Every tax season is different.
Some are busier than others, some are upended by new tax laws or bills, while still others are a mad scramble.
This tax season, however, is almost indescribable, says Patrick Murtha, who along with his father Tom and new partner (but longtime senior accountant) Kyle Flischel run Murtha & Murtha, LLC, in the Seven Oaks Professional Park off S.R. 56 (across from Sam’s Club).
Due to Covid-19, nothing about this tax season seems normal, Patrick says. Everyone was impacted, with some people losing their jobs and collecting unemployment, others receiving PPP (Paycheck Protection Program) loans and many people having to borrow money from their retirement plans in order to survive.
Some people moved away from Florida, but many others moved in. And, not everyone struggled, Patrick says, noting that some clients had their most lucrative years ever in 2020.
Either way, Patrick says 2020 was the year of “major life changes,” and clients need more help now than they ever have as they navigate through tax season waters that are now murkier than before.
“This has been amazingly busy,” says Patrick. “The average return is a little more complicated, and we have a lot more clients coming in. It’s crazy.”
That means thousands of tax returns between Murtha & Murtha’s two offices (the Murthas recently merged with another office in Zephyrhills, which is now called Henson & Murtha, CPAs.)
Luckily for clients new and old, Tom, Patrick and Kyle have more than 60 years of combined experience in handling taxes on behalf of their accounting clients.
Because of Covid-19, the Murthas have adapted to the new reality. They started last year, when Covid hit right at the annual March peak of tax season, and now have a well-oiled virtual online machine to help them assist clients.
“We pivoted pretty quickly,” Patrick says. “Right when Covid hit last year we made that move, making virtual appointments, video calls, phone appointments. We bolstered that a lot more in the offseason. Now, we’re a full, web-based client center.”
Clients can sign in, upload their tax documents and any other paperwork the Murthas may need to complete their taxes. “We created a really convenient way for us to work, and for our clients, too,” Patrick says.
He adds that about half of Murtha & Murtha’s clients are handling this tax season online. The other half still prefers to come in to the office, where CDC guidelines are strictly followed. As the pandemic passes, there may be less of a need for an online exchange of tax forms and paperwork, but the firm plans to keep the online option in their arsenal.
That arsenal is quite full as it is. Murtha & Murtha consults, advises and deals in complicated and intricate tax laws, providing business valuations and due diligence while also running the successful Murtha & Murtha Mergers and Acquisitions, LLC.
Tom is fond of saying “we do it all,” which isn’t too far off. And, while taxes are a huge part of what Murtha & Murtha does, Tom says consulting with clients throughout the year is often just as valuable.
A Little Background
Tom Murtha, CPA, earned his B.S. degree in Management from Long Island University in Brooklyn, NY, in 1976, and his M.B.A. (Master of Business Administration) degree in Accounting from St. John’s University in Queens, NY, in 1981. He has been doing mergers, acquisitions and business valuations since the 1990s.
Patrick, who grew up around tax codes at his father’s business, graduated from the University of South Florida in 2009 with Bachelor of Science (B.S.) degrees in both Finance and Accounting. He joined his father in opening a firm in Tampa in 2010, focusing on mergers and acquisitions.
Meanwhile, Kyle Flischel, CPA, is practically family, having gone to school with Patrick at USF.
Murtha & Murtha offers a popular “CFO Retainer Package,” which helps businesses (and those who are self-employed) who might need a Chief Financial Officer (CFO) but who don’t have the budget to hire a full-time manager or accountant for that job.
For a fraction of the cost of a full-time CFO, the Murthas operate in an advisory position and can handle everything from accounting and bookkeeping to setting up payroll and ensuring that all of a client’s income and expenses are classified correctly.
They also will put together a budget, which Patrick says hardly any other companies do. The Murthas are big on budgeting, which helps their clients make decisions in real time, instead of waiting until the end of the year.
And of course, they will take care of all of your tax preparation and planning.
“The CFO program is growing just as quickly as our tax business is,” Patrick says.
Since starting the CFO program, Patrick says they’ve only lost two clients, but both were due to capital acquisitions. “In both cases, the companies were successful,” he says.
If using Murtha & Murtha sounds daunting and exorbitantly-priced, the Murthas promise that it’s not. The firm handles just about every kind of client, from rich businessmen to small business owners to regular W-2 workers, and the prices are comparable to other tax firms like H&R Block. And, every client gets the same personal treatment. It is that personal touch that differentiates Murtha & Murtha from others, Patrick says.
While they handle the taxes of some large companies, Patrick says that individual returns account for about two-thirds of Murtha & Murtha’s billings — and that number may be growing this year with the influx of new clients.
During Covid-crazy 2020, Patrick says the firm still grew but not at the rate they originally anticipated. However, he says this year could be record-breaking.
“Whatever we should’ve gotten last year we are getting this year,” Patrick says, “(in addition to) what we would have normally gotten this year. It’s going to be the busiest season we’ve had by an order of magnitude.”
Murtha & Murtha, LLC, is located at 2236 Ashley Oaks Cir., Suite 101. For more info, visit TampaTaxFirm.com. To schedule a free consultation, call (813) 991-1120.Â
Henson & Murtha, CPAs, is located at 5315 8th Ave. in Zephyrhills. For more info, call (813) 782-0580.
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