Frequently asked questions

Send us a message or schedule a consultation. We will learn about your situation, confirm whether we are the right fit and explain the next steps.

Yes. Many meetings take place by phone or Microsoft Teams. In-person meetings at our Alexandria office are available by appointment.

Yes. We can help construction businesses configure QuickBooks Online to track project-related costs, including labor, materials, subcontractor expenses, and other job costs. We also assist with organizing accounting procedures and financial reports to help owners understand project profitability.

A work-in-progress schedule tracks the financial status of ongoing construction contracts, including contract values, estimated costs, costs incurred, billings, and expected profitability. WIP reporting helps contractors identify over- and under-billing, monitor project performance, and provide financial information commonly requested by lenders and surety companies. Our Controller Services can assist with preparing and analyzing WIP schedules.

Construction companies often face challenges involving job costing, progress billing, retainage, subcontractor payments, payroll, equipment purchases, and sales and use tax on construction materials. Our accounting, payroll, and tax services help contractors address these responsibilities while maintaining organized financial records.

Yes. We can help daycare centers organize their accounting records to track tuition payments, registration fees, government subsidies, food program reimbursements, and other revenue sources.

Our bookkeeping services also include bank reconciliations, accounts receivable management, and financial reporting to help daycare owners monitor income and outstanding balances.

Yes. We prepare individual income tax returns for self-employed daycare providers, including those operating child care businesses from their homes.

Home-based daycare businesses may qualify for deductions involving business expenses and the business use of their residence, subject to applicable tax rules.

We can help evaluate eligible deductions and prepare the related tax filings.

Yes. Our Payroll Administration Services support payroll processing, payroll tax filings, and accounting for employee compensation.

For daycare owners who need additional financial management support, our Controller and CFO Services can assist with budgeting, cash flow forecasting, staffing cost analysis, and financial planning for business growth.

Government contractors typically need organized bookkeeping, contract cost tracking, payroll administration, financial reporting, tax preparation, and tax planning. Depending on contract requirements, additional accounting procedures may be necessary to distinguish direct and indirect costs, track labor expenses, and support contract-related financial reporting. Controller and CFO Services can provide additional financial management support as businesses grow.

Yes. We can help government contracting businesses organize their accounting records and financial reporting to track revenue and expenses by contract or project. This may include configuring accounting systems, establishing appropriate expense categories, and developing reports that help management evaluate contract profitability. The appropriate accounting structure depends on the company’s operations and reporting needs.

Controller Services can help government contractors strengthen financial reporting, accounting procedures, month-end closing, and internal controls.

CFO Services provide additional support with cash flow forecasting, budgeting, financial projections, profitability analysis, and planning for contract growth.

Together, these services can help management make informed financial decisions as operations expand.

Healthcare practices typically benefit from accurate bookkeeping, financial reporting, payroll administration, tax preparation, and tax planning. As a practice grows, additional services such as budgeting, cash flow forecasting, profitability analysis, and Controller or CFO Services can help owners manage their financial operations and make informed business decisions.

Yes. Our tax planning services help healthcare professionals evaluate business entity structures, owner compensation, retirement contributions, equipment purchases, and other tax considerations. We can coordinate business and individual tax planning to help practice owners understand the potential tax implications of their financial decisions.

Yes. Our Controller and CFO Services can provide financial reporting, expense analysis, budgeting, cash flow forecasting, and profitability analysis. These services help practice owners understand their financial position, evaluate operating costs, and plan for future investments or expansion.

Yes. We help technology companies organize their accounting records to track subscription payments, consulting fees, project income, customer balances, and operating expenses.

Our bookkeeping and Controller Services can support financial reporting and help management understand income sources and business profitability.

They may. Employees working in different states can create payroll tax, income tax, and other state filing obligations for a technology company.

Our payroll, tax preparation, and State & Local Tax Services can help businesses evaluate applicable requirements and manage related tax reporting.

Yes. Our Controller and CFO Services help technology businesses develop budgets, forecast cash flow, evaluate operating expenses, and analyze profitability.

We also provide tax planning services to help business owners evaluate compensation strategies, business structures, and the tax implications of expansion.

Yes. We prepare Form 990 and related annual information returns for nonprofit and tax-exempt organizations. Accurate financial records, properly classified expenses, and timely reporting help support the preparation of these filings and compliance with applicable filing requirements.

Yes. Our bookkeeping and accounting services can help nonprofit organizations track contributions, donor restrictions, grants, and program-related expenses. Organized accounting records help management and boards understand how financial resources are allocated and used.

Yes. Our accounting and Controller Services can support the preparation of financial statements, budget-to-actual reports, and other financial information needed by nonprofit boards and management. Our CFO Services can also assist with budgeting, cash flow projections, and financial planning.

Most professional services firms benefit from organized bookkeeping, timely client billing and receivables tracking, payroll administration, and business tax preparation.

As a firm grows, reporting profitability by client or project, budgeting, and cash flow forecasting become more important. Controller and CFO Services can provide that additional financial management support.

The IRS generally requires S corporation shareholders who perform services for the business to receive reasonable compensation through payroll. Distributions should not be used as a substitute for reasonable compensation. What is reasonable depends on factors such as the owner’s role, responsibilities, and services provided to the business.

Our Tax Planning Services help owners evaluate compensation and distributions, while our Payroll Administration Services support owner payroll and related tax filings.

It depends on taxable income and other applicable requirements. Consulting is generally treated as a specified service trade or business for purposes of the qualified business income (QBI) deduction. As a result, the deduction for consulting income may be limited or unavailable when taxable income exceeds applicable thresholds. Consulting income may still qualify when taxable income is below those thresholds.

Engineering and architecture businesses are not treated as specified service businesses under these rules, although other limitations may apply.

Through our Tax Planning Services, we help business owners evaluate how taxable income, entity structure, compensation, and retirement contributions may affect their eligibility for the deduction.

Yes. We can help restaurants reconcile sales reports with bank deposits, credit card processor settlements, and other payment activity. Proper reconciliation helps ensure sales, processing fees, refunds, and other transactions are recorded accurately in the accounting system.

Yes. Our payroll administration services help restaurants and hospitality businesses manage employee payroll, payroll tax filings, and related reporting requirements. We can support businesses with hourly and salaried employees, helping maintain accurate payroll records and meet applicable filing deadlines.

Accurate accounting and financial reporting help restaurant owners understand revenue trends, food and beverage costs, labor expenses, and operating margins. Regular financial reports, budgeting, and cash flow analysis can help identify opportunities to manage expenses, adjust operations, and make informed decisions about future investments or expansion.

The accounting services a business needs depend on its size, operations, and stage of growth. Most businesses benefit from organized bookkeeping, accurate financial reporting, tax preparation, and appropriate payroll services. As a company grows, additional services such as tax planning, controller support, and financial advisory services can help management make informed decisions.

Yes. The Accounting Firm provides bookkeeping, payroll administration, business tax preparation, and related accounting services. We can coordinate these services under an engagement tailored to your business, helping maintain consistent financial records and supporting information needed for tax filings and management decisions.

Businesses may benefit from Controller Services when they need stronger financial reporting, monthly closing procedures, or internal controls. Fractional CFO Services become valuable when management needs assistance with budgeting, cash flow forecasting, profitability analysis, financing, or growth planning. The appropriate level of support depends on the business’s financial complexity and objectives.

We prepare federal and state individual income tax returns, business returns for corporations, partnerships, and LLCs, and nonprofit Form 990 filings. We also handle multistate returns, applicable international tax reporting, and amended returns.

The required documents depend on your tax situation. Common items include W-2s, 1099s, K-1s, investment statements, business financial records, rental property information, and documentation of applicable deductions and credits. We will provide guidance on the information needed for your return.

Tax preparation focuses on reporting income and other financial activity for a completed tax year and filing the required returns. Tax planning is a separate advisory service that evaluates opportunities to manage future tax liabilities through proactive financial and business decisions.

Yes. Send us a copy of the notice and we will explain what it means and the options for responding.

Tax preparation focuses on reporting income and financial activity for a completed tax year and filing the required returns. Tax planning takes a forward-looking approach, evaluating your financial circumstances and identifying opportunities to make informed tax decisions before the year ends.

Tax planning is most effective when started early enough to evaluate and implement strategies before applicable deadlines. While year-end planning can be valuable, significant business transactions, changes in income, retirement decisions, and other financial events may benefit from earlier analysis.

A comprehensive tax planning engagement includes an analysis of your financial circumstances, projected tax calculations, evaluation of applicable strategies, and a detailed written report with recommendations and implementation guidance. We also offer separate periodic tax reviews and updated projections. Implementation services, when requested, are handled under a separate engagement.

No. Individuals and households with changing circumstances can also benefit from planning ahead.

Nexus is the connection between a business and a state or locality that can create tax registration, collection, or filing obligations. It may arise from employees, property, business locations, or sales into a state that exceed applicable thresholds. We help businesses evaluate their activities and identify potential state and local filing requirements.

It depends on what you sell, where your customers are located, and whether your business has established nexus in a particular jurisdiction. Taxability rules vary by state and may differ for products and services. We help businesses evaluate their sales tax obligations and comply with applicable registration, collection, and filing requirements.

State income tax returns are generally handled through our Tax Preparation services. State and Local Tax services focus on other business tax obligations, including sales and use taxes, franchise taxes, local business license taxes, business personal property taxes, and related registrations and notices.

No. Under FinCEN’s current BOI reporting regulations, entities created under U.S. law, including domestic LLCs and corporations, are exempt from federal BOI reporting requirements.

This exemption applies regardless of whether the domestic entity has foreign owners.

Certain entities formed under foreign law and registered to conduct business in a U.S. state or tribal jurisdiction through a filing with the appropriate authority may still be required to report.

An entity may qualify for an applicable exemption, so reporting status should be evaluated individually.

Under current rules, reporting companies generally do not need to report BOI concerning U.S. persons.

Applicable filing deadlines depend on the entity’s registration date and circumstances.

For newly registered foreign reporting companies, an initial report is generally due within 30 calendar days after receiving notice that the U.S. registration is effective.

Updates or corrections may also be required when applicable reportable information changes or errors are identified.

We can help determine the applicable filing requirements and deadlines.

Yes. Our catch-up bookkeeping services help bring overdue financial records up to date.

Yes. We offer QuickBooks setup, cleanup, and ongoing support as separate or complementary services.

Yes. We also offer payroll administration, tax preparation, controller services, and CFO advisory services.

Most bookkeeping clients receive monthly statements. The schedule is agreed at the start of the engagement.

Yes. We help businesses establish payroll systems and organize the information needed to begin processing payroll.

Yes. We support businesses of different sizes, including those with just one or a few employees.

Yes. Our payroll and bookkeeping services can work together to help maintain accurate financial records and simplify business administration.

Yes. We help businesses establish QuickBooks Online, organize their chart of accounts, connect financial accounts, and configure the system to support their accounting needs.

Yes. We review existing QuickBooks records, identify accounting discrepancies, and provide cleanup and correction services to improve the accuracy of your financial information.

No. Our QuickBooks services are available independently of our monthly bookkeeping services. We can assist with setup, cleanup, training, and troubleshooting even if you manage your bookkeeping internally or work with another accountant.

Yes. We can set up, clean up and maintain QuickBooks Online files.

Yes. We will review your current setup and plan a smooth transition.

A financial statement audit provides reasonable, but not absolute, assurance about whether financial statements as a whole are free from material misstatement, whether caused by fraud or error.

The engagement results in an independent auditor’s report containing the applicable audit opinion or other reporting outcome.

An audit may be required by a lender, grant agreement, investor, board, or other contractual requirement.

The specific agreement or reporting obligation determines whether audited financial statements are necessary.

Typical documents include financial statements, a trial balance, general ledger, bank reconciliations, supporting schedules, loan agreements, and other relevant financial records.

We provide a document request list tailored to the engagement.

A financial statement review is an engagement in which an independent accountant performs primarily inquiry and analytical procedures to obtain limited assurance.

The accountant issues a review report communicating whether any material modifications are known to be necessary for the financial statements to be in accordance with the applicable financial reporting framework.

Some lenders accept reviewed financial statements, while others require audited financial statements. The requirement depends on the lender and the applicable loan agreement.

We recommend confirming the required level of reporting before the engagement begins.

A review generally requires financial statements or a trial balance, supporting accounting records, and management’s explanations of significant financial changes and unusual items.

We provide a tailored document request list for each engagement.

An LLC and a corporation are two different legal business structures, each with its own characteristics and tax considerations. A corporation can elect to be taxed as an S corporation by filing IRS Form 2553, and an eligible LLC can also elect S-corporation tax treatment.

The Accounting Firm helps you evaluate these options based on your business’s ownership, expected income, tax implications, and long-term goals. We also assist with the formation and registration process, including applicable S-corporation elections.

Yes. We provide business formation services that include preparing and submitting applicable state registration documents, obtaining an Employer Identification Number (EIN), and assisting with the tax registrations and elections your business may require. We provide the completed formation documents as part of the engagement.

After forming your business, important steps include opening a separate business bank account, establishing an accounting system, organizing financial records, registering for applicable taxes, and setting up payroll if you will have employees or pay yourself a salary. Our firm offers bookkeeping, QuickBooks Online, payroll, and tax services to help businesses manage these responsibilities.

A fractional CFO provides financial leadership and advisory services on a part-time or project basis. Businesses gain access to strategic financial planning, forecasting, budgeting, cash flow management, and financial decision support without hiring a full-time executive.

Businesses often benefit from CFO services when experiencing growth, managing cash flow challenges, seeking financing, evaluating expansion opportunities, or needing more detailed financial planning and performance analysis. Fractional CFO services can provide ongoing financial guidance or support for specific business decisions.

CFO services focus on your business’s financial performance, cash flow, profitability, budgeting, and strategic financial decisions. Tax planning focuses on evaluating tax obligations and strategies to manage the tax consequences of business and personal financial decisions. The two services can work together as part of a coordinated financial strategy.

Bookkeeping focuses on recording transactions, reconciling accounts, and maintaining financial records. Controller services provide additional financial management support, including month-end closing procedures, financial statement preparation and review, internal controls, and management reporting. Controller services help businesses establish reliable reporting processes and maintain stronger financial accountability.

Controller services focus primarily on accounting operations, financial reporting, month-end closing, and internal controls. CFO services focus more on forward-looking financial management, including budgeting, forecasting, cash flow planning, financing strategies, and financial decision-making. Businesses may benefit from either service or a combination of both, depending on their needs.

Yes. Our controller services can complement your existing accounting team. We can review accounting records, oversee financial reporting procedures, establish month-end closing processes, and recommend improvements to internal controls and financial operations. We can also coordinate controller services with our firm’s bookkeeping team when needed.

Notarial services are available through Notary Group LLC, a separately operated business.

Notary Group LLC offers mobile notary services for individuals and businesses.

You can visit notarygroupllc.com (opens in a new tab) to learn more about its services and availability.

Yes. The Accounting Firm LLC can assist with tax and financial considerations associated with estate and trust planning.

When legal advice or preparation of legal documents is required, those services must be provided by an appropriately qualified attorney.

When appropriate, our firm may help identify independent professional resources based on the type of assistance needed.

Referrals depend on availability, and any services performed by third parties are governed by their own professional agreements.

Please do not send sensitive documents through the website contact form or regular email. We will provide a secure method when you become a client.

A short conversation to understand your needs and explain how we can help. Current meeting options are shown in our scheduler.