FAQ

Home | Site Map | FAQ

970.498.4960

Here are answers to some of the most Frequently Asked Questions that we receive.

Q. Do you work with start-up businesses?

A. Yes! Many of our clients are just starting in business. We can lead you through the necessary governmental forms. In fact, we have a "Creating a Business Entity Checklist" that walks you through all of the steps to do in order to get your business up and running. And, through our network of professionals (lawyers, financial planners, etc.), we can assist in obtaining the other services that you may need to get your business off to a good start.

Q. Is it necessary to use a lawyer or an accountant to get started?

A. Depending on what type of entity you choose for your business, a lawyer may be used to get the paperwork together and to prepare contracts to get you started. But, the first step is to determine what type of entity (C Corporation, S Corporation, limited liability company, partnership, sole proprietorship) your business should be as there are liability and tax issues to consider. Lawyers may not know all of the different tax laws that can apply to the different entities. A CPA can walk you through all of the choices and, working with a lawyer, can help you decide what type of business you should set up based on your unique situation.

Q. What is an "engagement letter?"

A. Most CPAs require engagement letters to be signed to:

Define the services the CPA is being engaged to perform;
Identify engagement responsibilities of both the CPA and the client;
Explain fees, billing, and payment terms; and
Assure the client that additional services will not be initiated without advance approval.

Before we start preparing your tax return(s) or perform other services, we will either e-mail you or snail mail you an engagement letter for your review and signature. We will not begin work until we receive the signed engagement letter.

Q. Do you offer free business consultations?

A. Yes, we offer a free one-hour initial consultation. The consultation is a get-to-know-you meeting to gather information about you and/or your business while you find out more about us. Our services may not be a good fit for your situation and it is unfair for me to charge you.

Q. How do you charge for your services?

A. Our fees for all services are computed based upon the complexity of the job and the amount of time required at our standard hourly rates, plus out-of-pocket expenses and travel time. When providing our services, if we can help you reduce our time, we will tell you how. For example, our "Tax Organizer" for individual tax returns is designed to assist you in organizing your tax information.

Q. Do you offer e-filing? If so, how does it work?

A. Yes, we offer e-filing! We e-file most of the individual tax returns that we prepare. E-file refunds are much faster than those sent through the mail. It's not unusual to get your refunds directly deposited into your bank account in a week to 10 days (the IRS says 14 days but that's usually the maximum). A paper filed return can take a month or two to get your refund.

If you choose to e-file your tax returns, we will provide you with a copy (via our secure file exchange website or a paper copy) of the income tax returns for your review prior to electronic transmission. After you have reviewed the returns, you must provide us with a signed authorization (for both federal and state) indicating that you have reviewed the returns and that, to the best of your knowledge, they are correct. We cannot transmit the returns to the taxing authorities until we have the signed authorization.