If you have tax questions, we have the answers! Below we’ve compiled a list of common questions our tax advisors answer. After reading through our FAQs, if you still have questions give us a call at 818-242-4888 or fill out our contact form to schedule an appointment with one of our tax advisors.
FILING WITH ROBERT HALL & ASSOCIATES
How do I prepare for my individual tax filing appointment?
- Download a copy of our Individual Questionnaire, by visiting our Tax Forms page and bring the following items to your appointment:
- The attached worksheet filled out with your figures and the appropriate paperwork for backup.
- A voided check for E-filing.
- All of your W-2 forms, 1099 forms and Schedule K-1 forms.
- Records of other income, such as property sales, business and/or rental income and expenses.
- Records of any expenses incurred for your employment.
- Your house payment book or 1098 form from the lender and record of property tax paid.
- Loan or purchase contracts for business assets sold and/or purchased.
- Escrow statements on real estate sold or purchased.
- Copies of you and your children’s Social Security cards.
- Health Insurance verification: Form 1095-A (from Exchange), Form 1095-B or Form 1095-C (From employer)
How do I prepare for my corporate tax filing appointment?
- Download a copy of our Corporation Questionnaire or our Partnership Questionnaire and email or fax the following information to your tax consultant, at least 48 hours before your appointment:
- A copy of your Profit and Loss Statement (or list of income and expenses) for the period from January 1st to December 31st. Make sure to verify that the report is established in either a cash basis or accrual basis depending upon your operating basis. If your company’s year ends on a month other than December 31st, we will need a copy of your Profit and Loss Statement for the relevant fiscal 12-month period.
- A copy of your Balance Sheet for the period ending December 31st. Make sure to verify that the report is established in either a cash basis or accrual basis depending upon your operating basis. If your company’s year ends on a month other than December 31st, we will need a copy of your Balance Sheet for the relevant fiscal period.
- The balance of corporate bank accounts at the end of the year.
- How much money you or the shareholders contributed to the business throughout the year.
- How much money you or the shareholders distributed out of the business throughout the year.
- View our full list of items to bring your corporate tax preparer here.
When is the ideal time to come in for a year-end planning meeting?
- The ideal time for an appointment is between Thanksgiving and Christmas. If your company’s year ends on a month other than December 31st, we recommend scheduling an appointment for anytime in the last six weeks of the fiscal period. This allows enough time to handle all year-end processes and planning, stress-free!
How do I get copies of my return?
- If you need an electronic copy of a tax return or any other document we may have on file, you may request copies by contacting our office at 818-242-4888.
What is the best way to reach my tax consultant?
- If you need to contact your tax consultant, you may call our office at 818-242-4888. From there, our staff will direct you to the appropriate staff member for assistance.
IMPORTANT DUE DATES
When are Personal income taxes and Trust income taxes due?
- April 15th (October 15th with an extension)
When are Sub-Chapter S-Corporation income taxes due?
- March 15th (September 15st with an extension)
When are Partnership/ LLC income taxes due?
- March 15th (September 15th with an extension)
When are Non-Profit income taxes due?
- May 15th (August 15th with an extension and November 15th with an additional extension)
When are C-Corporation income taxes due?
- What month is the year end for the corporation?
- December 31st: March 15th (September 15th with an extension)
- January 31st: April 15th (October 15th with an extension)
- February 28th: May 15th (November 15th with an extension)
- March 31st: June 15th (December 15th with an extension)
- April 30th: July 15th (January 15th with an extension)
- May 31st: August 15th (February 15th with an extension)
- June 30th: September 15th (March 15th with an extension)
- July 31st: October 15th (April 15th with an extension)
- August 31st: November 15th (May 15th with an extension)
- September 30th: December 15th (June 15th with an extension)
- October 31st: January 15th (July 15th with an extension)
- November 30th: February 15th (August 15th with an extension)
What is the difference between a CPA and an EA?
- CPA – Certified Public Accountant: A Certified Public Accountant is a professional designation that allows the professional to deal with many different aspects of financial services, primarily financial audit services. CPAs look deep into the financial equation, evaluate numbers, create projections and try to provide an overall picture, forecast and recommendations based on internal and historical data.
- EA – Enrolled Agent: Enrolled Agents (EAs) advise, represent, and prepare tax returns for individuals, partnerships, corporations, estates, trusts and any entities with tax-reporting requirements. They are the only federally licensed tax practitioners who specialize in taxation and have unlimited rights to represent taxpayers before the IRS. Enrolled agents’ knowledge in the continually changing field of taxation enables them to effectively represent taxpayers at all administrative levels within the IRS. (www.naea.org)
- Only enrolled agents are required to demonstrate their competence in all areas of taxation, representation and ethics before they are given unlimited representation rights before IRS. Unlike attorneys and CPAs, who are state licensed and who may or may not choose to specialize in taxes, all enrolled agents specialize in taxation. (www.naea.org)
- Learn more about the differences between a CPA and an Enrolled Agent.
What is the difference between an LLC and Corporation?
- When incorporating your business, two common business structures or entities is an LLC, or Limited Liability Company, and a Corporation. Both offer business owners protection of their personal assets. There are a variety of differences between an LLC and a Corporation; you can view them all here.
Which entity is best for my business?
- When you incorporate your business you have four basic entity types to choose from:
- Sole Proprietorship
- Limited Liability Company (LLC).
- There is no one-size-fits-all rule as to which entity is best for your business. Instead you should consult your CPA or tax professional and lawyer to determine which of these entities best fits your specific business needs.
Do you offer your tax services to residents outside of Glendale, CA?
- Yes, as Enrolled Agents, our tax consultants are licensed to work in all 50 U.S. States. We have many clients from out of state who choose to utilize our tax services, however, we specialize in providing knowledgeable tax preparation, planning and consulting to California businesses in the Glendale, Pasadena and Burbank areas. View our complete list of areas served here.
What websites do you recommend regarding my personal and business tax resource needs?
- Internal Revenue Service – www.irs.gov
- California Franchise Tax Board – www.ftb.ca.gov
- California Secretary of State – www.sos.ca.gov
- California State Board of Equalization – www.boe.ca.gov
- California Employment Development Department – www.edd.ca.gov
- Los Angeles Department of Finance – www.finance.lacity.org
I received an IRS Audit Letter…Now What?
- You have 30 days to respond to an audit notice, however, it’s imperative you contact your tax advisor as soon as possible so they can construct a composed strategy to prepare for the audit. Learn more about what to do after you receive an IRS Audit Letter here.
How will the 2018 Tax Bill Affect Me?
- The most significant changes are:
- shifts in the individual and corporate tax rates. View your new 2018 tax rate here.
- changes to the standard deduction (for single filers and married filing joint couples)
- changes to the mortgage interest deduction
- and changes to the Alternative Minimum Tax (AMT)
- Learn more about how the 2018 Tax Bill will affect you here.