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Frequently asked questions
FAQs
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General questions
OnTarget CPA has advised many small and mid-sized business in the fields of construction, family-owned entities, medical and dental practices, manufacturing and distribution, not-for-profit, professional services, real estate, restaurant/bar/brewery, technology, and transportation and logistics. See industries for additional details.
No. However, OnTarget CPA can refer you to a reputable investment advisor best suited for your individual needs. We do advise on the taxation of investments and are happy to help our clients in these areas and work with their investment advisor.
OnTarget CPA’s ongoing commitment to safeguard our client’s personal data is a core value of our firm. Our policies go above and beyond our legal and professional obligations. We have integrated top of the line technology into every aspect of our business to ensure security, privacy and confidentiality of client information.
Tax Questions
Yes. In addition to personal tax returns, we prepare corporate tax returns, partnership returns, trust and estate returns, gift returns, not-for-profit returns, FBARs, and more. See Taxation Services.
OnTarget CPA’s fee for services are based upon the amount of time expended on preparation of the return. The minimum cost for a basic 1040 individual tax return is $750.00. Factors that affect the cost of tax returns include but are not limited to:
- Overall complexity/type of return (i.e. personal, corporate, trust)
- Number of filing jurisdictions (i.e. multi-state, international transactions and accounts)
- Businesses, rentals, or farms (Schedules C, E, and F)
- Accounting work and bank reconciliations needed
- Number of follow up documents/questions asked, client responsiveness
Taxes are personal and so is our commitment to you. Here are 10 great reasons OnTarget CPA should be your go-to account firm for tax preparation.
Generally, OnTarget CPA can turn around a completed tax return within 2-3 weeks from the time we have all of the necessary documents from the client. Factors that can affect turn-around times include completeness of documents received, responsiveness of the client to questions and requests for additional information, or length of time until to the filing deadline.
Whether you use QuickBooks Online or QuickBooks Desktop, our accounting professionals can guide you through account sharing or a secure file upload to transfer your books. Give us a call at 317-820-2000 during business hours and we would be happy to help.
OnTarget CPA can help. We will prepare state and federal Power of Attorney forms for taxation matters, which will allow us to access transcripts with the necessary information.
OnTarget CPA e-files most tax returns. When a tax return is required by the taxing authority to be paper filed, OnTarget will prepare it for certified mailing and ensure its delivery to the appropriate taxing authority.
Yes. OnTarget CPA routinely prepares tax returns for all U.S. states and territories as well as necessary city or locality returns.
It is likely. OnTarget CPA can help you determine filing requirements for the decedent and/or their estate.
Yes, as long as you had income in excess of the filing threshold. OnTarget CPA’s experienced professionals can help you navigate reporting requirements and complexities of international transactions by U.S. citizens while maximizing your tax benefits. We also work with citizens of other countries who do business in the United States and have U.S. reporting requirements.
This will depend on the accuracy and completeness of your personal record keeping. Often, bank records or reconciled QuickBooks files replace the need for a shoe box full of receipts. OnTarget CPA will help determine the easiest, most cost-effective way to achieve accurate reporting.
No. You will be invoiced for tax preparation when the return is complete and receive your refund directly from the relevant taxing authority.
Yes. We will prepare state and federal Power of Attorney forms for taxation matters, which will allow us to access transcripts to determine which returns/years have been filed.
When OnTarget CPA prepares and files your return, we can help you remedy the situation to properly claim your child/children on your return.
In certain situations, yes. Contact OnTarget CPA so we can learn more about your situation and advise you on the most advantageous filing option.
In certain situations, yes. Contact OnTarget CPA so we can learn more about your situation and advise you on the most advantageous filing option.
Yes. Our tax professionals can evaluate your holdings and determine the most efficient and cost-effective way to report your assets.
This depends on your personal situation. OnTarget CPA’s tax software calculates the amount owed or refunded for both Married Filing Joint and Married Filing Separate, so we can determine the filing status most advantageous for you.
Yes, we file extensions for our clients. Note that filing an extension grants additional time from the original due date for the tax return to be filed, but does not extend the due date for taxes owed.
This will depend on what type and method by which you received your inheritance. Contact us to learn more about inheritance reporting and filing requirements.
Here is a list of the most common documents needed to complete an individual tax return.
- W-2 (wages)
- 1099-NEC (independent contractor income)
- 1099-MISC (rents)
- 1099-INT (interest)
- 1099-R (retirement)
- 1099-SSA (social security)
- 1099-DIV (dividends)
- 1099 Consolidated Statement/Tax Statement (investments)
- K-1 (from partnership, S-corp, or trust)
- 2022 estimated tax payments – IRS and state
- 1095-A, 1095-B, 1095-C (health insurance)
- 1099-SA (HSA distributions)
- Form 5498-SA (HSA contributions)
- 1099-G (unemployment compensation, state and local income tax refunds)
- 1098 (mortgage interest)
- 1098-T (education)
- 529 Plan statements (education)
- Property Taxes
- Closing Disclosure (real estate purchases or sales)
- Income and Expenses (bank statements or QuickBooks files) for a Schedule C business or Schedule E rental property
- Cryptocurrency transactions
Small business accounting questions
Contact OnTarget CPA, and we can help you navigate registration and taxation requirements, as well as establish an accounting system. See our comprehensive checklist here.
Whether you own a start-up or well-established business, our outsourced accounting professionals bring personalized solutions to fulfill your needs. We can supplement your existing staff or manage all your accounting responsibilities. Services are tailored and scalable to bring you the right expertise at the right time for you.
Whether you own a start-up or well-established business, our outsourced accounting professionals bring personalized solutions to fulfill your needs. We can supplement your existing staff or manage all your accounting responsibilities. Services are tailored and scalable to bring you the right expertise at the right time for you.
Maybe. Registration requirements vary by state. OnTarget CPA’s professional staff can help determine if there is a need to register with the state, if account set ups are needed for payroll, and can complete the necessary registrations on your behalf.
Contact us. We can help navigate registration requirements for the business, payroll accounts, sales and use tax, and more. Our experienced professionals have helped business owners with set up in the majority of states, and stay abreast of the ever-changing laws and regulations for multi-state set up.
Yes, OnTarget CPA will help you identify a Third-Party Administrator (TPA) best suited for your individual needs. We will work directly with the TPA and advise on tax-related matters on funding your account.
Questions About IRS or State Issues
Yes. When an individual or business is chosen for an IRS or state-level audit, OnTarget CPA will represent the taxpayer before the IRS or relevant taxing authority. In most cases the client will not have to meet with or talk to the auditor when represented by OnTarget CPA.
Contact OnTarget CPA. We help taxpayers understand and respond to IRS, state, or local tax notices.
It is highly unlikely. However, you need to take the warrant seriously. Contact OnTarget CPA and we can help identify why the warrant was issued and what steps need to be taken for corrective action.
Contact OnTarget CPA. We can advise you on the best course of action. Under certain circumstances, relief may be available for penalties, and there may be alternate remedies we can pursue on your behalf.
Yes. We will prepare state and federal Power of Attorney forms for taxation matters, which will allow us to access transcripts to confirm filing requirements. Our professional tax preparers are experienced with back-year and multi-year tax filings.
There are several options available to you including establishment of a payment plan, negotiating an Offer in Compromise or getting in a Currently Not Collectible status. This will vary based on the amount owed, type of debt, age of debt, and your personal financial situation. Contact OnTarget CPA’s tax resolution team to learn more.
Yes. We will prepare state and federal Power of Attorney forms for taxation matters, which will allow us to access transcripts to confirm filing requirements. Our professional tax preparers are experienced with back-year and multi-year tax filings.
