FAQs

A K-1 is a tax form that businesses will fill out to report their income, deductions, and credits pertaining to their business activity. The IRS will then use this information to determine the taxes owed by the business. A K-1 can also be used by individuals who are partners in a business. The form will report the individuals share of the business income.

The types of businesses that would  need to submit this form are:

• S corporations

• Partnerships

• LLCs

• Trusts and estates

The K-1 will be provided for you if we prepare the business return (1065, 1120-S, 1041).

Form 5472 is an informational return that needs to be filed by any U.S. corporation in which 25% is owned by a foreign shareholder or a corporation that is foreign, but involved in a U.S. trade or business. This form is only necessary if the U.S. corporation has had at least one reportable transaction. If this form is not filed, penalties can reach up to $25,000 if not filed.

Form 5471 is also an informational return, but not a tax return. Certain U.S. persons, who are officers, directors, or shareholders participating in certain foreign corporations are required to file Form 5471. Taxpayers who are individuals must file Form 5471 as part of their U.S. income tax return (Form 1040).

Form 6765 is the form used to calculate R & D tax credits. Many companies that are involved in experiments and research can use this form to gain a tax credit.

Yes, however in order to determine your eligibility and pricing, please contact us.

A 1099 form is a document provided by the IRS which is used to provide a variety of types of payments. These may include payments received throughout the year besides what businesses might pay you. There are many different 1099 forms that report the different types of payments you may have received.

A W-2 tax form shows important information about the income you’ve earned from your employer. It also includes the amount of taxes withheld from your paycheck, and benefits provided as well as other information for the year. You usually use this form to file your federal and state taxes.

If you request a cancellation of services before any work has been started, you are eligible for a full refund minus a $15 processing fee. 

If you request a cancellation of services after work has started the cancelation fee will be a percentage of the work completed. For example, if 50% of the work is completed, your cancellation fee will be 50% of the price. If the work is not completely finished, the return will not be uploaded or filed. No partially completed work will be provided if the client cancels.

Yes, to discuss pricing or speak to us about our recommended bookkeepers please contact.

Yes, please contact to discuss pricing.

Yes, please contact to discuss pricing.

Fill out the form to the best of your ability. If the CPA feels the client may have requested the wrong service, the client will be contacted, and the price adjusted accordingly if necessary.

It is possible that income was earned in more than one state. It is possible a business has nexus (taxable activity) in more than one state.

All communication can be done through the client portal. Here, you can upload documents relevant to the services requested. You can also message and chat with the CPA preparing your return. If a phone call is needed that can also be arranged.

Financials normally consist of a Balance Sheet and Profit and Loss. This is normally provided by the accounting software or your bookkeeper. If you do not have the financials, you can download organizers here which will help you generate the financials needed from the transactions.

Here are organizers – (a link to organizers)

Yes but all the time providing assistance will be billable at the CPA rate.