PHOTOS AND VIDEOS (1)
Lack of privacy, bad legal advice, scheme to charge excessive accounting fees
by Steve , 11/22/2014
The office set up is very strange. The office had 3 people with all their desks right next to each other in a single room. I met with the managing partner of the firm and we had absolutely no privacy. The other staff and clients were sitting right next to us and could hear/see everything we discussed. This was extremely uncomfortable. There weren't even any cube walls. They were right next to us. I could turn and shake their hand. I don't want these people hearing my personal information?? Bizarre!!Plus, the managing partner had files of other clients just laying on his desk while we met. I could clearly see their names and some of the information related to their personal information. This seems like a very low quality practice with a low standard of privacy.The worst part of the experience was the managing partner offered to set up my LLC for a low price but he is not even a CPA let alone a lawyer. He should not be offering legal services. Anyone setting up an LLC should consult with an attorney to file the paperwork. This should not be done by some unlicensed tax preparer. I didn't ask for this service but he was trying to sell it hard. The whole experience came across like a slick used car salesman that got into tax work. Seems very good at charging ridiculous prices for simple bookkeeping and tax work. Anyone looking to pay this place should first consult with a real CPA firm that wont try to sell services they shouldn't be selling...like legal advice!!! He also sold hard the idea of taxing the LLC as an S-Corp to reduce FICA and Medicare taxes on the profits. I ran the numbers with another CPA and his suggestion was just a scheme to collect a ton of accounting fees. My little LLC will only make about $100k in profits, not including any salary for the owner. As a schedule C, I will pay SE tax on the entire profit. If I set up an S-Corp, I could reduce the SE tax by paying myself wages of lets say $70k. Yes, I would save SE tax on about $30k of profit as an S-Corp but I would pay $1,000+ for the S-Corp tax return and also pay $200/month for bookkeeping/payroll services. I would maybe save $1,000 overall by setting up the S-corp but it would be a lot more hassle and at least the schedule C would build up a higher wage base for my future social security benefits. There is at lease a return on that investment compared to wasted bookkeeping/payroll/tax fees to save a $1,000 bucks in SE tax. I'm not a tax guy and I could figure this out. Bet this guy is ripping off a bunch of small business owners just trying to make ends meet. The owner came across like a complete slime ball that tries way too hard to sell his services. Stay away from this place!!!!
by LDM4 , 05/16/2012
Extremely knowledgable, friendly staff at very competitve pricing. I strongly recommend Valley Business Services for any company looking for quality accounting.