PARSIPPANY, NJ - From tax planning to accounting, from financial reporting and employee benefits, and more, Parsippany Tax and Accounting Corp., offers a broad range of services to help their clients with their tax, and wealth management goals.
"Our business is a trust business, where you develop a relationship," said Bimal Gupta, the principal of the firm.
Gupta, who had worked with financial firms for over 20 years, started Parsippany Tax and Accounting Corp. in 2010.
"I had been working for others, and I decided, why not work for myself?" Gupta asked.
His interest in accounting has been a lifetime one, since his childhood in India.
"I wanted to be an accountant since I was in the fifth grade," said Gupta, who decided on his career at age 11.
In India, he explained, students choose their educational specialty in the ninth grade, and he selected the Accounting and Finance Major.
After earning his degree at Delhi University, he attained his first accountant's license, as a Charter Accountant in India.
"Nobody publicly declares your grade in India, the grades are an open source record," said Gupta.
He came out a Gold Medalist, in terms of his score.
"I had the highest grade of about 100,000 students," he said.
From there, the Top 50 scores are published.
In 1990, Gupta became a Charter Certified Accountant in the United Kingdom, and in 1992 when Gupta arrived to the United States, he earned his M.B.A. from the Stern School of Business at NYU.
After earning his Master's Degree, he worked in Finance with Wall Street Hedge Funds, and Mutual Funds.
In 2008, while working as the vice-president of an I.T. Hedge Fund, the company closed down. Soon following, Gupta decided it was time to start his own business.
In 2009, he took his CPA exam, and opened Gupta practice shortly afterward.
Peter Herbst, who also works with Parsippany Tax and Accounting Corp., met Gupta when the two worked as adjunct professors at Dover Business College.
Prior to starting with Parsippany Tax and Accounting Corp., Herbst worked with a large accounting firm, and then in private industry with a company in Atlanta. In 2009, while working with a mobility company that slowed down, and while teaching at Dover Business College, Gupta approached Herbst to join him at his firm.
"We believe that accounting is a great 21st Century tool," said Herbst. "Everything is tied to documentation compliance. How you present your results is important."
For the duo, it is also about offering their clients personalized service, and quality control.
"Our work is quality-controlled by each of us," Gupta said. "I check his quality, he checks mine."
"Bimal has the firm," said Herbst. "He's the principal, the motivator. He's got the entrepreneurial vision. I complement him on the technical side. It has a synergistic effect. He's got things that help me. I've got things that help him."
For their clients, Gupta said, "We provide help relative to taxation, and tax planning. Tax laws are the same, no matter what kind of business you are doing."
Currently, the Parsippany Tax roster is comprised of about 125 clients, including international clients, who divide their time between India and the United States.
For individuals who are highly paid, and have presences between five to six states, Gupta clarified the importance of Parsippany Tax's service.
"Then it becomes very complex," Gupta said. "And we can help."
"Accounting today is about solving problems dealing with third parties, and providing them with information," Herbst said.
The first appointment with Parsippany Tax and Accounting Corp., is free for the first half hour. The sit down consultation is important for businesses, said Gupta. For individuals, most questions can be discussed over the phone.
Fees for services vary, depending on circumstances, Gupta said, and range from $200, and up.
"We are always able to accommodate people in their budget," Gupta said.
And the personalized service is what separates the team, from other firms, as well as from other methods of accounting, and tax filing.
"You want to have someone looking out for you," Herbst said. "In terms of the thinking side, it's [the service one receives with Parsippany Tax] not something you'll get out of software. Accounting is the largest expenditure. You have to manage that, and be aware of it."
That includes going to bat for their clients, communicating directly with the I.R.S. when issues arise. It also comprises Parsippany Tax's understanding of the complexities of being in business today, Herbst said, and the regulations that accompany it.
There are many intricacies as well, with non-profit groups, Herbst said, and Parsippany Tax is able to help.
"What happens in the non-profit world can't be rubber stamped," said Herbst. "Some non-profits are not aware of what their legal responsibilities are. It's the whole idea of disclosure and transparency to show what you're doing. It's here to stay. So much of the record-keeping is automated, so the actual double entry bookkeeping has by and large gone away."
With the world shrinking due to technological advances, Parsippany Tax and Accounting Corp., has the ability to handle global accounting needs. Herbst said some countries have signed on already for the International Financial Reporting Standards (IFRS), for one body of knowledge.
"This is something that is on the horizon," Herbst said, and the Securities and Exchange Commission may be adopting as a roadmap for business by 2015. "So many people in business in the United States have an international connection, and may bump up all tax issues."
When The Alternative Press asked Gupta and Herbst if they had any tax information or advice to offer readers, Gupta said, " No matter what they do with the Fiscal Cliff, taxes are going to go up. All Americans will be hit with more taxes in 2013."
Gupta added, "My advice to everybody is to look at the income they can shift to 2013. It will be better. If discretionary income, they can shift from 2012 to 2013, they should do it. They should discuss their situation with their tax advisor, or accountant."
To contact Parsippany Tax and Accounting Corp. for an appointment, call: (973) 917-3103
, or Manager@parsippanytax.com. Click here
to view the firm's website.
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