Certified Public Accountants
Answers to most frequently asked questions
Why do I need a CPA?
A CPA is a trained professional with a board-certified degree in accounting. With the constant changes and complexity in the current tax codes, it is beneficial to have a CPA that is up to date with the current laws and regulations to help with all of your accounting and tax needs and filings.
How can I get a free copy of my credit report?
The law requires the major nationwide consumer credit reporting companies, TransUnion, Experian and Equifax, to give you a free copy of your credit report each year if you ask for it. Visit AnnualCreditReport.com or call 1-877-322-8228, a service created by these three companies, to order your free credit report.
I lost my prior year’s tax return, where can I get a copy of it?
If you need a copy of an old tax return, you can file Form 4506 to request a copy from the I.R.S. There is a small fee for this service and it generally takes about 60 days. If you need the information sooner, you might consider requesting a transcript of the return. There is no fee for a transcript and usually takes 10 days through the mail or can be immediate via fax. The transcript is a raw listing of the amounts on your return and in some cases may be all you really need.
I inherited some stocks and property. How do I determine my tax basis?
Your tax basis is the Fair Market Value (F.M.V.) of the property at the date of death or the alternate valuation date (if the estate elects 180 days after the date of death).
I haven’t filed in many years. It’s past the statute of limitations, so I’m “SAFE”, Right?
No, the 3 year (or 6 year statute of limitations in certain cases), starts tolling once a return is filed. If no return is filed, the running of the statute never starts and the I.R.S. can asses taxes for ALL years that have not been filed regardless of what year it may be. It’s always better to file an overdue tax return BEFORE the IRS comes knocking at your door.