Atlanta CPA Services

Earned Income Tax Credit

admin — Thu, 12 Nov 2009 20:43:44 +0000

You may qualify for the Earned Income Tax Credit, or EITC, if you worked last year, but did not earn a lot of money. EITC is a refundable tax credit meaning you could qualify for a tax refund even if you did not have federal income tax withheld. To qualify for the credit, you must: • Have a valid [...]

Amended Tax Returns

admin — Wed, 11 Nov 2009 20:45:06 +0000

If you discover an error after your return has been mailed, you may need to amend your return. The IRS may correct errors in math on a return and may accept returns with certain forms or schedules left out. In these instances, do not amend your return! However, do file an amended return if your [...]

The IRS Collection Process

admin — Wed, 11 Nov 2009 18:31:39 +0000

Getting a tax notice from the IRS is not a matter to take lightly. If you cannot pay in full, you should send in as much as you can with the notice. The unpaid balance is subject to interest compounded daily and a monthly late payment penalty. It is in your best interest to [...]

Copy of Your Tax Return – How to Get One

admin — Tue, 10 Nov 2009 17:18:07 +0000

If you need an exact copy of a previously filed and processed tax return and all attachments (including Form W-2), you should complete Form 4506 (PDF), Request for Copy of Tax Return, and mail it to the address listed in the instructions, along with a $57.00 fee for each tax year requested. The check or money order [...]

What to Do if You Haven’t Filed Your Tax Return

admin — Tue, 10 Nov 2009 16:49:58 +0000

You may not have filed your federal income tax return for this year or previous years. Regardless of your reason for not filing, file your tax return as soon as possible. If you need help, Greenwald & Company, P.C. is ready to assist you. If you are not sure you are required to file a return, [...]

What is tax accounting?

admin — Fri, 14 Aug 2009 16:15:43 +0000

Tax accounting is accounting for tax purposes. In the United States, tax accounting is governed by the Internal Revenue Code (IRC). Tax accounting is defined as the field of accounting that considers the tax consequences and implications of every transaction upon the company’s operations. Tax accounting is a method of producing financial statements [...]

What is a Certified Public Accountant (CPA)?

admin — Thu, 13 Aug 2009 15:33:56 +0000

A certified public accountant is a person engaged in the practice of public accounting. Also known as a CPA, a certified public accountant is essentially a licensed accountant who has completed a certain level of accreditation and requirements. A certified public accountant is a title given to accountants in the United States who have sat [...]

Offer In Compromise

admin — Mon, 10 Aug 2009 20:02:56 +0000

When you hear about “settling for pennies on the dollar” an offer in compromise is how it is done. An offer in compromise is becoming a more common way for taxpayers to settle their back taxes. An offer in compromise is a good program for many taxpayers with tax problems. An offer in compromise is [...]

Capital Gain Tax – An Overview

admin — Mon, 03 Aug 2009 19:38:26 +0000

Assets fluctuate in value all the time, and as their prices change, capital gains and losses accumulate. Income produced as a result of the sale of a capital asset must be reported on your income taxes as a capital gain. The amount of the reported capital gains depends on how long you have held the [...]

Small Business Accounting – QuickBooks

admin — Sat, 01 Aug 2009 15:48:16 +0000

Small business accounting can be a very difficult task. You can maintain your records in a very simple manner, such as a ledger, as long as the records are accurate but this type of system may not be effective enough. Moreover, keeping track of every day’s financial transactions is a tough job; hence, there is [...]