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Can I Start a Business with an ITIN#?

Free Class: March 17, 2015 -- Tuesday at 1:00 p.m. 316 East Court Street, Iowa City

You ask if you can start a business with just an ITIN#. The answer is YES! Ying will inform you how that can be done. It will go into the detail of teaching you what kind of business you can start with just the ITIN# and if you should file your business as a sole- proprietorship, LLC, S-Corp, or C-Corp. Please call in advance to reserve your seat by calling Dan Kim at 319-208-3712.

What is Community CPA's tax process?

If you have not worked with us in the past and just now thinking of doing tax with Community CPA this year; we know you are wondering where to begin. Here are the simple steps for you to follow:

First, call for an appointment at 515-288-3188 (Des Moines office) or 319-208-3712 (Coralville branch) and tell us that you are new and would like to do taxes with us. Please bring your last three years tax returns and information you have for 2014 years and put them in one place so you can grab them and go. Lastly but not least, we recommend you to come to the appointment on time – during this time of the year your accountant is very busy so try not to come in late since we will have other appointments right after you.

If you have worked with us in the past and we have your file from 2013, then here is a reminder:

First, drop off what you have for 2014 tax filing at your convenience. While you drop it off at the office, please also make an appointment to review your return draft, normally we schedule it 10 days out. During this 10 days period, we might call you if we see shortage in documents. We will then see you and finalize your return or make a new plan on a need be basis.

If you are new to our Firm and do not think "simple" is the word to best describe your situation:

First, pick up the phone call us at 515-288-3188 or 319-208-3712 (Coralville branch) and tell our staff your situation and ask for an appointment. You can also email us at cpa@communitycpa.com. Feel free to visit our office with no appointment as we understand walk-ins and let your faith drive you instead of your schedule.

Welcome to Community CPA. You deserve a great 2015 so let's do your tax and accounting right!


SaYing IV: Tax Savings through Tax Structure (DSM, IA)

Free Class: February 9, 2015 -- Monday at 7:00 p.m. Community CPA Conference Center

Do you practice company tax savings through scraping up every dollar from Starbucks Coffee? It is quite common. But, did you know the largest area most business owners are not aware of is in the tax structure! By the end of the seminar, you will be a tax professional! Please call us in advance to register and reserve your seat by calling Dan Kim at 515-720-5872. Thank you!

SaYing IV: Tax Savings through Tax Structure (IC, IA)

Bilingual Spanish Translation Provided!


Free Class: February 10, 2015 -- Tuesday at 7:00 p.m. 316 East Court Street, Iowa City

Did you miss the Des Moines seminar? Please come see us in Iowa City. Do you practice company tax savings through scraping up every dollar from Starbucks Coffee? It is quite common. But, did you know the largest area most business owners are not aware of is in the tax structure! By the end of the seminar, you will be a tax professional! We want to encourage you to call to reserve your seat by calling Dan Kim at 515-720-5872. We look forward to seeing you then! Thank you!

Catch the Open House Ceremony on November 12, 2014

New IRS Uniform Policy: ITINs with No Expiration Date

Individual Taxpayer Identification Numbers (ITINs) will no longer expire as long as you file your federal income tax return. In the meantime, the IRS 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.


2014 Community CPA Annual Trip to Las Vegas


Do You Have a Foreign Bank Account?

Did You Know that June 30 is the Due Date to File a FBAR?

Do you have a foreign bank account that has over $10,000 balance 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 a Report of Foreign Bank and Financial Accounts (FBAR). The FBAR must be filed on or before June 30. For each violations, 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

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.