Frequently Asked Questions

Frequently Asked Questions

We often find that our clients in both the Non-Profit, Small Business, INDIVIDUAL world have similar questions for us on subjects including Attest Services, Taxes, Bookkeeping, and general accounting services. For any questions not answered here, please contact us!

Recent Questions

Are Restricted Funds Excluded from PPP Loan Calculations?
No they are not. We have found no guidance that says a decrease in Restricted Funds must not be included when calculating the Gross Revenue for the purposes of obtaining a PPP Loan.

I received/didn’t receive a stimulus check. Will it affect my taxes?
If you received both stimulus checks, you would not owe taxes. If you did not receive a stimulus check and met the requirements, the Recovery Rebate Credit is a tax credit from the CARES act that makes sure you receive your stimulus money through your tax return. If you received both stimulus checks, you would not receive this credit since it was paid out to you in advance, but if you missed one or both, that money will be added to your tax return.

General Accounting Questions

I received a letter from the IRS, what do I with it?
Receiving a letter from the IRS can be a shock, but all you need to do with it is save a copy for your records and bring the original to your accountant!

I am setting up a Non-Profit but I don’t know where to start. How do I even begin?
Here are the Forde Firm, we are uniquely situated to help you with this process! If you are working to set up a non-profit, we can provide guidance from cradle to grave and assist you with set-up, network expansion, IRS reporting and/or audits!

I’m starting a business, but its not a Non-Profit. Can you help me as well?
Yes we can! We help small businesses get started almost as often as non-profits. We can assist with set-up, expansion, reporting, payroll, bank reconciliation, and CFO level consulting.

How long do I have to keep a specific document according to the IRS?
The IRS typically requires that you keep documents on file (either in paper or electronically) for 3-7 years. Please click here to go to a document that provides guidance on specific items.

Attest Service Questions

What is an “Attest Service”?
Attest Services are an accounting term that covers services such as Audits, Reviews, Compilations, and Agreed Upon Procedures. 

My private school has been told we need an Fiscal Accountability Report submitted by an Independent CPA, do you know what that is?
Yes we do! We have been partnered with schools for as long as the state has required that private schools who receive more than $250,000 in scholarship funding from the state have this report submitted. Our team has years of experience handling this specific report, and can lead you through the process with ease. Please contact us as soon as possible to get started.

Tax Questions

Where is my tax refund?
After we electronically file your return and receive the acknowledgement letter, the return is in the hands of the IRS. We unfortunately do not have any special access to turnaround times. According to the IRS website, the IRS issues more than 9 out of 10 refunds in less than 21 days after e-filing. Click here to track your refund.

I didn’t file my taxes for a couple of years. Can you help with that?
Yes, we can help you! We need to get your information together and get you caught up as soon as possible. While the IRS isn’t likely to come knocking on your door, not filing and/or paying your taxes can have serious consequences. Our team has the knowledge and resources to tackle this challenge with you!

Can I write off a specific expense on my business taxes?
Generally, you cannot deduct personal, living, or family expenses. However, if you have an expense for something that is used partly for business and partly for personal purposes, divide the total cost between the business and personal parts. You can deduct the business part. For more specific advice, please feel free to contact us!

What are quarterly estimated payments?
Taxes must be paid as you earn or receive income during the year, either through withholding or estimated tax payments. If the amount of income tax withheld from your salary or pension is not enough, or if you receive income such as interest, dividends, alimony, self-employment income, capital gains, prizes, and awards, you may have to make estimated tax payments. If you don’t pay enough tax through withholding and estimated tax payments, you may be charged a penalty. 

Bookkeeping Questions

My payroll taxes were paid late and the IRS Officer is calling.  What do I do?
First and foremost remember that the Officer assigned to your case is doing their job. They really don’t want to shut down your business or put a levy on your accounts. We can help you with this process – contact us now.

 

Not finding your question here? Please head to the contact page and send us a message so we can answer it!

 

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