FAQ

ITIN
process

An Individual Taxpayer Identification Number (ITIN) is a tax processing number issued by the IRS to individuals who are not eligible for a Social Security Number (SSN).

Individuals who must file U.S. taxes but are not eligible for a Social Security Number (SSN) need an ITIN. This includes nonresident and resident aliens, spouses, and dependents of U.S. citizens or residents.

You can apply through an IRS-authorized Certifying Acceptance Agent like SVA. Contact us to get started.

You’ll need original documents or certified copies that prove your identity and foreign status — typically a valid passport, national ID, or birth certificate.

It usually takes 10–12 weeks for the IRS to process an ITIN application. It may take longer during tax season or if any documents are missing.

No, an ITIN is not a work authorization and cannot be used for employment purposes.

Yes. ITINs issued before 2013 with middle digits 88, or ITINs not used on a tax return in the past three years, will expire. You can renew by submitting a new Form W-7.

Yes, an ITIN allows you to file a U.S. tax return and meet tax reporting requirements.

Yes. Many banks and credit unions accept ITINs to open checking or savings accounts.

 Yes, if you qualify based on your tax return, you can receive a refund even with an ITIN.

FAQ

EIN
process

An Employer Identification Number (EIN) is a nine-digit number issued by the IRS to identify your business for tax purposes. You need an EIN if your business has employees, is structured as a corporation or partnership, withholds taxes, or files specialized tax returns.

You’ll need to provide your business’s legal name, mailing address, type of entity, reason for applying, start/acquisition date, and the name and SSN of the responsible party.

Processing time depends on your situation and how you apply. Online applications are approved instantly, while mail or fax submissions can take up to 4 weeks. International applicants without an SSN must apply by mail or fax. We can assist you with the fastest and most efficient option

Sole proprietors without employees may use their SSN instead of an EIN. However, having an EIN offers added privacy and helps separate personal and business finances, which is better for tax reporting and legal protection. Businesses such as LLCs, partnerships, corporations, and S-Corps cannot use the owner’s SSN, as there is a legal separation between the individual and the business entity.

No — your EIN is permanently tied to your business entity. If the ownership or structure changes (for example, converting from a sole proprietorship to an LLC), you may need to apply for a new EIN.

Yes. Non-U.S. residents can apply for an EIN even without a Social Security Number (SSN). You may need the help of a Certifying Acceptance Agent, like SVA.

In most cases, yes. Banks typically require an EIN to open a business checking account, even for sole proprietorships. It helps verify your business identity and keeps personal and business finances separate.

If you misplace your EIN, you can find it on past tax documents or your original IRS confirmation letter (CP 575). If needed, you can contact the IRS directly to request your number again.

FAQ

tax
services

Tax services include the preparation, filing, and review of taxes for individuals and businesses to ensure compliance with federal and state tax laws.

Professional tax services help you maximize deductions, reduce liabilities, ensure accurate and timely filings, and stay compliant with ever-changing tax regulations.

We offer individual tax preparation, business tax filing, bookkeeping, payroll tax services, and tax resolution support.

You may need W-2s, 1099s, prior tax returns, expense records, identification, and proof of deductions or business income, depending on your situation.

Yes. We provide tax support all year — not just during tax season — to assist with planning, amendments, estimated taxes, and IRS inquiries.

Filing your taxes late can result in penalties, interest, or delays in refunds. If you miss the deadline, we can help you file as soon as possible and explore penalty relief options if you qualify.

Yes. If you’re not eligible for an SSN, you may file using an ITIN (Individual Taxpayer Identification Number). We can help you apply for one and ensure your return is properly filed.

Yes — if you meet IRS criteria. We help you identify deductible business expenses and ensure proper documentation to support your claims.

Don’t panic — we can help. Bring us the notice and we’ll review it, explain what it means, and guide you on the next steps to respond or resolve the issue.

It depends. In some cases, filing a return could help you claim a refund or tax credit (like the Child Tax Credit). We can assess your situation and let you know if filing is beneficial or required.

FAQ

Bookkeeping
Services

Bookkeeping services involve tracking all financial activity in your business — including income, expenses, bank reconciliations, invoicing, and preparing monthly or quarterly reports.

Accurate bookkeeping helps you make better business decisions, stay tax-compliant, manage cash flow, and prepare for audits. It also reveals trends that can support long-term growth and financial health.

Bookkeeping should be done consistently — weekly, monthly, or quarterly — depending on your business size and transaction volume. Staying up to date prevents costly errors and keeps your finances organized.

Bookkeeping records daily financial transactions like sales and expenses. Accounting goes further — analyzing that data to produce reports, file taxes, and help with decision-making.

You can do your own bookkeeping using software, but a professional bookkeeper saves time, ensures accuracy, and helps with tax compliance. They also provide insights you might miss, helping your business grow with confidence.

Look for experience, knowledge of your industry, transparent pricing, strong client reviews, and use of up-to-date technology. Make sure they understand your business model and offer support tailored to your goals.

Yes. While software helps with data entry, a bookkeeper ensures accuracy, handles categorization, and interprets your financial reports.

Cash basis records income and expenses when money changes hands. Accrual basis records them when they’re earned or incurred — even if payment happens later.

For most small businesses, yes. However, high-volume or fast-growing businesses may benefit from weekly updates.

FAQ

Payroll
Services

Payroll services manage employee compensation — including wage calculations, tax withholdings, and timely payments — to ensure accuracy and compliance with tax and labor laws.

Payroll services save time, reduce costly errors, and keep your business compliant with complex tax laws. They also provide tools to manage deductions, benefits, and payroll reports efficiently.

Most payroll services offer:

  • Automated wage and tax calculations
  • Direct deposit and check issuing
  • Federal and state tax filings
  • Employee self-service portals
  • Reports for payroll and expenses
  • Compliance support with labor laws and deadlines

Yes — trusted payroll providers use encryption, firewalls, and regular audits to keep your data safe.

Choose a payroll service based on your business size, budget, and payroll complexity. Look for features like direct deposit and tax filing. Comparing providers, reading reviews, and asking for referrals can help you make a confident choice.

Yes, but keep in mind that manual errors and missed deadlines can cost your business more in the long run. A payroll provider adds compliance and accuracy.

If you’re paying yourself as an employee (e.g., in an S-Corp), yes. Payroll is needed for proper tax withholding and filings.

Your provider will generate W-2s, 1099s, and summary reports for tax filing and employee records.

FAQ

S-Corp
Election

An S-Corp election is a special IRS tax classification that allows a business to pass income, losses, deductions, and credits directly to its shareholders—avoiding corporate-level taxation. It’s commonly used by small businesses to reduce overall tax liability.

To qualify for S-Corp status, your business must:

  • Be a U.S.-based corporation or LLC
  • Have 100 or fewer shareholders
  • Only issue one class of stock
  • Have eligible shareholders (individuals, estates, certain trusts — not partnerships or nonresident aliens)
  • Lower Self-Employment Taxes: LLC owners taxed as S-Corps only pay self-employment tax on their salary, not on the full business profit — resulting in major tax savings.
  • Avoid Double Taxation: S-Corps don’t pay federal income tax at the entity level. Income is taxed once at the shareholder level.
  • Simpler Tax Filing: S-Corps file Form 1120S and issue Schedule K-1s to shareholders, allowing each to report their share of income on personal returns.

The S-Corp election may be applied retroactively, depending on your specific situation. Generally, it must be filed within 75 days of the start of the calendar year or the beginning of your business to be effective for that year. Otherwise, it will take effect the following tax year.

After electing S-Corp status, your business must:

  • Continue to meet eligibility rules (e.g., U.S. residents, max 100 shareholders, one class of stock)
  • File Form 1120S annually
  • Provide Schedule K-1s to each shareholder
  • Pay a reasonable salary to shareholder-employees through payroll
  • Comply with any applicable state-level S-Corp requirements

Yes. A single-member or multi-member LLC can elect S-Corp status by filing Form 2553. This election does not change your legal structure—only how your business is taxed.

 As an owner-employee, you must pay yourself a “reasonable salary” subject to payroll taxes. Additional profits can be distributed as dividends, which are not subject to self-employment taxes.

FAQ

Business
formation

Business formation is the legal process of creating a new business entity — such as an LLC, corporation, partnership, or sole proprietorship. It includes registering with state and federal agencies, selecting the right structure, and setting up the operational and financial framework of your business.

  • Sole Proprietorship: Owned and operated by one person. Simple setup, but no liability protection.
  • Partnership: Owned by two or more people sharing profits, responsibilities, and liabilities.
  • Limited Liability Company (LLC): Offers liability protection with flexible tax options and fewer formalities.
  •  Corporation: A separate legal entity with shareholders and officers, offering strong liability protection and complex governance.

Choosing the right business structure depends on your liability concerns, tax goals, and future plans. Consulting with a professional can help you understand the pros and cons of each option and choose the one that aligns with your business needs.

Ongoing requirements vary by entity type but often include:

  • Filing annual reports or statements
  • Paying state renewal fees and business taxes
  • Keeping accurate corporate records and meeting minutes
  • Staying compliant with federal, state, and local laws on employment, taxes, and operations

In most cases, yes. Forming an LLC doesn’t replace the need for local business licenses or permits. We’ll guide you based on your state and industry.

An LLC is a legal structure, while an S-Corp is a tax election. You can choose to have your LLC taxed as an S-Corp to reduce self-employment taxes.

Yes, non-residents can form LLCs and corporations in the U.S., though the process may vary slightly. We can help navigate the requirements.

Most entities are formed within 1–5 business days, depending on the state. We’ll keep you updated and expedite where possible.

FAQ

Business
Cancellation

Business cancellation is the legal process of permanently closing your company and ending its operations in compliance with state and federal laws.

Businesses may cancel due to retirement, lack of profitability, internal disagreements, or when transitioning to a new legal structure (like converting to a corporation or LLC).

Yes. You must file a final federal tax return and check the box indicating it’s your last return. Failing to do so can lead to penalties or issues with the IRS in future years.

Before closing, make sure all federal, state, and local debts are paid. You may also arrange a payment plan if full payment isn’t possible upfront.

You must give employees formal notice, provide final paychecks, and settle any employment taxes. You should also explain their eligibility for benefits like COBRA or unemployment.

Assets are typically sold to cover any remaining debts. Surplus assets can be distributed to owners or shareholders based on ownership percentages.

Fees vary by state and business type. Check with your state’s business filing agency for specific costs.

Yes. However, you’ll need to start fresh by registering a new entity, applying for licenses and permits, and possibly choosing a new business name

The timeline varies based on state procedures and how quickly you can settle debts and obligations, but it can take several weeks to months.