What Information Do We Need to Give Your Accountant to Prepare Taxes

When it comes to hiring a San Diego CPA, it helps to know what it takes to be the best in that role. After all, who wants to bring in the accountant without the will or the experience to make you a success?

The only reason to hire a CPA is to improve business and financial performance. If your CPA is not capable of doing that then you need to look elsewhere. It really is that simple. An inability to give your ideas about how to best improve your business and a lack of direction from the accountant would make it a waste of time.

As such, you should always look to bring in a CPA who you can trust to get the job done. This means bringing in someone who you can look at and understand their skills and expertise better. It takes time to get the right approach, of course, but you typically want someone who can show signs of the following.

Attention to Detail

No San Diego CPA is worthwhile if they give you ‘too’ fast responses. When you hire a CPA it should take them some time to go through your accounts and make sure that it’s all above board. If someone is getting back to you very fast to let you know it’s all good, get concerned.

You might actually have excellent, totally in-line accounts; but it’s very rare that an accountant cannot many any suggestions. Look out for that attention to detail; the more specific they can be, the better they usually are.

Passion for Assistance

Any good accountant worth having on your team will have a natural energy and passion for handling your business. They will be interested in looking at the numbers in general, and finding out the myriad of ways that they can help you out.

A good accountant has a genuine energy and love for numbers and accountancy. Never hire someone who is there just for money or the power they hold; always hire someone who gives you the air of loving what they do. This is a tough role, so passion is vital.

Committed to Change

Should you go to hire an accountant, test their commitment to making change occur. Can they show you previous experience or case studies of businesses they have helped to improve?

Can they show you a detailed list of the changes they would like to implement? And, indeed, how to best go about those changes?

Look out for this kind of information as it can go further than anything else to make your progress as a business become that little bit faster. A good accountant that you bring in should be able to show you how they intend to change your business, and the reasons why they reckon that will work.

The accountant who does things ‘just because ‘is the one to avoid. So, in your hunt to find a quality CPA, keep all of this in mind. Failing to do so can give you a bad deal!

What Key Points Do You Need to File Your Sales Tax?

To file your return, you need to be able to provide key pieces of information. You are expected to have your account number, your sales and deduction information, your bank account details, your purchase information and any other specific tax information depending on what you sell. For example, those who sell cigarettes need to provide a very specific set of details.

If you are unsure of what you can and cannot offer, then you should definitely consider getting in touch with a CPA. They can help you prepare the next sector of detail and move towards the next part of the process.

If you are indeed using a tax preparation services, then you will have to give them access to your account. All you need to do is get a BOE-91 B form, and fill it in. in this form you can choose the level and depth of permission that your preparer has on your account, meaning you can get help with it all or just a few small pieces.

Whatever you decide to go with, having an accountant on your side to help work through the challenges of taxation is a very useful idea. Not only can they help spot the shortfalls in what you are saying and if you are poorly explaining any apt of your business, but they can help to give good fiscal advice for the future.

If you are worried about handling your taxes, contacting a reputed CPA firm will be good option.

What To Do When You Received an IRS Notice

Receiving an IRS notice can be a scary moment for many taxpayers. What can you do? Where should you go for information? There are often many unanswered questions when you open your mailbox to find a notice.

First, you need to find out what the notice is regarding. The IRS sends notices out for many different things, such as requesting a tax payment, requesting additional information, or notifying you if changes to your account. Read through your notice very carefully, and if you are not 100% clear on what the notice is about, seek professional guidance from a licensed CPA or tax preparer.

If the notice you received is letting you know that the IRS has made a change to your tax return, be sure to review the information very carefully, and compare it to your tax return on file. If you agree with the changes made, then usually there is nothing further that you need to do. If you disagree with the changes made, be sure to respond to the IRS in writing, stating what your disagreements are. The IRS can take up to 30 days to respond, so try to be patient.

If your notice is requesting a payment, you have a few options. If you have the means to pay the full amount due, this is always the best option. If paying the full balance is not a feasible option, setting up a payment plan in an option. In addition to setting up payment plans, the IRS also gives the option of settling the debt for a smaller amount to qualifying taxpayers. Even if you do not have the money to pay for the amount requested, do not ignore these notices. The IRS will be much more understanding if there is communication between parties and a willingness to work diligently to have your debt settled.

If your notice is requesting additional information from you, provide that information to the best of your ability. If you have a complicated tax return, and do not have a licensed tax prepares or CPA, you may want to contact one to ensure the correct information is provided. Further misunderstandings can create a much more drawn out process.

No matter what your notice is about, you will want to make sure to keep a copy of the notice on file, as well as any further correspondence with the IRS. This will be helpful if there are any disagreements between yourself and the IRS during your contact with them.

Your IRS notice will have a phone number in the top right corner. This is a great resource, and usually the best way to contact the IRS regarding questions about your notice. Going into an IRS office is usually not necessary to get your situation resolved. Stay calm, and keep very good records of your tax related information and documents, and you can get your tax matter resolved with the least amount of stress possible.

 

If you received an IRS notice and need assistance, visit Abbo Tax CPA in San Diego.