Understanding CPA Services: Frequently Asked Questions from Our Clients in Broward County

Welcome to your gateway to quick answers and reliable insights. No more wading through complex accounting jargon or IRS confusion. Here, we've collected the questions we hear most often, offering clear, concise answers to help you navigate your financial journey with confidence.

Whether you're a seasoned business owner or just starting out, you're sure to find the wisdom you need to turn financial puzzles into progress.

Does my accountant need to be certified?

No, but you will want a certified public accountant. While saving money may be appealing, if you do not use a certified public accountant you may be losing money if you overpay in taxes. Plenty of small businesses try to save money by using tax preparation firms where none of the staff are certified public accountants. While these firms mean well, they may not be properly trained. A certified public accountant has passed a rigorous exam and maintains continuing education to stay current on the latest accounting issues.

I know how to use QuickBooks. Do I still need your services?

QuickBooks and other software packages are only tools for entering information. We can help you to interpret this information through financial reports and projections. Monthly balance sheets and detailed general ledger, and consultation and tax advice throughout the year to ensure that measures are implemented to allow you to take advantage of changing tax laws, minimize your taxes, and become more profitable.

Can you take over where our in-house accountant left off?

Yes, we can assist in a timely manner. We perform an assessment of your needs and the most cost-effective way to handle your accounting needs in order to have timely and accurate financial statements.

What do I need to do to ensure that you better serve me or my company?

At Caldwell & Company Accounting, we like to go above and beyond to better serve our clients. Always keep us informed. Let us know when you are encountering any major financial changes or decisions. Provide us with timely information so that we are working on current data.

How else can you help me besides preparing my monthly accounting and tax preparation?

We are a full-services accounting firm, assisting businesses with a wide-range of services, from monthly, quarterly, or annual accounting, to tax planning, and any IRS tax problems they may be faced with. From wage levy release, to payroll tax problems, and more.

Should I consult a CPA if I am starting a new business?

What you do not know can hurt you. If you are opening a business for the first time, consulting with a CPA prior to forming the business is a very good idea. Selecting the right business form is an important decision to make and a CPA can guide you with respects to financial considerations.

How long should I keep my old records?

Here is what the IRS says: you may choose any record keeping system suited to your business that clearly shows your income and expenses. Except in a few cases, the law does not require any special kind of records. However, the business you are in affects the type of records you keep for federal tax purposes. Your record keeping system should also include a summary of your business transactions. This summary is ordinarily made in your business books.

What should I do if I made a mistake on my federal return that I have already filed?

If you feel you made a mistake on a federal return that you have already filed, then you need to speak with a professional who can place you on the right path. Many mathematical errors are caught during the processing of the tax return and corrected by the IRS, so you may not need to correct these mistakes. If you did not attach a required schedule or form, the IRS will contact you and ask for the missing information.

What is IRS wage garnishment? What should I expect?

IRS wage garnishment is a legal way for the IRS to collect taxes from you without you actually paying them by having the taxpayer’s employer garnish their wages and send them to the IRS. Understand why and when the IRS will impose a wage levy and garnish wages.

What is estate planning?

Estate planning is the process of anticipating and arranging, during a person's life, for the disposal of their estate. Estate planning can be used to eliminate uncertainties over the administration of a probate and to maximize the value of the estate by reducing taxes and other expenses.

I had debt forgiven during the year, is that income?

Generally, debt forgiveness is income. If you have received a 1099-C, we may be able to exclude it from your income and help you avoid having to pay taxes on it.

Understanding CPA Services: Frequently Asked Questions from Our Clients in Broward County

BUSINESS

INDIVIDIUAL

QUICKBOOKS PROADVISOR

IRS TAX PROBLEMS

SPECIALTY SERVICES