What is a K-1?
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:
Trusts and estates
The K-1 will be provided for you if we prepare the business return (1065, 1120-S, 1041).
What is Form 5472?
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.
What is Form 5471?
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).
What is Form 6765 – Research and Development Tax Credit?
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.
Do you offer R&D Studies?
Yes, however in order to determine your eligibility and pricing, please contact us.
What is a 1099?
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.
What is a W-2?
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.
What is the refund policy?
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.
Do you offer bookkeeping services?
Yes, to discuss pricing or speak to us about our recommended bookkeepers please contact.
Do you offer phone consultations?
Yes, please contact to discuss pricing.
Do you prepare Trust Returns (1041) or Non-Profit Returns (990)?
Yes, please contact to discuss pricing.
What if I am unsure of what service to select?
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.
Why would I need to select more than one state?
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.
How does the communication work?
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.
What if I do not have Financials for my business?
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)
Do you provide assistance if audited?
Yes but all the time providing assistance will be billable at the CPA rate.