Texas work that needs a licensed firm, and what we handle
Which Texas work is a Tax CFO's, and which is a licensed firm's?
Looking for where a Texas fractional CFO's work ends and a licensed firm's begins? The short version has four sentences. Steven Palmieri is not a CPA. No one here audits, reviews or compiles statements, and the practice puts no report on any of them. If an investor, a lender, a bond company or a state contract wants audited or reviewed statements, a licensed firm signs them. We will have the books ready when that firm arrives.
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What belongs to us
For a Texas company the list is long. We close the books each month, by location. Statements are prepared from them, and nothing is attached to say more than they do. The franchise report and the public information report are prepared. Sales tax returns are put together for each location. Renditions are built from the asset list kept by county. Your provider runs payday. The federal return grows out of the same books, and year-end choices get made while they can still change.
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What a licensed firm signs
An audit, a review and a compilation are services in which a license holder writes a report about a set of statements. The report exists so that somebody outside the company can rely on the numbers. Investors ask for one before a round. Banks and bond companies ask for one on larger commitments. A state or local contract can require one in its terms. Plenty of Texas companies are never asked.
When statements of ours leave the office, they carry a short disclosure that no audit, review or compilation report is attached. This keeps a reader from assuming more than the paper says.
What belongs to an attorney
Conversions, mergers and entity documents are legal work. A move from another state into Texas, a change of entity type or a reincorporation all start with an attorney, and we bring the numbers into the conversation. The page on moving a company to Texas shows how the two fit together. Investor agreements and contract terms belong to counsel as well.
The IRS and payroll
If the IRS sends a notice, we read it with you and help you gather the reply. An IRS dispute calls for an enrolled agent, a CPA or an attorney to take your side. Our habit is to flag that early, if a notice moves that way. Payroll, to us, is a setup job. Your people are paid by a provider you run, and ours are the registrations, your own pay, the link to the books and a watch on each quarterly and annual filing.
If you are not sure
Bring the request, whether it is a lender's list, a contract clause or an investor's email. We read it with you and say which parts are ours. Often it asks for a profit and loss or a list of locations, which we prepare. If it truly calls for a signed report, you find out before you spend time collecting papers. Common questions are on the questions page, and the franchise tax page covers a filing that sits firmly on our side.
Prepare my books for a firm
On the Texas calendar
The date this page asks you to circle is whichever day a lender, an investor or a contract wants statements by. Start there and count backward. The books are ready a month earlier when they were closed every month.
Ask which parts you need
Ask which parts you actually need on a free Second Look call. No paperwork and no payment.
Call about a contract
