By Nellie Akalp.
Looking ahead to 2025, accounting professionals may be wondering what’s in store for them in the new year. Many may even be considering expanding their operations. For CPA practices, there are many additional services that can be offered to enhance value to existing clients and attract new ones.
Most CPA practices offer general financial services such as bookkeeping, financial reporting, financial planning, and payroll. Some also offer tax preparation. But some CPAs may begin to wonder how they can better serve their clients. CPAs aren’t limited to accounting. They can also take on many other business-related tasks as well. Offering a comprehensive range of business-related services outside of the expected realm can position your firm as a trusted partner, thus increasing revenue.
Some services are a natural fit for CPAs. And although they might not be a part of their expected line-up, they are so closely integrated in business operations that it would almost be a disservice not to offer them! From helping entrepreneurs form businesses to ensuring they are in compliance once they do, following are some of the services CPAs can offer to expand their businesses in the new year.
Business Formation Services
One area that is a natural fit for accounting firms to consider is assisting clients with the necessary paperwork required when forming a new business. There are requirements for every level of business, from sole proprietorships all the way up to corporations. CPA firms can help each one ensure they are operating lawfully. And once a business owner is ready to move up, a CPA can assist with that too — helping a business owner become an LLC or an LLC to incorporate, for example. Other business filings they can assist with include the following:
- Doing Business As registration
- Filing initial and annual reports
- Filing articles of amendment
- Designating a registered agent
- Obtaining an Employee Identification Number
CPA Practices can also assist clients with BOI (Beneficial Ownership Information) reporting, if required to do so. Designed to combat illicit financial practices, this requirement applied to all companies and included a Jan. 1, 2025 filing deadline for those formed in 2024. However, a recent court ruling issued a preliminary injunction on its requirements, relieving all companies of the mandates. That said, it is unknown whether this temporary pause will be rejected, as it is possible the federal government may lift the injunction, thus reinstating the requirements. To avoid the risk of non-compliance, many businesses are choosing to report anyway, in which case they may need assistance completing this task.
Tax Registration Services
Many accounting firms offer some form of tax services. If you do not, you may want to consider adding it to your repertoire. This isn’t to say you should become a tax preparer, but rather, you can easily assist business clients with simple tax-related tasks, such as tax registration. For clients who pay sales or use tax, you can help them register at both the state and local levels. For clients who have employees, you can help them with state payroll tax registration and state unemployment insurance. However, it should be noted not all states require state income tax withholdings, including the following:
• Alaska
• Florida
• Nevada
• New Hampshire
• South Dakota
• Tennessee
• Texas
• Washington
• Wyoming
For clients who have LLCs or C Corporations, you can also assist them in applying for S Corporation tax treatment. This type of designation allows the company to pass corporate income, losses, deductions and credits through to their shareholders for federal tax purposes.
Ongoing Compliance Services
It’s one thing to help clients with the one-time setup requirements of business ownership, but you may also want to consider offering ongoing business support services as well. Many businesses struggle with compliance requirements and depend on third-party providers to handle these filings. Keeping up-to-date on the latest requirements can position you as an expert in this arena, thus adding value for existing clients and attracting new clients in need of these types of services. These services can include the following:
- Filing annual reports, if required
- Maintaining a registered agent
- Filing articles of amendment
- Filing and paying state and federal taxes
- Renewing federal, state and local licenses and permits
Business Dissolution Filings
Another service that can be provided should the need arise is assisting clients with closing their business. Although relatively straightforward, the process can be overwhelming for entrepreneurs who may have been struggling with the decision to close down operations, which no doubt also involves financial stress. CPA practices can offer the following services:
- Filing Articles of Dissolution: Also known as Certificate of Termination or Certificate of Dissolution, this document must be filed in the state in which the client does business.
- Cancelling business permits, licenses and registrations: Again, this must be done in each state where the business operates.
- Notifying the IRS: CPAs can help clients file their final local, state, and federal tax return and notify them that the business is ceasing operations. Corporations are required to file Form 966 for Corporate Dissolution or Liquidation.
Expand Your Business Offerings in 2025
CPA firms looking for ways to expand in 2025 should consider adding additional business and tax filing services to their offerings. By adding these additional services, you can increase customer loyalty and retention by establishing yourself as a trusted resource. In addition, you’ll enjoy a competitive advantage and attract new clients, thus generating an entirely new revenue stream.
Interested in expanding your service offerings but not sure where to start? Consider partnering with a company that specializes in business formation and compliance services. The CorpNet Partner Program, for example, provides wholesale discounts on these services, which you can then resell under your own brand at whatever price point you choose. You position yourself as a trusted expert and give yourself a competitive edge in the market while we do all the work!
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Nellie Akalp is a passionate entrepreneur, recognized business expert and mother of four. She is the CEO of CorpNet.com, the smartest way to start a business, register for payroll taxes, and maintain business compliance across the United States. Loved by entrepreneurs, accountants and lawyers, CorpNet offers transparent pricing and a simple ordering process. Payroll service providers and larger firms appreciate CorpNet’s quickly scalable software and API solutions.
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Tags: Firm Management, Small Business
