Frequently Asked Questions
Why do I need a CPA?
A Certified Public Accountant is licensed and regulated by the State of Florida. To obtain a CPA license, you currently must earned a five year college degree in accounting, complete 1 year of practical work experience and pass a 3 day intense written exam. Annually, a CPA must complete 40 hours in continuing education. All of this is designed to keep the CPA current with the ever changing financial and tax rules and regulations.
How can I pay my taxes with a credit card?
To use your credit card to pay by phone or Internet through a service provider, toll free, 1-888-PAY-1040SM (1-888-729-1040) or 1-800-2PAY-TAXSM (1-800-272-9829)
On the Web, at www.officialpayments.com or www.PAY1040.com
You may use a Discover Card, MasterCard, Visa Card, or American Express Card. The service providers, based on the amount you are paying will charge a convenience fee. The fees may vary between providers. You will be told the amount of the fee during the transaction and you will be given the option to continue or end the transaction.
How long do I need to retain records?
The statute of limitations for the Internal Revenue Service is three years. We recommend that you retain any records needed to substantiate an item on a tax return for at least four calendar years. For business, the statute of limitations for sales tax purposes is seven years. Some records, like closing statements for currently owned properties and proof of cost basis on existing investments should be retained for at least four years after disposal of the asset.