It’s important to remember that tax law can be a little different every time you prepare your taxes. Even if your financial and employment situation is much the same as it was when you last filed, tax law changes could suddenly paint a very different picture for your return.
The abilities of the enrolled agent (EA) extend beyond just preparing returns. In areas such as representing clients in cases involving audits, collections, and appeals, an EA is an expert who can be there for you. Our firm has tax expertise on our side from beginning to end.
Taxpayers are legally responsible for what’s on their own tax returns even if prepared by someone else. So it's important to give your tax preparer all of the documentation they will need in order to file your taxes correctly.
Did you know that some enrolled agents have worked for the IRS for 5 years in a capacity that required them to regularly interpret tax laws and regulations? The other way EAs gain certification is by passing a competency exam administered by the IRS itself.
When tax rates changed in 1913, two rates were assigned based on net personal income. Those with net personal incomes under $20,000 were taxed at 1%, while those with net personal incomes more than $500,000 were taxed at 7%.
Loan proposals and financial statements should be developed so that you have a working, established relationship with lenders and can present them with all the documents and plans they might require.
One of the major benefits of having a relationship with a tax accountant is the ability to ask questions when they come up. Having someone who's knowledgeable about tax law in general and your situation in particular can be a major time and money saver.
Does a Certified Public Accountant offer the same level of tax expertise as an Enrolled Agent? Definitely not. Enrolled Agents are solely devoted to taxation issues, and the level of tax knowledge that is required to receive EA certification is much more extensive than requirements for CPAs.
Do you know when employers began withholding taxes from their employees' paychecks? In 1943, the Current Tax Payment Act required this withholding. Prior to that, individuals had to save up for their tax bill on their own.
Once you are able to establish the trust between yourself and your business accounting service provider, you can ensure that you get honest advice on how to run your business and make it a more profitable entity.
With IRS enforcement activities on the rise, there is a growing need for enrolled agents who can assist taxpayers. If you are delinquent in your obligations or facing an audit or difficulties in the collection process, contact our office. We have the enrolled agent expertise that you need.
Some tax mistakes you might already be making are not keeping your receipts for expenses, not tracking those expenses, not keeping personal and business fund and expenses separate, not understanding bookkeeping, and not tracking or understanding deductibles you might be eligible for.
Have you been hesitant to work with a tax accountant in the past because you don’t have any problems figuring your own taxes? Remember, if it ever looks like you might be cutting it a little too close to deal with your taxes on your own, we’re always ready to step in and take over.
Do you double check to make sure you are recording your business deposits correctly? You might be less likely to pay taxes on money that isn’t income. We suggest that you use a program such as Excel or Quickbooks to track expenses.
Have you ever had a good experience with an accountant helping you get through an IRS audit? If so, share your story and let us know how the accountant made the auditing process better.
A recent study found the average small business often pays higher federal tax rates than many large corporations. The average corporate tax rate is about 12.6%, while many small businesses pay rates that range between 29% and 32%.
An accountant with tax expertise can handle your company’s tax return and stay on top of any changes to the IRS Tax Code. The code is extraordinarily complicated and is changed frequently. In a 12-year span beginning in 2001, Congress approved nearly 5,000 different changes to the Tax Code.
Don't let an aversion to math turn you off accounting! Contrary to popular perception, most accountants are not math wizards. These days, computers do most of the addition and subtraction, while accountants interpret and analyze the results.
Tax time doesn’t have to be the most stressful part of your year. Even if a combination of life situations is increasing the complexity of your return, we’re always here to help you locate all the correct information.
NAEA members are required to complete 90 hours of continuing education every third year reporting period. Because of the knowledge required to become an EA and the requirements necessary to maintain the license, there are only about 46,000 practicing EAs in the United States, such as those in our office.
Enrolled Agents are the only representatives for the taxpayers who have the right to practice from the United States Treasury. CPA and attorneys are only licensed by the respective state.
Although most business owners would like to comply with tax laws, the truth is that they are complex enough so that it's all too easy to let some requirements slip through the cracks. One of your tax accountant's jobs is to keep you in compliance so you avoid costly penalties and time-consuming audits.