FAQ

Yes, our clientele is diverse, encompassing individuals, families, and businesses spanning a broad spectrum of industries. Among our business clients are enterprises in construction, medical, veterinary, dental, legal, transportation, municipal, faith-based organizations, nonprofit entities, manufacturing, real estate, sales and distribution, franchises, restaurants, gas stations, grocery stores, retail outlets, estates and trusts, farming, automotive sales and service, electricians, plumbing, HVAC, engineering, audio-visual, and numerous other specialized professional services.

The suitability of self-preparation versus professional assistance in tax matters hinges on various factors. While straightforward financial situations with moderate income may suffice for high-quality DIY programs, caution is warranted due to potential undisclosed costs. Starting with the IRS Free File can help identify suitable programs.

Additionally, vigilance is advised regarding small tax preparation businesses, often found in temporary setups like supermarkets during filing season. Despite the convenience, their preparers may lack crucial expertise and rely on software akin to consumer-grade options.

For nuanced scenarios, it’s prudent to engage a qualified tax professional. Such professionals can provide personalized guidance, considering your objectives, preferences, and circumstances comprehensively. Consultation with a tax professional is advisable if you:

• Operate or intend to establish a business, including self-employment
• Hold a partnership stake or plan to invest in one
• Own or contemplate acquiring rental properties
• Seek to initiate estate planning for future generations
• Receive income from foreign sources
• Have encountered the alternative minimum tax (AMT)
• Plan for retirement or navigate impending major life changes
• Require assistance with tax withholding or quarterly estimates
• Manage restricted stock or employee stock options
• Encounter uncertainties regarding income timing
• Experience significant life events such as marriage, divorce, or childbirth
• Need to file multiple years’ returns or explore potential amendments
• Receive communication from the IRS.

In these instances, collaborating with a tax professional ensures meticulous attention to detail and adherence to regulatory requirements, safeguarding your financial interests effectively.

Determining the likelihood of being subjected to an IRS audit involves various considerations. Engaging a CPA can mitigate this risk. Recent IRS audit statistics reveal probabilities of scrutiny, which escalate with income levels and complexity of returns.

While eliminating audit probabilities entirely is improbable, strategies exist to minimize unnecessary IRS attention. These include meticulous record-keeping, accurate income reporting, and understanding deductible expenses. Individuals and businesses should exercise caution with atypical deductions, particularly those prone to triggering red flags, such as charitable donations or foreign accounts.

Self-employed individuals and small business owners should remain vigilant, as the IRS scrutinizes cash-based operations and dubious deductions. Moreover, incongruent claims, like reporting rental real estate losses alongside substantial non-passive income, invite scrutiny. In cases of uncertainty, seeking professional guidance is advisable to ensure compliance and minimize audit risks.

When preparing for tax consultations, individuals and families should gather essential documentation, including:

• Full names and Social Security numbers for all household members
• Income-related forms such as W-2s, 1099s, and K-1s, along with details of rental, investment, or sole-proprietorship income
• Expense-related documents like 1097s, 1098s, tax payment receipts, medical expense proofs, childcare records, gambling loss receipts, charitable contribution receipts, moving expense proofs, rental property expense records, and sole proprietorship expense proofs
• Reports and statements for stocks, bonds, mutual funds, and other investments
• Previous year’s tax return for reference

Regrettably, we cannot accommodate walk-in meetings. We prioritize meticulous attention to detail, requiring our professionals to dedicate ample time, often including overtime, to each client’s work. Balancing client interactions with meticulous work execution is paramount, ensuring deadlines are met. Following initial discussions with your accountant, subsequent appointments may be necessary to address any further queries or updates.