San Francisco, California – February 25, 2017. Safe Harbor LLP, a top San Francisco Accounting Firm, is proud to announce a key post on the interrelated issues of business tax preparation and audit services. Many businesses and corporations in the San Francisco Bay Area and throughout California may be concerned about using the same CPA firm for both their tax preparation and required audits.
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The post goes into this issue in detail with a special focus on publicly traded companies.
“Many publicly traded corporations need both audit services and tax preparation services,” explained Chun Wong, Managing Partner at Safe Harbor LLP. “In the current regulatory environment, they may be concerned, however, about using the same CPA firm for both their tax return preparation and required tax filings as well as any required audits. As one of the leading San Francisco Bay Area accounting firms for businesses, both privately held and publicly traded, we thought it timely to publish something on this issue.”
Persons interested in reading the post in its entirety on audits and tax return preparation, should visit the website. Those interested in learning more about business tax preparation services can also find a cornucopia of information on the website. Journalists, bloggers, and interested parties are urged to reach out to Safe Harbor LLP directly, as no two situations are alike and the blog post is meant, not as tax advice, but as general commentary on the situation.
California Businesses and Corporations Face Increased Regulatory Requirements
With the passage of the Sarbanes-Oxley Act of 2002, concerns grew about perceived conflicts of interest in any CPA or Accounting Firm that both prepared a corporation’s tax filings and conducted any required audits. The new law did not explicitly prohibit using the same accounting firm, but nonetheless many publicly traded corporations raised the issue. At the same time, the Dodd-Frank law also created heightened scrutiny of financial firms and contributed to a general awareness of all corporations (whether covered by these laws or not) of the need to get their accounting houses in order. In addition, small businesses, including the very frothy San Francisco startup community, became aware of the value that audited financials and other aspects of a close relationship with a CPA firm could bring as they attempted to raise money from the public whether via IPOs or other types of venture capital funding. Safe Harbor LLP, accordingly, took the lead as one of the best boutique CPA firms in the San Francisco Bay Area for both publicly traded companies as well as those only at the startup stage. This new blog post is a new example of the firm’s continuing commitment to educating the public about the need for efficient tax services for businesses that can work together with the need for audited financials or other types of audit services.
About Safe Harbor LLP – a Professional CPA Firm in San Francisco
Safe Harbor LLP is a CPA firm that specializes in accounting and tax services for individuals and businesses throughout the San Francisco Bay Area and greater California. Safe Harbor CPAs helps both individuals and businesses with tax preparation, IRS audit defense, and audited financial statements. The firm prides itself on friendly yet professional service and utilizes state-of-the-art Internet technology to provide quality customer service.
Safe Harbor CPA
Tel. 415.742.4249
Photo credit: free pictures of money via Foter.com / CC BY
