guide

Family businesses face unique challenges, from compliance to employee management. In one case, AGCPAs partnered with a franchise operating 21 locations under three S-Corporations. Each entity managed payroll, taxes, and compliance for over 70 employees.

At AGCPAs, we believe profit should come first—not just as a concept but as a disciplined practice. That’s why we guide business owners to set up a separate “profit” account and regularly report on its balance. This isn’t just about numbers; it’s about accountability and making profit a priority in decision-making.

A farming operation once approached AGCPAs in crisis. The IRS was aggressively pursuing the owners with visits and an onslaught of notices. Once we were granted Power of Attorney, our team reviewed 11 years of financial records.

Within weeks, we uncovered an embezzlement scheme involving falsified vendor accounts and misappropriated payroll tax payments. While it was heartbreaking to learn a family member was responsible, our work helped the company recover.

The IRS has a reputation for strict enforcement, but there are circumstances where it shows leniency. One such instance involves waiving penalties related to the Report of Foreign Bank and Financial Accounts (FBAR). This waiver often comes in the form of an FBAR Warning Letter (Letter 3800), signaling a significant break for taxpayers who failed to report foreign accounts but are found to have acted without willful neglect.