By Jason Watson, CPA
Posted Monday, December 30, 2024

WCG consults with small business owners and tax clients on riveting topics like these-

• customized business structures for tax efficiency, flexibility and protection

• operating agreements, structuring deals with investors

• S Corp elections (even late S Corp election back to January 1, 2025, even in 2025)

• Section 199A Qualified Business Income Deduction and Specified Service Trade or Business Analysis

• reasonable shareholder salary determinations and defense

• accounting (bookkeeping + analysis), financial statement preparation and payroll processing

• tax advocacy, strategies and planning (bad news in August, OK… surprises in April, bad)

• business advisory services to leverage more from your business for you and your family (put more money in your pocket), including lovely yet detached children

• industry analysis, KPI analysis, benckmarking and peer to peer comparison

• executive and fringe benefits

• retirement planning (SEP IRA v. 401k, defined benefits and cash balance plans)

• business valuations, buy-sell support and exit strategies

• financial expert testimony, divorce litigation support

• tax representation (happy happy joy joy)

Outside of typical business services (accounting and payroll), consultation and tax preparation, we have focused on these niche competencies for our group of Colorado Springs CPAs and business advisors.

• Small business advisory services and administration including S Corp elections and tax planning.

• CRNA contractor business consulting including others in the medical community.

• Rental properties, including real estate investing strategies and management consultation.

• State income tax nexus, physical presence and substantial economic presence issues including income apportionment.

• Pass-through entity tax deductions and SALT workarounds.

• Expatriates, or Expats for short, including foreign earned income exclusion, FinCEN 114 FBAR filings including Form 8938, Form 5471 and 5472 and other international tax matters.

WCG CPAs & Advisors protects the fortress by not doing everything, but everything we do, we do very well. We also leave room for the individual tax client who does not own a business but has complex tax issues needing expertise, tax planning and wealth management.

In general our client base is primarily comprised of consultants, engineers, financial advisors, physicians, chiropractors, doctors, surgeons, dentists, anesthesiologists, nurse anesthetists, insurance agents, photographers (the profitable ones), attorneys, online retailers, FBA retailers, real estate agents, real estate investors and good old fashioned widget makers, and several others. A lot of our clients are one-person bands… W-2 one day, 1099 the next.

We also have several medical groups and financial advisor teams operating a tiered entity arrangement where each individual owns an S corporation.

By Jason Watson, CPA
Posted Saturday, November 5, 2023

We hope you enjoyed reading this book, and wish you the very best of luck in all your endeavors. If we can be of any assistance, please don’t hesitate to reach out to us!

By Jason Watson, CPA
Posted Saturday, November 5, 2023

We select our clients on two important criteria. First, we expect our clients to be open, honest and responsive in communication. Second, we prefer to work with clients who view our partnership as a collaboration, where our challenges and successes are shared. Unlike transactional relationships, we’d rather work with you than for you. Having said that, we understand some people just want a transactional ‘latte’ and don’t want to get too involved with steaming the milk- that is OK too.

Let us work together to develop and implement a proactive yet nimble plan for your future!

By Jason Watson, CPA
Posted Saturday, November 5, 2023

We are not salespeople; we are consultants. We are not putting lipstick on a pig expecting you to love it. Our job remains being professionally detached, giving you information and letting you decide.

We see far too many crazy schemes and half-baked ideas from attorneys and wealth managers. In some cases, they are good ideas. In most cases, all the entities, layering and mixed ownership is only the illusion of precision. As Chris Rock says, just because you can drive your car with your feet doesn’t make it a good idea. In other words, let’s not automatically convert “you can” into “you must.”

By Jason Watson, CPA
Posted Saturday, November 5, 2023

How are we different? Easy! We take a consultative approach to our client relationships. We have the experience of a big CPA firm without the stuffiness. WCG will be your advocate by putting you in a position to make informed decisions by leveraging our professional network of knowledgeable Colorado CPAs, corporate and estate planning attorneys, and Certified Financial Planners to work in concert for you. Why play messenger when we can bring this service spectrum under one roof?

Plus, WCG will be your point of contact as you travel through the cycles of your personal and business lives. Many tax accountants and business consultants are only compliance-oriented, and while government and IRS compliance is critical, being proactive through proper tax and business planning is equally important. Some firms have this depth, yet very few offer a consultative approach beyond the nuts and bolts of accounting and business tax return preparation. In other words, a tax return is simply the result of year’s worth of discussions and planning sessions.

Let’s not forget financial statement analysis! Bookkeeping is usually equated to bank reconciliations. We provide accounting services which we define as bookkeeping plus analysis (we do both!). What do the numbers mean? How can I get more out of my business?

By Jason Watson, CPA
Posted Saturday, November 5, 2023

Founded by Tina and Jason Watson, WCG CPAs & Advisors has provided worldwide tax preparation and business consulting from our Colorado Springs CPA firm offices since 2007. Given our unique expertise and the efficiency of virtual yet authentic relationships, we have pioneered the online tax accountant presence for over a decade. Our clients are primarily in California, Nevada, Colorado, Texas, the Midwest, Florida and the eastern seaboard. This makes sense given the largest GDP producers for the country reside in the same areas. We also have several expats operating domestic businesses from overseas!

Since the beginning of our firm, WCG has been using secure client portals to safely exchange financial information, giving you access to excellent service and advice, while saving you time and resources. In-person appointments are nice, even better with donuts, but are not required. Yes, hugs and handshakes cannot be replaced, but phone calls, emails, push notifications and direct interaction on your cell phone, chat service and video-conferencing allow great communication without chewing up a bunch of your time. Given our new landscape of public safety and security, a virtual relationship with your tax consultant and business advisor is essential. Over 80% of our business clients are outside of Colorado!

With over 40 tax and business consultation professionals including several CPAs and Enrolled Agents (EAs) on our team, WCG consults on corporation structures, business coaching, industry analysis, executive benefits, retirement planning, exit strategies and business valuations, income modeling and tax representation. Not all firms can say they offer this approach beyond the nuts and bolts of accounting and tax preparation. Here is some more information on our team-

wcginc.com/team

By Jason Watson, CPA
Posted Saturday, November 5, 2023

We pride ourselves on being transparent and having a simple fee structure. Most business services and tax returns will fit into the fees described below. Sure, there’s always the outlier or the unusual situation, but the following information gives you an idea of our philosophy. We only have time on this earth to sell, and we cannot inventory it. Our fees are an attempt to coincide with expected time spent.

Individual Tax Prep

Our starting fee is $800 for standalone jointly-filed individual tax returns (Form 1040). Most are $800 to $1,000. However, we also have FasTrac 1040 at $525 and a fee range of $250 to $400 for children and students depending on your tax footprint.

Small Biz, LLCs, Rentals Tax Prep

Small businesses are commonly reported on your individual tax return on Schedule C. Rental activities are reported on Schedule E. Typical fee range is $800 to $1,000 for those with 1-2 rentals or one side business.

Partnerships, Corps Tax Prep

Our starting fee is $1,500 for partnership (Form 1065) and corporate tax returns (Form 1120 and 1120S) depending on the quality of your accounting records (most are $1,500 to $1,800).

Business Formation

We can create a business or corporation for $625 plus the state filing fees. Includes Articles, EIN, Operating Agreement and S Corp election.

S Corp Election

We can elect your entity to be taxed as an S corporation for $450 (timely) or $600 (late), or $1,200 (super late, and this includes penalty abatement efforts).

Business Advisory Services

People want to know costs, and while this might seem like more shameless self-promotion, you still need to understand what you are getting into.

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