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LLC Income Tax Prep Services

Among the many tax preparation services Wallace & Associates offers to its Los Angeles and surrounding-area clients is LLC income tax prep. If you’ve recently formed a Limited Liability Company and will be doing taxes for said company for the first time next year, review what assistance the Los Angeles tax consultants provide. The IRS [...]

Your Rights As A Taxpayer

Taxpayer rights are something every U.S. citizen should know and understand. The Internal Revenue Service offers a Taxpayer Bill of Rights on its official website as per the National Taxpayer Advocate, something the Los Angeles tax preparation experts at Wallace & Associates strongly recommend familiarizing yourself with. Review and keep in mind the principles within [...]

What To Do If You Receive a Letter From The IRS

Receiving a letter from the Internal Revenue Service (IRS) frequently causes feelings of panic. However, most IRS letters revolve around federal tax returns and come with specific instructions necessary to taking the next steps. Rather than falling into panic mode, review the following tips via the Los Angeles tax preparation experts from Wallace & Associates: [...]

Gift Tax to Grandchildren

Gifting assets to grandchildren is a common practice, but one that requires careful planning to avoid a slew of tax-related issues. Asset gifts to grandchildren offer numerous benefits, including the ability to help your descendants enjoy a comfortable life and reducing estate size, and subsequently, the taxes upon it following your passing. If you wish [...]

Gift Tax Planning Basics

Gift tax planning refers to legal transfer of assets from one individual to another. The term is often intertwined with estate tax planning, with both affecting your wealth and the wealth of those you care about. Allow the experienced Los Angeles accountants at Wallace & Associates to help you with the basics of gift tax [...]

Transfer of Assets Definition

What does ‘transferred assets’ mean? The official definition is the conveyance, or transfer, of something valuable from one person, situation, or place to another. It’s a term that crops up frequently when preparing taxes or engaging in similar activities, and something the Los Angeles tax consultants at Wallace & Associates know much about. Let’s take [...]

ProfitCents Reviews

ProfitCents is used all over the United States by thousands of tax professionals, including the Encino tax consultants at Wallace & Associates. The financial analysis software is powered by Sageworks, an award-winning financial information company specializing in risk management and loan portfolio solutions to private companies, financial institutions, and accounting firms. If considering use of [...]

Payroll Tax Service Help

Business growth is a wonderful thing, with the hiring of more employees a significant part of this process. As much as you may enjoy having additional employees on staff, you may not enjoy the extra payroll work. Rather than stressing during tax season due to the significant payroll changes you’ve made in the last few [...]

Sales Tax Service Help

Filing sales tax returns is increasingly challenging, and subsequently a process that benefits greatly from professional assistance. Your Los Angeles tax preparation service offers comprehensive sales tax service, as many of their clients must collect and submit sales taxes in a number of different areas. Let’s take a closer look at what sales tax filing [...]

IRS Audit Consequences

Many factors contribute to an IRS audit, including large business expenses and charitable deductions, cash receipt concealment, complicated investment and business transactions, and inaccurate 1099 and W-9 reporting among others. Understanding what triggers an audit, what your rights are during an audit, and the potential consequences are all imperative in avoiding future issues with the [...]

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