Tax preparation, financial planning and business strategies are, by their very nature, complicated. Short-term decisions can have profound long-term consequences – unexpected or unpleasant ones, if your accounting partner isn’t asking the right questions.

That’s why at Burns & Bynum, the key part of our process is asking the kinds of questions that all too often don’t get asked. Questions that help you look at your situation from a broader perspective, and uncover opportunities that may not be immediately apparent.

If these aren’t the kinds of questions you’re being asked, ask yourself why. Or, if you prefer, ask us.

About Business Development

  • Do you have a strategic business development and marketing plan for your company or are you just taking whatever business comes your way?
  • If you have a strategic business development plan, do you have a focused tactical plan to accomplish it? Has it been clearly communicated to your employees?
Back to Top

About Business Management

  • Do you have a shareholder or partnership agreement, including valuation and buy-sell provisions? Has it been updated in the past 5 years?
  • Are annual corporate minutes and/or promissory notes for loans to and from shareholders or partners prepared to support maintenance of the corporate liability veil?
  • When did you last analyze and project the adequacy of your bank/business lines of credit?
Back to Top

About Retirement And Estates

  • What is the fair market value of your estate? Have you done effective estate planning?
  • Do you have a gifting strategy for your estate?
  • Do you have a will? Has it been reviewed and updated in the past 5 years?
  • Do you have a financial roadmap that will help you reach your retirement goals? Does it include all of your assets updated on a daily basis?
Back to Top

About Taxes

  • Do you take advantage of tax loss harvesting?
  • Are the potential tax benefits related to short-term rental property applicable to you?
  • If you own a building, have you explored the benefits of a cost segregation study?
  • When buying or selling your business, which is better: a stock or asset transaction?
  • Do you know the tax benefits of donating appreciated stock to a charity?
  • Are you aware of the varying state nexus regulations and related tax filing implications of conducting business in multiple states?
Back to Top