After 22 years in business, a Bella Vista firm is growing. Paul Byrd, CPA, is about to become Byrd and Massey, CPA.
Massey is Melissa Massey. She's is also a CPA and has already worked for the firm for two years. The new name is partly a way to ensure that the firm will continue when Byrd eventually retires. CPA firms like Byrd's are becoming rare, Sharron Byrd explained. It's easier for young accountants to join a large private firm that offers regular hours and good benefits.
His company does tax returns but many other things as well, Paul Byrd explained. They do year-round accounting and payroll for small businesses, but one important service it offers is business consultation and that can be a free service.
"That's our way of giving back to the community," Sharron Byrd explained.
"It's better to talk to people first. We want to give them the advice first," Paul Byrd said. There are many mistakes that small business people can make, and Byrd would rather help his clients avoid the mistakes, rather than helping them clean up afterward.
One of the first questions he can answer is whether a new business needs to incorporate and what kind of business model is best. Sometimes, it's better not to form that LLC, he said.
"We're in a relationship (with each client)," Sharron Byrd said, "They can call us throughout the year."
They can answer questions about things like gifts to children and rolling over an IRA.
They work closely with financial planners, Massey said, although financial planning is a separate license.
Both Massey and Paul Byrd are licensed CPAs. The license has to be renewed each year, and that means they have required classes each year. They have to keep up to date on everything from tax laws to business ethics.
They do a lot of taxes, Paul Byrd said, and some tax returns take months to complete.
Tax preparation is a target for data hackers, Sharron Byrd said. Not all small firms have the security to keep tax documents safe from hackers, but she believes they do. It's a significant investment, she said, but it makes their firm different from the local tax preparer.
Anyone can do taxes, Byrd pointed out. You don't need a license, but he's helped clean up many tax problems that could have been avoided by a knowledgeable preparer. In fact, some clients are due large refunds that they don't know about.
The promise of a "postcard-sized tax return" is nothing but smoke and mirrors, Massey said. Taxes are still as complicated as always. If you use the postcard-sized form, you may find yourself also filing up to 41 attachments.
For now, only the name will change at Byrd and Massey. Bella Vista has been a good fit for Byrd and Massey and they plan to continue the work.
General News on 12/12/2018