Another myth surrounding CPA's is that they can always get the desired result. How many of you fellow CPA's have been asked to produce a report that reflects super financial results (need a loan, sell the business, get better terms from a vendor) but make sure that they, the client, do not pay too much tax?
The CPA's they are looking for wear pinstripes ( and not the New York Yankee pnstripes) and are usually married to some big guy(gal) with rippling muscles. Since, and I am pretty sure about this, I do not look good in stripes or a wedding dress, I always tell such clients' that I can only report the results as they transpired and will try to make sure that we do all of the things we can to legally minimize taxes and reflect the true operations of the business. Additionally, going forward, we will work closely to help them understand their business, control costs, minimize taxes (legally), maximize cash flow, negotiate better terms, improve operations and systems, and prepare informative information to manage the business better but refrain from magic tricks and /or perform plastic surgery as I want to create a lifetime partnership with them.
So in other words, I will see you in the dug out but not behind bars!
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