An enrolled agent is a person who has earned the privilege of representing taxpayers before the Internal Revenue Service by either passing a three-part comprehensive IRS test covering individual and business tax returns, or through experience as a former IRS employee.
Enrolled agent status is the highest credential the IRS awards. Individuals who obtain this elite status must adhere to ethical standards and complete 72 hours of continuing education courses every three years.
Enrolled agents, like attorneys and certified public accountants (CPAs), have unlimited practice rights. This means they are unrestricted as to which taxpayers they can represent, what types of tax matters they can handle, and which IRS offices they can represent clients before.
At Elite Bookkeeping & Tax Services we currently have two enrolled agents (EAs)- Sara Zaro and Robyn Yelton. They both have many years of experience handling corporate and personal tax returns for multiple states and they also hold titles as Certified Bookkeepers (CBs).
Read more about Certified Bookkeepers below.
http://elite.homestead.com/certifications.html
For more information, contact Elite Bookkeeping & Tax Services at (800) 416-3820 or (775) 884-6188 Address: 123 West Nye Lane, Suite 103, Carson City, NV 89706. Visit our website at www.elitebookkeeping.biz
Wednesday, May 29, 2013
Wednesday, May 8, 2013
IRS Audits and Record Keeping
When the IRS conducts an audit on a Corporation, the agent will ask for the corporate record book. The Agent will review organizational documents, meeting minutes, stock ledger and resolutions.
If these documents are not kept current, the IRS can determine that you are running your business as a Sole Proprietor and change the taxation rules for your business. This could have a large tax impact on the owners of the business as some of the tax deductions taken as a corporation are not allowed as a sole proprietor.
This could result in higher personal income tax along with self employment tax before penalties and interest are added, which add up quickly. In some cases thousands of dollars have been owed by the owners because of poor record keeping of the corporation.
Corporate record keeping is just as important as filing the tax return, preparing the necessary minutes and resolutions annually makes the task relatively simple.
To obtain a Corporate Record Book or for assistance updating your records contact our office.
For more information, contact Elite Bookkeeping & Tax Services at (800) 416-3820 or (775) 884-6188 Address: 123 West Nye Lane, Suite 103, Carson City, NV 89706. Visit our website at www.elitebookkeeping.biz
If these documents are not kept current, the IRS can determine that you are running your business as a Sole Proprietor and change the taxation rules for your business. This could have a large tax impact on the owners of the business as some of the tax deductions taken as a corporation are not allowed as a sole proprietor.
This could result in higher personal income tax along with self employment tax before penalties and interest are added, which add up quickly. In some cases thousands of dollars have been owed by the owners because of poor record keeping of the corporation.
Corporate record keeping is just as important as filing the tax return, preparing the necessary minutes and resolutions annually makes the task relatively simple.
To obtain a Corporate Record Book or for assistance updating your records contact our office.
For more information, contact Elite Bookkeeping & Tax Services at (800) 416-3820 or (775) 884-6188 Address: 123 West Nye Lane, Suite 103, Carson City, NV 89706. Visit our website at www.elitebookkeeping.biz
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