CPA firms statewide are expanding to keep up with the times – expanding their services, offices, finances, partnerships, technologies, and even their staff.

For example, Dustin Verity, managing partner of Verity CPAs, told Pacific Business News the growth of his firm has been exponential. He started the business himself 20 years ago, and it’s now up to more than 20 professionals who, together, have broadened their customer base, while increasing both the depth and quality of its financial service offerings.

In the last two years, introducing system integrations and efficiencies to its offices located in Honolulu, Waimea, and Hilo, have played a critical role in its success.

Verity also said its recent partnership with Dallas, Texas-based broker-dealer, Avantax, will assist the local brand with tax-smart investing.

Added services “include reviewing the current investment and inflation protection strategies, possible insurance needs, and retirement goals.” We help ensure investments are appropriately allocated, consider future expenses and how they’ll be covered, and help you understand the tax implications of investment and distribution decisions, including dividends and capital gains/losses,” he explained.

PBN got advice for readers from Verity, along with other companies on PBN’s List, on taxes, new laws and emerging tech trends.

What new tax laws do business owners need to be aware of?

Matthew Delaney, Chairman/CEO, Hawaii Accounting dba HiAccounting: All new laws surrounding Covid-19, CARES Act, and other federal acts enacted in 2020 and 2021 since the breakout of Covid-19.

Dustin Verity, Managing Partner, Verity CPAs: Net Operating Losses (NOL) 80% limitation. Interest expense limitation. Increase in charitable contributions deduction.

What can businesses do to prepare for the tax season?

HiAccounting: Consult with your outside CPA to discuss the various opportunities for tax credits on the state/federal levels.

Verity CPAs: Tax laws are changing so rapidly; training and keeping up with the current events is essential in our business.

Last year, we ran into onboarding clients with IRS issues – whose offices were understaffed or flat out not responding to their questions on new tax laws, so it turned into a big hassle.

Our outlook this year is a bit more positive because our success is dependent on [our clients’] success.

What investments in technology have you implemented in the last year?

Verity CPAs: Over the year, we’ve migrated from service-base to cloud-based, automated HR systems, and are constantly adding Artificial Intelligence tools for data (i.e., to identify info needed for tax documents). Learning and changing is always a constant. We’ve also adapted all communication to be dependent on the generational preferences, i.e., baby boomers like to come in-person into the office; Gen X reminders are done more by email, and millennials respond better to text.

What’s the best advice you have for business owners and individuals?

HiAccounting: Keep your head up. Hire a third-party CPA to be part of your team to help guide you through these unstable times.

Howard Kam Jr., managing director, TRUSTA AAC: Business should give equal attention to customers and employees and supply chain relationships. Enhance technological capabilities but also be mindful this business is still about people.