It has always been careful to seek firms that can integrate legal, tax, accounting and business advisory services. While there are few such genuine providers throughout the United States that they exist, and the KPMG Arizona Gambi has proven the reason for their existence.
KPMG, one of the remaining Big Four Concounting firms, recently applied for a “Alternative Business Structure” license in the state of Arizona. Purpose: To unite tax advisory services, accounting and business with integrated legal services under a single flag. While many evaluate this foreign development are focused on issues related to assets planning, trust management, property management and even business success planning, genuine benefit of a seller that can integrate legal, tax advisory services , accounting and business. get rid of the conversation.
Perhaps the best place to start this conversation is the old phrase: “Where there is smoke, there is fire.” From a business point of view, it is common for internal management levels to identify specific metric issues or challenges facing an organization. However, when the team starts digging into the problem (smoke), they often find that the initial challenge is simply a symptom of a much bigger problem under it (fire).
It is much easier for a regimented department, such as accounting, to solve limited problems in accounting. Happens what happens when real issues are poured into every aspect of an organization, from their entity structure and its transactions, to the physical places where profits and losses are experienced, as well as how international taxes, US, state and local are made as a result?
No one has to be an international conglomerate to participate in international business these days. Many small companies owned by the American family do business in Canada and Mexico. Challenges such as Pandemia and political winds in China have forced many industries and companies to restructure their business model. In recent years, supply chain transactions have spread throughout Central and South America, the EU and Indo-Pacific Partners such as Vietnam (exports to the US approaching $ 150 billion a year).
Consider the owners of these small, often family -friendly businesses, as they approach challenges as different as international taxation, joint enterprises or licensing and distribution as they balance business success planning with their wealth planning and investment.
Many of these clients are asking questions that cross the boundaries of traditional legal professionals, taxes, accounting, business and financial counseling. The client approaches each individual professional for “their part of the puzzle” after the discovery of increased international tax exposures are directly related to the way they have structured their business and its transactions.
There are two inherent challenges: a lawyer sees things from a legal perspective. A CPA looks at a challenge from a number of numbers, while a tax lawyer is trying to balance where income and losses are being realized when these taxable events are taking place. Financial planners have little or no impact on when, where or how the property is initially generated.
Each professional offers sound tips based on their limited perspective. However, when the client tries to combine these recommendations to implement a solution and solve the problem, the parts do not fit together. In fact, one professional’s recommendations often oppose another’s strong recommendations. To complicate the situation, the client has received considerable bills from numerous firms, but has not yet found the right answer, nor a plan to implement it.
The value of an integrated legal, tax, accounting, business, business and financial advisory service lies in the ability to unite the right team of professionals to approach these challenges and opportunities from a more comprehensive perspective. Integrated service providers are able to attract the mirror and skills of each professional, while adapting different parts to fit together in a way that solves each challenge or opportunity. This includes a successful implementation strategy.
This integration process may include asset planning, tax planning, entity creation or review, and accounting analysis To integrate answers to complex issues of protection and conservation of assets, while reducing the impact of taxation and facilitating transitions, such as the death or inability of the business owner.
The KPMG Gambit in Arizona has put these questions in a new light. Is the integrated business model proposed by the KPMG a threat to individual professions?
The client who deserves the best that each of these professionals has to offer. Provides of integrated legal services, taxes, accounting, business and financial counseling exist in many large cities and markets here in the United States. KPMG actions can serve as alarm bells from several perspectives. However, existing integrated service providers throughout the country show this situation as a validity of all those they have worked on to achieve on behalf of their clients for decades.
Perhaps, more business professionals, corporate officials and family business owners can be aware of the integrated business service model provided by an experienced local provider, as well as the value and efficiency these local providers offer when compared to large legal firms or a large accounting set
The need exists. If it did not happen, the KPMG would not take risk or spend resources to create a “Alternative Business Structure” license in Arizona. Why wait? Especially if one is based on any of the other 49 states, let it Arizona.