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Frequently Asked Questions

When filing my corporate taxes, which documents do I need from my accountant?

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  • ■ Financial Statements (at minimum, Notice to Reader statements), which provide the necessary financial information required by lenders and banks.  (Ensure that this IS NOT merely the bookkeeping income/expense and balance sheets prepared within Quick books or Simply Accounting as they are not acceptable to banks and lenders.))
  • ■ A complete hard-copy (or complete .PDF in electronic form) which contains GIFI Schedule 100 (Balance sheet).
  • ■ Schedule 125 (Income statement)
  • ■ Schedule 8 (Capital Cost Allowance).
  • ■ Financial Statements (at minimum, Notice to Reader statements), which provide the necessary financial information required by lenders and banks.  (Ensure that this IS NOT merely the bookkeeping income/expense and balance sheets prepared within Quickbooks or Simply Accounting as they are not acceptable to banks and lenders.)

When my sole-proprietor taxes are prepared, which documents do I need from my accountant?

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  •  As a Sole-Proprietorship (or Partnership), request a complete copy of your tax return filed, including the pages Business Activity, which show income, expenses, vehicle depreciation and Business-use-of-Home expenses. Statement of Real Estate Rentals. Any other schedules or worksheets with calculations are also an asset to have. 

What are all the different types of accountants?

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  1. Auditors, keep account of public records. They also analyze and verify financial documents
  2. Forensic Accountants deal with white-collar crimes. They investigate securities fraud and help the courts legal issues.
  3. Tax Accountants are highly trained in the field of taxation. They have the authority to represent individual taxpayers in matters concerning the IRS.
  4. Financial Advisors fall under the category of consultant, and they provide financial advice to individuals or groups.
  5. Controllers manage the accounting departments
  6. Bookkeepers initiate any accounting transactions and turn them into financial statements.
  7. CPAs are another form of accountant and is the most easily recognizable to most individuals. CPAs handle a variety of things pertaining to accounting, some of which include preparing financial reports, making sure that taxes are filed correctly, and overseeing financial records.

There are other categories for accountants, but these are the primary ones. Accountants fall under a variety of different titles, handling the basic financial needs of business or organization.