Accounting FAQ

Should I be an S-Corp, C-Corp, or LLC?

This is not a simple question and there is never a “one size fits all” answer.  Before recommending the type of entity, many variables have to be considered.  Some include:

  • How is the company capitalized?
  • Are losses expected over the early years?  Income?  If so, how much?
  • Who are the owners and what are their needs?

These and many other questions need to be answered and evaluated before deciding on entity.  Often times, owners end up overpaying taxes due to choosing the wrong type of entity.

What do you need to prepare our tax returns?

It is always helpful to have a copy of the prior year’s income tax return.  If your return has depreciation or amortization, please make sure you include prior year schedules.  In addition, we always need your W2’s, 1099’s, and all other items of income and deduction.

How do you charge?

Whether it is a full accounting or a simple tax return, our fees are based on the volume and complexity of the work presented.  We are very mindful of fees and consistently provide the finest work for the fairest price.

Do I need a payroll service?

If your company has payroll, it is essential that each and every step of the payroll process is performed correctly.  From correct tax withholding to W2’s and all other reporting, a payroll service can make your life significantly easier.  If you are comfortable, willing and adept at doing it all yourself, you do not need a payroll service.  If you determine that the cost is worth the convenience, than our payroll service will work for you.

Do you electronically file?

With limited exception, we electronically file all tax returns. There is no charge for electronic filing. If you are expecting a refund, we highly recommend direct deposit of your refund. It is much more secure and traceable. Also, you get your refund faster.

I received a letter from the IRS (or Wisconsin Department of Revenue, unemployment office, etc.), what should I do?

Send us a copy of the letter at once.  Do NOT contact the sender of the letter.  More often than not, we can diffuse an unfavorable IRS letter with one reply.  Often, we will provide you with  a power of attorney form.  This allows us to correspond with IRS or Wisconsin on your behalf.

Can you prepare tax returns or handle businesses outside of Wisconsin?

Yes – every year we prepare numerous tax returns from all over the U.S.  Also, we provide accounting services to business in many other states.

Do I need to charge sales tax?

Wisconsin has a multitude of laws and regulations pertaining charging sales tax and filing sales tax returns.  We will make sure you are compliant with state law.