Startup accounting, tax and finance

Join us December 3 at 3 p.m. over pizza in the LaunchPad for our last Startup Social conversation of the season. Syracuse University alum Michael Steinmetz CPA will join us to chat about what startups need to know to wrap up their financial year and plan for the next one.

What’s deductible and what isn’t?  How can you minimize tax liability?  What financial records you should be keeping?  What should you be reporting?  If you hired contractors, what forms do you owe them?  How do you handle competition prize winnings as taxable income? How should you be setting up your basic bookkeeping and accounting for the coming year?  What do you need to know about hiring 1099 employees?  If you’re hiring, what do you need to know about payroll taxes?  What quarterly reports should you be filing? What’s some good general advice on setting up your P&L, balance sheet and understanding the different models of accounting – cash basis or accrual basis.

Steinmetz is a CPA and trusted advisor within Citrin Cooperman’s business advisory department with over eight years of experience providing accounting and tax services to privately held companies. He has a specialized focus in servicing technology and early-stage start-up clients, however, his client base spans across a broad range of industries including manufacturing & distribution, hospitality, professional services and construction.

He takes a strategic approach to servicing his clients by specializing in profitability and growth. He works closely with his clients to improve efficiencies and productivity by analyzing their business operations and providing insight on budgeting, operations, and internal controls.

Steinmetz prides himself on not only grasping concepts and procedures, but being able to offer innovative solutions and insightful advice and to communicate these in a thoughtful and coherent manner.

Before joining Citrin Cooperman, he worked at Ernst & Young in Wealth and Asset Management Assurance. There, he provided services to several hedge funds, private equity funds and mutual funds, assisting them with compliance and operational efficiency.

He is a Certified Public Accountant and a member of the AICPA. He earned his Bachelor of Science in Accounting from Syracuse University from the Whitman School of Management and earned his M.B.A. from Binghamton University.