FREQUENTLY ASKED QUESTIONS
HOW DO I KNOW IF 4TWENTY TAX IS RIGHT FOR MY NEEDS?
The Right Experience to Help Your Business. Our intent is to help clients thrive in their accounting and reporting processes and develop long term strategies to support business growth, compliance, and financial strength. We are thorough in our application of accounting best practices, and support business integrity and social responsibility. We work hard to help ensure our clients have accurate financial reporting, proper cost accounting, and complete accounting cycle support throughout the year.
HOW LONG SHOULD I KEEP MY TAX RECORDS?
Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
WHAT ARE THE DIFFERENCES BETWEEN A CPA AND AN ENROLLED AGENT?
An enrolled agent is a tax practitioner who is licensed at the federal level by the Internal Revenue Service. In fact, enrolled agent status is the highest credential awarded by the IRS. On the other hand, certified public accountants are licensed by their applicable state boards of accountancy.