CPA In Santa Clarita Offers Variety Of Services Outside Of Tax Season

Posted by: KHTS Community Spotlight in Financial, Santa Clarita Latest News July 27, 2020 - 9:00 am 0 563 Views

While this year’s extended tax season came to a close earlier this month, a CPA in Santa Clarita offers a variety of other services in addition to tax preparation.

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A few of the year-round services available at Denny & Company, LLP include accounting and bookkeeping, expert IRS representation, financial reporting, business consulting and more.

“One of the things that we’re very good at is helping you anticipate tax issues that are going to bite you later, and that doesn’t necessarily have to do with preparing your taxes,” said Santa Clarita CPA Matt Denny.

Related: Why Choose A Santa Clarita CPA For Your Taxes?

Denny went on to give an example of an elderly parent who wants to add their adult son or daughter to their house deed so it can be more easily managed in the case that they become mentally incompetent or die.

“There can be problems with that, because normally when you inherit your parents’ home, you get a step up in basis to the market value as of the date of death or within a certain amount of time of the date of death,” Denny explained. “If you take the home as a gift now, then five years from now when the person finally dies and you actually get the inheritance and you try to sell it, your basis is whatever your folks paid for it in the first place, plus other costs, rather than having it go up to the current market value.”

In this case, Denny would advise the person to “get around” this issue by setting up a trust and/or having powers of attorney established.

“We do not practice law so we would give a referral to an estate or trust attorney for that, but we can certainly outline the ramifications taxwise to making simple mistakes like that,” Denny said. “And in some cases, we have been able to get the IRS to actually roll it back when it was done in such a way that it was obvious that their intent was not to actually own the house or do anything with it until after the parent had died.”

Another common service the Santa Clarita CPA offers at Denny & Company, LLP is expert IRS representation in the case that a person is audited. While some people may be inclined to represent themselves, Denny cautioned against this.

“You really should not represent yourself, and the main reason for that is that they will ask you questions and you will answer in such a way that you’re providing them information that may not be in your favor,” he said. “Whereas someone who’s trained in how to do this and has a lot of experience will answer the questions for you in such a way that it will be to your advantage.”

In addition, having a CPA in Santa Clarita as representation removes the emotion from the situation, which tends to lead to better results, according to Denny.

“A lot of times, people will call the taxing authorities and start screaming at them,” he said. “They’re just like you and me, and they’re behind the phone, they’re trying to do their job the best they can. We have a way of keeping it dispassionate, and very often, we have much better results.”

Denny & Company, LLP offers a free 30-minute consultation, which in itself could help someone save thousands of dollars, Denny noted.

“It doesn’t cost anything to call and see if we can be of help,” he said. “Very often, just on the phone call, we can save you tens of thousands of dollars by talking you out of making a transaction that’s going to cost you down the road.”

Ed. Note: This article is a KHTS Community Spotlight based on a recent radio interview with Denny & Company, LLP.

The Santa Clarita CPA firm Denny & Company, LLP was established in 1984, and is a full-service firm of Certified Public Accountants in Santa Clarita, including Partners Matt Denny and Carolyn Denny. The Santa Clarita accountants work with small businesses and individuals, specializing in catering to each client’s unique needs and desires using a flexible approach. As a CPA in Santa Clarita, Matt Denny shares his knowledge and experience regularly on “Common Ground” on KHTS Radio. Those looking for the best CPA in Santa Clarita or a “CPA near me” can contact Denny & Company, LLP for more information today.

Denny & Company, LLP

23929 Valencia Blvd. Suite 304
Valencia, CA 91355

(661) 286-8860