A great tax professional does far more than file returns. Organized records and planning can support decisions, but compliance, savings and profitability are not guaranteed. Confirm the services, reporting frequency, fees and responsibilities available through Henriquez Accounting & Tax Services. Explore Bookkeeping, Tax Preparation, and Controller/CFO Advisory.
Table of Contents
Proactive Planning Audit-Ready Owner KPIs
Agree the reporting schedule, projection scope and filing responsibilities; complete records and review are required.
Seven Topics to Discuss With a Tax Professional
- Entity and compensation review: distinguish the legal entity from its federal tax classification. An LLC can have different tax treatments, and an eligible entity may elect S-corporation status. Review election timing, reasonable compensation, payroll obligations and total costs before recommending a change.
- Maximizing deductions & credits: home office, vehicle, depreciation/bonus, retirement plans, and industry-specific breaks.
- Review the taxpayer's estimated-tax and withholding requirements and the applicable payment safe harbor. A qualifying safe harbor addresses estimated-tax underpayment penalties; it does not eliminate the tax balance or unrelated penalties.
- Record review: Reconciliations, tie-outs and documented corrections support reporting and responses; closing controls do not guarantee audit sufficiency.
- Sales & payroll tax compliance: registrations, filings, and mapping (including marketplace facilitator rules).
- Cash-flow forecasting: 13-week view, AR collections cadence, AP batching, and budget vs. actual reviews.
- Year-round advisory: pricing, KPIs, and scenario modeling—not just “see you next April.”
Example Tasks and Schedule to Agree
These examples are not automatically included services. Confirm availability, scope, frequency and responsible providers in the written engagement.
Monthly
- Reconcile bank/credit/merchant; clear Undeposited Funds &
Merchant Clearing. - Deliver P&L, Balance Sheet, Cash Flow, and KPI snapshot.
- Sales/use tax filings (where applicable) and W-9 collection for 1099 readiness.
Quarterly
- Tax projections & vouchers; payroll and S-Corp compensation checks.
- Budget vs. actual; pricing/margin tune-ups; 13-week cash refresh.
Annually
- Business returns: 1120S/1065/1120; sole proprietors: Schedule C.
- Owner return coordination (1040) and 1099 e-filing.
- Year-end planning: depreciation strategy, retirement contributions, entity changes.
Healthy Signals vs. Red Flags
Healthy Signals
- Written monthly close checklist and prior-period locks.
- Tax-projection scope and fees stated in writing.
- Written scope, actual pricing terms, communication expectations and verified transfer/signing arrangements.
Red Flags
- “We’ll sort it out at year-end.”
- No portal/MFA; asks for sensitive data by email.
- Unreconciled months; large suspense or “miscellaneous” balances.
Technology Options to Evaluate
- Accounting: QuickBooks Online/Desktop.
- AP & spend: Bill.com or Ramp with approvals and vendor management.
- Receipts: Dext/Hubdoc with retention and attachment discipline.
- Payments: Stripe/Square with proper clearing-account treatment.
- Payroll: Gusto, QuickBooks Payroll, or ADP (needs-based).
A closing-date password helps control later changes after reconciliations and review are complete. Authorized adjustments may still occur; restrict access, review the change history and document approved corrections.
Potential Deliverables to Confirm
- Reconciliations and reviewed records at the frequency agreed in the engagement.
- Quarterly tax projections with vouchers and due dates.
- Sales/payroll tax coordination and 1099 workflow.
- Owner dashboard: margins, runway/DSCR, DSO/DPO/DIO.
- Verified document-transfer, signing and communication arrangements agreed for the engagement.
Ready to turn tax season into a non-event?
Discuss your records, obligations and planning needs. Confirm the practitioner, services, deadlines and client responsibilities included in your engagement. Book a 30-Minute Consultation
Professional Support FAQs
When should I hire a tax professional?
As soon as revenue is consistent or you’re hiring, selling in multiple states, or considering an S-Corp. Early planning helps identify deadlines and reduce avoidable rework.
Will you coordinate with my bookkeeper or CPA?
Agree who coordinates with your existing providers, what information may be shared and who is responsible for each task. Confirm consent and scope separately.
How quickly will I see results?
Agree the cleanup scope, reporting deadlines and whether tax projections are included in the fee before starting. Delivery depends on opening balances, record completeness, access and client responses; confirm milestones for the actual engagement.
Do you help with sales tax and 1099s?
Confirm the applicable registration and filing requirements, who prepares and submits the returns, and whether sales-tax or information-reporting work is included or separately priced.
What documents do you need to start?
Prior returns, bank/credit statements, payroll reports, entity docs, and access to your accounting file (QuickBooks). Confirm the requested checklist and approved transfer method before sending records.
Check practitioner qualifications with the IRS guide to preparer credentials. A title alone does not establish representation rights or an included service package.