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Please use the form on the right to contact us.  We strive to return all emails and phone calls within 24 hours, 7 days a week.  Be sure to include the best method for contacting you.  Thank you!

 

260 Glen Eagle Circle
Naples, FL, 34104
United States

(561)-571-1272

At Frawley Tax and Consulting Services, we understand the value of not only excellent client service, but also developing strong, lasting relationships.  We perform both individual and business tax returns and tax planning, and at very competitive rates.  We understand and appreciate the importance of building trust, and recognize the difficulty in choosing a competent CPA that you feel comfortable speaking with both candidly, and confidently.   

Our services include Individual and Business Tax return filings, including FREE tax planning based on your anticipated future tax position, to minimize your overall tax liability.  We also offer a variety of additional business services at a great value.  Whether you want to outsource your QuickBooks bookkeeping and payroll services for a reasonable price to focus on your core business, or need help with budgeting, forecasting, or marketing, we are here to help. 

Our marketing services include performing an in-depth industry and company analysis, developing a marketing plan, creating an integrated website, brochures, business cards, company logo, and more.

 

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2013 Tax News & Blog

New 2013 Tax Law Changes, Important Dates and Deadlines, Refund Tracking, and more!

Top Ten Tips from the IRS to Help You Choose a Tax Preparer

Douglas Frawley

Top Ten Tips to Help You Choose a Tax Preparer

Many people hire a professional when it’s time to file their tax return. If you pay someone to prepare your federal income tax return, the IRS urges you to choose that person wisely. Even if you don’t prepare your own return, you’re still legally responsible for what is on it.

Here are ten tips to keep in mind when choosing a tax preparer:

1. Check the preparer’s qualifications.  All paid tax preparers are required to have a Preparer Tax Identification Number or PTIN. In addition to making sure they have a PTIN, ask the preparer if they belong to a professional organization and attend continuing education classes. 

2. Check the preparer’s history.  Check with the Better Business Bureau to see if the preparer has a questionable history. Check for disciplinary actions and for the status of their licenses. For certified public accountants, check with the state board of accountancy. For attorneys, check with the state bar association. For enrolled agents, check with the IRS Office of Enrollment.

3. Ask about service fees.  Avoid preparers who base their fee on a percentage of your refund or those who say they can get larger refunds than others can. Always make sure any refund due is sent to you or deposited into your bank account. Taxpayers should not deposit their refund into a preparer’s bank account.

4. Ask to e-file your return.  Make sure your preparer offers IRS e-file. Any paid preparer who prepares and files more than 10 returns for clients generally must file the returns electronically. IRS has safely processed more than 1.2 billion e-filed tax returns.

5. Make sure the preparer is available.  Make sure you’ll be able to contact the tax preparer after you file your return - even after the April 15 due date. This may be helpful in the event questions come up about your tax return.

6. Provide records and receipts.  Good preparers will ask to see your records and receipts. They’ll ask you questions to determine your total income, deductions, tax credits and other items. Do not use a preparer who is willing to e-file your return using your last pay stub instead of your Form W-2. This is against IRS e-file rules.

7. Never sign a blank return.  Don’t use a tax preparer that asks you to sign a blank tax form.

8. Review your return before signing.  Before you sign your tax return, review it and ask questions if something is not clear. Make sure you’re comfortable with the accuracy of the return before you sign it.

9. Ensure the preparer signs and includes their PTIN.  Paid preparers must sign returns and include their PTIN as required by law. The preparer must also give you a copy of the return.

10. Report abusive tax preparers to the IRS.  You can report abusive tax preparers and suspected tax fraud to the IRS. Use Form 14157, Complaint: Tax Return Preparer. If you suspect a return preparer filed or changed the return without your consent, you should also file Form 14157-A, Return Preparer Fraud or Misconduct Affidavit. You can get these forms at IRS.gov or by calling 800-TAX-FORM (800-829-3676).

Business Groups Tell Senate They Oppose Accrual Accounting Requirement

Douglas Frawley

From Accounting Today:

A coalition of a half dozen business organizations, including the American Institute of CPAs, have banded together to express their opposition to a proposal from the Senate Finance Committee to require businesses to use the accrual method of accounting for tax purposes.

Along with CPAs, other groups signing the letter include organizations representing engineers, architects, dentists, farmers and S corporations. The proposed change in the taxation of businesses was included in the Senate Finance Committee’s Cost Recovery and Accounting Discussion Draft of Nov. 21, 2013 (see Baucus Proposes Changes to Tax Accounting and Cost Recovery Rules).

The proposal would require many of the groups’ members to change the method of accounting used for tax purposes from the cash basis method to accrual method. Together with the AICPA, the other groups signing the letter include the American Council of Engineering Companies, the American Dental Association, the American Institute of Architects, the Farm Bureau and the S Corporation Association.

“Most significantly, a change from the cash basis method for tax purposes would result in those who own and operate these businesses to pay tax before cash is received,” they wrote in a January 17 letter to Senate Finance Committee chairman Max Baucus, D-Mont., and ranking member Orrin Hatch, R-Utah. “They would be required to recognize revenue in advance of actually getting paid. Because the expenses of such organizations would essentially remain the same, this requirement would result in higher net taxable income for federal tax purposes. In addition, switching from the cash method to the accrual method of accounting will lead to significant cash-flow problems. For example, among professional services firms, the primary cost is labor, and businesses must regularly pay their employees even if they are not paid by their clients for several months. The use of cash accounting helps to mitigate this challenge by allowing the business’s owners to make tax payments after receiving payment for their services.

“We believe that tax reform is a laudable goal and that simplification of the tax code is very important,” the organizations added. “However, converting from the cash method to accrual basis would not be simpler and may actually create a significant burden on those professional services sector businesses and farms.”

IRS to accept Returns at end of the week!! (Jan. 31st)

Douglas Frawley

As many of you wait for your last few tax return documents to trickle in from various sources, the IRS is preparing to start accepting electronic returns this Friday, January 31st!  E-Filing is the best and quickest way to get your refund as quickly as possible, and also offers direct deposit of your refund.  We are ready to help you out this tax season, preparing your personal and business taxes prepared quickly and accurately, as well as offering some great rates here.

Is your Quickbooks file virtually non-existent, and/or have no idea how to file your schedule C, 1120(S), or 1065 and any related K-1s?  There are often errors in self prepared tax returns, which is especially for business owners, who are more frequently the subjects of audits.  Audits can be expensive, and many business owners miss out on deductions they are entitled to, while others incorrectly deduct personal items, which either belong on their Schedule A, or are not deductible at all.  Focus your time on growing your business, and let us deal with getting your financial records in shape, and expertly preparing your tax returns.  We are currently offering some great new client discounts, including Personal Returns from $125, and Sole Proprietorships (Schedule C) from $225

As a Certified Quickbooks ProAdvisor I can get software discounts of 20-50% for my clients.  More importantly, it means I'm an expert with Quickbooks, and I can help get your bookkeeping in order, and ready for this tax season.   I am certified in the 2013 and 2014 Desktop versions, as well as the Quickbooks Online, Enterprise, and the Point of Sale editions.  See my profile and credentials on Inuit's website here.  I am also Introducing Quickbooks Flat Rates for both one time and recurring business clients, in addition to our hourly rates. 

 

Last Minute Tax Tips to Boost Your Refund!!

Douglas Frawley

You still have until midnight to charge up some extra tax savings for 2013!  As most people are cash basis tax payers, it is worth noting that credit card charges are considered paid when charged in terms of tax deductions.  A couple ways to reduce your 2013 liability would be to pay all or a portion of your 2014 property taxes, or your state income taxes by midnight. 

Likewise, if you itemize your deductions (schedule A) and have medical or dentist bills outstanding, considering paying those today as well.  Keep in mind that you have to pay for these items yourself.  If a friend or family member pays these bills on your behalf, you will lose the potential deduction.  Instead, have them give you the cash (via bank transfer for example), and then you pay the doctor office, or tax collector's office directly.  People all too often make the mistake of having a relative help them out with certain bills, with the relative or friend paying the bill directly. 

If you made this error this year, it's not too late to try to have the office reverse those charges, and then you pay them on your bank card or credit card.  Your generous friend can give you the cash as a gift instead, and now you get to deduct the expense.  Individuals can give away $14,000 per year per donee untaxed, and couples can elect to "gift splitting," where they can give away $28,000 per year, per donee untaxed.

The same is true of charitable deductions, keeping in mind the Salvation Army isn't open until the ball drops, and you need to substantiate certain donations.  If you are donating goods worth $250 or more, you need a receipt with a written appraisal from a qualified Not-for-Profit.

Also, the 100% exclusion on the gain Qualified Small Business stock (Section 1202), is set to expire at midnight.  There is no guarantee Congress will extend the exclusion into 2014, so investors may consider buying now if they already have some 1202 stocks in mind.  For more information about QSB stock, check out the following article:

 

Have a great New Year everyone and I hope to become your CPA this tax season!

Cheers!