Clear all your doubts about the IRS!

We know how you hold Uhlenbrock as your trustworthy Accounting Firm in San Antonio. That makes it our responsibility to clear all your doubts when it comes to accounting. Now, when we talk about accounting, it is majorly affected by the activities of IRS, which eventually affect you. Therefore, it is time to clear all your doubts about IRS.

In this blog, we have tried our best to compile some of the most frequently asked questions about IRS. Here they are.
Q1: What should I do if I have unfiled tax returns?
The best and quite frankly the very obvious thing to do is to file your tax returns as soon as possible. With the help of contractors, employers, mortgage holders or the assets, you have purchased, the IRS will find out about the non-payment anyway.  When it comes to fines you would have to pay, they would only increase with time. You might be able to qualify for an Installment Agreement, Offer in Compromise, or Currently Not Collectible Status if you are unable to pay all of your taxes. In order to prepare for resolving previous years of unfiled tax returns you should collect all tax documentation that would be required for the same. However, if you are not able to find some of the documentation, then our accounting firm in San Antonio can help you with IRS representation.
Q2: What are my options, if I cannot pay what I owe to the IRS?
In the case of financial inability, if you are not able to pay to the IRS what you owe, then you might be able to negotiate an Offer in Compromise. This is where you can settle the taxes for a lesser amount than you owe. If you are lucky and the IRS accepts your offer, then you are eligible to pay the amount agreed upon. Moreover, all federal tax liens or levies are removed. However, the process of
negotiating an Offer in Compromise is long and complicated. It can last up to 18 months. The statistics show that around quarter of all offers are accepted. This makes us come to the next point of hiring a professional. In matters like these, you want to get it right from the beginning. A professional can majorly help.
We understand how you may have more questions, and therefore are providing you with the continuation of this topic in the next blog. For Professional Payroll Services San Antonio and other accounting services in San Antonio, call 210-701-1040.

How to Choose the Right CPA for your Business?

Every business owner needs to make several business decisions that influence the operations, efficiency and profitability of his business. Picking the CPA or accountant is also a vital business decision as the right accountant can help you save efforts, time and money. A CPA can handle all business finance tasks, right from bookkeeping to tax preparation for your business in San Antonio. 

An accountant is skilled, qualified and acts as a trusted advisor for your business. But how do you find the “right” CPA or accountant who is good for your company? Well, here are few points that you should consider – 

• Requirements of your Business – What type of accountancy services are you looking for? Do you need an accountant to handle your bookkeeping or are you looking for tax planning too? Depending on the type of your business and your in-house team, make a list of services you need for an accountant.  Look for an accounting firm that has expertise in services you are looking for.

• Current Clients – Have a look at the client base they are serving. Do they have clients from your geographical area? You can also ask for few names of their clients and get references.

• Software – Does the accounting firm still use paper spreadsheets? Or do they use software to manage bookkeeping of their clients? If you already have a QuickBooks accounting software for your San Antonio business, is the accountant well equipped to work with it?

• Experience – Has the accounting firm served businesses across different industries or are limited to a specific area? Do they have existing clients for your sector? Do they have knowledge of challenges faced in your industry?

• Questions – Interview different accounting firms that you are considering. Ask them questions, get your queries cleared and then come to a decision. The way an accountant communicates and explains accounting terms in simple language indicates their experience.

Every business needs to make a close relationship with their accountant for years. So, the choice of a right accountant or CPA for your business in San Antonio is very important. If you are looking for an accountant for a small or medium size business in San Antonio, get in touch with Uhlenbrock CPA at 210-701-1040.