Frequently Asked Questions

We’re the only firm in the area that fully integrates tax services, accounting and wealth management with our fee-only financial advisor affiliate, Core Wealth Management. That means your life is simpler because we can coordinate tax planning, financial planning and retirement planning all under one roof.

Our team has the expertise you expect to find at a big firm, but with the personalized, one-on-one attention of a smaller firm. Our breadth of experience means we can provide comprehensive services from tax planning to business valuation and litigation support that you don’t often find at a small firm.

Absolutely! Our office is open all year, and we’re here to help you. We work with clients throughout the year to develop smart business and tax strategies, and to help with any and all questions that come up.

We love it when our clients keep us apprised of changes in their businesses and lives. If you’ve got big plans on the horizon, please let us know so we can help you proceed in the most tax-efficient and wealth-preserving manner.

Don’t hesitate to call if you have any questions or concerns! We’re here to serve you!

We recommend that our new clients make an appointment to meet with one of our CPAs to ensure that we’ll be a good fit.

Returning clients are welcome to meet with us in person to review your documents and discuss your current situation. But you can also drop off, email or mail your documents to us if that’s more convenient. We’ll contact you if we have any questions.

Please don’t hesitate to contact us by phone, email or in person if you have any concerns or questions. We value the long-term relationships we develop with our clients.

Individual clients should bring in all of their tax-related income documents, including W-2s, 1099s, and documentation of personal deductions such as mortgage interest, property taxes, and charitable contributions. If you’re a new client, we’d like a copy of your prior year’s tax return to make sure we don’t miss anything.

In January, our returning clients will have access to a tax organizer to help gather all the needed information.

Our business clients should provide us with a copy of their accounting file (i.e., a QuickBooks backup or Accountant’s copy) or provide us with online access. If we need additional information, we’ll let you know right away.

First year business clients should bring us a copy of last year’s tax return.

If you just started your business this year, contact our office for additional documents we’ll need to get you set up correctly.

Tax returns are billed based on time and complexity. Fees for a personal Form 1040 start at $400, with an average fee of about $750. Fees for Corporate and Partnership return preparation typically range from $950 to $2500. The fee for a more complex return, either business or personal, would be higher.

Other services are billed either on an hourly basis or on a negotiated fixed fee basis. In all cases, we provide an estimate so there are no surprises.

And for prospects, we offer a free 30-minute no-obligation initial consultation.

Our Federal and state tax systems have become so complex that it may be prudent to work with a trained professional, depending on your individual or business situation. Otherwise, you risk overpaying your taxes, being subject to unnecessary penalties and interest, or missing out on credits you’re entitled to.

Working with a CPA means you’re working with a skilled and knowledgeable professional who keeps up with the latest developments in tax. Our professional standards require that we treat our clients with integrity, objectivity, due care, confidentiality, and to serve the public interest.

In case of an audit by the IRS or a state taxing authority, we have the ability to represent you so that your interests are protected.

We can also assist you with tax planning and help you navigate complex life events, such as marriage, divorce, or the death of a close family member.

Don’t panic! The best thing you can do is bring it to us immediately! We’ll take a close look and determine the best way to respond. Your letter may relate to a simple misunderstanding at the IRS, and a quick response can clear everything up easily.

Most IRS letters come with stringent deadlines for response, and we can’t help you as much if the deadline has already passed.

If the letter says you’re being audited, it’s essential that you have professional representation. Our team of experienced CPAs at Schanel & Associates will work with you to protect your interests and to resolve the matter in the best way possible.

Unfortunately, there are no industry-wide rule-of-thumb valuation formulas that will tell you what your business is really worth. The best way to determine the value of your business is to work with a professional who holds a professional certification such as CVA(Certified Valuation Analyst).

Certified valuation professionals understand that there are many factors besides gross revenue or net income that can impact the value of a business. From their experience in evaluating the performance of many businesses, they acquire professional judgement that guides their analysis.

When you work with a certified valuation analyst, you can have a higher level of confidence in the quality of their work. They are governed by rigorous professional standards that ensure objectivity, expertise, integrity and adherence to industry standards of practice.

If your spouse has a business or complex financial affairs, hiring a forensic accountant for your divorce litigation is a wise decision. A forensic accountant can determine how much money will be available for alimony and child support, prepare an equitable distribution schedule, assist with mediation, and testify as an expert witness at trial.

A forensic accountant can give you peace of mind that you will receive your fair share in a marital settlement and that your interests are protected.

The IRS has two online methods for paying taxes: Direct Pay and EFTPS. Both require a US bank account.

Direct Pay is perfect for last-minute, same day payments for individual taxes on form 1040. No registration is needed to use this, but you will have to verify your identity using information from a prior year tax return every time you use it. You can schedule payments up to 30 days in advance.

EFTPS can be used to pay all Federal taxes including business, payroll and individual. You need to enroll either online or by mailing an enrollment form to the IRS. The IRS will mail you a PIN, which you’ll need before you can use it the first time. Payments need to be scheduled at least one day before they’re due, and can be scheduled up to 365 days ahead for individuals, 120 days for businesses.

If you need to pay by credit card, you’ll have to use an approved payment processor; additional fees may apply.