Here are the answers to some of the most Frequently Asked Questions our firm receives.
Q. What is an IRS Offer in Compromise?
A. The Offer is a structured Internal Revenue Service program for those that owe the IRS over $35,000.00 which allows the delinquent or non-filing taxpayer to offer the IRS a smaller amount than the amount actually owed. If your OIC is accepted, and after you pay the amount accepted by the IRS, your past due tax liability will be eliminated.The CPA's at Jonlyn and Associates will prepare and follow-up on the offer from start to finish. Our rates begin at $6,000.00.
Q. How do I obtain the ILLINOIS SCHOOL CREDIT?
A. The Illinois School credit is available to IL residents with children attending Kindergarten through High School. It is available on line 21 on the IL 1040 form and utilizes IL Schedule ED. You do not have to attend private schools to claim this credit! However, you do need to have more than $250.00 in qualified expenses. Your credit is equal to 25% of your expenses over $250.00. The credit is also limited to $500.00 per family.
Q. What are your fees?
A. Fees vary based upon the individual performing the project. For CPA's the rate is $125-$175.00 per hour. For bookkeepers and accountants the rate is $75.00 to $85.00 per hour. Individual tax returns start at $230.00. Multi-State returns start at $400.00. Business returns start at $1,200.00. Monthly or Quarterly accounting start at $350.00 per period. Of course the more work we perform or more complex the issue, the greater the price. Typically we are competitive with other area CPA firms and local tax services.
Q. Do you perform financial audits?
A. Yes. We perform audits of larger 401K plans (ERISA / DOL audits), non-profit organizations and other Companies. Fees start at $5,000 and will be based on the complexity of the audit. We are competitive with the area CPA firms and far less than the larger national firms. Jonlyn & Associates also perform Peer Reviews of other CPA firms. The Peer Review is now manditory for all Illinois CPA firms issuing reviews and audits.
Q. Do you work with Start-up (new companies)?
A. Yes! Many of our clients are new entrepreneurs that are just starting in business. We will lead you through the necessary governmental forms. Through our area networking, we can also assist in finding you other necessary professional to deal with. (lawyers, insurance agents, stock brokers, mortgage brokers). We are active in various networking groups with contacts throughout the state. See our "Networking Links" page for access to our clients who have web sites.
Q. Do you offer free business consultations?
A. Yes, we offer a free hour consultation for businesses. The consultation is to gather information about you and your business, 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. These free consultations may be limited between January and April.
Q. I prepare my own tax return, why use a CPA?
A. Many times you are correct and you can prepare and file a return. But did you take all the deductions? Did you take the available tax credits? Did you go to a tax course in the past 12 months? We find that many returns can be self prepared but many are lacking in all the deductions that can be taken. I even have mine reviewed by another CPA to make sure I did not miss anything. No one person is perfect and the more it is reviewed the more likely you will be paying the least amount of tax.
Q. Do you prepare out of state tax returns?
A. Yes! Our professional staff has prepared out of state tax returns for both individuals and business. Many of our clients use our services even after they move out of state. We have performed tax and accounting services throughout the United States. We have processed tax returnes in over 30 different states. New homeowners are welcome as these returns are more complex.