Success Stories

Enabling Growth for a Young Entrepreneur

In 2007, we started working with a new client, a young entrepreneur in his early 20s. We’ve had the pleasure of watching his business grow, his investments grow—and his family grow. Over the last few years, we’ve saved our client approximately $15,000 per year. We work closely together, meeting monthly, to continue these successful outcomes. For example, as the business grew, we recommended that he change his business structure and made sure he incorporated tax-friendly strategies in his business and personal planning. He believes in the value we provide and recommended Cross Accounting to his parents; now we’re assisting them as well with their personal and business finances.

Turning the Tables on an IRS Audit

We started working with a new client when his previous CPA retired. At the time, he was going through an IRS audit on his personal tax returns. They claimed he owed $20,000—talk about a high-stress time for our client! Cross Accounting quickly took on the IRS and his audit. By the time we were finished providing accurate records, it turns out the IRS owed our client $600! We now help our client with his business finances as well.

Creating the Right Business Structure for Tax Savings

A lawyer approached Cross Accounting for help with a client’s estate he was administering. He needed a professional to organize the books so that he could present it with confidence to the court. After the project, he was so impressed with our team that he became a client himself. We found that his business was set up as the wrong type of entity. After making this correction, we saved him $260,000 over the first two years. Now, being a tax-advantaged S corporation (S corp) has saved him another $200,000 in taxes based on profit allocation.

Success Beyond The Numbers

Sometimes, you don’t measure success by the numbers. Sometimes, it’s all about the success of the relationship. Cross Accounting has worked with a Fayette County real estate agent for more than 20 years. She keeps her own accounting records; we just make sure that she is following all of the IRS guidelines. This real estate agent is personable, honest, ethical, detail-oriented, and great at her job. She is a good friend, and we love to refer our other clients to her. (Honestly, if we could clone her, we would).