Ferguson, Timar & Company Saves a Corporation $100,000+ in Taxes

When looking to hire a CPA, it’s important to work with a company that is reputable, and one that knows the ins and outs of the industry. At Ferguson, Timar & Company, we make sure to provide our clients with quality CPA services and top-notch customer support. Our CPAs are experts in the industry and will be able to provide you with the best financial and tax strategies for your business. If you’re interested in learning more about our CPA services, contact us today.

Recently, a client came to us regarding some issues they faced with their previous accountant. This accountant was not aware of certain IRS regulations that required this corporation to file their taxes on accrual basis. Instead, the accountant continued to the file the business returns incorrectly on cash basis. The change from cash reporting to accrual reporting resulted in an additional several hundred thousand dollars of income to be reported over the next four years.

After speaking to the client and reviewing the situation, our team quickly jumped on improving their accounting strategy. By assessing our client’s finances and utilizing various tax strategies, we improved their cash flow and helped save the corporation over $100,000 in taxes. In addition, Ferguson, Timar & Company was able to give the owner a $300,000 bonus the next year.

Our client was very happy that they made the switch to Ferguson, Timar & Company. We were able to save them money by improving their financial strategy and now they trust us with all of their accounting needs. To learn more about Ferguson, Timar & Company or to set up a consultation, contact us today!