Frequently Asked Questions
How do I contact the IRS for info and forms?
You can find the IRS on the web at www.irs.gov. If you are looking for information on your tax refund you can call 800-824-1040. Contact us directly if you need assistance.
How do I contact CT Department of Revenue Services for info and forms?
You can find the CT Department of Revenue Services on the web at www.ct.gov/drs. If you are looking for information on your tax refund you can call 860-297-5962. Contact us directly if you need assistance.
Does my non-profit organization need an audit in the state of Connecticut?
If a non-profit organization solicits more than $50,000 of contributions from the general public it must register with the CT Department of Consumer Protection. If the organization’s annual revenue exceeds $500,000 it is required to have an annual audit. Contact us to obtain details.
Does my non-profit organization need an audit in the state of Florida?
You can find audit rules for non-profit organizations here.
How much does an audit, review or compilation of financial statements cost?
Although it is not possible to quote an exact amount without additional details, generally speaking an audit may cost about twice as much as a review, and a review may cost about twice as much as a compilation. If the audit is in accordance with Federal or state Single Audit provisions, the cost will be greater. Contact us for further details.
How do I get specific information as to a CPAs license and qualifications?
You can contact the CT State Board of Accountancy at 860-509-6182. For more information: please refer to http://www.ct.gov/sboa/site/default.asp or by email: sboa@ct.gov.
You can contact the FL State Board of Accountancy at 850-487-1395. For more information: please refer to http://www.myfloridalicense.com/dbpr/cpa/.
What is the typical cost for a CPA to prepare my tax return?
Although costs vary depending on time it takes to prepare the return, we generally charge a minimum of $500 for a federal and state individual tax return. Fees for preparation of corporate or partnership returns will generally be more. We will be glad to give a more detailed estimate, so contact us for more information.
How has Solakian & Company performed on their most recent peer review?
We received an unmodified peer review report on our most recent review and received no comments. This is the best report that can be issued, and we will gladly provide a copy of our report upon request.
What is the Alternative Minimum Tax (AMT) and how does it affect me?
The alternative minimum tax (or AMT) is an extra tax some people have to pay on top of the regular income tax. The original idea behind this tax was to prevent people with very high incomes from using special tax benefits to pay little or no tax. But for various reasons the AMT reaches more people each year, including some people who don't have very high income and some people who don't have lots of special tax benefits. Congress is studying ways to correct this problem, but until it does, almost anyone is a potential target for this tax. We urge you to contact your U.S. senator or congressperson and tell them that they need to address this problem.
The name comes from the way the tax works. The AMT provides an alternative set of rules for calculating your income tax. In theory these rules determine minimum amount of tax that someone with your income should be required to pay. If you're already paying at least that much because of the "regular" income tax, you don't have to pay AMT. But if your regular tax falls below this minimum, you have to make up the difference by paying alternative minimum tax.
You can find the IRS on the web at www.irs.gov. If you are looking for information on your tax refund you can call 800-824-1040. Contact us directly if you need assistance.
How do I contact CT Department of Revenue Services for info and forms?
You can find the CT Department of Revenue Services on the web at www.ct.gov/drs. If you are looking for information on your tax refund you can call 860-297-5962. Contact us directly if you need assistance.
Does my non-profit organization need an audit in the state of Connecticut?
If a non-profit organization solicits more than $50,000 of contributions from the general public it must register with the CT Department of Consumer Protection. If the organization’s annual revenue exceeds $500,000 it is required to have an annual audit. Contact us to obtain details.
Does my non-profit organization need an audit in the state of Florida?
You can find audit rules for non-profit organizations here.
How much does an audit, review or compilation of financial statements cost?
Although it is not possible to quote an exact amount without additional details, generally speaking an audit may cost about twice as much as a review, and a review may cost about twice as much as a compilation. If the audit is in accordance with Federal or state Single Audit provisions, the cost will be greater. Contact us for further details.
How do I get specific information as to a CPAs license and qualifications?
You can contact the CT State Board of Accountancy at 860-509-6182. For more information: please refer to http://www.ct.gov/sboa/site/default.asp or by email: sboa@ct.gov.
You can contact the FL State Board of Accountancy at 850-487-1395. For more information: please refer to http://www.myfloridalicense.com/dbpr/cpa/.
What is the typical cost for a CPA to prepare my tax return?
Although costs vary depending on time it takes to prepare the return, we generally charge a minimum of $500 for a federal and state individual tax return. Fees for preparation of corporate or partnership returns will generally be more. We will be glad to give a more detailed estimate, so contact us for more information.
How has Solakian & Company performed on their most recent peer review?
We received an unmodified peer review report on our most recent review and received no comments. This is the best report that can be issued, and we will gladly provide a copy of our report upon request.
What is the Alternative Minimum Tax (AMT) and how does it affect me?
The alternative minimum tax (or AMT) is an extra tax some people have to pay on top of the regular income tax. The original idea behind this tax was to prevent people with very high incomes from using special tax benefits to pay little or no tax. But for various reasons the AMT reaches more people each year, including some people who don't have very high income and some people who don't have lots of special tax benefits. Congress is studying ways to correct this problem, but until it does, almost anyone is a potential target for this tax. We urge you to contact your U.S. senator or congressperson and tell them that they need to address this problem.
The name comes from the way the tax works. The AMT provides an alternative set of rules for calculating your income tax. In theory these rules determine minimum amount of tax that someone with your income should be required to pay. If you're already paying at least that much because of the "regular" income tax, you don't have to pay AMT. But if your regular tax falls below this minimum, you have to make up the difference by paying alternative minimum tax.
Connecticut AddressP.O. Box 716
North Branford, CT 06471 solakian@solakiancpa.com Phone: (203) 483-8115 Fax: (206) 338-3043 |
Florida Address829 Bayshore Boulevard
Tampa, FL 33606 solakian@solakiancpa.com Phone: (203) 483-8115 Fax: (206) 338-3043 |
