| ……….GENERAL INFORMATION & REMINDERS | |||||||||
| QUESTIONS/SUBJECTS NOT COVERED HERE | |||||||||
| We are here to assist you. If you don't see an item covered here, PLEASE contact us. | |||||||||
| OUR STAFF WORKS AS A TEAM USING STANDARDIZED PROCEDURES | |||||||||
| Pretty much every CPA firm makes that claim. We however do work as a team using | |||||||||
| internally created checklists for every major task we do for you. Each checklist contains | |||||||||
| YEARS AND YEARS of experience. This ensures that certain techniques and principles | |||||||||
| that come only with experience are being applied to your work regardless of which staff | |||||||||
| person is actually doing the work. | |||||||||
| If you would like a "tour" of our checklists, please do not hesitate to ask. | |||||||||
| CALENDAR YEAR VS. FISCAL YEAR | |||||||||
| Make sure you are familiar with the difference. A calendar year ends on 12/31. | |||||||||
| Remember to adjust any dates if you have a fiscal year end. | |||||||||
| CASH VS. ACCRUAL - which one to use (if you are a new business) | |||||||||
| If you will use the receivable and payable features in QBs, we recommend accrual. | |||||||||
| QUICKBOOKS PROGRAM to maintain your general ledger | |||||||||
| If you don't use QuickBooks, apply the concepts to the software you do use. | |||||||||
| Or, contact us to get you started using QuickBooks. | |||||||||
| GENERAL LEDGER ACCURACY | |||||||||
| You are responsible for maintaining an accurate general ledger. We are here to assist | |||||||||
| you in accomplishing that. We are here to help. Now is the time to ask questions. | |||||||||
| Please remember, your tax return is based on your ledger. | |||||||||
| HOBBY LOSSES and your business | |||||||||
| Although it is normal for businesses to show occasional losses, the IRS may classify | |||||||||
| your business losses as "hobby losses." | |||||||||
| If you're not sure if it applies to you or if you have any questions, PLEASE let us know. | |||||||||
| NOTICE FROM IRS AND GA | |||||||||
| Please forward to us copies of any and all notices that you may receive. | |||||||||
| DEVIL'S ADVOCATE | |||||||||
| If after doing our work we feel the tax return may draw too much attention, we will let you know. | |||||||||
| Please remember this is what you hire us to do. FYI, the IRS is | |||||||||
| starting to ask "how did you pay that much mortgage interest on such low income?" | |||||||||
| LEVEL OF SERVICE we are providing to you | |||||||||
| Certain words have certain meanings. It is important that you understand them. | |||||||||
| The terms audit, review, or compilation are examples of those words. We are not | |||||||||
| providing those unless specifically hired to do so. Our services are limited to general | |||||||||
| Federal, State, and Local compliance requirements such as income tax returns. | |||||||||
| We are not looking for irregularities such as theft and fraud. If you suspect something, | |||||||||
| contact us. | |||||||||
| LETTERS TO LENDERS | |||||||||
| We cannot issue letters to 3rd parties without performing the actual work referenced | |||||||||
| in their request letter. They know that. So please understand that. | |||||||||
| For example, mortgage companies ask for such letters often. | |||||||||
| If you request we do the work, then we can issue the letters after the work is done. | |||||||||
| However, certain times of the year will affect when we can get the work done. | |||||||||
| GIFT TAX ISSUES | |||||||||
| If you gift a person more than $13,000 this year, you may have to file a gift tax return. | |||||||||
| BACKUP YOUR DATA - establish procedures | |||||||||
| Make sure you backup up your data file!!! We recommend you use two USB hard drives | |||||||||
| DEADLINES - update your calendar | |||||||||
| If you're not sure what is due and when it is due, contact us. Create a calendar for yourself. | |||||||||
| To file by deadline, need info by 3/1 for corporate work, 3/15 for personal. | |||||||||
| PERIODIC EMAILS WE WILL SEND TO YOU | |||||||||
| If you receive an email from us, chances are it is because something needs to be done. | |||||||||
| Make sure you reply to our emails when they refer to "work to be done." | |||||||||
| If you're not sure if it applies to you or if you have any questions, PLEASE let us know. | |||||||||
| WE RECOMMEND THAT YOU MEET WITH US ANNUALLY because | |||||||||
| 1-Your circumstances may change and what applies or doesn't apply may change. | |||||||||
| 2-Tax law changes may result in changes having to be made by you. | |||||||||
| 3-We are constantly adding, changing, and deleting information contained herein so | |||||||||
| it maximizes the benefits for our clients. | |||||||||
| 4-Your available time may be limited and prevent you from meeting with us personally. | |||||||||