Due to high demands during tax season, both offices in Des Moines and Iowa City, will be open from 9:00a.m. to 6:00p.m. on Monday through Saturday. Early mornings, nights, and Sundays (outside the regular tax season office hours) are available only by appointments. See you soon!
New Year offers a new beginning. Thinking about bringing your business and personal tax to Community CPA? Here are a couple of reasons why you should not wait and do it right way:
Free history overview. Before you make up your mind to transfer, simply drop off your 2014 tax returns and supporting documents. Let us review what you have been through. No obligation and no commitment necessary. We will review while you sit back and relax.
Help to organize 2015. Make tax time easier. Pull out all of your receipts and records for the year and sort them out in certain order – by cost vendors. For instance, put all the Walmart purchase together and put all the Staples together. If you are too busy, then for additional cost we can help. We are not at all scared of you dropping off a shoe box full of receipts.
Take advantage of life changes. When you experience the life events (such as marriage, divorce, or the birth of a child), it is a good time for someone to take a fresh look of things. Re-start and come see us. We will help you from filing a new Form W-4 (“Employee's Withholding Allowance Certificate”) with your employer to make estimated payments, from updating shareholder information to re-establishing an entity so you will not end up with unnecessary liability.
Ask for additional ways to deduct business expenses. You may not have felt comfortable to ask your old accountant questions related to more deductions. Maybe because he might have looked at you like you were a thief. At Community CPA, we encourage all of our clients to ask questions. We believe in education and promoting self responsibility. It is your tax and your business, if you do not ask questions who else is going to know? Think outside of the box and ask questions to your tax accountant. Ask them, “Can I deduct the money I paid to my children for helping me around the business?” This is one example of a great question. The answer is YES. Doing so, it shifts income (which is not subject to the “kiddie tax”) from you to your child, who normally is in a lower tax bracket or may avoid tax entirely due to the standard deduction.
Consider 3D tax analysis. Going to pay a lot in taxes in 2015? Be sure to consult with Community CPA for 3D tax analysis. It is a guaranteed eye-opening tax planning session for you and your business. It can be implemented right away and the tax saving will start immediately.
Audit Prevention Program. Community CPA’s Audit Prevention Program is a proprietary process that is developed by our firm to protect our clients. No other CPA firm programmatically works through the process. With our advanced understanding of the IRS data system, our process guarantees our client to be free from data discrepancy related audit. Almost all the IRS audits are coming from the reporting discrepancy. With our process there would be no discrepancy.
Finally, you are ready to switch! Call us at 515-288-3188 today! Welcome to Community CPA.
Community CPA is growing and expanding our team's expertise to help you with your audit, accounting, taxation, business consultation, and not to mention, other special cases related to immigration as well. Click here to see the team of professionals who are dedicated to providing only the best quality of work. We offer expertise with empathy, knowledge with understanding, and powerful technology with a human touch. Our team is here to share our experience and knowledge and to help you succeed, because your success is our success.
Individual Taxpayer Identification Numbers (ITINs) will no longer expire as long as you file your federal income tax return. In the meantime, any ITIN not used for five consecutive years will be deactivated starting 2016. Under the old policy, ITINs issued after Jan. 1, 2013 would have automatically expired after five years, even if used properly and regularly by taxpayers.
ITINs play a critical role in the tax administration system and assist with the collection of taxes from foreign nationals, resident and nonresident aliens. Designed specifically for tax purposes, ITINs are only issued to people who are not eligible to obtain a Social Security Number.
A taxpayer whose ITIN has been deactivated and needs to file a U.S. return can reapply using Form W-7. As with any ITIN application, original documents, such as passports, or copies of documents certified by the issuing agency must be submitted with the form.
Do you have a foreign bank account that has a balance of over $10,000 at any time during the calendar year? You have a due date on June 30, 2014.
If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding $10,000 at any time during the calendar year, then you must report the account yearly to the Internal Revenue Service in the Report of Foreign Bank and Financial Accounts (FBAR). The FBAR must be filed on or before June 30. For each violation, the penalty is the greater of $100,000 or 50% of the balance in the account at the time of violation. For more information please visit the IRS website or call Community CPA at 515-288-3188 so we can file FBAR for you.
Choosing an accountant is more than a business decision; it is also a personal decision. Whether you are an individual who sees an accountant once a year for tax filing, a novice entrepreneur with lots of questions and decisions to make, or the owner of an established business, choosing the right CPA firm is important.
A good accountant is indispensable to the success of every business. And a good accountant is more than just a "numbers" person.
Your CPA should do more than help with tax filings. They should help you be proactive in all of your financial dealings and can also serve as an adviser and sounding board, becoming an invaluable business partner. Experience, credentials, specialized expertise and references need to be factored into your decision, but personality and personal service are also important. And there's peace of mind in knowing who is handling your account.
Good communication, accessibility and service need to be considered. Is the accountant's office open six days a week, does the staff speak many languages, and do clients have 24/7 access to their financial information and online help with managing their books?
Does the staff participate in extensive training and ongoing continuing education, and does the firm subject its work to peer reviews, which are rigorous exams conducted by outside examiners that assure the quality and integrity of the work?
You should not underestimate the value of a Certified Public Accountant. Real value from an accounting firm means superior service, a forward-thinking attitude and a relationship you can rely on. Above all, your primary factor in choosing an accountant should be the value he or she can bring to the relationship. Community CPA & Associates, Inc. will not only meet your expectations, we will exceed them.