Yes!
With today’s technologies, even if you’ve moved to another state, we are able to provide our services to you. In fact, we provide services for many US persons working abroad and foreign persons with taxable activities in the US. We currently have clients throughout the US and all around the world.
Determining which type of entity to form is a decision that needs to be made carefully and in consultation with a professional. Aspects that need to be considered include the number and type of owners the entity will have, how the business will be funded, the tax situations of the owners, the level of income that the business anticipates earning, the type of business activity that will be carried out, and so on. We are available to review these issues with you and provide the advice you need.
To make this decision it is important to understand the key differences between these two types of Individual Retirement Accounts(IRAs). In a traditional IRA, the contributor is generally able to reduce his or her taxable income by the amount of the contribution for the year, while a contribution to a Roth IRA does not reduce taxable income in the current year. When funds are withdrawn from a traditional IRA, the taxpayer must include the entire withdrawal, including the earnings, with his or her taxable income. On the other hand, funds that withdrawn from a Roth IRA are generally tax free, including the earnings on the contributions.
So, if you are looking for an immediate tax benefit, then you should contribute to a traditional IRA. If are not concerned about the current tax savings, but want to invest tax-free for retirement, then you should contribute to a Roth IRA. There are other rules to take into consideration, so a conversation with our office will help you make the right choice.
Though our Enrolled Agent is able to address these issues for current clients as an added service, we are not currently taking on clients who solely seek tax problem resolution services.
If a tax-exempt organization does not file a required tax return for three years in a row, the IRS will revoke its tax-exempt status. If you have received a notice of revocation, you have different options depending on the specifics of your situation. In some cases, you may qualify for retroactive reinstatement. In other words, you would be treated as tax-exempt all the way back to the date you lost the status. In other cases, retroactive reinstatement may not be available to you, so you will qualify for reinstatement as of the “postmark date,” the date you submit a new application for tax-exempt status (Form 1023).
If you qualify for the ERC, then by all means you should claim it. At this point, the claim is made by filing amended Forms 941 for the quarters of 2020 or 2021 in which you paid qualifying wages and you meet the qualifications for the Employee Retention Credit.
It’s important to be aware that not everyone qualifies for the ERC. The qualifying organization must verify that it had significant losses in revenue in the different quarters of 2020 or 2021, by comparing its gross revenue to the corresponding quarter in 2019. There are other issues to review before claiming the credit. Make sure you speak to us or contact a trusted accountant rather than using the services of someone who has contacted you through email or by phone.