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Frequently Asked Question

Frequently Asked Questions

What is the difference between certified public accountants (CPAs) and accountants?

A CPA has demonstrated professional competence by passing a rigorous examination and meeting high standards of education. In addition, they must meet strict continuing education requirements, undergo peer review, and adhere to a stringent set of ethical standards.

If you get an audit by the IRS, can both of them represent you?

CPAs are authorized to represent taxpayers in an IRS audit, as are attorneys and other professionals known as enrolled agents (EA). An EA is an individual who has demonstrated technical competence in the field of taxation and is the only taxpayer representative who receives their right to practice from the U.S. government. An accountant can […]

How long should I keep my tax records?

All business records, especially sales and payroll must be kept for seven years. The Social Security Administration requires discrepancy be resolve anytime within this seven year window. The IRS and the states will audit within the seven year window. Keep all federal, state and local returns indefinitely and the all supporting documents for seven (7) […]

Should I consult a CPA if I am starting a new business?

It is imperative that you contact a CPA. You will need to discuss the organization of your company for tax purposes as well as numerous other issues relating to operations, not the least of which will be setting your target pricing and gross profit margins. Don’t wait until the year-end to have this discussion. You […]