Succession Planning and AccountingBookkeeping Firms in Richardson, TX

Succession Planning Services

If you own a family business, retirement isn't simply a matter of deciding not to go into the office anymore. You've got some critical questions to answer like...

"What happens to the business when you're no longer running it?"
"Will you have enough money to retire?"

The family dynamic complicates the whole transition because of the relationships and emotions involved. Most people are not comfortable discussing topics such as aging, death, and financial affairs.

Comfortable or not, succession planning should be a priority for any family business considering that more than seven out of ten family-owned businesses fail to survive the transition from founder to second generation, typically falling prey either to estate taxes or family discord - or both.

Developing and implementing a well-designed succession plan with a Richardson is essential to the survival of a family business from one generation to the next.

A Richardson tax accountant can help you with these key issues -

Keeping it in the family. Are you going to pass the business on to your family or sell it to a third party? We help you weigh the advantages and disadvantages of each of these options.
Who's going to run the business when you're gone? Management and ownership are not one and the same. You may decide to transfer management of your business to just one of your children but transfer equal shares of business ownership to all your children, whether they're actively involved in the business or not.
Minimizing the tax bite. The tax burden when transitioning a family business can be significant. The challenge is that a family business is not generally a liquid asset, but taxes are typically due when ownership is transferred.
Making it fair. Transferring family ownership often adds a tremendous amount of stress to individual family members. We talk with each of the family members to ensure that they feel they a getting an equitable and fair share of the pie.

What we do for you...

Once we understand how you feel about the key issues above, we begin constructing your succession plan focusing on these 5 issues...
Business Valuation
Business Restructuring
Tax Consequences
Retirement Projections
Tax Projections

Contact Paramount Tax & Bookkeeping Richardson if you'd like us to help you pass on what's taken a lifetime to build. We offer free consultations on all of our financial planning and tax services in Richardson.

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945-222-5959

Hear Why Our Clients Love Us

Michael Piodena

Excellent tax guidance from a knowledgeable and supportive tax team.
Zhamara khate Remo

Their support throughout every stage of the accounting and tax process has been exceptional.
Ren ann Pableo

One of the best experiences in tax preparation l have ever had
Jocela mae Alimanio

Always responding to my questions with patience and thoroughness, I highly recommend the firm and her team.
Rubejane Lumiguid

We are so thankful the guidance and highly recommend to any business owner.
Buenaventura Payot

I would highly recommend their services. Best and friendliest accounting service that I have ever dealt with.Thank you!
Achille Roda

Thank you and if you need taxes done I highly recommend! This was a most awesome experience.
Stephen Lopena

It was very stress free . I'll see P:aramount Tax again next year.
Jhazmeyn Jumawan

Running a business is stressful enough—taxes don’t have to be. Professional, knowledgeable, and kind from start to finish. Highly recommend.
Darryl Lunop

If you are stressed about your business taxes and are putting it off, make an appointment and stop worrying. Very professional, extremely knowledgeable, and kind to top it off.
Fejay Marcera

If you are stressed about your business taxes and are putting it off, make an appointment and stop worrying. Very professional, extremely knowledgeable, and kind to top it off.
Jay John Perez

It was very stress free . I'll see Paramount Tax again next year.
Tirea Ufodike

Great service! They definitely took the stress out of the tax process. Sophie and Karen were very responsive, friendly, detailed and knowledgeable. I would use them again and recommend them to others.
Ian Compacion

The bookkeeper I connected with was friendly, patient, and efficient. She explained everything so clearly that I actually began to enjoy reviewing my finances. I can’t imagine running my shop without her now.
Ria Martinez

We’ve been partnering Paramount Tax and Bookkeeping for several months, and their support has been exceptional. As a venue business with many moving parts, having a bookkeeping team that truly understands our operations has been incredibly beneficial.
Alex

The bookkeeping for my small business was handled promptly, accurately, and with great attention to detail. Every report is clear, consistent, and well-organized. I’m very satisfied with the quality, efficiency, and overall service.
Jastine Jessa Pecasion

Paramount Tax and Bookkeeping service has been a game-changer. They proactively keep my finances in order and are always prompt, accurate, and responsive. I can’t imagine how I managed without them!
Roldan Jose Poloyapoy

Paramount Tax Bookkeeping has completely transformed the way my business operates. Their team is exceptionally responsive, attentive, and genuinely understands that every business has its own unique needs.
Jaypee Fudadera

I’m pleased to write this letter in support of Sophie and Tiffany, who assisted our business with their bookkeeping services. Throughout our time working together, both consistently demonstrated professionalism, reliability, and a strong understanding of accounting principles.
Dhoodzgsw Escorido

Tiffany, one of the best accounting professionals we’ve worked with, has been an incredible asset to our team. She not only manages our monthly bookkeeping and payroll seamlessly but also provides valuable insight and guidance when we face accounting challenges. We highly recommend their services!

Don’t Leave Money Behind

Maximize your deductions and reduce your liabilities. Schedule with Paramount Tax & Bookkeeping Richardson today

Paramount Experience

Many people do not know how a professional tax firm differs from a tax preparer. The main difference when working with a professional tax and accountingbookkeeping firm, such as Paramount Tax & Bookkeeping Richardson, is that our firm utilizes the services of licensed professionals.

Paramount has worked hard to create relationships to deliver the value that our clients expect. In fact, our goal is to be the No. 1 firm in Richardson. So when you ask yourself, "Where can I find accountingbookkeeping services near me?"... think no further than Paramount Tax & Bookkeeping Richardson!

Free Consultation 945-222-5959

Upgrade to Tax & AccountingBookkeeping Firm

Whether you are filing personal taxes or you own a business, if you are not already using a professional tax and accountingbookkeeping firm, you have most likely already missed out on major tax benefits, deductions and credits. This is because a professional tax and accountingbookkeeping firm utilizes licensed professionals, who can not only advise individuals on personal financial matters but who are qualified to advise businesses, financial institutions, nonprofit organizations and government agencies on a wide range of financial topics. Our strict standards ensure that we understand the complicated tax laws and how to implement strategies that return the most benefits to individuals and businesses. Give Paramount Tax & Bookkeeping Richardson a call or visit our tax and accountingbookkeeping firm in Richardson for a free consultation.

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