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General Frequently Asked Questions (F.A.Q.) *

Professional Gamblers- FAQ- Click Here

Non-Resident Professional Gamblers- FAQ- Click Here

1) Why do I need someone specialized in accounting/tax preparation?

There are many different ways a self-employed person's income is reflected on a tax return, based on their specialty and business type. Many self-employed people with small businesses do not keep adequate records, use separate bank accounts or use accounting software to track income and expenses. This could leave them in a bind during tax time, by over guessing expenses which is a slippery slope or be too conservative by playing it safe. Utilizing the accounting and tax preparation services together, customized for your specific business, you will maximize both your personal and business deductions. The education and tax planning you will receive will also be instrumental in the future growth of your business.

2) What is an Enrolled Agent?

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 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. Learn more about enrolled agents in Treasury Department Circular 230 (PDF).

3) What is the importance of being “AUDIT READY”?

The IRS has a three year window to audit a return once they receive it. If the IRS feels that income was under-reported or reported incorrectly, they can audit ANY of the previous returns. It is incumbent of the IRS to prove your income, while it is the taxpayer’s duty to prove all of their deductions. If audited the IRS WILL require an exorbitant amount of paperwork and records.

An audit can be as simple as mailing in a few back-up documents to a line-by-line check of every check stub and receipt. Most self-employed people understand the need to keep records in case of an audit but few have the discipline to do it well. If an individual is not prepared, it can be very difficult finding or recreating paperwork. If a person cannot supply the correct documentation, many of their deductions could be overturned, causing hefty fines and penalties as well as additional income tax.

Having someone represent them in an audit can also be very expensive and is stressful for the taxpayer. Being “Audit Ready” means having all of the required paperwork back-up by tax time. It may not be submitted with the tax return, but saved “just in case”, therefore eliminating future hardships, expenses and stress. Having "books" that match the tax returns are also beneficial for tax planning, business building and banking purposes.

* This information does not constitute legal advice and you should not act upon the information provided above without obtaining specific advice from a qualified specialist. No representation or warranty is given as to the accuracy or completeness of the information provided above, and we do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on this information for any decision based on it without our knowledge.