FAQs

GDC CPA

Why choose Greene, Dycus & Co for your accounting, auditing, tax preparation and planning, and management needs?

 

  • Our firm has over 60 years of experience in accounting, auditing, tax preparation and planning and management issues, so you can feel confident that your documents will be prepared accurately and timely, and the tax advice you receive will be based on half a century of hands-on experience.
  • We are comprised of a group of professionals who come from diverse backgrounds, giving your organization access to a vast collection of knowledge, skills, and experience which allows for greater accuracy and efficiency in our work product.
  • We pride ourselves in maintaining an edge in professional education and technology. Our expansive library and numerous other professional resources provide an avenue for addressing any unfamiliar issues.

 

 

What is the difference between an audit, a review, and a compilation?

How does this compared to the prepared financial statements?  CLICK HERE!

 

 

  

What should you bring to your tax preparation appointment?

The following is a list of the items you should bring with you when you meet with your CPA to prepare your tax return. This is by no means a complete list, but only a general list of items needed for the most common tax situations.

 

Personal Information

  •       Full names, social security numbers, and birth dates for you, your spouse, and all dependents
  •       Your current mailing, physical and e-mail addresses
  •       Your current telephone and fax numbers
  •       Copies of last year’s tax returns (federal and state)

Income Information

  • All W-2’s
  • All 1099’s (including 1099-INT, 1099-DIV, 1099-G, 1009-R, 1099-MISC, 1099-K, etc)
  • Self-employment income
  • Sale of stocks, other securities, capital assets
  • Rental income
  • Schedule K-1’s from all partnerships, LLC’s, LLP’s, Trusts or S-Corporations
  • Amount of alimony received
  • Social Security benefits received
  • Refunds from last year’s state and local income taxes
  • Unemployment compensation received
  • Copies of statements from Banks and Brokerage accounts
  • All other income information

Information for Deductions and Credits

  • IRA contributions for both you and your spouse, Educational IRA contributions, Keogh or Self employed SEP contributions
  • Self employed health insurance
  • Moving expenses
  • Educational expenses paid for you, your spouse, your children or your grandchildren
  • Student Loan interest paid
  • Alimony paid and the social security number of the recipient
  • Medical expense (include medical, dental, eye care expenses plus mileage driven for medical purposes, and premiums paid for medical care and long term care insurance)
  • Real Estate taxes paid
  • Personal property taxes
  • Home mortgage interest paid and points paid
  • Investment interest paid
  • Charitable contributions made, including mileage driven for charitable purposes
  • Un-reimbursed employee expenses, tax preparation fees paid, investment expenses paid, safe deposit box rental paid
  • Business expenses (include automobile expenses)
  • Home offices expenses
  • Child or dependent care expenses
  • Record of estimated tax payments made
  • All other expense deduction or credit information

What do I need to keep and for how long?

RECORD RETENTION GUIDELINES

The following chart provides a general guideline for the retention of many records, but the specific holding periods for any record retention policy should be given careful scrutiny by management and legal advisors in light of any pending investigations, regulated industry requirements or contract covenants. In addition to these general guidelines, each business should consider any industry standards that may affect the holding period of records due to unusual legal circumstances.

Accounting Records
Auditors' report and annual financial statements permanently
Bank statements & deposit slips 7 years
Cancelled checks:  
Fixed assets permanently
General 7 years
Payroll 7 years
Taxes (payroll related) 7 years
Taxes (income) permanently
Cash disbursements journal permanently
Cash receipts journal permanently
Chart of accounts permanently
Deeds, mortgages, bills of sale permanently
Electronic payment records 7 years
Employee expense reports 7 years
Fixed asset records (invoices, depreciation schedules) permanently
Freight bills & bills of lading 7 years
General journal permanently
General ledger permanently
Inventory listings and tags 7 years
Invoices: Sales to customers credit memos 7 years
Patent/Trademark & related papers permanently
Payroll journal permanently
Production and sales reports 7 years
Purchases 7 years
Purchase journal permanently
Purchase orders 7 years
Sales or work orders 7 years
Subsidiary ledgers (accounts receivable, accounts payable, equipment) 7 years
Time cards & daily time reports 7 years
Training manuals permanently
Trial balance - year-end permanently
Insurance Records
Accident reports & settled claims 6 years after settlement
Fire inspection & safety reports 7 years
Insurance policies (after expiration) 7 years
Legal Documents
Articles of incorporation & bylaws permanently
Buy-sell agreements permanently
Contracts & leases (after expiration) 7 years
Employment agreements 7 years
Legal correspondence permanently
Minutes permanently
Partnership agreements permanently
Stock certificates & ledgers permanently
Tax Records
IRS or FTB adjustments permanently
Payroll tax returns permanently
Property basis records permanently
Sales & use tax returns permanently
Tax returns & cancelled checks for tax payments permanently
Personnel Records
Child labor certificates & notices 3 years
Employment application (from date of termination) 2 years
Employment eligibility verification I-9 form (from date of termination) 3 years
Help wanted ads and job opening notices 2 years
Personnel files (from date of termination) 4 years
Records of job injuries causing loss of work 5 years
Union agreements & individual employee Contracts (from date of termination) 3 years
Employee Benefit Plan Records
Actuarial reports permanently
Allocation & compliance testing 6 years
Brokerage/Trustee statements supporting investments 6 years
Financial statements permanently
General ledger & journals 6 years
Information returns (form 5500) 6 years
Internal Revenue Service/Department of Labor correspondence permanently
Participant communications related to distributions, terminations, beneficiaries 6 years
Plan & Trust Agreements permanently
Individual Records
Tax returns (after filing) 6 years
Medical bills (after payment) 6 years
Forms 1099 received (after receipt) 6 years
Keogh statements (after plan termination) 6 years
IRA records (deductible & nondeductible) (after account termination) 6 years
Loan records (after payoff) 6 years
Insurance policies (after expiration) 6 years
Major purchase receipts (after purchase) 6 years
Year-end brokerage statements (after securities deposit) 6 years
CD statements (after maturity) 6 years
Schedule K-1s from LLPs or S Corps (after disposition of interest) 6 years
House records (cancelled checks for purchase, major improvements & maintenance) permanently
Birth & death certificates permanently
Medical records permanently
Wills/Trust agreements permanently
W-2 forms received permanently
List of financial assets held permanently
Alimony, custody & prenuptial agreements permanently
Military papers permanently
Photos or videotape of valuables permanently

What will it cost to have my personal taxes (Form 1040) prepared?

The tax preparation fee is based primarily on how long it takes to prepare your tax return. The time incurred is directly related to the complexity of your return as well as your preparation and organization of your input data.

We have tax returns that costs as low as $200 and as high as $5,000. Typical returns range from $250 for many basic returns to approximately $500 for more complicated returns. State returns or other items may add to these amounts.

Hourly rates for our staff range from $100 - $250, depending on the level of expertise required by the tax return.

Taxes Orlando FLWhat can I do to minimize my tax preparation fee?    

  • Submit information in a complete and timely manner.

  • Avoid providing contradicting and/or duplicate information.

  • Complete the income tax organizer that is provided.

  •  If you sell investments, please provide your cost basis and the date purchased.

Why should I use a CPA to prepare my tax returns when I can prepare them myself or utilize a non-CPA preparer?

Many people have simple circumstances that can be handled adequately by tax preparation services or by self-preparation software, and this checklist doesn’t cover those clients.  People with rental property, businesses, or investments that generate    K-1s; trusts, substantial investments in marketable securities or large retirement accounts and 401k balances need to engage a CPA firm, and this checklist is directed toward those clients.

  • Engaging a CPA is the start of a professional relationship that includes more than preparing a tax return.  It is acquiring a “partner” in your quest for financial security and someone that can be called with any type of financial, investment, business or employment compensation question
  • As CPAs we can offer advice to maximize tax savings opportunities
  • CPAs are required to attend substantial numbers of continuing education courses and tax seminars.  This puts us in the position of staying current, by interacting with fellow professionals, where tax savings ideas are shared and we can discuss specific client situations anonymously
  • CPAs are planning oriented, looking to the future to see how we can assist clients matters that could reduce their taxes
  • CPAs are knowledgeable in a wide range of retirement plans – deductible and non-deductible.  We offer guidance which could possibly save taxes retroactively and we can explain the benefits of establishing a pension plan for current and future years that will maximize tax savings
  • As CPAs we can help our clients in mortgage refinancing, auto lease or buy choices, life insurance policy acquisition and many other financial situations that arise
  • As CPAs we can assist clients contemplating switching jobs with employment contracts and exit agreements, option exercising and restricted stock tax alternatives
  • As CPAs we are knowledgeable in entity selection to maximize tax benefits of commercial activities, including single owner businesses and those that invest with others
  • As CPAs we can be consulted regarding financial aspects when contemplating a divorce, retirement, funding children’s college, buying a house or any change of life event
  • As CPAs we are aware of IRS “hit” lists and we advise our clients against positions that have high probability of challenge and disallowance
  • As CPAs we are aware of the myriad of forms and substantiation requirements, and regularly advise our clients about what is needed and when it must be in their possession
  • Estimated tax rules are important to follow both from compliance and cash flow standpoints and we as CPAs regularly advise on this
  • As CPAs we can explain the special tax rules that apply to businesses including inventory methods, basis of accounting, start-up costs, travel & entertainment expenses and tax credits
  • The alternative minimum tax is a “killer” for many clients; however, we can explain some ways of taking advantage of this tax and the application of AMT credits
  • As CPAs we are available to assist and handle tax audits, advise ways to minimize the cost of representation and ways to prepare returns that will not create red flags
  • As CPAs we can assist with tax agency notices and mail audits
  • As CPAs we are available, knowledgeable and helpful when clients need assistance
 
Trusted Accounting & Consulting Services Since 1953