Todd & Price PLC

Frequently Asked Questions

Here are the answers to some of the most Frequently Asked Questions our firm receives.
REMEMBER:
The information found on this website is general in nature and may not apply to the reader's situation. Therefore, the reader should not rely on the information on this website alone. For specific advice, please call us at 757-926-4109. Thank you.
Q. What services do you provide?
A. We prepare all tax returns including individual, corporation, LLC and LLP, non-profit, partnership, payroll, sales tax, property tax, and other taxes. We also sell discounted QuickBooks software as well as offering training. We offer bookkeeping services, financial statement preparation, accounts payable, and accounts receivable processing--in fact, any office function, including setting up an office, as part of our services.

Q. What are your hours and are you a seasonal company?
A. At a minimum, we are in the office from 9:30 am to 4:30 pm Monday through Friday, all year long.   During tax season (January through April 15) we are in the office from 8:00 am to 6:00 pm Monday through Friday and Saturdays 9:00 am to 1:00 pm.  Other after-hours appointments are available. Our extended hours reflect our commitment to offer our services at a time most convenient with our client's.  After hours we can be reached by email and cell phone for true accounting emergencies.

Q. Do I need to visit your office to have my taxes prepared?
A. It is not necessary to visit our office. Many clients utilize the web, mail or express services to send their information to us. For new clients, we encourage a meeting so that we can discuss your unique tax situation.
Q. What size clients do you serve?
A. We provide services to all sized businesses, our typical clients have average yearly sales of anywhere from $100,000 to $5,000,000. Our owner has worked for companies with annual sales revenues in excess of $30 million.
Q. What size clients do you accept?
A. We accept any clients within our service range. If the engagement is very large, we will accept it if we feel we have the staff to handle it. If we don't have the appropriate staff, we may form an alliance with another CPA firm and perform a joint engagement. There is no client too small to be considered important in our office.
Q. Do you service clients outside of the Virginia Peninsula area?
A. Our practice services clients in many other areas. We have several clients in the Southside area. We also serve clients out of state and have the capability to prepare tax returns in all states and localities.
Q. How do you charge for your services and how does your cost compare to other tax preparation firms?
A. We charge by the hour, with a flat-fee minimum. We will give you a written fee estimate before we begin your engagement. When providing our services, if we can help you reduce our time, we will tell you how. Our support, such as our tax organizer, is designed to offer professional, fast, and accurate services and to minimize our charges to you. Our overhead is kept low to allow us to pass our cost savings on to our clients. Our fees are normally in line with other high-quality certified public accounting firms.
Q. Do you work with Start-up Companies?
A. Yes! Many of our clients are just starting in business. We will lead you through the necessary governmental forms. Through our networking, we can also assist in finding you other necessary professionals to deal with (lawyers, insurance agents, financial advisors, etc.) throughout the state.
Q. I want to start a new business. Can you tell me which type of business I should form?
A. Yes. When setting up a new business, it is crucial to set up the right type of business, such as corporation, S corporation, limited liability company, limited liability partnership, partnership, sole proprietorship, etc. Our consulting services will help you form the right type of business based on your unique situation with consideration given to liability issues and tax advantages.
Q. Is there any non-tax record that I should keep?
A. There are other records you should keep, even though they don't appear to have any use for your tax returns. Family documents, certain medical records, insurance policies, records of major purchases, and wills are just a few examples. These documents will be needed in the case of any emergency that may arise.
Q. Should I keep my old tax returns? If so, for how long?
A. Yes, you should keep your old tax returns for at least 7 years. When a return contains information pertaining to the basis of property owned, it should be kept until that property is sold. One of the benefits of keeping your tax returns from year to year is that you can look at last years return while preparing this years. If you do throw out an old return you may fill out form 4506, Request for Copy or Transcript of Tax Form, and send it to the IRS service center where you filed your return.
Q. What pieces of paper do I need to keep in order for you to prepare my taxes?
A. Keep detailed records of your income, expenses, and any other information you report on your tax return. A good set of records can help you save money when you do your taxes and will be a trusty ally in case you are audited.  We provide all of our clients with an income tax organizer which will help you gather together all pertinent data that we will need to prepare an accurate tax return for you.

Q. How do I know when certain taxes are due?
A. Because not all taxpayers are on the same due date schedule (depending on entity type and fiscal year end), you can give us a call so that we can let you know the due date for your particular tax return, typically, individual and partnership returns are due on April 15, while corporate tax returns are due on March 15.  Nonprofit tax returns are due 5 1/2 months after the close of the fiscal year.
Q. When should I give you my tax information?
A. You should bring all your information in as soon as you have it all together. The sooner you bring it in to us the better chance we have at making sure we've done the best possible job for you.
Q. What do I need to do to start a new business?
A. Typically, most people will go to their lawyer first, get the business set up and then contact an accountant. We would rather that you contact us at the beginning. There are many different kinds of companies and we can help you select the best one for the kind of company that you will be setting up. Then we will continue to help you with selecting appropriate accounting software, payroll, tax returns, monthly accounting, and financial statements to whatever degree you need.
Q. Should I use a lawyer or an accountant to incorporate my business?
A. Although lawyers can get the paperwork together to make your incorporation happen, they might not know all the different tax laws that can apply to the different kinds of incorporations. Therefore, we suggest you see an accountant first to find out exactly which kind of incorporation you should pursue. Then have either your accountant or the lawyer finish the paperwork.
Q. Are QuickBooks or Peachtree accounting software good products?
A. QuickBooks and Peachtree can help you with your small business accounting, but they can not think for you. The software has to be set up properly from the beginning or you will have problems. We find that by setting it up yourself, it can cost you more in accounting fees because it takes longer for us to resolve those errors. We advise that if you are going to use one of these products you have our Certified QuickBooks ProAdvisors help you set it up.  We also provide Peachtree consulting services.
Q. By using QuickBooks, can I reduce my fees?
A. Our experience shows us that if you know something about accounting AND your computer software is set up properly from the beginning, it is possible that we don't need to spend as much time on your accounting. But in some cases, the initial set up was not done properly, or the user was not trained very well and we end up spending more time 'cleaning up' the errors than if we had just entered the detail from the beginning.

Q. What are your fees?
A. Our fees vary based upon the complexity of work being performed as well as the time it takes to complete an engagement.  Typically, the more work we perform or more complex the issue, the greater the price.
Q. Do you offer free business consultations?
A. Yes, we offer a free one - hour initial consultation for new clients. The consultation is to gather information about you and your accounting or tax situation, while you find out more about us. We can usually answer a few questions at that time and determine if you have done the necessary registrations and filings. We request that you bring your last two income tax returns and financial statements (if any). Also bring anything else that you may have a question on.
Q. Do you offer investment services?
A. No, but we do have a network of financial advisors to whom we can refer you.
Q. I prepare my own tax return, why use your services
A. Many times you are correct and you can prepare and file a return. But did you take all the available deductions? Did you take all available tax credits?  Have you gone to a tax course in the past 6 months?  We find that many returns can be self prepared, and if so, we will advise the client accordingly.  

Contact us today for your initial consultation!  We are currently taking on new clients!  (757) 926-4109