Best Bookkeeping Services in Suffolk, VA

Outsourcing your accounting processes may bring several benefits, particularly for business owners who struggle to manage their operations and finances simultaneously. Because accountants are experts in this field, they take the burden of tracking the finances and give the business owner back the opportunity to better manage their business operations. The accountants will work to ensure that you are fully compliant with all applicable tax and financial regulations, and provide you access to valuable feedback and recommendations that will increase your profits.

To ensure the end of year Form W2 and Form 1099-NEC is completed, and filed correctly, a payroll service, accountant/bookkeeper, or others versed in the details of payroll filings should complete these reports for your business.

When the IRS asks for an audit, it means that they will be examining your financial records to ensure that you are paying and reporting taxes in accordance with US tax laws. To ensure that the process goes as smoothly as possible while minimizing any negative impact on your business when an audit notice is received, you should: read and understand the audit letter received; organize and prepare your records for the tax year(s) addressed in the letter in case the auditor asks for documentations; and keep your tax professional involved.

According to the IRS website, a fiduciary should wait at least nine months after the filing of the Form 706 to request the Closing Letter. Closing Letters will only be issued upon request by the fiduciary or their representative

Taxpayers who are struggling with the complex process of resolving back tax issues are more likely to seek services such as tax resolutions. A tax resolution is the process of dealing with the IRS and tax specialists to find a solution to your tax concerns. The IRS may have a problem with your tax return or situation for some reasons, including underreporting income or claiming invalid deductions.