Agreed-Upon Procedures

Overview

Agreed-upon procedures are customized services where specific procedures are performed as agreed with the client or third parties. This service is particularly useful when a full audit is not required, but there is a need for a thorough examination of certain areas of concern in the financial statements.

What’s Included in the Services?

We work with clients to understand their specific needs, defining the scope and nature of the procedures to be performed. This may include verification of certain transactions, review of contractual obligations, or detailed analysis of specific financial areas. We provide a report of factual findings, offering objective insights without expressing an opinion or assurance.

Faq's

Frequently Asked Questions

At Watter CPA, we believe that understanding your needs is the first step toward providing exceptional service. Determining the specific service required involves a thorough review of your financial situation, which is only possible with proper documentation and accurate data. This approach helps us deliver tailored solutions that best meet your needs and compliance requirements.

Below, you will find answers to some of the most frequently asked general questions. If you have more specific inquiries or require additional information, please feel free to Contact Us.

General Questions

What types of tax planning services do you offer?

We offer a wide range of tax planning services, including individual and business tax planning, estate and trust planning and retirement planning. Our goal is to help you minimize your tax liability and ensure compliance with all relevant tax laws.

How often should I meet with my CPA?

The frequency of meetings with your CPA depends on your specific needs and circumstances. For some clients, quarterly or annual meetings may be sufficient, while others may benefit from more frequent consultations, especially during major financial or business changes.

Can you help with IRS issues or tax problems?

Yes, we provide comprehensive support for resolving IRS issues and tax problems. Our services include audit representation, negotiating payment plans, handling tax liens and levies and assisting with offers in compromise. We aim to help you navigate and resolve your tax issues efficiently.

What is the process for starting a new business with your help?

Starting a new business with our help involves several key steps:
   1. Initial consultation to understand your business idea         and goals.
   2. Assistance with business entity selection (e.g., LLC,         corporation).
   3. Guidance on registration and compliance with local,         state and federal regulations.
   4. Setting up accounting systems and procedures.
   5. Ongoing support with bookkeeping, tax planning         and financial reporting.

Do you offer virtual consultations?

Yes, we offer virtual consultations to accommodate clients who prefer remote meetings. This allows us to provide our services regardless of your location, making it convenient and flexible for you to receive the support you need.

How do you ensure the confidentiality and security of my financial information?

We take the confidentiality and security of your financial information very seriously. Our firm employs robust security measures, including secure data storage, encrypted communications and strict access controls. We are committed to maintaining your privacy and protecting your sensitive information.

What should I do if I receive a tax notice from the IRS?

If you receive a tax notice from the IRS, it is important to contact us immediately. We will review the notice, explain its implications, and help you respond appropriately. Our team will work with you to resolve any issues and ensure compliance with IRS requirements.

How do I get started with Watter CPA?

Getting started with Watter CPA is easy. Simply contact us to schedule an initial consultation. During this meeting, we will discuss your needs, explain our services and determine how we can best support you. From there, we will develop a customized plan to address your financial and accounting requirements.

Do you electronically file my tax return or do I have to mail it in myself?

Yes, we e-file most tax returns. If a paper filing is required, we prepare it for certified mailing and ensure its delivery to the appropriate taxing authority.

Do you prepare out-of-state tax returns?

Yes, we routinely prepare tax returns for all U.S. states and territories as well as necessary city or locality returns.

Can you help with Cryptocurrency, Blockchain, or NFTs?

Yes, our tax professionals can evaluate your holdings and determine the most efficient and cost-effective way to report your assets.

Can you file an extension for my tax return?

Yes, we file extensions for our clients. Note that filing an extension grants additional time for filing the tax return but does not extend the due date for any taxes owed.

What documents do I need to bring to do my taxes?

Common documents needed include:
     - W-2 (wages)
     - 1099-NEC (independent contractor income)
     - 1099-MISC (rents)
     - 1099-INT (interest)
     - 1099-R (retirement)
     - 1099-SSA (social security)
     - 1099-DIV (dividends)
     - K-1 (from partnership, S-corp, or trust)
     - 1095-A, 1095-B, 1095-C (health insurance)
     - Property Taxes
     - Closing Disclosure (real estate transactions)
     - Income and Expenses records for Schedule C         business or Schedule E rental property
     - Cryptocurrency transactions

Should I file my tax return as Married Filing Joint or Married Filing Separate?

This depends on your personal situation. We calculate the tax outcomes for both options to determine the most advantageous filing status for you.

My child is in college. Can I still claim them on my tax return?

In certain situations, yes. Contact us so we can learn more about your situation and advise you on the best filing option.

I received an inheritance. Do I have to report that on my tax return?

This depends on the type and method by which you received the inheritance. Contact us to learn more about inheritance reporting and filing requirements.

My elderly parents are not sure if they have filed taxes for the past few years. Can you help me find out?

Yes, we can prepare state and federal Power of Attorney forms to access transcripts and determine which returns have been filed.

My ex-spouse claimed our child erroneously on their tax return. What can I do?

We can help you remedy the situation to properly claim your child/children on your return when we prepare and file your return.

For more detailed information or specific queries, feel free to Contact Us. Our team is here to provide the clarity and support you need to navigate your financial and tax-related questions effectively.