Martens & Company CPA LLP

Not only do Enrolled Agents prepare tax returns, but they also provide tax assistance for estates, trusts, partnerships, corporations and other entities that are required to report taxes. Enrolled Agents specialize in taxation and receive their authority from the federal government, not the state government.

Did you know that CPAs are regularly required to earn a certain number of continuing education credits? Although specific requirements vary from state to state, they all include staying current on changes to tax law, so you can be sure your CPA is up to speed on the current laws.

Which taxes have the most deleterious effects on small businesses? According to a recent National Small Business Association (NSBA) study, income taxes and payroll taxes are the most burdensome in respect to cost, impact and administrative load.

Do you need to generate financial reports that are more suitable for your internal managerial decision-making? When you need a custom solution, we’re here to help.

Income taxes are not new in the world. One of the first recorded income taxes was used to fund the Crusades. King Henry II put forth the Saladin tithe in 1188 to help fund the Third Crusade.

If you are unsure of who to hire, you can always look for recommendations from other small business owners.

If you or your company is looking for a tax expert, an accountant who also is an enrolled agent is an excellent choice. In order to become an enrolled agent a person must pass a comprehensive test on the IRS Tax Code or have at least five years of experience working for the IRS.

It’s important to remember that what you don’t know about how the tax code relates to your financial situation can hurt you. When you’d rather not risk potential penalties and fines from the IRS for an incorrect return, it’s wise to work with a tax pro.

Did you know that the history of enrolled agents actually dates back to 1884? At this time Congress authorized the Enabling Act of 1884, giving the Secretary of the Treasury the authority to regulate who can represent individual citizens in their dealings with the Treasury Department.

Did you know that the software professional tax accountants use is very different from the "do it yourself" programs on the market? Professional programs are far more sophisticated and automate much of the process, leaving much less room for human error.

The Enrolled Agent designation is given to tax professionals who have passed an exam given by the Internal Revenue Service as well as an IRS background check. The two-day exam covers all aspects of taxation. EAs are able to handle any tax matter and represent you before the IRS.

Since 1935, a team of CPAs spends 1,700 hours, on average, tallying the Academy Awards ballots by hand. Each year, a pair of accountants in full black tux make a formal presentation of the envelopes on stage.

While aggressive spending at the end of the year for your business can certainly help with taxes, keep in mind that there are only some places where this can be deducted. While paying yourself a bonus can help zero out your business bank account, that amount cannot be deducted.

EA accounts are certified and vetted by the IRS. As a result, the IRS notes, “This means they are unrestricted as to which taxpayers they can represent, what types of tax matters they can handle, and which IRS offices they can represent clients before.”

Your trusted accountant will know what options are available and when to invest profits and when to use them in your business in order to grow your business.

The best way to get a head start on your taxes is to prepare your records ahead of time, and to have a list of any issues and questions you’d like to discuss with your accountant. You should also analyze your financial statements for accuracy.

Before bringing all of your documents to your tax accountant, it’s important that you first make sure they are accurate. Even big companies make mistakes on W-2 forms and 1099s all the time. If you find an error, be sure to ask for a corrected document as soon as possible.

Enrolled Agents are authorized by the IRS to represent their clients in the event of a tax dispute, audit, or other challenges. They can work with you and the IRS to resolve issues and obtain a more favorable resolution on your behalf.

National Small Business Week was established in 1963 by President John F. Kennedy to recognize the vital role small businesses play in our economy. A recent study found 64% of new job growth for the past 20 years has been driven by small businesses.

We recognize that learning you’re the subject of an IRS audit can be a stressful thing for anyone. Let’s talk about how working together on your tax preparation can help take some of the stress out of an audit if you’re one of those people who’s randomly selected.

If you’ve been considering using tax preparation software as a way to save money this tax season, it may not help as much as you think. Remember, your software can only tell you about the deductions and credits available, not necessarily those you qualify for.

What does that mean? Revenue is income gained from sales for service.

Do you know how accrual accounting works? In accrual, the accountant pulls the future event involving the cash or cash’s worth into the current period. Accrual refers to the process whereby an accountant records a revenue or expense during the current accounting period even though no payment occurred yet.

Even if you've been doing your own taxes for years, it's still important to see a tax accountant when you start a business. The tax laws for different types of businesses are vastly different from those that apply to personal taxes, so it's vital to have someone in your corner who can advise you properly.

According to the IRS, “An enrolled agent is a person who has earned the privilege of representing taxpayers before the Internal Revenue Service by either passing a three-part comprehensive IRS test covering individual and business tax returns, or through experience as a former IRS employee.”

Why hire a tax accountant? Primarily because the IRS Tax Code is complex, enormous and ever-changing. According to experts, there were 5,000 changes to the code in an 11-year span from 2001 to 2012, increasing the code to 4 million words.

One of the biggest benefits of hiring an EA (enrolled agent) is that they are certified by the federal government specifically to handle taxes. In many cases, EAs are former IRS agents with extensive experience dealing with audits and thus a strong inside knowledge.

Infamous gangster Al Capone was captured using evidence gathered by an undercover agent from the IRS Intelligence Unit. He was sent to prison after being convicted of tax evasion.

When you’re first starting out in your small business, it can be tempting to use tax software because of its convenience. Remember, your tax software can usually only provide possible deductions and credits, not help you determine those that definitely apply to your situation.

Are you familiar with the Alternative Minimum Tax? It applies to individuals as well as companies and was passed by Congress to make sure high-bracket taxpayers are required to pay their fair share of taxes. An accountant is familiar with the AMT and can determine if it applies to you.