FAQ About Us:
What is Cloud?
Cloud technology is a new innovation gaining mass popularity. It stores information in secure servers and allows you to connect and access that information from nearly any smart device. This accessibility is exactly what individuals and businesses need, a secure yet easily available database for all their financial information.
Why Out-Source my Accounting?
Outsourcing your accounting services is the new trend for many businesses. The reason many companies do so is simple; cost efficiency. You pay a fraction of the price that it would cost to hire an in-house accountant.
While many think it’s cost effective to hire a student fresh out of college or an experienced accountant, many don’t see how much strain this could put on a business. While a college student can be hired at a lower pay rate, his inexperience may cost you. What about hiring an already established accountant? This could set back your business up to 60 thousand a year and possibly more if they are certified by the state.
How Does Cloud Accounting Professionals stay up to date with changes in laws and accounting standards?
All employees at Cloud Accounting Professionals are constantly furthering their education to stay up to date with every change in tax law. We attend annual IRS sponsored Tax Forums, take continuing education courses, and are networked with multiple accounting organizations and newsletters that notify us immediately of any changes. We pride ourselves in delivering the most accurate, professional and standardized approach to handling your finances.
What forms of Payment are accepted?
We accept all major forms of payment; Visa, MasterCard, Discover and American Express. We also accept more traditional forms of payment; checks, debit cards and cash.
Is there an age limit on claiming my child as a dependent?
To be claimed as your dependent, your child must meet the qualifying child test or the qualifying relative test. To meet the qualifying child test, your child must be younger than you and, as of the end of the calendar year, either be younger than 19 years old or be a student and younger than 24 years old. There is no age limit on claiming your child as a dependent if the child meets the qualifying relative test.
As long as all of the following tests are met, you may claim a dependency exemption for your child:
Qualifying child or qualifying relative test,
Dependent taxpayer test,
Citizen or resident test, and
Joint return test.
I have not yet filed my last year’s taxes. Am I in trouble?
If you owe additional tax you will probably have a failure to file and a failure to pay on time penalty plus interest. There are no penalties if you are due a refund. However, you have only three years from the due date of the return to file and claim a refund.
Can I receive a tax refund if I am currently making payments under an installment agreement or payment plan for a prior year’s federal taxes?
No. As a condition of your installment agreement, any refund due to you in a future year will be applied against the amount that you owe.
– The IRS will automatically apply the refund to the taxes owed.
– You must continue making your installment agreement payments as scheduled and in full, because your refund is not applied toward your regular monthly payment; therefore any payments due under the installment agreement must still be made in full.
– Regardless of whether you are participating in an installment agreement or other payment arrangement with the IRS, you may not get all of your refund if you owe certain past-due amounts, such as federal tax, state tax, a student loan, or child support. For more information on these non-IRS refund offsets, you can contact the Bureau of Fiscal Service (BFS) at a toll-free number 800-304-3107
Where can I get transcript for my tax records?
Please visit Get Transcript to get a record of your past tax returns.
Fore more information please visit IRS Help & Resources