Mary Ann Adams

by Tonya Dixon | March 12th, 2016
Mary Ann Adams (Photos by Shaw Photography Group)

Mary Ann Adams (Photos by Shaw Photography Group)

Mary Ann Adams has a great deal on her plate. She owns several tax and accounting businesses and teaches tax preparation and planning. Her days usually run from 8 a.m. until very late at night, covering several miles each day as she travels from Greensboro to Raleigh, and many points in between. However, there is nothing she can’t handle because as she puts it, “it’s my passion.”

Adams is the founder and owner of T/E General Accounting and Tax Services as well as the franchises Los Taxes Terrelonge and Los Taxes Uno Plus. Through her businesses, she is able to offer bookkeeping and general accounting services, consulting in business structure, compilation reports, and of course tax preparation. Her small business clients range from a transportation industry and restaurants owners to lawn care companies, and healthcare clinics.

On any given day Adams’ schedule might include crisscrossing the state and switching gears from consulting on a new business structure to data entry on client’s returns. Her versatility is endless.

Despite the varying financial/accounting needs and requirements of all of Adams’ clients, it’s not difficult for her to service them because she’s has quite a bit of experience working in the field. In other words, she knows exactly what she is doing. Adams has been an accountant for over thirty (30) years and a tax expert for over 10 years. With degrees in business administration, accounting and marketing, Adams knows exactly what she is doing.

Enrolled Agents, like Attorneys and Certified Public Accountants (CPA’s), have unlimited practice rights. This means they are unrestricted as to which taxpayers they can represent, which types of tax matters they can handle, and IRS offices they can represent clients before which they practice. Unlike Attorneys and CPA’s who may or may not specialize in taxes, all Enrolled Agents specialize in taxation. While CPA’s and Attorney are licensed by their state, Enrolled Agents are federally licensed.

In addition to handling the financial “back end” for businesses, Adams makes sure to educate her clients; at least to those who want to know. “We do [bookkeeping and taxes] for them,” she says. “But we also teach them how to keep their own books. We explain tax law and regulation and the dos’ and don’ts of running their business, what will benefit them and what will work best for their situation. We don’t just do taxes. We do tax planning! We review with our clients the possible of what might happen in the future if they don’t take certain steps with their income. We don’t just give you your taxes and take off, clients need to know what’s going on with your taxes. ”

Contrary to what most people believe, Adams says there’s no such thing as “tax season” to a professional tax preparer. “Tax season is not just January through April 15. There are different deadlines. Corporations are March 15; individual and partnerships are normal April 15, however, this year its’ April 18 ; non-profits are May 15; then June is the deadline for overseas assets; September is the deadline for corporations who got extensions and whose fiscal year ends in July; and October 15 for individual who filed extensions. And, don’t forget payroll, sales, estimate, excise taxes deadline. ”

Adams said, “September through December, we are normal preparing for the new tax season and teaching classes. So taxes never end! Most people think taxes end on April 15; they do not.”

In 2015, looking toward the future of Adam’s expanded her business, brought into the Los Taxes Corporation franchise. It wasn’t that she didn’t already have enough business coming her way, rather it’s because she recognized the potential of a new market.

“She purchased the franchise mainly because we wanted to brand out into Hispanic and Latino culture. It is the largest and fastest growing group in North America and will probably double by the year 2020,” she said. “There’s a lot of fraud and people take advantage of them and she would like to help them do their taxes correctly.”

In order to stay on top of the constantly changing tax laws and codes, Adams spends a significant amount of time in continuing education classes, workshops, conferences and reading nearly anything she can get her hands on to stay “in the loop” and help her clients as best her ability. She says, “The more I know, the more I can educate my clients, so I study all the time.”

Adams gives a great deal of advice to others, not for compensation, but because she simply wants people to know what they are doing and have the proper information to do it correctly. Although her time is strained and severely limited for what she calls the “social scene”, Adams makes time for her children and grandchildren. Family-oriented, she says spending time with her family is how she stays grounded and relaxed.

Indeed, Adams is in high demand, but that not stopping her from looking to the future. She has her sights set on establishing an office in Charlotte as well as a national presence. “She sees herself as establishing the first black accounting firm in the country. There’s no real black accounting firm out there, she said. “However, I’m so personal that it hard to duplicate myself.”

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