Fighting the Internal Revenue Service in tax court is no laughing matter and isn’t to be taken lightly. Hiring a professional may cost money up front but when it comes to any mistakes your company has made and what it may cost you and your business, its well worth it!
In 2010, the IRS processed 230 million tax returns and documents. $2.3 trillion was collected. In 2011 alone, 100 million federal tax returns were filed electronically, accounting for three-fourths of all individual returns filed that year.
Pop Quiz: Q. If Jamie Oliver purchases a new stove for $15,000 for use on his cooking show, writing a check for the full amount, how should he record this purchase? A. As a fixed asset on his balance sheet.
Are you familiar with all of the deductions that your business can legally take advantage of? That’s an important reason to hire an accountant, particularly because tax laws change on a yearly basis and one of the responsibilities of an accountant is to be aware of any tax law changes that affect a client.
We will work with you to help you and your business establish financial goals, and then help you reach them. The healthy growth of a company requires a sound financial plan along with management and insightful analysis of trends.
Accounting is often called the "the language of business" because many of the words used in the business accounting industry have Latin roots! For example, did you know that the word "debit" means "he owes"? In Latin, "credit" means "he trusts." Even the word accountant is derived from the word "count"!
Once you reach a certain point in life, you may realize that your tax situation has rapidly grown beyond your control. Rather than spending the early spring trying to make sense of the various tax forms, consider letting your accountant handle tax preparation for you.
What is bonus depreciation? Technically there’s no bonus involved, it simply refers to the opportunity to accelerate depreciation deductions in accordance with the guidelines and at established maximum rates.
If you start up a new business you’ll need accounting software, among a myriad of other business equipment and supplies. But do you have any idea which program is best? A tax accountant can recommend a program that’s recognized in the industry, as well as something they can maneuver around and explain to you.
The role of the EA accountant is to handle individual and business tax matters and represent their clients with the IRS should the need arise. The concept of the “enrolled agent” was first established in 1884.
While the picture of a client handing his tax accountant a box of loose receipts might be a familiar one, the truth is that this is a very inefficient way to do business. To get your taxes done quickly, it's a good idea to keep detailed records of your income and expenses for your accountant.
Our enrolled agents provide services beyond tax preparation and representation. We offer financial planning and investment management, bookkeeping and payroll services, financial statement preparation and other accounting services, and fraud audits and investigations. What are your needs?
It’s important to remember that there’s no shame in admitting you can no longer complete your taxes on your own each year. With the tax code constantly changing, it’s often best for people to work with a tax accountant who’s been able to keep up with all the changes.
Whether you’re working on your personal tax return or you own a business, there’s no shame in admitting that you’re not a math person. When you have no confidence in the numbers you’re generating, it’s smart to turn things over to a tax professional you can trust.
Interestingly, while the itemized deduction is an option for individual tax returns, not everybody qualifies. In fact, only 32.5 percent of individuals claim an itemized deduction, whereas 65.7 percent use the standard deduction.
The IRS Restructuring and Reform Act of 1998 allow federally-authorized practitioners (those bound by the Treasury Department’s Circular 230 regulations) a limited client privilege. This means there can be confidentiality between you and the EA under certain circumstances in cases involving audits and collection matters.
There are many important decisions an accountant can help you with if you decide to start a new company. What type of legal entity do you want for that business? There are both liability and tax consequences that vary depending on the type of business entity you choose and an accountant can point out all pros and cons.
In the event of an IRS audit, an accountant will stand behind you and provide invaluable assistance. Getting that notice from the federal government can be very disturbing but an accountant can explain what the IRS is looking for and answer any questions you may have.
Keeping accurate records is essential for a small business. Hiring a professional takes the guess work out of a very important task, so that your business can stay on top!
We understand that not everyone races to file their tax return as soon as their W-2 comes in the mail. If you’ve gotten a later start this year than in previous years, we may be able to help you file an extension and get your taxes in by the new deadline.
Did you know? A liability is an obligation or debt, such as wages, taxes and expenses. Liabilities are equal to assets on a balance sheet.
If you’re like many American taxpayers, you may be looking for easy ways to save money at tax time. While it can feel counterintuitive to pay someone to work on your taxes when you need to save money, your tax accountant can actually help you minimize your tax liability or increase your refund.
Enrolled Agents are authorized by the IRS to represent their clients in the event of a tax dispute, audit, or other challenges. They can work with you and the IRS to resolve issues and obtain a more favorable resolution on your behalf.
