FAQ

Frequently Asked Questions


  • I need to file my tax return, what documents do you need from me?

  • What should I do if I discover an error after filing my individual tax return?

  • When do I have to file an amended return?

  • What form do I use if I need to file a corrected "amended" return?

  • What is the fastest way to get my refund?

  • What if I can't get all my documents in time to meet the April 15 tax deadline?

  • How do I request an extension?

  • How will selling my house affect my tax returns?

  • If I give a gift to a friend or family member, do I have to report this to the IRS?


SERVICES

Services


Payroll processing service - Each Pay Period we can convert your timesheets into checks. We take all the hassle of payroll off your plate. We can calculate your payroll, print the checks or just provide you with the numbers so you can print and distribute your own checks. Our payroll services can set up your QuickBooks accounts so the payroll liabilities download into your file for ease of reporting. We will prepare and file federal and state tax forms, quarterly 941 forms- employee W-2 forms and 1099 forms.


Tax filing - State and Federal returns - We offer complete tax filing services for individuals and businesses. All returns for each state-business and personal. Even if you haven't filed a return for years, we can help get you current. Don't be overwhelmed or let the threat of a tax lien hang over your head. We can help and we understand. No judgmental attitudes. Our goal is to get you caught up and to get any refunds you are entitled to. Or if you end up owing, we will fight to help you get the penalties and interest removed or reduced.

Don't miss out on all the deductions afforded you by our tax system. We will unwind the maze. We offer electronic filling directly with the IRS and direct deposit of your refund into your bank account to ensure you the most efficient service available.

We are small business specialists. All forms of business entities-Sole Proprietor, S-Corporation, LLC, Partnership returns, LLP, C corporations. We can handle them all.


Accounts receivable - Collections are the lifeline of your company and the foundation behind account receivables is your policies and procedures for sales. Some things to consider are: Do you have a credit policy? How do you evaluate a customer for credit? Can you look at the past payment histories and ascertain who should get credit and who shouldn't. Additionally, you need to establish sales terms. For example, is it beneficial to offer discounts to speed-up cash collections? What is the industry standard for sales terms? There are several questions that have to be answered in building the foundation for managing accounts receivables. Our team can help you develop rules and procedures to accommodate the timely collection of your accounts receivable.

An affective system must be in place to track accounts receivables. This will include balance forwards, listing of all open invoices, posting of new transactions and generation of monthly statements to customers. An aging of receivables will be used to collect overdue accounts. We can help you formulate a comprehensive plan.


Accounts payable - We can help manage your cash-flow and take advantage of discounts offered by vendors for timely payments and avoid fees and interest for late payments or overdrafts. We can set up a system for vendor management, check requests and purchase Orders. Our accountants can:

  • Handle invoices correctly and employ the necessary checks and balances.
  • Process checks correctly while employing the necessary checks and balances.
  • Prevent errors and common mistakes.
  • Provide good customer service, create internal controls, and prepare the department for the annual audit.
  • Detect and prevent fraud from vendors and employees.
  • Use technology in Accounts Payable to make the job more efficient.
  • Identify ways to use the Internet in Accounts Payable.
  • Summarize the processes involved in Master Vendor Files.
  • Avoid problems caused by discounts and other deductions.
  • Process 1099s


Bank reconciliations - One of the most common cash control procedures. In business, every bank statement should be promptly reconciled by a person not otherwise involved in the cash receipts and disbursements functions. The reconciliation is needed to identify errors, irregularities, and adjustments for the Cash account. Having an independent person prepare the reconciliation helps establish separation of duties and deters fraud by requiring collusion for unauthorized actions. Our bookkeeping and accounting staff can assist with this essential monthly function on site or via a digital transfer.


Small Business consulting - Our professional staff can help your company grow from the dining room table to the board room. We have a staff of professionals that can assist with every step. We can assist If you are planning for an expansion, or downsizing; looking to reduce expenses or a planning a capital improvement; preparing your books to obtain financing or for examination by perspective buyers. We can examine your business processes, help write a business plan and recommend an appropriate path to attain your goals.


New Business formation/incorporation/accounts set-up - If you are considering a new business start-up, we can discuss your goals and recommend the appropriate business formation. Our staff will guide you through the incorporation process or help with a partnership formation. Once you have chosen your business type, we can council you on the appropriate financial software and help with the set up and training for a seamless business process.


Financial Statement preparation - If you business is up and running and you need reports and financial statements, we can assist with report generation. These reports consists of:

  • The Balance Sheet - summarizes a company's assets, liabilities and shareholders' equity at a specific point in time.
  • The Income Statement or Profit and loss statement - measures a company's financial performance over a specific accounting period. Financial performance is assessed by giving a summary of how the business incurs its revenues and expenses through both operating and non-operating activities. It also shows the net profit or loss incurred over a specific accounting period, typically over a fiscal quarter or year.
  • Statement of Owner's Equity or Statement of Retained Earnings - summarizes the changes in capital accounts of owners or partners or the shareholders in a corporation.
  • Statement of Cash Flows - summarizes all transactions of the business and provides an analysis of the sources and uses of cash; indicates whether enough cash is available to carry on routine business operations.