Descriptions within our Business

What to do if you are Audited by the I.R.S.
 
  1. The first thing to do is call Ann's office • 336-768-1129 •
  2. Collect all your records and receipts for the year in question
    • NOTE: If you have no receipts, then IRS will not let you take the deductions

No one should go on an IRS audit without representation. That's the reason why Ann is an EA (Enrolled Agent). Ann will go and argue your case to the IRS. Ann has been on more audits then she can count, and this new IRS has all new IRS employees, which means the IRS Auditors are in training. Initially, Ann will go to the audits without the client. This way the client can stay calm, knowing that they are in good hands.

 

 
Enrolled Agent (E.A.) - Ann Lancaster - Your best friend when audited
 

An Enrolled Agent (EA) is a federally-authorized tax practitioner who has technical expertise in the field of taxation and who is empowered by the U.S. Department of the Treasury to represent taxpayers before all administrative levels of the Internal Revenue Service for audits, collections, and appeals.

“Enrolled” means to be licensed to practice by the federal government, and “Agent” means authorized to appear in the place of the taxpayer at the IRS. Only Enrolled Agents, attorneys, and CPAs may represent taxpayers before the IRS. The Enrolled Agent profession dates back to 1884 when, after questionable claims had been presented for Civil War losses, Congress acted to regulate persons who represented citizens in their dealings with the U.S. Treasury Department.

Certified Public Accountant (CPA)

The Uniform Certified Public Accountant (CPA) Examination is the examination that an individual must pass in order to qualify for licensure as a Certified Public Accountant (CPA) in any of the 55 U.S. jurisdictions (the 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, and the Commonwealth of Northern Mariana Islands).

CPAs are the only licensed accounting professionals. CPA licenses are issued by state boards of accountancy in the 55 jurisdictions – there is no national CPA licensure process in the U.S.

The purpose of the Uniform CPA Examination is to provide reasonable assurance to Boards of Accountancy (the state entities that have statutory authority to issue licenses) that those who pass the CPA Examination possess the level of technical knowledge and the skills necessary for initial licensure in protection of the public interest. Public interest is protected when only qualified individuals are admitted into the profession.

The Uniform CPA Examination is one of the “Three Es” – Education, Examination, and Experience – that constitute the requirements for CPA licensure. Of these three requirements, only the CPA Examination is uniform (i.e., it is the only examination that is accepted for CPA licensure by all U.S. jurisdictions), while education and experience requirements may vary from one jurisdiction to another. Candidates for CPA licensure must meet all three requirements. As a result, passing the CPA Examination is not sufficient – in itself – to qualify for licensure.

Structure

The Uniform CPA Examination currently consists of four sections: Auditing and Attestation (AUD), Business Environment and Concepts (BEC), Financial Accounting and Reporting (FAR), and Regulation (REG). These four sections represent a total of 14 hours of testing.

Background

The Uniform CPA Examination developed from the examination that was used for admission to membership in the American Institute of CPAs (AICPA). In 1917, the Institute offered the examination for use in the licensure process by Boards of Accountancy. At that time, Boards in three jurisdictions accepted the invitation. It was not until 1952 that the examination was first used in all jurisdictions.

Until the end of 2003, the Uniform CPA Examination was administered twice a year in the paper-and-pencil format. In April 2004, the computer-based CPA Examination was launched and the paper-and-pencil examination was discontinued. In 2009, the computer-based CPA Examination reached a milestone – one million administrations. A new CPA Examination release is scheduled for 2011.

 

Bookkeeping
 

We maintain generally accepted accounting principles. Appropriate charging of income and expenses to designated accounts set up in a chart of accounts for the customer. This then is compiled into an income and expense statement, or profit and loss, for our clients.

 

 
Individual Tax Returns
 

Everyone who has income over the IRS threshold needs to file a tax return annually.

 
 

 
C-Corp
 

Conducts business, realizes net income and loss, pays taxes and distributes profits to shareholders.

 
 

 
Trust or Fiduciary
 

Income is determined in accordance with the terms of the governing instrument and applicable state laws.

 

 
Non-Profit Returns
 

Exempt organizations are generally required to file an annual information return.