How We Work
The Process of Company Formation
- 1
Initial Meeting
Conduct an initial meeting with clients to determine their type of business, operations, and state of residence to determine the best business structure, state to incorporate, and tax planning.
- 2
Gather Documents
Gather necessary documents from clients, including passport, proposed business name, current mailing address, email address, and other relevant information.
- 3
Prepare Incorporation Documents
Prepare necessary documents for submission to state authorities, including the Secretary of State's office and state business registration agency.
- 4
Obtain Certificate of Incorporation
Obtain a certificate of incorporation and Articles of Organization from the Secretary of State's office, and prepare bylaws or an operating agreement for the incorporated business.
- 5
Apply for Employer Identification Number (EIN)
Apply for an Employer Identification Number (EIN) to open a business bank account, file taxes, and hire employees.
- 6
Open Business Bank Account
Open a separate business bank account to keep personal and business finances separate.
The work process of Accounting and Bookkeeping
- 1
Data Collection
Gather financial documents, such as invoices, receipts, bank statements, and payroll records.
- 2
Transaction Recording
Record financial transactions in a ledger or accounting software, such as QuickBooks or Xero.
- 3
Account Classification
Categorize transactions into appropriate accounts, such as assets, liabilities, equity, revenue, and expenses.
- 4
Journal Entries
Prepare and post journal entries to record transactions that affect multiple accounts.
- 5
Bank and CC Reconciliations
Reconcile bank statements, credit card statements, and other external documents to ensure accuracy.
- 6
Financial Statement Preparation
Prepare financial statements, such as balance sheets, income statements, and cash flow statements.
Tax return preparation and filing
The same steps apply to business returns. For a business, the first call also covers the business structure and tax classification, and we collect its financial statements before preparing the return.
- 1
Initial Meeting
Conduct an Initial meeting with clients to determine their residency status, Identify types of Income, and gather other relevant Information.
- 2
Document Request
Request all necessary documents from clients, Including W-2s, 1099s, receipts for business expenses, and other relevant documents.
- 3
Tax Return Working
Prepare a detailed working of the tax return, Including calculations for Income, deductions, credits and Income tax payable/refundable..
- 4
Tax Return Preparation
Prepare the tax return forms in tax return software, Including Form 1040, Schedule A, Schedule B, and other relevant schedules.
- 5
Review and Edit
Have an experienced tax professional review the prepared tax return to Identify any errors, Inconsistencies, or potential Issues.
- 6
Client Confirmation
Share the reviewed tax return with clients to obtain their confirmation and approval to e file the tax return.
- 7
E-Filing Authorization
Obtain the client's authorization to e-file their tax return by having them sign an e-filing authorization form.
- 8
E-Filing
E-file the tax return with the IRS upon receiving the signed e-filing authorization form from the client.
- 9
Payment and Refund
Pay any tax due or request a refund, track the refund, and respond to any IRS notices or inquiries.
Talk to a CPA
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