Tag: CPA


Can I convert Non-Deductible IRA into Roth ?

Sanjiv Gupta CPA - 8 years ago
Dear Sanjiv GuptaI have a question about the Roth IRA. I always exceed the income limits to open a Roth individual retirement account. However, I was told that I should consider opening a nondeductible IRA and then rolling it over to a Roth IRA.My question is, A.) Is this possible? B.) Can I do this again and again, meaning this rollover to be done only once, or would I be able to deposit money into a nondeductible IRA and then roll it over into the Roth IRA each year, provided there are no changes in the tax law? Is there anything else I need to pay attention to?— Devish KumarDear Devish,You should look at two aspects when considering the IRA. A.) Tax Benefits Today and B.) Tax Consequences in the future. In an ideal situation, you would like to save in both cases (as much as possible). And therefore it is important to look at the big picture. You should sit down with your tax professional and share your goals and together come up with a game plan to maximize the tax savings.Now, as to your original question, Converting Non-Deductible IRA into RothTaxpayers are limited by AGI (adjusted gross income) levels as to whether or not they can contribute directly into a Roth IRA, however, there are no income limitations in doing a conversion from a traditional IRA into a Roth IRA. Non-deductible IRA has no tax benefit for your current tax year however Roth allows you to take qualified distribution tax-free in retirement. Therefore, it makes sense to do the conversion.Now, Can you roll over your Non-deductible IRA into Roth? – Yes, you can do this every year. This process is known as Roth IRA conversion. The idea is that once you retire, you will typically have more control over investment choices and account expenses with a Roth IRA than you will with your company-sponsored retirement plan.We recommend that you should first consider contributing to your 401K plan and once you maximize there, you should consider investing in IRA. This way you can plan to save today and for the future.Do you have a question for us?You can ask your question by simply posting it as response to on our blog post and we will try to answer it in our future postings.

Free Resources For Tax Preparation

Sanjiv Gupta CPA - 8 years ago
With so many tax rules changes, you may find it very hard to do your taxes online or yourself.  I would like to point out some of the free resources available to help you with your taxes.Let’s start with California Tax Service Center, which has forms and information on important dates, credits & deductions, payment options and how to file your taxes online. The center is sponsored by the California Fed State Partnership, which includes the Board of Equalization, Employment Development Department, Franchise Tax Board, and Internal Revenue Service.You can also find similar information on our website by visiting sanjivcpa.com.I have also notice that many people are concerned about 1099 they are receiving for mortgage forgiveness.  Similarly, low-income folks are curious to know about the earned income tax credit.Here is an easy way for you to see if you qualify for these benefits.Mortgage Forgiveness Debt Relief. Under Senate Bill 401, a law authored by Senator Wolk in 2010, taxpayers can exclude up to $500,000 in income from mortgage debt forgiveness resulting from a short sale or loan modification on a recourse loan. SB 401 applies retroactively to the 2009 tax year and through 2012.The Earned Income Tax Credit (EITC) is a refundable federal income tax credit that helps low to moderate-income working individuals and families keep more of what they earn. Those earning under $49,078 should see if they qualify for an EITC refund by going online to http://www.irs.gov/eitc, or by contacting a local volunteer assistance site.The Office of Sanjiv Gupta can also answer your questions regarding your personal situation. Feel free to give us a call at 510-825-7563.   We are the only month and a half away from tax time and appointments are filling fast.   Get your appointment set up today.

Let Sanjiv Gupta File Your Return Via eFile

Sanjiv Gupta CPA - 8 years ago
What is e-File? During the 1980’s the concept of e-filing was not at all a known term. It was after six years since then that it gradually started getting attention as 25000 returns were e-filed in the USA. To put it in simple terms e-file stands for Electronic Filing or sending of income tax returns through the internet to the IRS or state tax authority. The whole thing can be operated through computers as there is free tax software that contains the complete format of federal e-files. Advantages of e-files: There are several advantages of e-file:When e-filing is done through an electronic process, the tax data and details of tax returns of taxpayers are transferred directly to the IRS computers. This, therefore, reduces manual labor of document scanning. This helps in getting a quicker tax refund. The IRS claimed that e-file is an efficient and fast mechanism and is much less prone to errors compared to traditional tax returns.Another factor that makes e-file a better option is its ability to save taxpayers money and cut on the bulk of paperwork. The IRS commissioner Doug Shulman talks favorably about e-file as he reports that millions of American dollars which are the taxpayers’ money is being saved by e-filing processes. How to pay taxes through e-files? If you choose to pay your taxes through e-file you cannot do it yourself, working in your own manner. There are proper channels that are to be kept in mind. Some has been discussed below:Appointing a registered and licensed tax return preparer.Using software programs like Turbotax or TaxAct. Using the IRS free filing portal. The important information that must be known to all is that while filing tax returns through a tax preparer and software program certain fee-charges are applicable. However, on the other hand, filing with the IRS facility is totally free of cost. Welcome to the CPA firm of Sanjiv Gupta: How we can help?Sanjiv Gupta is a professional financial advisor cum certified public accountant who runs his corporate business in the USA. He and his associates are experts in the field of personal and business tax payment assortments and offer valuable service to their clients through consultation and guidance. The facilities provided by Sanjiv Gupta’s firm are many. The services offered here are not too expensive and the firm’s prime concern is to provide accurate GAAP and tax reporting services. This results in a substantial saving of the client’s money. The company has its own website and every detail of the company have been given in it. Anyone who wants to get professional help regarding tax, business, and financial matters may contact Sanjiv Gupta at his firm address.

IRS Warns of Late Refunds – Check Your Status Now

Sanjiv Gupta CPA - 8 years ago
The Internal Revenue Service has pointed out the fact that refunds have a possibility of getting delayed by about a week. Since this tax season, the new anti-fraud measures will be taken. The bad news is for people who filed tax returns early. The IRS has let tax professionals know that the delay is owing to the putting in place of the technical system that would prevent identity theft cases. This notice has come under heavy criticism.The IRS has included new stringent measures offering additional screening processes to avoid fraud identity cases which have increased in the past years. But, they assure that some of the taxpayers will receive their tax refunds in a timely manner. The delay will particularly affect those who filed returns on any time from the first day of the tax season, i.e. January 17th- January 24th. As the 2012 filing season opened IRS issued a circular for taxpayers using the electronic filing method that said that they would receive their refunds within 10 days. It further pointed out that most of the refunds will be provided within 21 days. Some taxpayers may get their refunds much faster than they thought they would but currently, the taxpayers will expect returns as mentioned in the IRS guidelines.The IRS has also highlighted that the time frames for a refund provided by the “Where’s My Fund” tool on its website will undergo changes. This is so as several factors could lead to alterations of time for refunds. However, IRS apologizes for any inconvenience caused due to this notification. Some taxpayers have reported that the “Where’s My Fund” tool has failed to give proper information and is showing error messages. This technical glitch has been reported to IRS and the answer they gave was that IRS’s fraud screening and detection processes will have an impact on 60 to 70 percent of the returns that have been accepted before 11 am on January 18th as a part of testing on January 10th, 11th, and 12th.Here at Sanjiv Gupta CPA Firm, we do file whenever possible, this is the fastest way to file and get your refund.

IRS Employee Stole Tax Payer Refunds and Filed Fraud Returns

Sanjiv Gupta CPA - 8 years ago
A former Internal Revenue Service employee in the US, Thomas W Richardson of Mansfield, Texas was sentenced to prison for nine years nearly since he was found guilty of identity theft and also of theft of government property. He was also ordered to pay $30,649 for the same. The case had been investigated by the IRS-Criminal Investigation. Trial Attorneys Robert A. Kemins and Jed Silversmith of the Justice Department’s Tax Division, as well as Assistant U.S. Attorney Joe Revesz, prosecuted the case.The US District Judge Jane J. Boyle in Dallas handed down this sentence after being notified that Richardson, the former employee of the IRS had used his expertise on IRS operations to do the wrong act.  However, on being prodded Richardson had admitted to all his crimes. He confessed that from April 15-17, 2006 around the deadline for filing tax returns he presented 29 fraudulent 2005 income tax return sheets.Each of those false sheets claimed a refund of an amount ranging from $215,801 and $473,832. The total of all the tax returns amounts to $7,922,657. He also added that the taxpayers were couples who did a joint filing on tax returns. The Social Security number mentioned on the tax returns was assigned to the names of the husband and wife.  In almost all of the cases, the names on the tax returns matched the name of the individuals to whom these numbers were given. Interestingly these returns were prepared without the knowledge of the taxpayers listed on the tax return sheets.All of the returns directed the IRS to have the payment done from Richardson’s bank accounts. As per the records the IRS made a payment of seven refunds which amounted to $1, 865,401 between May 12, 2006, and May 19, 2006. $30,649 was recovered by the IRS. After this, Judge Boyle had ordered Richardson to report to the Bureau of Prisons on 6th March, 2012.How about your financial information. Is it safe with your CPA or Tax Professional ? Please tells us if you are concerned about your personal information. Being a technical consultant, I will talk about the “security measure” you can ask for when you go visit your tax advisor.

IRS Reminds About FBAR Requirement

Sanjiv Gupta CPA - 8 years ago
In a recent bulletin, the IRS reminded U.S. citizens and dual citizens of the United States and foreign countries who live abroad about U.S. filing requirements, including Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR).Last year IRS and Tax professional promoted the importance of FBAR requirement.  Nonetheless, many dual-citizen taxpayers may still be unaware of this requirement. So, here is another quick overview of FBAR.Generally, FBAR must be filed by U.S. taxpayer having a financial interest in or signature authority or other authority over any financial account in a foreign country if the aggregate value of the accounts exceeds $10,000 at any time during the calendar year. The filing date for FBAR is June 30 and reported on TD F 90-22.1. The form is filed with the Treasury Department and is not filed as part of the tax return of a taxpayer.  Your tax professional can help you file FBAR or you can file yourself by filling out the form TDF 90-22.1.It is estimated by the Association of Americans Resident Overseas that some 6.32 million Americans live abroad.  However, according to the Treasury Inspector General for Tax Administration, only a little more than 534,000 FBARs were filed in 2009.  To close this gap IRS introduced an offshore voluntary disclosure initiative that allowed taxpayers to settle the FBAR requirement for all previous years.Do I have to pay tax if I file FBAR?No – FBAR discloses the foreign interest or account to the IRS and does not impose a tax. However, failure to file it can incur penalties and get you in trouble with the IRS. In fact, A willful failure to file can be subject to civil penalty (up to $100,000 or 50% of the balance of the foreign account, whichever is greater) and criminal penalties.  Non-willful failure to file may be penalized by up to $10,000 per violation unless the failure was due to reasonable cause.In the fact sheet issued by the IRS gave many examples of factors that could point to the reasonable cause of non-willful failure to file an FBAR.Reliance upon the advice of a professional tax adviser who was informed of the existence of a foreign financial account;A lack of any intentional effort to conceal income or assets related to an unreported foreign account that was established for a legitimate purpose; andA lack of any material tax deficiency related to an unreported foreign account.Factors identified as potentially weighing against a finding of reasonable cause, on the other hand, were:Failure by the taxpayer to disclose a foreign financial account to his or her tax return preparer;Background and education of the taxpayer indicating that he or she should have known of the FBAR reporting requirements; andA tax deficiency related to the unreported foreign account.Statue of limitation to file the delinquent FBARs is six-year.  So even if you were not aware of FBAR requirement, you must file the FBAR for the last six years and attach a statement explaining why they are late.

Major Student Loan Defaults : Another Financial Disaster

Sanjiv Gupta CPA - 8 years ago
A nationwide survey of US bankruptcy attorneys has revealed that four out of five more clients have been found to be struggling with student loans. It has been noticed that the number of student loan debtors have increased drastically over the last few years. About 25% of 860 attorneys found that their number of student loan cases has increased by more than 50 percent as reported by the National Association of the Consumer Bankruptcy Attorneys. The picture currently is such that it looks a lot like the nation is about to face a huge catastrophic financial meltdown.This disturbing trend has raised an alarm in the nation. Most of the bankruptcy attorneys interviewed have reported that very student loan debtors have a chance to get rid of their loan owing to hardship. Most of the attorneys are finding it difficult to separately classify student loan debts to debtors.  Some attorneys who were surveyed say that some cases are almost 15 years old and are still being pursued. This spells for a huge loss for both the lenders and the debtors.After an array of surveys conducted it has been found that it is not only the school-goers who are faced with this problem but also college students. College tuition fees are also spiraling way out of limit which has resulted in more students taking loans to pay college fees. With so many college students being burdened under debt the chances of going bankrupt are huge. Of the borrowers who started their repayment schedule on the year of graduation, almost 25 percent of them have failed to return the loan later and 15 percent have dropped out. Another newspaper group says that seniors who graduated with loans in 2010 owe a tax amount of $25,250 which is a 5 percent boost from the previous year.  With the growing unemployment situation, they failed to pay back the loans.Another research into this situation has revealed that it is not just the students who are shouldering the burdens but also the parents. Guardians who cosigned loans to help pay for their children’s education are also facing trouble. Loans to parents have seen a major jump to 75 percent since the year 2005-2006. Parents share an average of $34,000 in student loan the study reports. This figure will eventually rise to $50,000 over a standard 10-year loan repayment period. This makes the situation bleaker and the future unstable!The study also reports that due to the current unemployment situation people in the age group 35-49 are found to be borrowing loans more often. This is so as many out of work Americans are opting for retraining and new educational degrees in order to bag a job. The report thus warns that this blossoming student debt brings in the possibility of a major economic threat to America.Are you planning on taking a Student Loan? Have you consulted with your CPA?

Freelance? Get Ready For IRS Audit

Sanjiv Gupta CPA - 8 years ago
Do you make money freelancing or doing consulting work?  You need to be extra careful with your tax returns as there is a good chance that your return may be audited. So, get ready in advance and avoid future trouble.“It is no secret that freelancers and self-employed people get audited more often than others,” said Sanjiv Gupta CPA.   He further explained that with a huge IRS budget there are more free agents than ever, the I.R.S. wants to take a closer look at self-employed and freelance professional’s growing numbers and make sure they’re doing their taxes correctly.In recent years the number of people doing consulting and freelancing has increased mainly due to layoffs and hiring freeze.   Consulting is a great option for expert professionals but one needs to be careful when it comes down to filing taxes.Similarly, Small business owners are at risk of being audited.  According to recent surveys,  if you’re a sole proprietor, you’re almost three times as likely to get audited as a corporate filer.  This may be a good reason to incorporate your business.   According to IRS, auditing small businesses is not because they don’t like small mom and pop shops but its because they are more likely to find errors and omission in small business owner tax returns.Small business owners should consult with their Certified Public Accountant to make sure taxes are filed properly.  This will significantly reduce their chances of being audited.  At the very least, you will have peace of mind that there are no errors in your tax return.

How Much Are You Paying For Your 401(k) Plan?

Sanjiv Gupta CPA - 8 years ago
How Much Are You Paying For Your 401(k) Plan?Have you ever wondered “How much are you paying for your 401(k)?”  There is a good chance that your HR has not discussed this particular figure with you but starting Aug. 30, that will change.An unprecedented policy change, the U.S. Department of Labor will require employers or administrators of 401(k) plans, to disclose how much they are charging to operate these retirement plans.   This new policy is being welcomed by many certified public accountants and financial advisors including my boss, Sanjiv Gupta CPA.“Some employers or administrators may be getting worried because they may not want to openly discuss this particular figure,” says Sanjiv Gupta, CPA.The cost of retirement plans can vary but you can expect anywhere between .3 to 2% if your account balance is less than $50,000.   Some of you may even choose to move your retirement plan once you know the exact cost of your plan.“You don’t have to wait till August to find this number. Simply ask your CPA or Financial Consultant.  In simple terms, this cost can add up to hundreds of thousand dollars over you the life of 401K account.” advises Mr. Gupta.You should also note that employees of small companies are probably paying more for their 401K account than the employees of a larger company.  Larger employers have more leverage and usually have better and cheaper retirement plans.New companies or companies will a lot of newly hired employees are also likely to have a higher cost and this higher cost ends up divided among participants.Before you go all nuts about the cost of your retirement plan, let me remind you that understanding the true costs of a 401(k) hasn’t been easy — even for employers but that is about to change. You should expect this in the mail or on your desk very soon.You will receive a 20-page document will a lot of information divided into 2 main sections. Along with your investment options, you will also get an explanation of administrative expenses and fees such as legal, record keeping and accounting. You will also get an explanation of what kind of fees and expenses can be deducted from your account.You will also get investment-related information: You will get some financial information about the historic performance.And benchmarking information comparing investment with the broad-based market indexYou will also get some other annual operating expense report but it’s not free.   The cost for providing this information is about $4 and your employer is allowed to subtract this from your 401(k) quarterly. What can you do with this kind of report? Start by asking some questions to yourself.What are the total all-in fees and expenses?What are we getting a return for the cost?How much it will cost me over the life of retirement account?This new will make employers look twice at the price they are paying for 401 (k) plans and motivate them to offer better options.  At the same time, employees should not focus solely on plan costs.  You may get some really good fund managers or some really good fund options.You should also note not to put too much in your company stock.  This can be seriously dangerous if your company's financial health gets in trouble.401(k) plans are important decisions and you should consult with your CPA or financial consultant on a quarterly basis to make sure you are getting the most for your money.

Winners Of Starbucks Gift Card

Sanjiv Gupta CPA - 8 years ago
We started the “Win a Starbucks Gift Card” program in March of 2012 hoping it will encourage visitors on sanjivcpa.com to interact with us. The results of the program were better than expected.  We received numerous emails, folks shared our site on Facebook and Twitter, subscribed to the newsletter and posted comments.We hope visitors found the information on our site to be very informative and helped them save some taxes.  We will continue to bring similar promotions every month and continue to provide visitors with great tax and accounting related information.Here is personal thank you email I received from Sanjiv Gupta, thanking the winners of March 2012 Program:Thank you for participating in Starbucks Gift Card Program.  We appreciate your comments and suggestions.  Please send us a message via online form on our home page with subject line as requesting Starbucks Gift card along with your address and we will mail out the gift cards to you.Here are the names of winners: (we already have your email addresses, please send mail using the same email address you used while submitting your comments.)Sunil NagpalStudent  (Didn’t left the name)Anand DeshpandeRajiv Sharmadesi boyz7Abhey SharmaCongratulations and Thank You. Sanjiv Gupta CPA. Winners need to email us using the contact us form on our site with their address so that we can mail out the gift cards.  Please make sure to use the same address you used last time to submit the comments.Want to know our next promotion?What can you win in April by simply posting comments or sharing us online?In the month of April – We will be giving away Dinner Certificate for Two. Yes, Dinner on Sanjiv Gupta CPA.   But where?  None other than your Favorite Indian Vegetarian Cuisine, Chaat Bhawan.

FBAR | Forign Bank Account Reporting: June 30th 2012

Sanjiv Gupta CPA - 8 years ago
FBAR | Foreign Bank Account Reporting Deadline June 30th, 2012If you live in San Francisco Bay Area, you must have heard Sanjiv Gupta CPA talk about FBAR filing.   Sanjiv has been explaining FBAR on TV and Radio for the last couple of years.  We have talked about FBAR on our blog a lot as well.  None the less, there are many questions still floating around and folks are sill finding confusion about FBAR.One of the most common questions our client ask us is:Do I need to file FBAR on April 17th along with my tax return?No – FBAR deadline is June 30th and you need to send it to a different address (than your tax return)I filed FBAR this year but didn’t file for the last several years. What should I do?Well, it depends if you were required to file the FBAR or not.   You should start by consulting with your CPA or Attorney to make sure if you were required to file the FBAR or not.   Once you the answer, you can work on the strategy to deal with the situation.Can I file past due FBAR?Of course, you can but please do note there are penalties for late filing.Is there a way to avoid penalties?Maybe – you will need a good reason.  You will be required to explain why you didn’t file FBAR in the first place?I live in San Jose, Santa Clara, Cupertino, Palo Alto area and didn’t know that I have to file FBAR?More than likely this statement won’t work.   You need to work with your accountant or attorney to clearly explain why you didn’t file FBAR.  You may not know about FBAR but you still need to articulate your argument.  According to the IRS website, Here are the penalties for not filing the FBAR :Failure to file FBAR PenaltiesThere are very heavy penalties for failure to file FBAR.  The following chart highlights the civil and criminal penalties that may be asserted for not complying with the FBAR reporting and recordkeeping requirements.ViolationCivil PenaltiesCriminal PenaltiesCommentsNegligent ViolationUp to $500N/A31 U.S.C.§ 5321(a)(6)(A)31 C.F.R. 103.57(h)Non-Willful ViolationUp to $10,000 for each negligent violationN/A31 U.S.C. § 5321(a)(5)(B)Pattern of Negligent ActivityIn addition to the penalty under § 5321(a)(6)(A)with respect to any such violation, not more than $50,000N/A31 U.S.C. 5321(a)(6)(B)Willful – Failure to File FBAR or retain records of accountUp to the greater of $100,000, or 50 percent of the amount in the account at the time of the violation.Up to $250,000 or 5 years or both31 U.S.C. § 5321(a)(5)(C)31 U.S.C. § 5322(a)and 31 C.F.R. § 103.59(b) for criminal.The penalty applies to all U.S. persons.Willful – Failure to File FBAR or retain records of the account while violating certain other lawsUp to the greater of $100,000, or 50 percent of the amount in the account at the time of the violation.Up to $500,000 or 10 years or both31 U.S.C. § 5322(b) and 31 C.F.R. § 103.59(c) for criminalThe penalty applies to all U.S. persons.Knowingly and Willfully Filing False FBARUp to the greater of $100,000, or 50 percent of the amount in the account at the time of the violation.$10,000 or 5 years or both18 U.S.C. § 1001,31 C.F.R. § 103.59(d) for criminal. The penalty applies to all U.S. persons.Civil and Criminal Penalties may be imposed together. 31 U.S.C. § 5321(d). Want to Learn more about FBAR | Foreign Bank Account ReportingHere are some links to other FBAR discussion on Sanjivcpa.com Offshore voluntary disclosureSanjiv explains FBAR on TVIRS reminds FBAR requirementsDo office of Sanjiv Gupta CPA files FBAR | Foreign Bank Account Reporting?Yes | We help both businesses and individuals with FBAR filing.  You can call our office at 510-825-7563 to make an appointment. Do you only offer FBAR for Fremont Residents?We have clients from across the globe filing FBAR using our services.   However, most of our customers filing FBAR are of Indian origin and usually located in Fremont, Hayward, Santa Clara, Sunnyvale, Palo Alto, Cupertino, San Jose.  We serve clients from the San Francisco Bay Area.Are you open on weekends?Yes, we are open to atleast on Saturday.I am not sure if I need to file FBAR, Can you help?It is a good idea to make an appointment to understand if you should file the FBAR or not.  As you know, the consequences of not filing (if required) can be painful.  Sanjiv Gupta CPA can sit down and learn more about your situation and advise if you should or you should not file FBAR?I live in the San Francisco Bay Area but can not come to your office?We offer an appointment by phone and video conferencing.  Give us a call and we will try to find a solution for you.

LLC Formation | Limited Liability Corporation Set Up| San Francisco Bay Area

Sanjiv Gupta CPA - 8 years ago
LLC Formation | Limited Liability CorporationSan Francisco Bay AreaWe help setting up LLC (Limited Liability Company) in San Jose, Sunnyvale, Fremont, Santa Clara, Cupertino, and the entire San Francisco Bay Area.Planning to set up a new business and considering Limited Liability Corporation in California?  The Office of Sanjiv Gupta CPA can help you get started on the right foot.  Before setting up your new company, you need to answer any questions and we can help you find those answers.What kind of business are you setting up?Are you a US citizen or green card holder?Do you have partners? If yes, what are their status in the US?How do you plan to exit out of your business?Do you plan on selling your business?These are just some samples of questions we discuss when setting up your company.   The idea is that you must select a proper legal structure of your company so that you can exit or sell your business in future.Ready to set up your LLC or Limited Liability Corporation in San Francisco Bay Area?Start by setting an appointment with Sanjiv Gupta CPA.  Sanjiv will sit down with you to understand your business and advise on the proper legal structure.  This appointment is very interactive and we recommend you write down your LLC or Company Formation questions on paper.   You will find this appointment very informative and helpful.I can’t come to your office but can you help me set up my LLC?The first thing is that you need to make if LLC formation is the right thing to do.  Yes, we can do the LLC formation via mail but we still recommend an appointment.  If you can’t make it in-person than we can do a phone appointment.Ready to make an appointment with Sanjiv Gupta CPA?Call our office at 510-825-7563

Red Flags | Invite For An Audit

Sanjiv Gupta CPA - 8 years ago
One of the common questions asked by Tax Payers is “Can I get audited?” or “What can flag my tax return for an audit?”. These questions bug so many taxpayers that we are often bombarded with the same question via email and phone calls.Good News | Less than two percent of taxpayers get audited a year. Your chances of getting audited increase with your income. How IRS selects tax returns for audit is “Top Secret” and I would assume that even the IRS employees don’t know the answer to that question. However, experts presume that it is a combination of multiple factors that may prompt your tax return for audit. You will need to have multiple flags in order to get audited – but you never know.1. Making Calculation/Math Error(s): “This is simplest but one of the common flags for an audit,” says Sanjiv Gupta, CPA. Most taxpayers use computers these days and this reduces the risk of a math error. However, the software depends upon the data you enter. So if a moved a couple of zero’s here and there – you may be called for an audit. Sanjiv pointed out that common math errors typically time pressure. Folks trying to do their tax return at the minute are more prone to making a mistake.2. Taking Abnormal deductions. How about $100,000 charitable donations from someone making $50,000 year – possible but outrageous. If something is out of ordinary, attach proof with your tax return.3. Submitting inconsistent information. What happens if you report income of $25K but your employers report $45K? Audit, of course. Make sure information going to IRS from all places matches with numbers you put on your tax return. This is especially true if you were paid in cash or have any kind of reported income.4. Making More Money. Yes – you have a better chance of getting audited if you make $200,000 or more. How much more you may ask? Recent IRS data shows that audit of taxpayers making $200,000 increased by 34& during 2010 tax year. Just imagine, how is it like if you are making over 1 Million dollars.5. Filing a business return. Most businesses run into losses every now and then. However, if you show loss three out of five years than you are at higher risk of getting audited.6. Taking home office deductions. This sounds like an easy deduction but big guys at IRS are looking out for home deductions.7. Handwriting your return. Still, filing paper tax return? It is a well-known fact that handwritten tax returns have more errors than the ones generated by the computer. Guess what, IRS knows this too.

Legal Zoom Alternative In San Francisco Bay Area

Sanjiv Gupta CPA - 8 years ago
Sanjiv Gupta CPA firm is a great alternative to legal zoom business and corporation set up offerings.  We serve clients from Fremont, San Jose, Cupertino, Palo Alto, and the entire San Francisco Bay Area. Our firm set up Corporations, LLC, S-Corporation, Partnerships, and Sole-Proprietorships. If you are thinking about starting a new business than Sanjiv Gupta CPA firm can be a great choice over the Legal Zoom online website.Why Should You Do Business With Sanjiv Gupta Instead of Legal Zoom?Starting a new business requires proper planning both from a tax perspective and long term survival of the company.   What kind of corporate structure you set up should depend upon how your business will operate and how you plan to exit your business.  This kind of advice is hard to get from Legal Zoom or other online corporation set up practices.  When you sit down with Sanjiv, you will understand why you should choose one kind of business structure over the other.  You will learn how one structure can save you thousands of dollars in taxes.  You will learn how you can exit out of the business when you are ready to sell or retire.Online practices like legal zoom do not focus on customized and individual service but firms like Sanjiv Gupta can deliver exceptional value to new business owners in this arena.   In addition to setting up your company, you can also learn about tax saving strategies and how you should handle payroll and other taxes.Is Legal Zoom Cheep?Legal Zoom is only doing paper processing.  You decide how much paper processing should be worth.  You should still consider consulting with your CPA or attorney even if you started your business using Legal Zoom.Can you do this yourself?Of course, you can do the paperwork yourself.   But the key is to identify what makes a long term success.  Saving money on important tasks as setting your company may not be a wise move. You may end up paying extra taxes just because you picked a wrong structure or timing of setting up your company was wrong.Is it as easy to set up a company with Sanjiv Gupta CPA firm as with Legal Zoom?This one is a tricky question.  Sanjiv Gupta CPA firm specializes in a customized solution that can be a good fit for the long term.  Therefore, you must set up an appointment with Sanjiv Gupta before we can set up your corporation or LLC.  You may consider it an extra step but this can very useful and save thousands of dollars in taxes.Ready to set up your business. Give us a call at 510-825-7563 or visit us online at sanjivcpa.com

Non Profit Tax Filing | Due Date is May 15th 2012

Sanjiv Gupta CPA - 8 years ago
Tax time is over? Not for everyone.Exempt Organization needs to file their tax return by May 15th, 2012.  Non-Profit tax returns are complicated and very tedious.   We strongly recommend that you consult with CPA for the filing for tax return.   Our office can also help with your non-profit tax return.Not-Ready to file your non-profit tax return?No problem. Simply file for an extension. You may incur penalties if you file a tax return late without filing for an extension.What do I need to file:  There are many requirements for filing the tax return but the key is Form 990 and its related schedules. This form and schedules include a significant amount of financial reporting. Here are just some of the things you will need.Revenue and Income Statement:  This should include categories (e.g. salaries, postage, rental revenue),Balance Sheet:  Once again, this sheet should include categories (e.g. cash, accounts receivable),Statement of Functional Expenses:  Tell how all expenses are allocated to either program services, fundraising, or operations.Expenses Report: This report should have all expenses divided into individual program services (e.g. mailings, a seminar program).Revenue Report:  This report should include the details of sources of revenue, with categories.  Basically, the IRS wants to know how money was raised.As you can see IRS wants the detail of your operation including income and expenses.  This can be quite tedious especially if this is your first time filing the return.  Also, note that the IRS provides specific categories and classes for revenue and expenses.  Your tax return can be quite complicated if are not using these categories.Our firm can help you set up a proper bookkeeping practice for the non-profit and help you file your tax return.

How To You Choose Right CPA For Your Business ?

Sanjiv Gupta CPA - 8 years ago
Are you considering changing your CPA or Tax Accountant?  I am hoping this blog post can help you make the right choice this time.Let’s start with basic, your CPA or Tax Accountant should already have a client base similar to you.  He should be able to understand your business and advise you on the financial aspects and pitfalls of this kind of business.   If you are set up a corporation or LLC than also make sure your CPA has specialization in this field.   You may want to find out how many financial statements, audits and corporate tax return your CPA is currently making.  This will give you a good idea about his practice.Interview Potential Certified Public AccountantYou are about making an important hiring decision.  You should interview your CPA just like you interview a potential employee.  Great CPA can bring lots of value to your business.  He or She can save taxes and protect your bottom line.  Make sure to ask all of your questions along with a reference.  Also, make sure to see and verify their license.  You can also ask the CPA about their competitive advantage.  In other words, How do they differ from the rest of CPA’s in your area?Cheapest Is Not Your Best CPAThis may sound obvious but you do need to carefully analyze the cost of CPA services.   One CPA charging more may be providing extra services and therefore you need to ask your CPA to justify the cost.  Find out if they have a rate chart that contains the details of their service.   You may also want to ask them about the monthly fees instead of the yearly costs.Do They Do BookkeepingDon’t settle for a generic answer; Yes.  Ask more detailed questions like what program do they use and why they use that over the other.  Is that program compatible with the program you are currently using at your business?  Will you need to buy an additional program?  Are they going to do bookkeeping at your site or remotely? How will you get your paperwork to them?Can They Estimate Your Next Year TaxThis is a great way to see how qualified your CPA is.  Simply give them your last year's tax return and give them an estimate of your revenue increase or decrease this year and let your CPA give you a guesstimate for next year's taxes.    You will understand a whole lot of tax management with these simple questionsHow Do They File Your Tax ReturnFind out how your CPA wants you to do bookkeeping and accounting.   Their suggestion can save you lots of time during tax time.  Ask your CPA if they can file and what documents do you need?Your CPA is a Corporation or an IndividualWith so many CPA’s at your service, it can be hard to pick the right one.  But you can at least make an attempt to find a perfect match.  If you are looking for a big corporate office with lots of employees then you may want to find a large audit firm but if you want personalized service than look for an independently owned CPA firm.  In either case, find out who you will be working with and make sure to interview that person.Hours of OperationMake sure your CPA is available when you are ready to meet with them.  Find out if they are open on weekends? Do they respond via email?  How easy or hard it is to get an appointment.  Do they give special treatment to yearly clients vs walk-ins?Set ExpectationsOnce you have interviewed and pinned down the right CPA, make sure to set some expectations. For example, after the submission of paperwork when can you expect your work to be done.   This will come very handy during the next year's negotiations.

Tax Strategy For Facebook Stock Holders / Employees

Sanjiv Gupta CPA - 8 years ago
Are you one of the lucky Facebook employees who received millions in Facebook stocks?  Are you giving away half of your stocks just to pay for taxes? Are you looking for a strategy that can save thousands of dollars in taxes?  Then you need to make an appointment with your CPA as soon as possible.   Time can play a big factor in how much tax you will end up paying.You may also be aware of Facebook selling some of your shares to cover the tax withholdings.   How much tax should be withheld?  Each situation is unique and Facebook may not be aware of each individual tax status and therefore can not accurately determine how much tax to withhold.  However, this won’t stop them from selling your stocks.Are you thinking about renouncing your citizenship like  Severin to avoid paying millions in taxes or do you have any other tax strategy in place? Well, if you don’t then you should think about it.   Your CPA should be able to help you come up with one.   In most cases, it is very late to renounce your citizenship but you may have some other options to avoid paying huge taxes.  Moreover,  “There is a  law known as the Reed Amendment which explains that if the Attorney General determines that a U.S. citizen renounced citizenship for the purpose of avoiding tax, the former citizen may be barred from returning to the U.S.” explains Sanjiv Gupta CPA.   You can look at your capital losses to help offset the gains from Facebook stocks., he added.“I am not going to sell any of my stocks than why do I owe taxes ?,” ask Facebook employee aka 21st-century millionaire.As a Facebook employee, you received restricted stock units, or RSUs, that don’t turn into actual stock until there is what is defined as a liquidity event.  Liquidity event is a taxable event and  Facebook IPO is one such event.  In other words, you now owe taxes.  Sanjiv Gupta explains that the IRS considers income from stocks as regular compensations and should be taxed as any other regular income you may earn.In other words -Income from RSU turned stocks is not taxed as long-term capital gain tax. Instead, they will be taxed as your regular income based upon your tax bracket.   You will be taxed both California Tax and Federal tax.Just in California State Tax, you will pay about 9.3% plus a 1% surcharge if your net taxable income is over 1 million dollars.  Now add your federal income tax bracket on top of this and you may be close to 50% in taxes alone.That is lots of taxes.   Grab your phone and set up an appointment with your CPA to discuss your situation.  You can also consult with Sanjiv Gupta by calling 510-825-7563.

How To Start A Start Up ?

Sanjiv Gupta CPA - 8 years ago
We are almost at the end of May and weather is starting to get hotter by the day. This weekend, in particular, felt hotter than previous weekends.   Temperature is almost the same as last weekend but I am feeling it a bit hotter.   Maybe  its because of Facebook.   The company has created hundreds of millionaires in the bay area and things are really starting to get hot around here.When we hear stories like Facebook, an entrepreneurial sitting in us may ask “how to start a start-up like Facebook ?”A startup like Facebook means a very successful start-up.  How do you do it?Ingredients for a good start-up and well known.  You need good people with great skill sets, make something that customers actually want and do it with the least amount of money possible.   You don’t need to invent something new or come up with a super cool idea.  You just need something that is much better than what’s currently available.If the formula is well known than how come we do see IPO’s like Facebook every day?I recently met with the CEO of one of the leading franchises in the United States who invited me to consult on their marketing strategies.  After carefully listening to my ideas he commented that ‘I also have lots of ideas but we often fail to implement those.”  This reminded me of a phone call a couple days with the CEO of a leading restaurant owner in Fremont.   He made a similar comment.   I meet with many business owners and CEOs of small and medium-sized companies and all of them have great ideas but they either fail to implement their ideas or invest in wrong ideas.The truth is the failure is usually due to a lack of implementation.  Some fail to put the right people in right place, some spend time, money and energy on the wrong product and some spend so much money doing it that they go brook long before they can become profitable.Recently example of such failure in  Silicon Valley was Solyndra.  They picked the wrong product and spent millions of dollars in taxpayer money only to lose it all within months of initial government back funding.How do you get the right people in the right place?This one is probably the most tricky part.    People involved within your company can be your relatives, friends and they may or may not be the right fit for the job.   Do you keep running the show with them or do you find the right person for the job?A common solution is to keep a friend or relative until the company becomes profitable.   This strategy may work if you only have a couple people in the wrong place and they are not providing a substantial amount of support.   However, most companies will fail if they continue on this path.You need to find the right place for the right people.Building something people will like?This is what we call market research.  Find the answer before you spend thousands of dollars.   We are living in a computer age and you can research almost anything.   You can hire professionals like Fixtro to do market research for you.Gather all the information you need before you start.  Some people even call this a feasibility study.Doing it for as little as possible?Should you open office in Stockton CA or San Jose CA? Should you travel or do video conferencing? Should you hire employees or consultants?  There are probably hundreds of decisions you need to take to cut the cost on a daily basis.   Good CPA or in house financial consultant can help you cut costs.Some new business owners cut corners instead of cutting costs.  Having a good CPA can help you avoid such mistakes.   Good CPA can also help you keep most of your earnings in your pocket instead of paying it in taxes.Ready to start a startup?You can contact the office of Sanjiv Gupta CPA for tax and company advice and you can talk me to for business research and marketing.

IRS and YouTube Partnership To Educate You

Sanjiv Gupta CPA - 2 years ago
Internal Revenue Service has partnered up with an online video site, YouTube, to deliver its message to the general public.  You can find hundreds of useful tax-related videos on YouTube.   You can estimate the popularity of this combination by looking at the viewership of the IRS channel.  Over 1.7 million views make the IRS YouTube Channel the fifth most viewed online channel out of more than one hundred and twenty-five YouTube Channels.IRS conducts online webcasts on various topics and posts those webcasts as the video’s on YouTube.  You can participate in an online webcast to ask your questions live to an IRS agent or simply view the video’s to enhance your knowledge.  During tax time you find videos about last-minute tax tips or how to arrange a payment schedule with the IRS.   However, you will also find a wealth of knowledge even after tax time.Just last month, IRS conducted a webinar called “Small Business Advantage: Put our knowledge to work for you.”  The webinar was over one hour long and included multiple resources to help small businesses thrive.You can easily find the IRS YouTube channel by simply typing IRS in the search box on YouTube.Sanjiv Gupta CPA advises all his clients to learn from online videos but don’t depend upon that advice entirely.  Often time interpretation of online video can cause quite a bit of confusion and usually end up costing penalties and late payment charges to taxpayers.  ‘You should watch the video to understand the basic concept but always consult with tax professional to understand how you can apply the concept in your business” explains bay area’s popular certified public accountant Sanjiv Gupta.

What is AICPA ?

Sanjiv Gupta CPA - 8 years ago
AICPA is an acronym that stands for the American Institute of CPAs. This is a mother organization that combines all the CPAs in the country. This organization has some pretty good ideas on the tax policies and their implications for the normal citizen in the year 2013. The skill required to analyze and completely take advantage of the tax issues in today’s world are complex in many ways. This means that today’s tax CPA faces a mountain of a task in trying to decipher the challenges that the new tax laws portend. The AICPA provides an avenue through which CPAs across the country are able to communicate, interact and come up with a system of practices that can be used across the country. The AICPA offers a number of avenues through which individuals can be helped. It is split into three major departments: advocacy, practice support and professional standards and ethics. In essence, the institution provides support to the CPAs across the country in the performance of their duties.What is the AICPAs opinion on the new tax bill that is before the congress? Officially, the AICPA has no stand on the tax bill. As a unit, it is their work to implement policies that are being put in place by the government and the politicians. However, they also play a very important part in ensuring that the policies actually make sense. This means that they consult actively and engage the relevant bodies in the process of policy making as they try to create a tax policy that makes sense and maintains the rule of equity and equality.Through their advocacy plan, the AICPA petitions various federal regulators and members of Congress on behalf of its members, touching on a wide range of issues that affect CPAs in general and taxpayers. In fact, the institution has in the past successfully sought guidance as well as a raft of changes to the regulations and tax administration. All these were done in a bid to ease the return preparation as well as repeal a number of burdensome reporting requirements that the law had put in place.The AICPA has a tax division that provides a number of tools and aids that may include, journals on current tax laws, checklists, engagement letters, and webinars. All these resources are designed to help its members provide the best services possible in the regions in which they practice. The AICPA has over the years acted to the benefit of its members and the public in general. The changes in the tax bill are expected to have far-reaching impacts in the coming year. The AICPA is expected to play a large part in not only designing the eventual policy that will be placed in the public domain but also in its implementation. Through their different arms, the AICPA is expected to be key during the next financial year; on a larger scale, the AICPA will play an important role all through the next four years.

Tax Rules for Hobbies and Businesses

Sanjiv Gupta CPA - 7 years ago
If you are a regular taxpayer probably you would beware of the fact that taxpayers treat hobbies and businesses in a different way. For starters, this article tries to explain how both of them are different from the perspective of tax payments.Let us consider two examples to understand this case better.Example 1: Assume that a particular individual is an Assistant track coach at a University, athletic coach for Nike and is associated with a lot of other coaching events related to tracking and field events. The individual is also into private coaching activities that help the individual earn money. Over the past decade, the individual has incurred huge losses. So according to Section 183 of the IRC, if the individual’s income is more than the deductibles, then it is taxable. Else the activity is considered a hobby and is exempt from tax though it is considered a ‘for profit’ activity. Some of the factors that weighed in favor of the individual were that his income was less than the deductibles and also the individual had devoted a large portion of his personal time to the activity which affected the individual’s marriage and life.Example 2: In this case, let us assume that the individual has been a very successful salesperson professionally and operated a sprint car racing activity as a hobby. The individual had a passion for racing activities and was actively involved in racing for various groups in the early days of his career. Finally, after racing for a few years, the individual purchased his own racing equipment which included a fleet of cars, a full-sized semi-trailer and a shop that was taken on lease. Recently when an audit was conducted, the individual claimed that he had incurred continuous losses for over a decade and hence could not pay taxes. The tax court, taking into account the maturity level of the activity and the sustained losses incurred by the individual ruled in favor of the individual. The court placed particular emphasis on the fact that that taxpayer indulged in the racing as a hobby and did not have an honest objective or goal to make profits through the activity. This is a classic ruling wherein the tax court clearly differentiated between a business and a hobby based on the intent and the profit motive of the individual.For taxpayers, it is essential to know the difference between a business and a hobby as the tax implications may vary depending on the context. Anything to do with a profit motive and where the income is more than the deductibles, the case gets slotted under a business rather than a hobby because there is money incurred as profit by the individual. A hobby is something that is purely pursued out of passion with no regard to profit and loss.If you are still confused, you could take the help of qualified CPAs to understand the context and the tax liability owed to IRS. It is always better to get things sorted out earlier than to struggle through after an audit by the IRS.

Tips to Maximize Tax Savings

Sanjiv Gupta CPA - 7 years ago
You may be working hard and earning big money but what is the use when you have not planned your taxes properly? Not planning for tax payments is as good as being unemployed because a lot of hard-earned dollars are wasted in paying taxes due to the lack of planning. So it is imperative to plan for tax payments, well in advance.Here are a few tips, from well-accomplished financial consultants, that may help you to maximize your tax savings and have more money in hand to spend for yourself.Working for a companySometimes it is good to work for someone than have your own business. Wondering why? Let me explain. By working for a company or by being on someone else’s payrolls, you may have to take a cut in your pay package. Nevertheless, you may still be left with more take-home money than what you had when you owned a business because you end up paying less in tax. For example, if you were working for a University as a professor, fringe benefits such as health insurance and worker’s compensation would take a big chunk of your salary thereby leading to lower tax payments.Combining vacations with Business TripsGoing on expensive vacations may burn a big hole in your pocket in terms of tax payments. But if these vacations are combined with business, there could be a lot of savings in terms of tax payments because hotel bills, meals, and car rentals are partly deductible from tax payments. But this is not a good practice to follow always as there could be a lot of questions from the IRS when this becomes a regular pattern. So, sometimes it is better to pay taxes fully for expensive vacations than claiming for deductions.Keeping a tab on Business related expensesNormally when on business trips we are lax and do not keep a tab on the expenses incurred during the trip. It is critical to keep track of all these expenses because, in the case of an IRS audit, it is this information that will come in handy to substantiate expenses incurred during a business trip. Also, it is a good practice to tag all business transactions to a single credit card. By using the same credit card for all business-related expenses, the expense statement from the credit card company can be used to back up claims made towards expenses incurred during a business trip.Employing your SpouseThough a little tricky, this option provides a lot of tax savings. Being your spouse’s employer you can claim for health reimbursements that cover out-of-pocket medical expenses such as spectacles, co-payments and dental costs with pretax dollars. But under these circumstances payroll tax payments are unavoidable. In order to claim for tax payments under this option, it is imperative to have an employment contract, signed by your wife and a perfect timesheet recording your wife’s working hours. It is very important to keep track of payroll tax payments because payroll mistakes can completely wipe away the tax savings.While these are just some of the many tax saving options available, it is always advisable to seek the guidance of a qualified CPA in order to maximize tax savings.

Debt Financing Advising

Sanjiv Gupta CPA - 6 years ago
Sanjiv Gupta CPA specializes in structuring and raising capital for middle-market companies. We are fully dedicated to meeting the debt financing needs of publicly traded, privately-owned and sponsor-backed growth companies. Our focus is on companies looking to raise money through creative financing solutions.We structure and place various structured, senior and subordinated debt and equity products for borrowers with varying credit quality and sizes. Sanjiv Gupta CPA works to assist both the financial sponsors and borrows to address the financing needs in a cost-effective and timely manner.What Is Debt Financing?Debt financing is when companies raise money for capital expenditures or working capital by selling notes, bonds or bills to institutional or individual investors. Individual lenders can include officers, shareholders, directors, friends or family. In return for lending money, the institutions or individuals become creditors. They receive a promise that the funds will be repaid plus an agreed-upon level of interest. Although the term ‘debt financing’ has an undesirable connotation, many new start-up companies turn to debt financing to finance their operations. Even the healthiest balance sheets include some debt.Debt Financing AdvantagesMaintain Your Ownership: One of the major advantages of debt financing is that you will maintain ownership of your company. When you borrow money from a lender, you have an obligation to make all of the payments on time. However, that is where your obligation ends. You will then be able to run your business operations however you would like. Unlike equity financing, you will not have any outside inferencesTax Deductions: In addition to maintaining your ownership, you will also qualify for tax deductions on the debt. In most cases, both the interest and principal payments on business loans are classified as business expenses. Therefore, they can be deducted from your company’s income taxes.Reduced Interest Rate: When you are considering debt financing, you should analyze your federal tax deductions on the debt’s interest rate.Speak with a Sanjiv Gupta CPA debt finance advisor to find out all of the benefits of debt financing.Debt ArrangementsMost debt arrangements will involve a promissory note, loan agreement, and guarantee. Contrary to popular belief, there is no such thing as a standardized loan agreement. Virtually all terms can be negotiated for any debt you take out behalf of your company. Sanjiv Gupta CPA will help you negotiate the best deal for your debt financing. We will help you work through various issues including:Parties (including guarantors and co-signors)Interest rateFees (including attorneys’ fees)Terms of payment (including the grace period, prepayment and late fees)Use of loan proceedsCollateralAffirmative covenantsNegative covenantsRepresentations and warrantiesConditions to closingEvents of defaultSanjiv Gupta CPA debt financing advisors are here to help you determine the best way to raise capital for your business. Over the years, our trusted advisors have helped our clients find creative solutions including structured equity, convertible debt, second lien term loans, senior debt, mezzanine financing and “one stops”. We have extensive experience finding the best solutions for our clients.

Benefits of Sanjiv CPA’s Payroll Services

Sanjiv Gupta CPA - 6 years ago
When you use Sanjiv Gupta CPA Payroll Services, you can avoid the complexity of calculating your payroll and tax withholdings. This will let you spend time focusing on your business’ success.If you are like most businesses, you are constantly struggling to keep up with complex employee-related issues and ever-changing tax legislation. It is time to consider outsourcing your payroll to Sanjiv Gupta. This will help you mitigate your risk and remain focused on your business.You can rely on Sanjiv Gupta CPA Payroll Service’s tax expertise and comprehensive payroll services to manage your business’s payroll. At Sanjiv CPA, you can choose a standalone payroll tax solution or you can bundle the payroll tax services with a complete payroll solution.Benefits Of Sanjiv CPA’s Payroll ServicesConvenience: Submit payroll easily by phone, fax or online.Eliminate Time Consuming Manual Processes: Our payroll service provides automated tax services with payroll integration.Reduce Potential IRS Penalties: Approximately 40% of small businesses get hit with IRS penalties on their payroll tax filings because they filed inaccurate or late returns or they were found in non-compliance. When you outsource your payroll to Sanjiv CPA, you can eliminate the risk of IRS penalties.Peace of Mind: Outsourcing your payroll to Sanjiv CPA provides peace of mind. Your payroll taxes will be filled accurately and on-time by certified public accountants you can trust.Customize Your Business’ Tax Strategy: Sanjiv Certified Public Accountants can help you customize your business’ tax strategy with a wide variety of related tax services and add-ons.Personal Service: Sanjiv Gupta CPA Payroll Services are always only a phone call away. If you have any questions about your payroll account, you can talk to a live payroll advisor and receive immediate attention.Health Care Reform Compliance: We will ensure that you are in compliance with the Health Care Reform so you can prevent issues and penalties.Expertise: When you outsource your payroll to Sanjiv Gupta CPA, you can rest assured that you are putting one of the most important accounting processes in the hands of experts. We have expertise in payroll tax filing, employment-related tax, and all other business-related tax issues.Reduced Payroll Administration Costs: When we handle your payroll tax filings and payroll services, you will find a huge reduction in administration costs. Your staff can spend their time and efforts on business functions that will increase your overall revenue.Sanjiv Gupta CPA provides innovative payroll features and reliable expertise that you can trust. Your staff will be able to stay focused on your core business. We will handle your payroll, tax filings, 1099s, workers comp, and withholdings.We guarantee our cost-effective and timely payroll tax filing services. You can rest easy because you will no longer be stressed over filing deadlines and tax calculations. You will not have any more IRS penalties or interest charges because you accidentally filed late. Sanjiv Gupta CPA Payroll Service advisors are experts in government regulations. We can help you reduce hidden payroll costs, reduce potential risk and start focusing on your bottom line.
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