Entrepreneurs quickly learn that every business financial decision has a tax implication. Since most entrepreneurs are not trained accountants or tax experts, they generally depend on the guidance of a CPA for accounting and tax services and for overall general business advice.
Entrepreneurs who use retirement money as a source of business capital have unique issues they face which often conflicts with the traditional advice provided by most CPAs. This is because most CPAs have not received specialized retirement plan training. Additionally, entrepreneurs often do not fully inform their CPAs about having a retirement plan as an investor in their business which can lead to tax return filling errors. A client of ours had experienced problems with her CPA in many areas. One item in particular caused such a significant conflict between her corporation and her retirement plan that it could have led to the retirement plan’s investment in her corporation to become subject to tax and penalty. Walker Business Advisory identified the existence of the problem and then guided her CPA on how to correct the problem.
This service was provided at no additional cost.
Entrepreneurs who use ERPA gain the benefit of having a team managing the plan that understands not only the needs of business owners but also the unique issues associated with having a retirement plan as an investor.