Zigman, Levine & Fischgrund PC

FAQ

Here are the answers to some of the most Frequently Asked Questions our firm receives.

 

REMEMBER:
The information found on this website is general in nature and may not apply to the reader's situation. Therefore, the reader should not rely on the information on this website alone.

For specific advice, please call us at 516-747-6000

Q:  Nothing happens when I click on the Fin. Calculators link, does this link work?

A:  Yes it does!  This link opens in a new browser window, if nothing happens when you click the link, hold down the CTRL key while you click, a new window should open with the calculator types across the top, select one and calculate away!

 

Q. HOW DO I GET TO YOUR OFFICE?

A. Directions to our office along with a map are located on our "Contact Us" page. Feel free to call for more detailed instructions if necessary

 

Q.  Can you help me with my investments?

A.  Generally we do not offer investment advice. We can help you with Financial Planning, and recommend a registered investment advisory firm in the area who can help you determine your goals and the strategies that you are comfortable with.

Q.  I currently use an outside payroll service, and, frankly, have not been pleased for various reasons. What alternatives do I have?

A.  We now have access to a very good payroll alternative that you can access and use right here on our webpage. This is a reasonably priced alternative, competitive with the nationally known services, and offers you the flexibility of running your own payrolls on YOUR schedule. Direct deposit, ACH tax payments and easy import to your QuickBooks or other accounting software are features of this very good software. Call us for a demonstration!

 

Q.  I am concerned that my business is not as profitable as I would like it to be. What can you do to help me?

A.  We offer an operational auditing program where a team of our professionals come into your business to assess your company's operational strengths and weaknesses. We breakdown your business into the areas that are mission critical and offer recommendations (that we can help you to implement!) to get your business on track. Organizational efficiencies and profitability structuring are the keys to your business working FOR YOU rather than vice versa.

 

Q.  What is all this that I hear from your firm about "wealth accumulation and retention?" Come on...Is there really any thing that we can do these days?

 A.  The answer to your question is an unequivocal "YES". Obviously, the markets have been tough on all of us over the last few years. But we have strategies available to us still that can get you on the road to developing a wealth base, and then in helping you to develop that base and RETAIN IT! Please give us a call and we will set up a time to discuss this.

 

Q.  It seems like everyone and his brother (except me!) has a retirement plan! Can you explain the various plans available?

A.  A good retirement plan can be an essential weapon in your arsenal for accumulating wealth. I will go out on a limb...Every business owner with taxable income from some source (whether from the business or not) should have a retirement plan to help defer taxes and to accumulate savings tax free! We can help design the PERFECT plan for your business and your circumstances. Give us a call so that we can discuss this!

 

Q.  What is a reasonable wage for S corporation owners?

A.  Ideally, the best way to set pay is to use an amount comparable to an individual being paid similar rate in your industry. Otherwise, we use a standard rule of 50\50. Basically, 50% of income available to owners should be taken as wages and the other 50% may be taken as dividends.

Q.  Do I need to visit your office to have my taxes prepared?

A.  It is not necessary to visit our office. Many clients utilize the mail, fax, and express services to send their information to us. In addition, email, faxing, as well as scanning information and attaching it to an email to us is very effective.  As a matter of fact, we deal with clients all over the world utilizing these methods.  For new clients, we encourage a meeting so that we can discuss your unique tax situation.

 

Q.  What size clients do you accept?

A.  We accept any clients within our service range. If the engagement is very large, we will accept it if we feel we have the staff to handle it. If we don't have the appropriate staff, we may form an alliance with another CPA firm and perform a joint engagement. There is no account too small to be considered important in our office.

Q.  Do you work with Start-up Companies?

A.  Yes! Many of our clients are just starting in business. We will lead you through the necessary governmental forms. Through our networking, we can also assist in finding you other necessary professionals to deal with (lawyers, insurance agents, mortgage brokers, etc.) throughout the state.

 

Q.  I want to start a new business. Can you tell me which type of business I should form?

A.  Yes. When setting up a new business, it is crucial to set up the right type of business, such as corporation, S corporation, Limited Liability Company, limited partnership, partnership, sole proprietorship, etc. Our consulting services will help you form the right type of business based on your unique situation with consideration given to liability issues and tax advantages.

 

Q.  How are Limited Liability Companies (LLC) taxed?

A.  A single-owner LLC defaults to being taxed as Sole Proprietorship. Income/loss from the LLC is reported on the owner’s personal income tax return. A multi-member LLC defaults to being taxed as a Partnership. A Partnership tax return must be filed. The profit or loss is then reported on the owners’ personal tax returns. Any LLC can elect to be taxed as a corporation. To do so, one must file an election within 75 days of creating the LLC.

 

Q.  When should I give you my tax information?

A.  You should bring all your information in as soon as you have it all together. The sooner you bring it in to us the better chance we have at making sure we've done the best possible job for you.

 

Q.  What do I need to do to start a new business?

A.  Typically, some people will go to their lawyer first, get the business set up and then contact an accountant. We would rather that you contact us at the beginning. There are many different kinds of companies and we can help you select the best one for the kind of company that you will be setting up. Then we will continue to help you with payroll, tax returns, monthly accounting, and financial statements to whatever degree you need.

 

Q.  Should I use a lawyer or an accountant to incorporate my business?

A.  Although lawyers can get the paperwork together to make your incorporation happen, they might not know all the different tax laws that can apply to the different kinds of incorporations. Therefore, we suggest you see an accountant first to find out exactly which kind of incorporation you should pursue. Then we can direct you how to proceed in completing the required paperwork.