FAQs

Check your status via the IRS "Where's my Refund" site here: https://www.irs.gov/wheres-my-refund 

Depends! If you are not making over $10k in profits, you usually will not have a significant tax liability (if any at all) and the complexity of your accounting needs will be quite low. If at any point you have more complicated accounting needs, a CPA may be necessary to maintain compliance with local and federal laws. Here are a few examples of more complex accounting needs that may require a CPA:

• Inventory management

• Leases (equipment and rentals)

• Stock compensation

• W-2 employees

• 1099 employees

• >$50K in assets that require depreciation

• Partnership, corporation, s-corp business structure

• Financial statements (especially if being created for financing)

• Large volume of invoices (>100 per month)

• Foreign currency transactions

• Digital assets (Crypto, NFTs, etc.)

• Cashflow issues (paying invoices late, not enough cash to pay for bills)

• Environmental impacts and requirements (ESG)

• Internal controls / fraud prevention

• Own multiple businesses (consolidation)

• Revenue contracts involving payments and recognition over time

There are many more reasons, but ultimately, when the accounting responsibility becomes too overwhelming and it is affecting your ability to sell and do business, that's when you should reach out to the professionals!