If you are dealing with the IRS, a CPA can help. If the government is hounding you, the main topic of focus is usually money. Although money may not be the most important thing in life, it is definitely necessary. If the IRS decides that you are not paying them what your owe them they will take action. They may choose to garnish your wages or seize your bank accounts.
Both of these situations are not pleasant. The IRS does not know, or care how much your monthly expenses are, they are only focused on getting the money they think you owe them. The lesser of the two evils is probably wage garnishment. The IRS has been known not warn you in advance about wage garnishments. If you owe the them money, be aware of the fact that they may take a percentage of your paycheck. Most likely, they will take a substantial percentage, which in turn, can make it hard to cover your monthly expenses.
Some worry that if their employer sees that their wages are being garnished that they may be looked down upon and subject to termination. According to the United States Department of Labor “Title III of the Consumer Credit Protection Act prohibits an employer from discharging an employee whose earning have been subject to garnishment for any one debt.” In any case, if your wages are being garnished you should seek the aide of an experience CPA. A CPA may not be able to stop your wages from being garnished, but they can help you negotiate a payment plan or agree on the amount of garnishment from each check.
One of the most serious tactics the Internal Revenue Service uses is bank account seizures. If they decide you owe them money, they will take action. Seizing your bank account is a serious action, with huge consequences. They will freeze your account, thus stopping your access to your money. Like wage garnishments, the IRS does not care what expenses you have to pay, they are only concerned with getting their money. If you receive a seizure notice, or your bank accounts are seized you need consult a CPA in Reno, Nevada.
On a side note, the government can and will seize physical assets. These assets include your cars, home, and other personal possessions. If you are having your wages garnished or your bank accountants seize you need help. An experienced CPA will help you deal with the IRS and help you find a middle ground with the IRS.
We Understand You Want To Keep Your Moneyencpaswp2022-11-29T14:17:22-07:00
Knowing how often to meet with your Reno CPA will help you maximize your CPA’s services. Many people look to Reno CPAs as a kind of history service that goes back and reviews, and then prepares. This is somewhat true, but you need to be aware of the fact that you will benefit more by understanding how a CPA can help you with preparation and timely decision-making. By only meeting in the crunch time just before April 15th, you miss out on any potentially beneficial tax and financial decisions that can be implemented during and prior to the end of the year.
How Often Should You Meet With Your Reno CPA?encpaswp2022-11-29T14:17:29-07:00
Knowing what to have prepared before meeting with a Reno CPA or accountant is important. Being prepared will save you on preparation fees, and potentially increase your deductions. Although it may take you a little extra time to get prepared, it will only help you in the end. Gather any medical documents for medical deductions and also items like property tax documents. Bags of grocery receipts (which you don’t need) and important tax documents (which you do) all jumbled together will only be a costly and time consuming waste–separate and organize!
What Should You Have Prepared Before Meeting With A Reno CPA?encpaswp2022-11-29T14:17:35-07:00
When is the best time to hire a Reno CPA? The simple answer is now. Establishing a relationship with an experienced CPA in Reno can significantly help you with your personal and business tax preparation, financial and business planning, and help you plan and maximize your financial goals. It is also better to hire a early on, rather than after you get a notice from the IRS (“love notes” I like to call them!).
When Should You Hire A Reno CPA?encpaswp2022-11-29T14:17:42-07:00
When you are faced with an IRS business audit, you are most likely going to be stressed and overwhelmed. Hiring a Reno CPA to help you is the best decision you can make. IRS auditors are trained at asking the right questions to get the most money from you. During this stressful situation, play it safe and smart– have a CPA on your side. They have the experience you need.
How Can A Reno CPA Help You With An IRS Business Audit?encpaswp2022-11-29T14:17:47-07:00
Many ask about the difference between a Reno CPA and a bookkeeper. In fact, many individuals think they are one and the same. However, there are many differences between a CPA and a bookkeeper, such as the higher level of education and continuing education requirements, successful completion of the CPA exam, and much more. Both are important to a business; however, a Reno CPA can help you and your business with a far wider range of abilities.
What Is The Difference Between A Reno CPA And A Bookkeeper?encpaswp2022-11-29T14:17:54-07:00
One of the first things people want to know about Reno CPAs is how much does their service cost. Unlike other professional services, there is no set amount. It varies on how organized and prepared you are, the complexity of the return, and the overall time it is going to take to prepare your taxes. It is important to remember that you are hiring an expert who can save you a lot of time, questions, frustration and money. This should be factored into your decision to hire a Reno accountant or CPA, because your savings will likely be larger than the initial cost.
How Much Does A Reno CPA Charge For Tax Preparation?encpaswp2022-11-29T14:18:00-07:00
A 150 hours of schooling, passing the CPA exam, and continued education… But why did I want to be become a Reno CPA? Better yet, why did I want to open my own office?
Growing up I always had a mind for numbers and was interested in business. I started my entrepreneurial ventures at a young age. When I was 13, my brother, who was good in sports, started playing in Babe Ruth League. Since he was a better athlete than I was, I decided to run the snack bar instead of playing. This was a great way to make money, and learn about profit potential. Now, at this point I did not have a clue that being a Reno CPA was in my future. I just knew that I was comfortable with numbers and enjoyed business.
After graduating from Hug High School, I went on to the University of Nevada, Reno. It was there, in the accounting department, that I was guided into the world of accounting. My professors were great and really did help steer me in this direction. Being a Reno CPA made sense. It was everything I enjoyed, along with the ability to help individuals and businesses.
When I started off, I was working with larger firms, but I started to notice a problem. A lot of the CPA firms that I worked for were all about making sure the numbers were right, but not as worried about the client. I decided that I had to run my own firm and do things in a more personal manner than the larger accounting firms.
As a Reno CPA, I like the mentoring aspect of the business. My personality is such that I really like to, “think outside the box,” it is such a cliché but it really helps them in areas other than accounting and the numbers. Being a CPA is a great way to help people while working with numbers and business. Yes, there was a lot of schooling and a test to get here, and I continue to educate myself yearly, but I love what I do.
Reno’s Best CPA,
Reno CPA Tim Nelson Describes Why He Became A CPAencpaswp2022-11-29T14:18:08-07:00
When you think Certified Public Accountant, what comes to mind? Numbers? Taxes? Financial advising? How about translator? As a Reno CPA, I am often asked what exactly a CPA does. After thinking about it, I have come to the conclusion that we are translators.
We take a language that is foreign to you, but that we, CPAs, are fluent in and explain it to our clients in plain English. That’s right; we look at all the numbers, tax codes, and statements. Break down exactly what they are saying, and then explain it to you in an easy to understand way. I call this financial translation.
How can you, as an individual or a business owner, make financial decisions if you do not fully understand your current financial situation? The answer is you can’t. You need to consult a Reno CPA who can help you truly understand your financial situation and make an educated decision.
Taxes and the IRS are two categories that without proper translation can break your bank account. When it comes time to file your taxes, it is important that you understand all the aspects of them. You need to be able to understand what the tax form is asking for, and how to get the most advantages.
In addition, when dealing with the IRS it can and will seem like they are talking to you in another language. They may ask for certain forms, or information and you will not understand them. Sometimes this is just miscommunication. Other times, it is the IRS’s way of trying to take advantage of your lack of understanding.
In both of these situations, you will benefit from working with a Reno CPA. We will help you understand the tax forms and the IRS, and make sure you take the appropriate steps. Why would you want to miss something or be taken advantage of?
A Reno CPA can also help translate your goals and ideas into functional plans and projections. Furthermore, we can also help you express your ideas to business partners and/or employees. A Reno CPA will help you understand and express your financial situation.
Reno’s Best CPA,
A Reno CPA Is A Translatorencpaswp2022-11-29T14:18:14-07:00
If you have seen or read the news lately, you probably are wondering what the big deal is with the Estate Tax or you may be wondering what the Estate tax is. As a CPA in Reno, Nevada, I want to take a moment to talk about the Estate Tax. What is it? Why it is making the news?
On the IRS website, the Estate Tax is defined as “a tax on your right to transfer property at your death. It consists of an accounting of everything you own or have certain interests in at the date of death. The fair market value of these items is used. The total of all of these items is your ‘Gross Estate.’ The includable property may consist of cash and securities, real estate, insurance, trusts, annuities, business interests and other assets.” My job as a CPA in Reno, Nevada is to help you calculate all of these things.
This may seem like a lot of work, but do not start worrying yet. According to the IRS, “most relatively simple estates do not require the filing of an estate tax return. A filing is required for estates with combined gross assets and prior taxable gifts exceeding $1,500,000 in 2004 – 2005; $2,000,000 in 2006 – 2008; and $3,500,000 effective for decedents dying on or after January 1, 2009.”
The reason why the Estate Tax is in the news is that this year, is because the tax expired. I had one client come in and ask what he was supposed to do because his father passed away on January 1st at 8:00 A.M. I said, if he would have died 9 hours earlier, we would be done. I would have told him exactly what he would have to do. At that point, all I could tell him was that there is no state tax and that we did not have to do anything. Unfortunately, the proposal in Congress right now is to enact a retroactive estate tax at the beginning of the year.
The proposal for a retroactive tax is what is controversial. As a CPA in Reno, Nevada, all I can do is wait and see what Congress decides and then take the appropriate actions from there.
Visit the IRS’s website for more information about the estate tax, instructions for dealing with this tax and frequently asked questions.
Reno’s Best CPA,
A CPA in Reno, Nevada Explains The Estate Taxencpaswp2022-11-29T14:18:19-07:00