Frequently Asked Questions

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We’ve shared some of our most frequently asked questions as a guide.

Tax & Accounting Services

What services do accountants at Considine & Considine offer?
Our accountants provide a multitude of services, including preparing financial statements and tax returns, business valuations, succession planning, and other worrisome challenges involving the planning of your lives.

What documents are needed for tax preparation?
Arranging documents for the preparation of taxes is individual or corporation specific. At Considine & Considine, we provide clients with a tax organizer to gather information, complete and get back to us. We need copies of all tax documents not limited to W-2’s, 1099’s, and 1098’s. For businesses, provide electronic records of payroll accounts, loan documents and agreements, and bank statements. Utilize the tax organizer to the best of your ability, and an accounting expert will advise you if records are missing.

What documents do tax preparers need to keep?
Documentation needs vary from person to person and business to business. We ask clients to bring forms listed on the tax organizer that we provide. Retention is also required for both taxes and other relevant supporting tax documents.

What is a tax examination, or tax audit?
An IRS audit is a review/examination of an organization’s or individual’s accounts and financial information to ensure information is reported correctly according to the tax laws and to verify the reported amount of tax is correct.

What is the difference between a financial statement, compilation, review and audit?
See comparison.

What types of audit services does Considine perform?
Considine & Considine provides a wide variety of auditing services including financial statement audits of for profit entities and non-profit organizations, government and single audits (formerly known as A-133 audits), HUD audits, and audits of 401k and 403b retirement plans.

Retirement Planning

What is a defined benefit plan?
A defined benefit plan is a retirement plan where employers follow a method that guarantees retirement benefits and tax incentives for employees. At Considine & Considine, we customize your plan to meet IRS requirements and provide benefits to you and your employees through our proactive approach to meet your needs.

What is a qualified retirement plan?
Qualified retirement plans are IRS approved plans provided by employers. Our experts can discover unique benefits and ensure you comply with federal regulations through attentive and efficient plan selections.

What is a 457(b) retirement plan?
457(b) retirement plans are tax-deferred retirement plans typically intended for state and local government and, in some cases, non-profit organizations. At Considine & Considine, we look for options that can potentially increase your savings tax-free.

Which retirement plans offer tax benefits?
The retirement plans that offer tax benefits are Traditional and Roth IRA, Simple IRA, SEP IRA, 401(k), 403(b) 457(b) plans. These depend on several factors, including income and tax benefits that are unique to the individual.

Are 401(k) plans tax deductible?
Yes, 401(k) plans are tax-deductible.

Business Tax Services

How does the business tax work?
Depending on the structure of your business, you may be responsible for local, state, and federal taxes. At Considine & Considine, we are committed to timely and accurate tax solutions to see where you fall under the business tax requirements.

Does my small business need to file a tax return?
All businesses must file a tax return, although some companies may not have to pay directly to the IRS. Our business tax department provides services to help your business succeed and file taxes correctly.

How long should I keep business tax returns?
Tax returns should be kept forever. They do not have to be hard copies but can be transferred to a digital file instead.

Estate & Trusts

What is estate planning?
Estate planning is the control of a person’s money, property, and assets during their life and after they have passed away. Our estate planning experts strive to give you peace of mind; knowing your beneficiaries and assets will be protected.

Tax Return Due Dates

When are personal taxes due?
Due to COVID-19, the government has extended the personal tax return deadline to July 15th, 2021. You may apply for an extension if you can’t file by this deadline.

When are personal property taxes due?
Due to COVID-19, California counties have canceled penalties and other charges for homeowners, small businesses, and other property owners who can not pay property taxes due to COVID-19; this is on a case-by-case basis. Typically there are two installment due dates for property taxes, the first one is December 10th, and the last is April 10th of the following year.

When are business taxes due?
Tax returns for Corporations and Partnerships, Forms 1120, 1120S and 1065 with years ending December 31, 2019 are due July 15, 2021 due to the COVID-19 extension. In all other years, calendar year end business returns are due March 15th for Forms 1120S and 1065 and April 15th for form 1120.

When are trust tax returns due?
Trust tax returns can be completed by July 15th, 2021, due to the coronavirus emergency. You may file for an extension if you can’t file by that deadline.