You have not filed a return in several years? Don’t stay awake at night with worries. As a tax professional I see this frequently. Here is what I recommend. I always get a power of attorney and deal with the IRS myself. I call the IRS and the Franchise Tax Board and tell them the game plan and usually file within 60 days. If I call the IRS before they contact the client, its much easier to work things out. Whatever we agree to with the IRS we do. I send each return in a separate package with its own cover letter. I send each return certified mail so we have proof the return has been filed. In many cases people actually get refunds. You can do this yourself, but it is overwhelming, just call us. Tim from our office is used to filing delinquent returns. We can go back 10 years if necessary. And then we can plan out the payment of the taxes. … [Read more...] about Late or unfiled tax returns?
New Audit and Financial Review Requirments PEER REVIEW: Peer review is required for all California-licensed firms, including sole proprietorships, which perform accounting and auditing services using any of the following professional standards: Statements on Auditing Standards (SASs) Statements on Standards for Accounting and Review Services (SSARS) Statements on Standards on Attestation Engagements (SSAEs) Government Auditing Standards (Yellow Book) Audits of non-SEC issuers performed pursuant to the standards of the Public Company Accounting Oversight Board. Peer review is a systematic review of a firm's accounting and auditing services performed by a peer reviewer who is unaffiliated with the firm being reviewed to ensure work performed conforms to professional standards OUR FIRM: Rojas and Associates, CPAs is a regional CPA firm with offices in Sacramento, San Jose and San Clemente, California. We currently have 2 peer reviewers … [Read more...] about Audits and Financial Reviews from Department of Development Services
QuickBooks and IRS Tax Audits A Senior IRS agent recently told me that each unit now plans to have at least one person trained in Quickbooks. She indicated that the IRS can then ask for a copy of your Quickbooks file instead of requesting all of the printouts provided to them by the taxpayer’s representative or the taxpayer. Recently, we were referred a business client who was in the middle of an IRS audit and was represented by a tax attorney. We had our team of myself (CPA , MS in Tax) and our Quickbooks ProAdvisor help with the audit. The owner of the Company said as soon as we became involved the entire audit changed in the company’s favor. Why – Because we teach Quickbooks. We’re the experts at Quickbooks and we quickly gave the IRS exactly what they requested and assisted them with what they were looking at. In order to come up with a winning strategy with the IRS, we need to cooperate and treat the IRS with respect but we do not need to answer any questions not … [Read more...] about Quickbooks Help for IRS Audit