FAQ's
For twenty four years Edge Financial has helped thousands of taxpayers nationwide resolve tough tax problems and manage their returns.
Answers to our
frequently asked questions.
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Do you handle clients in all fifty states?
+Absolutely! Our hard working team can help individuals and businesses in all states, from personal and business tax preparation and planning to mastering their books, and can get your account up and running in no time. And if you just so happen to be local to us in Los Angeles, we serve warm coffee and pastries daily.
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What if I already have a tax preparer?
+This is why we're in business, to help people just like you find a happy tax home. If for some reason you're just not happy with who you have, no problem. We can get all past records of accounts and have your returns, books or payroll issue managed without skipping a beat.
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Can you help if I haven’t filed in years?
+Yes! We can go back and pull your master IRS transcripts and find out not only what years you owe for and what returns are missing, but also obtain copies of your income information from those years and get the returns filed and up to date. And since the IRS has filed for you all those years without any deducations, a lot of times this means a refund!
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I just got a notice of audit. Now what?
+Call us! Receiving a notice of audit is frightening, and can lead to inaction which is generally a bad thing with the IRS. Our audit specialists will step in, get you protected by assuming power of attorney, and allow us time to map out the best option for your defense moving forward.
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I recently got married to someone who owes back taxes. Am I liable?
+This is a question we get a lot, and the short answer is 'probably not'. If you're married and file jointly, yes, you will both be liable for back taxes, even if you divorce one another. However, for cases where you didn't know there was a liability, we can file for an innocent spouse and petition the IRS to remove you from the obligation, which can be very successful.
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Can you assume books & payroll from my current provider?
+Absolutely. If you already are using an existing bookkeeper to manage your books or provide payroll services, and are looking to transition, we can migrate all of your records and liase directly with your current provider for a seamless and simplified hand-off.
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Can I manage everything online?
+Yes, you will be given access to our brand new state of the art online platform where you can chat with your assigned tax specialists, upload files, make comments on projects and manage correspondence. And if you just prefer to do it the old fashioned way with emails and letters, well, we can do that too.
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Will I have an attorney on my account?
+For more complicated issues such as back tax and audits, an attorney is placed to help direct the strategy and mediate the items. For other issues such as simple tax preparation and bookkeeping, attorneys are generally not needed and a tax specialist in that field will manage the assignment.
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Foreclosure or debt written off?
+If you had a recent Foreclosure, short sale, credit card debt write-off or any other cancellation of debt, we can help you exclude part or all of that income.
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Missing W-2’s, 1099’s or other docs?
+We can obtain all of those and most other taxing documents you would need to file any previous year’s returns.
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Executor of an estate?
+If someone has passed away and left you in charge of their assets and finances, we can help guide you through your responsibilities, including all filing and reporting of any distributions.
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Don’t have all of your records ready?
+If you need more time to get your returns in order, rest easy. We file extensions too.
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Missed filing Payroll Taxes?
+We can go back and file any and all missing returns. We are compatable with Quickbooks, ADP, Paychex and many other payroll software systems.
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Not sure how to file your business?
+We can create a comparison chart to ensure you file your business returns to put you in the best position possible, and our attorneys can help with any incorporation or entity management need.
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Has your business taken a loss?
+We may be able to carry the losses back and reduce your debt on previous years.
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Need more time?
+If you don’t have all of your records ready, and need more time to file, it’s ok. We file extensions too.
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Have an audit and can’t locate the records?
+We can go back as far as ten years and rebuild your books from the ground up, keeping you current, compliant and penalty free.
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Too many accounts and not enough time?
+Our staff of bookkeepers can easily tackle and maintain all of your accounts seamlessly and effortlessly, keeping your records and transactions organized and categorized error-free.
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Cost of a bookkeeper or controller too high?
+Many businesses cannot afford these positions on a full-time basis, but have the need for the analytical skills and higher-level direction these positions provide. With our affordable monthly pricing you do not have to keep an in-house bookkeeper or controller on the payroll. Cancel at any time. Call us at 800.410.8796 for pricing info.
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Too many deadlines to meet or need to know amount of estimated tax?
+50% of business are not in compliance and do not properly make estimated tax payments. With our prompt and timely service, along with intimate knowledge for the rules and regulations, we can keep you ahead of government deadlines, maintain order in your internal financial systems and reduce headaches that come with owning a business.
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Am I liable for my spouse’s tax mistakes and debts?
+If you file a joint 1040, you and your spouse will be liable for 100% of any federal income or tax underpayment for that year. The IRS can potentially go after you to collect the entire unpaid balance, plus any interest and penalties even though you have since divorced. If you were unaware of a pre-existing tax debt, an IRS program exists to help remove spouses from the liability called the 'Innocent Spouse'. Ask us for more information about how this program works.
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How come I have tax liability on my 401K withdrawal?
+If you make withdrawal from a traditional defined contribution plan, you’ll have to pay regular income taxes on the money you withdraw -whether the money came from your contribution, dividends or capital gains.
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I never filed but the IRS says I owe money
+The IRS will create returns called Substitute for returns in order to assess a tax balance against you based off your income without your credits or deductions. Our legal team will prepare the necessary returns and submit them for processing in order to correct these balances. Often this results in the tax amount being reduced or eliminated altogether.
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Are you up to date on compliance, state, or federal laws?
+Our payroll specialists reduce compliance risk be applying state and federal laws associated with your company profile and state.
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Have you had to pay a penalty because of payroll tax errors or missed deadlines?
+Our payroll services will keep track of filing tax forms and deadlines. We can even submit the payroll taxes payment for you. Our software can be tied to submit all your tax payments electronically with your permission.
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I missed an estimated tax payment, will I owe?
+If you are in business for yourself you are normally required to make estimated tax payments. Estimated tax is used to pay not only income tax, but other taxes such as self-employment tax and alternative minimum tax. If you do not pay enough taxes throughout the year you may be charged a penalty. Additionally, if you owe 941 business payroll tax you must get these quarterly payments filed accurately and on time to avoid business levies and vendor garnishments.
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Have an audit and can’t locate the records?
+We can go back as far as ten years and rebuild your books from the ground up, keeping you current, compliant and penalty free.
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Own multiple businesses?
+We can track expenses based on which business they pertain to, and also make sure it is reflected accurately when one business loans another money to prevent penalties.
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How does the IRS select who will be audited?
+The IRS has numerous reasons to select an individual or business to be audited. It varies from Computer scoring of your returns, information matching large corporations etc.
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Should I have representation for an audit?
+Although it is not required it is strongly suggested. Our legal team is experienced in representing taxpayers in the audit process and getting the best results possible. We are able to organize the requested documents, reconcile receipts etc to create a complete packet to provide to the examiner.
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How am I notified that I am being audited?
+You will receive a notice from the Internal Revenue Service by mail. The IRS does not initiate audits via phone. If you are receiving phone calls at random mentioning an audit BEWARE: it may be a scam.
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What can I do if I do not agree with the changes to my return?
+Taxpayers who do not agree with the proposed changes may appeal their case administratively within the IRS, to the U.S. Tax Court. We can assist you even after an unfavorable ruling of your audit through the appeals process.
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Can the IRS audit me at random?
+Absolutely. The IRS has the right to audit any return they determine is incorrect.
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As an employer what type of payroll taxes are you responsible for?
+As an employer you are responsible for withholding and paying Federal income taxes from employees' wages as well as social security, Medicare and state and local taxes.
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When are Federal Tax deposits due?
+At the beginning of each calendar year you must determine whether you will be a monthly depositor or semi-weekly depositor.
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What is a W-4?
+This is a form every employee should fill out so that the employer can withhold the correct federal income tax from your wages.
