance
    C-Level Financial Advice and Strategic Planning (Fractional CFO) $2,000 to $3,000
    Succession Planning, Ownership Changes Consultation $750 to $1,000
    Annual Business Valuation $2,500 to $3,000
    Annual Corporate Governance, Resolutions, Meetings $150
    Annual Fee $3,180 $5,580 $8,160
    Monthly Fee $265 $465 $680
    (prorated based on onboarding date)

    Custom! Unlike the modern day new car packages where you have to spend $8,000 for the moonroof, our Business Advisory Service plans can be customized specifically for you. The array above is simply a starting point. If you need more from us, let’s chat about it!

    Tax Patrol Services

    We also have Tax Patrol! This is a wonderful tax service for those who don’t need all the business advisory bells and whistles above, but from time to time want some love from an experienced tax consultant and business advisor. Have a quick tax question? Need to know the depreciation rules as you buy that new car? Wondering what your April tax bill is going to be in August? Tax Patrol is like ski patrol... you might not use it, but you sleep better knowing you have it.

    A la Carte* Keystone Copper Breck
    Individual Tax Return Prep (Form 1040, joint filing) $500 to $700
    Business Entity Tax Return Prep (Form 1065, 1120, 1120S) $800 to $1,000
    Tax Planning, Tax Projection Worksheets $350 to $500
    Estimated Tax Payments Calcs Included
    IRS Audit Defense NA
    Complimentary Quick Chats (CQC) $250 to $500 Unlimited Unlimited Unlimited
    Annual Fee $1,080 $1,500 $1,980
    Monthly Fee $90 $125 $165
    (prorated based on onboarding date)

    Additional Business Services

    The following are additional business services to get your venture launched and on the way. Some of these are teased out separately as one and done fees like formation and onboarding stuff.

    Accounting, Payroll*

    Monthly Accounting (bookkeeping + analysis) starting at $400 / month
    Bi-Monthly Accounting (bookkeeping + analysis) starting at $250 / month
    Sales Tax, Personal Property Tax typically $75 / month, $150 / quarter
    Employee Payroll (up to 5, bi-weekly) $50 or $160 / month
    * Accounting fees are based on 2 bank account less than 250 monthly transactions. Custom quote is available if you have a lot going on.

    Employee payroll can be added to shareholder payroll for $50 per month if already using our Business Advisory Service plans above (e.g, Vail), or $160 for standalone. Custom quote for more than 5 employees and a referral to therapy.

    Formation

    Articles of Organization or Incorporation, Domestic Owners $425 + state filing fee
    Articles of Organization or Incorporation, Foreign Owners $725 + state filing fee
    Initial Report (if required) $125 + state filing fee
    Employer Identification Number (EIN) Included
    Single Member Operating Agreement (SMLLC) Included
    MS Word Templated Bylaws Agreement (Corporations) Included
    S Corp Election, Timely Election (made with formation) Included
    Accountable Plan Included

    Onboarding

    Payroll Accounts Setup or Transfer $300 to $450
    Accounting Setup or Transfer (Fractional Controller) $300
    QuickStart QuickBooks Setup and Support (90 days) $750
    S Corp Election, Timely Election (within 75 days) $250
    Late S Corp Election Back to January 2021 $450
    Examine Prior Tax Returns Included

    Advisory Services Fine Print

    A la Carte
    A la Carte fee ranges are approximates. 85% of our clients fit into these fee ranges, but there are outliers. We have a handful of clients with over 30 rentals; their individual tax return is north of $2,500. We also are assuming one state; if your business spans the galaxy (keeping with our stormtrooper motif) then additional fees will be discussed with you prior to payroll setup or tax preparation. Typically each state is around $250 for tax preparation since it affects both your business and individual tax returns (frankly, state apportionment is a pain in the butt, but it is our pain… and states, especially California, are crazy about it).

    Prorated Fees
    Some more things to consider- when a partial year remains, our usual annual fee is pro-rated to not charge you for services you didn’t use (like payroll and consultation). However, a large chunk of our annual fee is tax preparation which is typically a built-in fixed amount of $1,300 (both business entity and individual tax returns). Whether we onboard you in January, July or December, we have to prepare a full year tax return. This increases the monthly fee for the remaining months of 2020 but the monthly fee will later decrease in January of 2021 to reflect the amounts above. Yeah, we make it sound like 2021 is just around the corner.

    Payroll Processing
    We make very little profits on payroll processing… we offer it as a convenience to our clients. One throat to choke with a single call can be reassuring but if you want to run your payroll, go for it! Everyone thinks payroll is a piece of cake; write a check and done. Nope… we see a lot of mistakes being made by clients especially the handling of health insurance and HSA contributions since there are special rules for greater than 2% S Corp shareholders. Then again, we don’t mind fixing what was broken.

    Tax Returns
    You can prepare your own individual tax return as well… but the benefit WCG preparing both individual and business tax returns is that we slide things around depending on income limitations, phaseouts, alternative minimum tax (AMT), Section 199A deduction optimization, etc. Having our arms around both can yield some good tax savings!

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    No BS

    We are not salespeople. We are not putting lipstick on a pig, and trying to convince you to love it, even if Tom Ford’s Wild Ginger looks amazing. Our job remains being professionally detached, giving you information and letting you decide.

    We see far too many crazy schemes and half-baked ideas from attorneys and wealth managers. In some cases, they are good ideas. In most cases, all the entities, layering and mixed ownership is only the illusion of precision. Just because you can complicate the crap out of your life doesn’t mean you must. Just like Chris Rock says, just because you can drive your car with your feet doesn’t make it a good idea.

    Our Business Expertise

    As mentioned elsewhere we primarily focus on small business owners and their unique consultation and tax preparation needs. With over 40 full-time consultation professionals including Certified Public Accountants, Enrolled Agents and Certified Financial Planners on your team, WCG consults on custom business structures, multiple entity arrangements, S corp elections (even late S corp elections back to January), tax strategies, business coaching, industry analysis, executive benefits, retirement planning including individual 401k plans, exit strategies, business valuations, income tax planning and modeling, and tax representation. business advisor

    We also work with business law attorneys for business owners who have additional needs such as drafting Operating Agreements, fee for service contracts, buying or selling a business including employee stock ownership plans and partner buy-ins. In addition, WCG coordinates with third party plan administrators such as Polycomp and RPS to create age-based profit sharing plans and cash balance (defined benefit) plans. We can run point on whatever your business needs to ensure that communication is effective and efficient allowing you to sell widgets.

    Here are some additional resources you might find useful.

    WCG is a full service consultation and tax preparation firm, and we look forward to working with you!