Enrolled agents are professional tax preparers that have the knowledge, experience, training, and expertise in federal taxation. They are authorized to represent taxpayers before the IRS.
Tax laws are very complex. Due to rapid changes, they can be confusing and overwhelming for most individuals, small businesses and self employers. Our access to current information regarding tax laws and regulations equips us with relevant and reliable knowledge in processing, preparing and filing accurate tax returns.
With our years of experience and expertise as enrolled agent and accountants, we are skilled in preparing federal and state taxes. With EA services, the following services can be addressed:
- Tax Preparation: Individuals, C-Corporations, Gifts, Trusts and Estates Tax Returns, S-Corporations, Partnerships and Non Profit “Exempt Organization” Information Returns
- Determining Tax Effects of Proposed Transactions
- Representing Taxpayers before the Internal Revenue Service “IRS”
- Representing Taxpayers before the Department of Revenue “North Carolina”
- Taking the Necessary Steps to Resolve Taxpayers’ Tax Issues with the Taxing Authorities
- Preparing Claims for Tax Refunds
- Tax Planning
- Advising Taxpayers as to Accounting Methods and Procedures
- Resolving Accounting Issues
- Classifying Transactions and Summarizing Accounts in Monetary Terms
- Preparing Financial Statements to Submit with Tax Returns “When Necessary”
- Processing Payroll
- Assist in Small Business Start Up
Filing & Paying Taxes Due on Time: Taxpayers should always file their tax returns on time, regardless of whether or not taxes due have been paid in full, in order to avoid failure to file penalty. The failure to file penalty increases the amount of taxes unpaid. This makes it more difficult for taxpayers to pay the taxes owed in a timely manner.
However, the status of limitation period does not exist if no return is filed. Therefore, the government can and will assess the tax or initiate a court proceeding to collect the amount of tax owed at any time. It is constructive to file returns on time when required.
- Failure to File & Failure to Pay: The IRS will charge interest on taxes not paid by the original due date. Taxpayers who do not file a return by the due date are liable to a 5% monthly penalty on the net tax owed. The maximum penalty for failing to file a return is 25%. If failure to file your tax return is due to fraud, the penalty rate is 15% monthly, up to 75% of the portion of understatement attributed to fraud.