Remote Accounting Options: A ComparisonPosted on December 1st, 2017
When it comes to assigning your accounting functions to a firm like us, one primary element can greatly improve the efficiency of these services: remote functionality. For our clients who are new to accounting software and online accounting, we use a secure and effective client portal that allows us to work on your records as soon as our clients update them. Additionally, many of our clients use QuickBooks Desktop® and QuickBooks Online®, platforms which allow us to remotely access our clients’ accounts and balance their books if they prefer.
If you are a business that wants to take advantage of our remote accounting service, you will need to determine which approach is the best for you.
Frequency of Engagement
Online accounting allows us to live your daily situation. We are conscious of what happens to your company from a financial perspective when it happens because we can see your statements, account balances, and other information as soon as it is generated. This creates a lot of opportunities to get work done in a more proactive manner.
In contrast, remote accounting through one of these QuickBooks platforms is a routine way to have us conduct bookkeeping. We will not be able to access these records as often as we could if you used the client portal. However, as long your business regularly adds their records to their QuickBooks account, the amount of engagement on the client’s end is relatively low.
Depth of Service
QuickBooks Desktop remoting, QuickBooks Online access, and online accounting through client portals let us be heavily involved in your accounting processes. The amount of immersion we have is proportional to how effective of a position we are in to see any easily-missed information. Associated Business Services can then point out those items and fix any record made inaccurate because of that data’s exclusion.
QuickBooks Online and QuickBooks Desktop keep all records easily accessible and manageable for after-the-fact examinations. Updating information and reexamining details are made easier through this software’s use. If you prefer to have us work out of your existing software, we can effectively scrutinize your information.
In contrast, the daily engagement afforded by online accounting allows these subtle data to be noticed live as they come up, keeping your information up to date at all times. Online accounting also includes a decision sheet we send to you before conducting any dedicated accounting work. Filling out this sheet and sending it back to us gives us an even greater understanding of your unique bookkeeping needs.
Contact Us for Online Accounting
Associated Business Services provides remote accounting, allowing us to serve anywhere our clients do business, including our local community of Montgomery, Prattville, and Wetumpka. We will provide accounting support through the method that you prefer and help your business succeed. For more information, contact our firm and schedule a consultation today.
How to File a Delinquent ReturnPosted on November 15th, 2017
One of the most common problems a taxpayer can face is not filing a return. Sending a return late can leave you vulnerable to additional fees from the IRS, but never filing a return leads to more extreme consequences. There are several steps to follow in order to successfully file a delinquent tax return.
Make Sure Your Taxes Are Prepared Properly
We have seen it happen before where a business or non-profit organization just assumes their CPA or tax firm is filing the right return in an accurate manner for their specific situation. Unfortunately, this distance between tax preparer and taxpayer can result in mistakes on the filed return, filing the wrong return, or—in this specific case—filing the returns later than the expected deadline.
The best starting point in dealing with negligent tax return filings is to prevent future delinquencies. Communicate regularly with your tax preparer to make sure they are preparing the right returns the right way in the right timeframe. Take the opportunity to review your taxes regularly to ensure your preparer is properly filing your paperwork at all times.
Get a Representative
Even before you begin filing a missing return, you should have representation. Someone who can act on your behalf before the IRS is crucial in case the delinquent returns lead to an investigation of your tax records.
Our firm can act as your tax representative when you grant us power of attorney during this case. We represent you before the IRS over the course of an audit, as well as file all missing returns accurately and efficiently. We can request reversal of any past or upcoming penalties, lowering your obligations significantly.
File Your Returns
Organize and prepare your relevant information about the years where you missed your return so that your preparer can file these returns for you. After you have filed, you might be in a situation where you cannot pay off the associated fees and penalties that occurred from the failure to file. In this case, your representative can work with the IRS to establish a payment plan to make the debt easier to manage or an offer in compromise for debts that can never be realistically paid. Your preparer and representative will then help you fill out all necessary forms to apply for these agreements and file the payments to maintain the arrangement.
Contact Us for Tax Resolution
Associated Business Services provides tax problem resolution to anywhere our clients do business, including our local communities of Montgomery, Prattville, and Wetumpka. For more information about how we can help you navigate tax audits, call our firm and schedule a consultation today.
The 3 Things You Should Do with an Audit NoticePosted on October 31st, 2017
Few things are as scary as receiving an audit notice in the mail from the IRS. However, do not panic! Instead, there are three steps you should take to minimize the stress and impact a tax audit could have on your life.
1. Bring the Notice to Us.
In some cases, the notice is inaccurate to a degree, which would mean that you could be paying money you do not actually owe. Still, many people are so scared of the IRS that they just pay the amount listed on the notice, regardless of whether any of that money should have been paid.
Instead, bring the notice to Associated Business Services. The partners that run our company are Enrolled Agents, a certified status granted by the IRS for the purposes of helping people navigate tax audits. Have our firm investigate the notice as soon as you receive it so we can determine whether the amount on the notice is fully accurate.
2. Let Us Be Your Tax Representative.
Once we have determined the actual amount owed, it can then be tempting to try to pay it off. However, this can leave you financially disadvantaged. There are many solutions that can be found if you go through an audit with the help of an expert representative.
In order to better encourage a successful outcome from your IRS audit, you should give Associate Business Services the power of attorney during this period. In the specific case of an audit, power of attorney lets us represent you before the IRS and negotiate with them.
3. Have Us Help You Prepare for the Results.
As your audit representative, our firm strives to minimize the impact an audit could have on your life. Through negotiating with the IRS, we work to reduce the amount owed when possible and help establish a payment plan that satisfies the remaining debt with as little hardship on your life as the IRS will allow.
Even when our firm’s efforts are largely positive, making sure your payments are sent in an accurate and timely manner can be difficult. Associate Business Services provides tax planning services in addition to tax audit representation; have us help you after an audit by hiring us as a tax planner. We can draft a financial saving strategy to make sure you have enough money set aside for your payments while still having enough to live your daily life.
Associated Business Services offers IRS audit representation to Montgomery, Prattville, and Wetumpka, as well as to our established interstate and international clients. For more information about our tax services, call our firm and schedule a consultation today.