Frequently Asked Questions

A CPA (Certified Public Accountant) is a trusted financial adviser who has passed the rigorous CPA Exam and met work experience requirements before being licensed. These requirements for licensure ensure CPAs maintain the highest standard of knowledge and ethics when operating in financial positions. CPAs can be:

• Auditors

• Business Advisers

• Tax Consultants

• Accounting Consultants

A CPA can work with both individuals and businesses.

This information is published courtesy of AICPA's "Takin' Care of Business" brochure.

We serve a wide list of clients in these industries:

• Construction

• Retail / Wholesale

• Service Industries

• Real Estate and Development

• Manufacturing

• Business Owners

• Pharmacy

• Veterinary

• Medical

• Dental

• Optometry

• And more!

Contact us today for more information regarding your specific industry.

Yes! We work with clients all across the great United States. Give us a call to see how we can help you!

Whether we like it or not, taxes are a big part of running a business and managing your finances. There are constantly new ways to improve how you handle payments, deductions, and record-keeping.

Holden Moss CPAs can give you the insight you need to thrive. Our team will help answer questions like:

• How will the latest changes in tax law affect me and/or my business?

• When is the best time to make big purchases?

• What is the best way to keep track of deductions?

• How can I maximize my tax savings?

Price is always a reflection of value. And the risk should be on us to provide you with value. Except in rare instances, we work from fixed prices that we agree upon based on the scope of services. We aim for pricing that is beneficial to all concerned.

Click here for more information regarding our pricing.

Tax planning is defined as the process of analyzing your financial situation from a tax perspective in order to minimize amounts you must pay. This process ensures tax efficiency. With the help of tax planning, we can create a well-rounded and effective financial strategy that coincides with your overall financial planning for the year.

This is a year-long process that relates to decision-making across various areas of your finances. Such decisions could include expenditure timing, investment and retirement plan selection, and awareness of deductions and filing status.

A tax organizer is simply a means for your CPA to collect the background information and records necessary to complete your tax returns. You can find the documents you need to file with us online by clicking here.

The IRS recommends the following for online tax payments for businesses and individuals:

For estimated tax purposes, the year is divided into four payment periods. You may send estimated tax payments with Form 1040-ES by mail, or you can pay online, by phone, or from your mobile device using the IRS2Go app. Visit IRS.gov/payments to view all the options. For additional information, refer to Publication 505, Tax Withholding, and Estimated Tax.

Using the Electronic Federal Tax Payment System (EFTPS) is the easiest way for individuals as well as businesses to pay federal taxes. Make ALL of your federal tax payments including federal tax deposits (FTDs), installment agreement, and estimated tax payments using EFTPS. You can also schedule to make payments weekly, biweekly, monthly schedules if that would be easier. EFTPS gives you access to your payment history, so you know how much and when you made your estimated tax payments.

Corporations must deposit the payment using the Electronic Federal Tax Payment System. For additional information, refer to Publication 542, Corporations.

The IRS has outlined important tax deadlines in this calendar.

We recommend setting up an appointment with us to review any questions you may have.

Your personal tax amounts can depend on your filing status, income, and age, with the potential to change year-to-year. If you have any questions regarding contribution limits, please reach out.

The IRS recommends the following guidelines for keeping tax records:

1. Keep records for 3 years if situations (4), (5), and (6) below do not apply to you.

2. Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return.

3. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.

4. Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return.

5. Keep records indefinitely if you do not file a return.

6. Keep records indefinitely if you file a fraudulent return.

7. Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.

The IRS defines estimated tax as:

The method used to pay tax on income that isn’t subject to withholding. This includes income from self-employment, interest, dividends, rent, gains from the sale of assets, prizes, and awards. You may also have to pay estimated tax if the amount of income tax being withheld from your salary, pension, or other income isn’t enough.

Click here for more information regarding estimated taxes as explained in IRS Publication 505.

Investopedia explains a trust as a fiduciary relationship in which a trustor gives another party, known as the trustee, the right to hold title to property or assets for the benefit of a third party.

You would create a trust when legal protection is necessary for the trustor’s assets and to ensure assets are distributed according to their wishes. Trusts also can save time, reduce paperwork and potentially avoid or reduce inheritance or estate taxes.

There is an array of different types of trusts and each has its own dedicated purpose. What you are trying to accomplish will determine the type you should choose.

The three basic types of trusts are revocable, irrevocable, and testamentary. Let’s discuss more and find which might be the right fit for you.

Investopedia defines estate planning as determining how an individual’s assets will be preserved, managed, and distributed after death or in the event they become incapacitated.

A thorough estate plan makes sure your decision regarding your property will be honored. By explaining how your property will be transferred, you gain peace of mind that your loved ones will be taken care of in the future. Business owners should also include business succession plans in their estate plans.

Yes, we can. Our experts delve deep into your business and expenses to determine which items are deductible. Visit this blog post to learn more about how to maximize deductions.

Our business monitoring services help to reduce cash flow surprises by knowing your numbers and being able to timely act upon them. For more on our Business Monitoring, click here.

There are some tax regulations that only affect specific industries. For example, freight tax in the shipping industry or food tax in the restaurant industry.

Talking to a Holden Moss CPA with industry expertise can save you from paying taxes you don’t have to pay.

The IRS recommends the following guideline for keeping business records:

If you're in business, there's not a required method of bookkeeping you must use. However, you must use a method that clearly and accurately reflects your gross income and expenses. The records should substantiate both your income and expenses.

If you have employees, you must keep all your employment tax records for at least 4 years after the tax becomes due or is paid, whichever is later.

Outsourced online bookkeeping services or outsourced accounting is a service that provides a full accounting department experience for small businesses. We handle the day-to-day transaction coding, accounts payable, accounts receivable, payroll, management financial reporting, and many other services for your growing business.

With Holden Moss CPAs you’ll have a full complement of accounting professionals granting you the convenience of an accounting department at a lower cost than hiring.

Meet our team of brilliant bookkeepers.

Outsourcing the accounting department to a dedicated, highly skilled professional services firm allows you to focus your time and energy on business strategy and goals.

Outsourcing your accounting can lower total costs by eliminating expenses related to employee benefits, training, accounting software, hardware, and office supplies. You can also save money from the potentially negative consequences of a financial mistake.

Meet our team of brilliant bookkeepers.

By outsourcing your accounting position(s) you'll finally free up your time to focus on other aspects of growing your business. You'll be able to make informed decisions based on more than just your bank balance.

Holden Moss CPAs give your company accurate financial data so you can determine what services and/or products are the most profitable. This way you’ll be able to concentrate more time on the successful aspects of your company.

This capability allows a business owner to invest energy and resources in the right places. You’re able to do more of the tasks that are most impactful to your company's financial success.

The IRS defines the QBI as follows:

Many owners of sole proprietorships, partnerships, S corporations and some trusts and estates may be eligible for a qualified business income (QBI) deduction – also called Section 199A – for tax years beginning after December 31, 2017.

The deduction allows eligible taxpayers to deduct up to 20 percent of their qualified business income (QBI), plus 20 percent of qualified real estate investment trust (REIT) dividends and qualified publicly traded partnership (PTP) income.

Income earned through a C corporation or by providing services as an employee is not eligible for the deduction. For more information on what qualifies as a trade or business, see Determining your qualified trades or businesses in Publication 535.

We recommend adding the following professionals to your team roster as you build your business:

• An Attorney who can aid with required business filings and legal advice.

• A Holden Moss CPA to assist with tax planning and preparation, accounting, bookkeeping, and business advising.

• A Payroll Provider for help with payroll deposits and filing. We can help set this up as well.

Click here to learn our 10 steps to starting a business from scratch.

Business succession planning is the process that helps you identify new leaders who can step in when you vacate your position. Working with an advisor to plan this critical transition will give you more control and alleviate anxiety.

Find out more about business succession planning here.

Yes! From identifying future leaders to developing a viable succession plan, Holden Moss CPAs can help you map out a succession plan that meets your business and retirement needs.

It is recommended business owners start succession planning three to five years prior to their desired transfer date. This is usually how long it takes for your successor to learn your job. This set period should give you enough time to make any necessary changes to your financial reporting.

If you are a 2% shareholder and the company pays for your health, dental, and vision insurance or the company reimburses you for your these insurances, there are certain steps you must take to ensure your insurance is deductible for tax purposes.

Before the end of the year, make sure that the cost of your health, dental and vision insurance is included in your payroll. If your company pays for the insurance, this will be an easier computation than if you pay for your insurance personally.

If you pay for your insurance personally, you will need to add up your insurance costs for the entire year. This will include family coverage if you have it. The company will need to reimburse you by the end of the year.

Click here to learn more about shareholder health insurance.

Yes. Your company could benefit from the Research and Development (R&D) tax credit if it qualifies. You may be able to claim the R&D tax credit if your company is involved in any of the following activities:

• Developing, engineering, or designing an innovative, new-to-market product

• Designing or Evaluating product alternatives

• Designing, constructing, and testing pre-production prototypes and models

• Engineering activity to further product design to the point of manufacture

• Experimenting with new technologies

• Cultivating new or improved specifications/modifications in terms of product performance, reliability, quality, and durability

• Assembling new production processes during prototyping and pre-production phases

• Conducting research which targets reducing a product’s time to market