Business
Payroll Services
The process of paying employees is rather complex. There are many factors and procedures necessary to calculate and consider before any payment can be distributed. CPAs regularly assist employers with payroll processing to ensure everything is accurately and efficiently calculated and distributed.
Corporate Returns & S-Corporations
A group of shareholders presented as a single entity for business purposes is considered a corporation. When filing taxes, there are two types of corporations: C and S corporations, and both have different tax requirements. Both of these Corporation returns require a lot of preparation and planning to get the best rates.
Client Bookkeeping
Business managers at both for-profit and not-for-profit enterprises need financial information presented in the form of financial statements to judge past performance and to make decisions about future operations. These services are performed by CPAs and their staff on a regular and recurring basis so the information presented is timely. CPAs can also assist managers in reading and interpreting such financial data.
Sales Tax Returns
If you or your business sells taxable products and lives in a sales tax state, you will file a sales tax return to the IRS. Compiling data is complex due to the many localities of tax rates and taxable products or services, and this criteria is ever changing. When filing periodically, you’ll want to set up a system with your CPA to register with your state’s taxing agency, determine the rates you must charge, set up the sales tax collection, gather records, and send reports.
Partnership Tax Returns
Partnerships are two or more people coming together to run a business. For tax purposes, partnerships do not pay income tax, but any losses and profits “pass through” to its partners. The partners will each list his/her shareholdings on his/her own tax return. As with any paperwork, there are a variety of forms you may or may not be required to fill out, so it is best to seek the help of a CPA who is up-to-date on all tax laws who can assist in planning and preparing you for tax returns.
Fiduciary Returns
Trustees and/or Administrators of Estates are responsible for filing tax returns on their trust or estate. The IRS requires Form 1041, formerly known as Fiduciary income tax return. Trusts and estates are eligible for income, but do not receive income tax free, and that is why the overseer is required to file form 1041 on the trust’s or estate’s behalf. There are deductibles permitted for trusts and estates that will help reduce its income tax rate. See your local CPA for assistance in preparing and filing for Form 1041, Fiduciary Returns.
Individual
Individual Tax Preparation & Filing
Filing a 1040 tax form is required for all U.S. adults under the age of 65 and if single have an income under $12,ooo. Individual tax returns may be filed married (joint or separate), single, head of household (under or over age 65), or widow(er) under age 65. Your tax return is a report to the government of your gross income. The form also includes various deductions and exemptions that qualified individuals may invoke.
Estate & Gift Tax Returns
Estate returns are usually due nine months after the death of the benefactor. There is a six month extension available if requested and a certain amount of taxes are paid before the initial due date. Gift returns are due April 15 of the year following when the gift was received. CPAs assist in organizing and planning the filing and sending of these tax returns on time for you or your family.
Estate Planning
An estate, by definition, is all money and property belonging to an individual person. Estate planning is the process of recording and evaluating the estate, all owned property, assets, and money. It is not only for retirees, but it is for everyone and recommended by professionals that you plan now. Planning ahead is the key to a successful estate plan.
New Business Start-up
Setting up a new business involves a lot of steps, especially on the financial category. CPAs will help you through the process of setting up a bank account, monitoring expenses, developing a bookkeeping system, payroll processing, investigating import tax, establishing tax procedures, tax obligations, calculating gross margins, regular reevaluation, and other financial decisions. This is one of the most tedious and important parts of running a business, and your CPAs will make sure you start out strong.
IRS Representation
If you receive a notice from the IRS, have a tax problem, or receive an audit, you have the right to have a certified public accountant, attorney, or enrolled agent represent you. The certified representative will take your place before the IRS. You and the representative will sign Form 2848 which allows the IRS to work with the tax professional instead of directly with you. Having this tax professional as your representative, you are sure to get the best possible outcome in your situation because they are proficient in tax laws and the IRS.
Audit Representation
If you receive a notice from the IRS, have a tax problem, or receive an audit, you have the right to have a certified public accountant, attorney, or enrolled agent represent you. The certified representative will take your place before the IRS. You and the representative will sign Form 2848 which allows the IRS to work with the tax professional instead of directly with you. Having this tax professional as your representative, you are sure to get the best possible outcome in your situation because they are proficient in tax laws and the IRS.