Peterson CPA Firm P.C. | CPA in Texas

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Information on SECURE 2.0 ACT of 2022 and its focus on retirement savings

New 2023 Requirements for Beneficial Ownership

Tax Prep & Planning

 “Render unto Caesar what is Caesar’s" … and not a penny more! is accomplished through tax planning. 

We encourage our clients to talk with us about  their future plans and dreams so they can create financial plans that will minimize  their tax burden. 

Areas that impact an Individual's financial future:

  • Purchase and sale of personal residence                  
  • Funding retirement accounts through IRAs, Roth IRAs, 401(k) Plans, and SEP plans
  • Funding college for kids and grandkids
  • Estate planning
  • Health insurance and High Deductible plans
  • Social Security options 
  • Maximizing charitable gifts

Areas that impact a Small Business' bottom line:

  • Organizational structure options: partnership, incorporation, or Sub Chapter S. 
  • Forming an LLC
  • Using a section 179 deduction
  • Retirement plan: 401(k) plan, defined benefits plan or SEP Plan
  • Health plans
  • Cash forecast
  • Exit strategies to maximize proceeds from the sale of your business.
  • Job costing using QuickBooks
  • Payroll reporting

Areas that impact Investors:

  • Strategies for minimizing tax burden on Investment property
  • Stratagies for entering and exiting Partnerships
  • Stratagies for utilizing capital gains and losses

Estates & Trusts

Estate planning requires more than just drawing up a will. 

It is a process that examines the options available to you to protect your property, investments and business, as well as your wishes regarding healthcare treatment if something were to happen to you or your loved ones.

Planning your financial legacy is a personal and very important step to take. That’s why we take a friendly, professional and thorough approach as we walk you through the process

Estate Planning services include: 

  • Planning and consulting engagements to create an overall plan
  • Preparation of federal and state estate tax returns 
  • Preparation of federal gift tax returns 
  • Preparation of federal and state income tax returns for estates and trusts 
  • Consultation with other professionals as a team to meet the client’s estate and trust needs 
  • Business valuation 

Entrepreneurs

This part of our business brings us great satisfaction as we partner with Entrepreneurs to build new businesses or successfully manage their current business. 

We customize our service to support each Entrepreneur's desires and needs. 

We can consult annually to complete tax returns and plan for next year, or more often to prepare interim financial statements and analyze trends.

Our goals for each Entrepreneur include:

  • Minimizing tax burden
  • Eliminating SURPRISES! No one wants a tax surprise when they get their tax return. 
  • Receiving timely financial statements that are useful for managing the business, job costing, tax estimates, and cash forecasting.
  • Creating a winning culture
  • Properly classyifying employees and contractors

QuickBooks

Set-Up & Conversion

Although QuickBooks is very easy to use, it takes a bit of expertise and foresight to design the system for maximum benefit and effective control. Moreover, a new system set-up or conversion presents the opportunity to address long-standing gaps, inefficiencies, and annoyances. You don’t do it often, so you might as well do it right!

Although we tailor each engagement to each client’s needs, here is a list of QuickBooks Set-Up services that we offer:

  • Enter transactions since the start date using tools to import multiple transaction types and large quantities of data

  • Assess accounting and reporting requirements

  • Establish hardware and software specifications

  • Install the accounting software

  • Design and implement the chart of accounts, loading balances as of the start date

  • Record outstanding accounts receivables and payables

  • Enter ending statement bank balances and outstanding checks, deposits

  • Compare trial balances from the old and new systems to ensure that all data was transferred correctly

Assessment & Training

A QuickBooks assessment is a great way to prepare for tax time, an important meeting, or a periodic review of your business strategy. In a few short hours, we can review transactions, clean up stray entries, balance the general ledger to subsidiary ledgers, and adjust the chart of accounts to reflect changes in your business model. This assessment can help you make better decisions, minimize the ill-effects of undetected errors, and keep money flowing in the right direction,

Whether you’ve engaged us to help with your implementation or you simply need a refresher course on the system, we can provide training on using QuickBooks to manage your business. We’ll spend as much or as little time as you need on each topic, and respond to any questions and concerns.

Advisory Services

We offer value added services that help you structure and manage your business to its best advantage. We help new businesses get off the ground and provide objective assessments of existing ones. We help you establish policies and procedures to protect vital assets and perform audits to ensure the integrity of your records. You reap the benefit of increased efficiency, control, and insight.

We provide objective assessments of business interests by helping you identify and analyze the relevant factors that drive value. We examine:

  • The strength and stability of the customer base and the associated revenue stream

  • Prospects for growth given the available market and competitive positioning

  • The overall financial health of the business

  • Valuations for comparable entities

The results inform your decision making as you buy or sell business interests, forge partnerships, negotiate with third parties for debt or equity financing, navigate martial separation, or settle estates. Our professionals can serve as advisors during due diligence and provide expert testimony in legal proceedings.

Are you thinking of joining the ranks of small business owners? Along with a great idea and strong sense of the market you’ll serve, you’ll need a business and financial advisor who can help your dream take flight while keeping your feet firmly planted on the ground.

We can help you:

  • Develop or refine your business plan with the associated pro forma financial statements (Balance Sheet, Income Statement, Cash Flow) and budget

  • Select a business structure that suits your needs by considering tax advantages, legal exposure, ease of operation, and portability

  • Develop partnership agreements, as needed, to avoid financial and/or emotional trauma downstream

  • Prepare and file all required state and local licenses and permits.

  • Make application for your Federal Employer Identification Number.

  • Identify start-up capital needs and available resources to address them

  • Examine your borrowing power and provide coaching on how to cultivate a mutually beneficial banking relationship

  • Identify your business insurance needs

  • Select the right accounting software and establish the appropriate chart of accounts

  • Establish billing and collection procedures to maximize your cash flow

  • Establish procedures to monitor and control costs

  • Provide payroll and payroll tax filing when and if you hire employees

We’re eager to get your business off to a good start.

We help you establish appropriate internal controls to ensure proper handling of resources and guard against employee theft. Some best practices include:

  • Segregating duties across multiple individuals to minimize exposure to error and inappropriate behavior

  • Establishing lines of authority and the associated processes for transaction approval

  • Assigning responsibility for periodic review and reconciliation of financial records by someone who was not involved in executing transactions or preparing statements

  • Scheduling periodic manual counts of equipment, inventory, and other tangible property to ensure alignment with the accounting records

  • Documenting policies and procedures as guideposts for your employees’ day-to-day activities

  • Training employees on their respective job duties and establishing appropriate levels of ongoing supervision

  • Reviewing operations to ascertain whether results are consistent with established goals, objectives, and protocols

We offer two levels of assessment of your financial statements based on your company’s needs:

  • A review is a more limited investigation to provide some level of assurance that material modifications to the financial statements need not be applied. Testing primarily consists of high level examination, year-over-year comparison, inquiry, and analysis. It does not examine back-up data to substantiate the financial data. A review may suffice for selected outside interests.

  • A compilation presents client-supplied data in financial statement format. No assurance is provided by the accountant as no testing, inquiry, or analytical procedures are performed. This service typically serves an internal audience.

Contact us to discuss your needs for financial statement assessment.

While we do not perform audit attest services, if you need an audit lets us know and we will connect you with a firm that can partner with you and us to get the audit complete.

About Peterson CPA

 

Peterson CPA Firm, P.C. was started by Don Peterson. Don’s intention was to build a CPA Firm that would attract quality CPAs because of our five core values. We stand for:

  • Maximizing our clients' wealth through financial and tax planning.
  • Designing profitable businesses for Entrepreneurs while creating cultures that allow their personal lives to thrive. 
  • Valuing all of the people within our clients' and our firm's field of influence by encouraging them to chase their dreams.
  • Understanding that our clients and our integrity will create the foundations necessary to ensure that our achievements will be sustainable.
  • Loving our work and having fun!

Our team's embracement of these core values allows us to provide you with tax planning, tax preparation, financial planning, and estate planning within a context that creates a clear path of action to accomplish your dreams. 

We look forward to working with you! 


Check out Don's book
     "A Parent Guide:
Helping Your Children
          Raise You!"

Services We Provide

• Individual Tax Preparation & Planning
• Review of Financial Statements
• Compilation of Financial Statements
• Preparation of Bank & Loan Application 
• Retirement Planning
• Social Security Option Consultation
• IRA & Roth IRA Consultations
• 529 Plan Consultations
• Estimate Tax Payment Consultation
• IRS Problem Consultation
• IRS Installment Payment Application
• Non-Profit Tax Preparation and Planning
• Form 990
• 179 Election Strategies
• Corporate Tax Preparation & Planning
• Partnership Tax Preparation & Planning
• Trust Tax Preparation & Planning
• Estate Tax Preparation & Planning
• 501c3 Application
• 1031 Exchange Planning
• Sales Tax Reporting
• Franchise Tax Reporting
• Payroll Tax Reporting
• Quick Book Consulting & Assistance
• Gift Tax Return Preparation
• Sub Chapters S Elections 

Areas We Serve

With today’s technology we provide services to our customers all over the world. Our primary service areas are below:

Houston • Friendswood • Pearland • Alvin • League City • Webster • Galveston • Clear Lake • La Porte • Deer Park • Pasadena
 • Sugarland •  Missouri City • Baytown • Woodlands • Kingwood • Cypress • Heights • Katy • Spring • South Houston • Humble • Rosharon • Lake Jackson • Texas City •  Kemah • Galveston

 
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Contact Us Today

(281) 482-1240