FAQ

Reach out to any Partner or office administrator to get the process started. In most cases, we will have a consultation to learn more about you and how we can meet your needs. We then will provide you with a proposal or engagement letter. Once we receive that signed engagement letter, we get to work.

Yes! We service clients who operate in all 50 states

CPA stands for Certified Public Accountant, an expert in accounting, taxes, and various other business-related areas. It isn’t easy to earn a CPA license. You must pass all four sections of the Uniform CPA Exam. You are eligible to take the exam only if you have completed 150 semester hours of college coursework covering specific topics. Once obtained, the CPA credential must be maintained by complying with the Continuing Professional Education requirements for CPAs. This stipulation ensures that CPAs remain abreast of new developments and are always able to provide quality professional services to their employers or clients.

• Cash-basis financial statements reflect only cash transactions in the periods when the transactions occur. Deposits are recorded when cash is deposited, and expenditures occur when the checks are written or the payments are made.
• Accrual-basis financial statements recognize revenues when they are earned and expenditures when they are incurred. For example, assessment revenues are recorded when the assessments are due (monthly, quarterly, or annually). Expenditures are recorded when they are incurred, even if they have not yet been paid.
• Some entities utilize a modified accrual basis of accounting. These financials combine the recognition standards of revenues (accrual) and expenditures (cash).

S-Corps and partnerships are flow-through tax structures. They are in contrast with a C-Corp, which pays tax on its income at the corporate level, and then again when income is distributed to the owners of the corporation. Net taxable income from S-Corps and partnerships, including LLCs, flows through to the business owner’s personal tax return and is taxed on the owner’s 1040. To see how this process works, set up an appointment with one of our tax advisors.

This is unique to everyone’s situation. There are various reasons to choose an S-Corp over remaining as a one-person LLC. Set up an appointment with one of our tax advisors to discuss the pros and cons for your business.

Owners have various tools to reduce their taxable income in their business. We at Cukierski & Associates specialize in tax planning for our corporate clients. Set up an appointment with one of our tax advisors.

Business owners want to focus on growing their business and not be bogged down with bookkeeping. Hiring us provides you with timely and accurate financial reports—and allows us to analyze and create a better tax plan for you.

Financial statements provide better optics of a business’s overall financial health. It will help you address areas of concern, knowledge of cash flow, and stay on budget. Many banks may require financial statements as part of loan agreements.

According to the IRS:

• If you previously applied for and received an Employer Identification Number (EIN) for your business, but have since misplaced it, try any or all of the following actions to locate the number:
  • Find the computer-generated notice that was issued by the IRS when you applied for your EIN. This notice is issued as a confirmation of your application for, and receipt of, an EIN.
  • If you used your EIN to open a bank account or apply for any type of state or local license, you should contact the bank or agency to secure your EIN.
  • Find a previously filed tax return for your existing entity (if you have filed a return) for which you have lost or misplaced your EIN. Your previously filed return should be notated with your EIN.
• Ask the IRS to search for your EIN by calling the Business & Specialty Tax Line at 800-829-4933. The hours of operation are 7:00 a.m.–7:00 p.m. local time, Monday through Friday. An assistor will ask you for identifying information and provide the number to you over the telephone, as long as you are a person who is authorized to receive it. Examples of an authorized person include, but are not limited to, a sole proprietor, a partner in a partnership, a corporate officer, a trustee of a trust, or an executor of an estate.

The corporate tax return is generally due by the 15th day of the fourth month following the end of the corporation’s tax year. However, corporations with June year-ends have the corporate tax return due by the 15th day of the third month following the end of the corporation’s tax year. Therefore, your tax deadline will likely be April 15 or September 15.

There is no “one size fits all” answer to this question, and it is dependent on income levels, withholding exemptions, and many other factors. However, once your return is completed, one of our tax professionals can provide an analysis of the factors in your tax liability and strategies to possibly lower tax burdens.

An underpayment penalty is a tax penalty imposed for not paying enough of tax withholding throughout the year. The IRS requires that you must pay either 100/110% of last year’s tax or 90% of this year’s tax via estimated tax payments or withholdings. Most taxpayers do this with their W-2 withholdings. This is also why many business owners make quarterly estimated tax payments throughout the year.

Quarterly tax estimates are tax payments based on your prior year’s income. These mainly apply to individuals who have income with no withholdings such as business income, capital gains, rental income, etc. While they are not required, the IRS will penalize you for underpayment of taxes throughout the year.

Passive income is income from activities you do not materially participate in, meaning money earned without being involved in overseeing the day-to-day activities. This includes but is not limited to dividends, stocks, bonds, interest income, rental properties, and limited partnership interests.

You are certainly welcome to meet in person with one of our tax professionals to either provide us with your tax information or to go over your return prior to filing. However, we also have several other options available for these matters, including a secure client portal, a phone call, or remote video call. Please chat with one of our tax advisors to decide which method best meets your needs.

While you may be able to do your taxes on your own, can you be confident you are taking all the credits, deductions, and tax incentives you are eligible for? Our tax professionals will help you navigate your tax return to optimize your refund or tax due.

Filing Form 4868 extends the date to file your return by six months. However, though the date to file the return is extended, the payment date is not. Taxpayers must pay any taxes owed by the initial deadline. It is common for accounting firms to prepare the extensions for clients. The best reason for filing an extension is to ensure accuracy of the tax return.

Users can navigate to https://tax.illinois.gov/individuals/pay.html to pay a bill in the state of Illinois. From the federal level use https://www.irs.gov/payments. In both cases, follow the instructions on the page to submit an online payment.

• If a client requests different engagement options, we will typically begin by sending an engagement proposal. The proposal will give the client a brief explanation of the service, along with comparative pricing for multiple years. Once an engagement is selected by the client, the corresponding engagement letter will be sent.
• The engagement letter details the objective and scope of the engagement, the responsibilities of our firm, and the responsibilities of the client.

Unfortunately, at this time, Form 1120H cannot be e-filed. However, Form 1120 can be e-filed.

Yes, Forms 1120 and 1120H can be signed digitally.