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Podcast
The Scaling CFO – Scaling with Stiles
Right now, you may be more focused on what you’ll owe (or receive as a refund) when you file your 2024 tax return in April than on tax planning for the new year…
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Important Dates
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15 Jan2025Contact us
Deadline for the fourth estimated tax payment for the 2024 tax year.
- Review your estimated tax payments and make necessary adjustments to avoid underpayment penalties.
- Review your year-end income and deductions to ensure tax liability accuracy before making your final payment.
Fractional CFO FAQ
What is a Fractional CFO?
A Fractional CFO is your high-level financial partner—providing strategic insight, scenario planning, and decision support without the cost of a full-time executive. We don’t just balance books; we help you build them stronger.
At MASCPA, our CFO services are grounded in the belief that you can’t think outside your business box unless your box is full. That means your financial quadrant must be structured, forecasted, and aligned with your long-term vision. That’s what we do.
How is a Fractional CFO different from a bookkeeper or accountant?
Bookkeepers and accountants track the past. A Fractional CFO charts the future.
Where others may focus on compliance or categorization, our CFOs focus on clarity. We lead cash flow forecasting, pricing strategy, financial modeling, and board-level decision-making support. Think of it like this: Bookkeepers keep score. CFOs help you win the game.
When should my business consider hiring a Fractional CFO?
Bring in a Fractional CFO when you’re navigating inflection points and can’t afford to guess:
- You’re growing quickly and need to ensure sustainability
- Cash flow is unpredictable—or just plain stressful
- You’re preparing for a loan, investor pitch, or acquisition
- You want strategic insight to guide big decisions (hiring, pricing, expansion)
This is the moment to shift from reactive to proactive—and that shift lives inside your Finance & Strategy quadrant
What industries do you specialize in?
While our systems and insights apply across industries, MASCPA specializes in:
- Construction
- e-Commerce
- Professional service firms (law, architecture, consulting)
- SaaS-based Technology Companies
- Creative and digital agencies
We tailor strategy to your business model—because presence, clarity, and legacy look different depending on your revenue engine.
TAX FAQ
Can I file an extension, and what does it mean?
Yes, we can file an extension for you, which extends the deadline to file your tax return (typically to October 15). However, an extension does not extend the deadline to pay any taxes owed. You must estimate and pay any owed taxes by the original deadline (April 15) to avoid penalties and interest.
What happens if I get audited by the IRS?
If you receive an IRS audit notice, don’t panic. Provide us with a copy of the notice immediately. We will guide you through the process, which may include:
- Representing you during the audit (if you’ve engaged us for audit representation services).
- Responding to the notice on your behalf.
- Preparing any additional documents requested by the IRS.
How do I know if I’m maximizing my deductions and credits?
During the preparation of your return, we thoroughly review your financial information to identify all eligible deductions and credits, such as:
- Retirement contributions
- Education expenses
- Child and dependent care costs
- Business expenses (if applicable)
- We also advise on strategies to reduce your tax liability for future years, such as retirement planning or adjusting withholding.
How do I handle an IRS notice?
| IRS Notice Number | Description |
|---|---|
| CP01A | Provides a PIN to protect taxpayers from identity theft for future tax filings. |
| CP11 | Informs you of changes made to your return, resulting in a balance due. |
| CP12 | Informs you of changes made to your return that resulted in a refund or a reduced balance. |
| CP14 | First notice indicating you owe unpaid taxes. |
| CP49 | Notifies you that your tax refund was applied to a prior year balance. |
| CP90 | Final notice of intent to levy and your right to a hearing. |
| CP2000 | Proposes changes to your return due to discrepancies between your filed return and third-party data. |
| CP504 | Final notice before the IRS seizes property or assets for unpaid taxes. |
| LT11 | Notice of intent to levy and your right to a Collection Due Process hearing. |
| Letter 226J | Notifies employers of potential penalties under the Affordable Care Act (ACA). |
| Letter 4883C | Requests identity verification to process a tax return. |
| Letter 5071C | Requests identity verification for a potentially fraudulent return filed in your name. |
| Letter 6419 | Provides information on advance Child Tax Credit payments received. |
| Letter 6475 | Provides information on Economic Impact Payments received for the tax year. |
Bookkeeping FAQ
What’s the difference between bookkeeping and accounting?
Bookkeeping focuses on the day-to-day recording of financial transactions, such as sales, expenses, and payments. Accounting involves analyzing, interpreting, and reporting on financial data, including preparing tax returns and financial statements.
Do I need a bookkeeper if I use accounting software like QuickBooks?
While software like QuickBooks can automate many tasks, a professional bookkeeper ensures data accuracy, categorizes transactions correctly, and reconciles accounts. They also provide insights that software alone cannot.
What’s the benefit of outsourcing bookkeeping?
- Saves time, allowing you to focus on growing your business.
- Ensures accuracy and compliance with tax regulations.
- Provides access to professional insights and expertise.
- Reduces stress by streamlining financial processes.
Can you help clean up my old or messy bookkeeping?
Absolutely! We’ll review your past records, correct errors, and get everything back on track.