Accounting
What is a CPA?
A CPA (Certified Public Accountant) is a professional that is very well educated in all accounting matters, has passed the CPA exam, and has accounting experience. The term "accountant" is often incorrectly used as a synonym of CPA. While a CPA is an accountant, an accountant cannot be considered a CPA without passing the education and licensing requirements. Becoming a CPA requires dedication and continued education in their field.
Why do you need a CPA?
Not only can a CPA take the stress of filing your returns away from you, they can also help you reach any financials goals you've set. We have developed long-term relationships with many of our clients and know them and their businesses inside and out. Our CPA's have proven track records over several decades where they have guided numerous individuals and businesses towards financial success.
Are there licensed CPA's at B&Y Accounting?
Yes, we have actively licensed CPA's on staff. Additionally we are constantly training and educating students that are interested in obtaining their own licenses.
A CPA (Certified Public Accountant) is a professional that is very well educated in all accounting matters, has passed the CPA exam, and has accounting experience. The term "accountant" is often incorrectly used as a synonym of CPA. While a CPA is an accountant, an accountant cannot be considered a CPA without passing the education and licensing requirements. Becoming a CPA requires dedication and continued education in their field.
Why do you need a CPA?
Not only can a CPA take the stress of filing your returns away from you, they can also help you reach any financials goals you've set. We have developed long-term relationships with many of our clients and know them and their businesses inside and out. Our CPA's have proven track records over several decades where they have guided numerous individuals and businesses towards financial success.
Are there licensed CPA's at B&Y Accounting?
Yes, we have actively licensed CPA's on staff. Additionally we are constantly training and educating students that are interested in obtaining their own licenses.
Taxes
When are taxes due?
This varies each year but the filing deadline is generally around April 15, unless it is a weekend or holiday, in which case it may be the following business day.
Do I need to file a tax return?
In most cases if you have received an income, yes you would have to file since almost all income is taxable. However there any many factors that determine whether or not it's needed. Even if you do not owe any tax, you may still have to file. If you are unsure, please contact us.
How do I file a tax return?
Simply provide us with your relevant paperwork (W-2's, 1099's, and so on) and any other information you think we may need and we'll take care of the rest. If we have any questions, we'll contact you as soon as possible. Once your return is ready, we'll run through everything with you to make sure everything is correct. Your return is then filed instantly.
I am missing my previous year returns. What do I do?
The IRS allows you to retrieve some information by visiting https://www.irs.gov/individuals/get-transcript. If you would prefer, we can also retrieve this information on your behalf.
I made a mistake on my return. What can I do?
We can work with you to fix any mistakes and file amended returns.
How long do I have to keep my tax records?
This varies but generally you need to keep your records for up to 3 years. Certain circumstances may require you to keep them for up to 7 years, and in some rare cases, indefinitely.
I haven't paid my taxes in several years. Can you help?
Absolutely! It's not uncommon for people to forget to pay their taxes, but it's definitely something that should be avoided since it can incur a debt that will continue to grow until it is completely paid. While there's normally fees, you may also have been entitled for a refund in previous years that could offset the debt entirely. We can work with you to determine how much tax, if any, you will need to pay.
What if I have a tax debt that I cannot pay?
Calling the IRS is the best option in situations where you cannot pay your taxes. They can assist you by allowing you to pay using a payment plan.
This varies each year but the filing deadline is generally around April 15, unless it is a weekend or holiday, in which case it may be the following business day.
Do I need to file a tax return?
In most cases if you have received an income, yes you would have to file since almost all income is taxable. However there any many factors that determine whether or not it's needed. Even if you do not owe any tax, you may still have to file. If you are unsure, please contact us.
How do I file a tax return?
Simply provide us with your relevant paperwork (W-2's, 1099's, and so on) and any other information you think we may need and we'll take care of the rest. If we have any questions, we'll contact you as soon as possible. Once your return is ready, we'll run through everything with you to make sure everything is correct. Your return is then filed instantly.
I am missing my previous year returns. What do I do?
The IRS allows you to retrieve some information by visiting https://www.irs.gov/individuals/get-transcript. If you would prefer, we can also retrieve this information on your behalf.
I made a mistake on my return. What can I do?
We can work with you to fix any mistakes and file amended returns.
How long do I have to keep my tax records?
This varies but generally you need to keep your records for up to 3 years. Certain circumstances may require you to keep them for up to 7 years, and in some rare cases, indefinitely.
I haven't paid my taxes in several years. Can you help?
Absolutely! It's not uncommon for people to forget to pay their taxes, but it's definitely something that should be avoided since it can incur a debt that will continue to grow until it is completely paid. While there's normally fees, you may also have been entitled for a refund in previous years that could offset the debt entirely. We can work with you to determine how much tax, if any, you will need to pay.
What if I have a tax debt that I cannot pay?
Calling the IRS is the best option in situations where you cannot pay your taxes. They can assist you by allowing you to pay using a payment plan.
Refunds
How long will it take to get my refund?
The normal federal refund processing time is 21 calendar days.
The normal state refund processing time for California is up to 2-4 weeks for individuals and up to 4 months for businesses.
Why haven't I received my refund?
If your tax return requires additional processing time by the IRS, such as for accuracy or completeness, your refund may be delayed. In such cases, you will receive a notice requesting additional information within 1-2 months for individuals and 6 months for businesses.
How long do I need to wait until I can check the status of my refund?
A minimum of 24 hours is required after your return is e-filed.
To check the status for your federal refund, visit: https://sa.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp
To check the status for your California state refund, visit: https://www.ftb.ca.gov/refund/index.asp
The normal federal refund processing time is 21 calendar days.
The normal state refund processing time for California is up to 2-4 weeks for individuals and up to 4 months for businesses.
Why haven't I received my refund?
If your tax return requires additional processing time by the IRS, such as for accuracy or completeness, your refund may be delayed. In such cases, you will receive a notice requesting additional information within 1-2 months for individuals and 6 months for businesses.
How long do I need to wait until I can check the status of my refund?
A minimum of 24 hours is required after your return is e-filed.
To check the status for your federal refund, visit: https://sa.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp
To check the status for your California state refund, visit: https://www.ftb.ca.gov/refund/index.asp
B & Y Accounting Services
I have questions about filing taxes for myself/my partner/a future business prospect/etc. Can you help me?
Definitely. Please get in touch and talk to one of our professionals who will do everything they can to assist you.
What forms of payment do you accept?
We try to accommodate everyone so we accept cash, credit card, debit card, check, and bank deposit.
Definitely. Please get in touch and talk to one of our professionals who will do everything they can to assist you.
What forms of payment do you accept?
We try to accommodate everyone so we accept cash, credit card, debit card, check, and bank deposit.