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Sharad T.ADVOCATE SHARAD TANDON, India
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Shikha J.accounting and taxation, India
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Ca Abhishek V.CHARTERED ACCOUNTANT, India
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Need professional help with your Tax return? If you find yourself getting overwhelmed by preparing and filing your own tax returns, you may want to consider hiring a tax preparer. Here's how to find the correct person for the job. Hiring a tax preparer for your business is the safe way to go. If you are confused by your taxes or have a lot of questions it's probably a decent plan to go ahead and find a professional on your side.

A tax preparer is a professional that is qualified to calculate, file and sign income tax returns on behalf of you and your businesses. They will also represent the taxpayer during IRS examinations of tax returns. There are various kinds of job titles these professionals could have, as well as various certifications and educational levels. Over half of taxpayers hire a professional tax preparer when it’s time to file income tax return. Taxpayers trust these professionals with the most personal and sensitive details of their financial life, their wedding, their income, their kids and their social security number.

Why should you hire a Tax preparer?

  1. Save your money and time: If your tax preparer finds even one deduction or tax credit you may have missed, it will simply exceed the fee it costs to have a professional prepare your return. The Internal Revenue Service reports that it takes nearly twenty hours to complete the common tax return with deductions. Your time is worth money. How much is it worth to you to get that time back?
  2. Tax professionals can answer your questions and resolve issues: It’s very probably you may have questions about your taxes. Calling the IRS means you may be on hold for hours. Tax professionals will answer most of these instantly.
  3. You gain a peace of mind: Professional tax preparers keep up with tax code and all those changes each and every year so you don’t have to. Just knowing that a professional is handling your taxes and reduces your stress.
  4. No mistakes: In terms of missed deductions or triggering an IRS letter or audit; a tax professional will help you to eliminate errors and guarantee your returns are prepared correctly.
  5. You benefit with money saving tax planning: Tax professionals will advise you now and all year round on the best ways to make good tax-saving decisions. A tax professional will investigate your past returns to visualize if any deductions were missed and, if so, amend them for you.
  6. Reduces your risk of an audit: if you are audited or the IRS starts asking questions you can’t easily answer, knowledgeable tax preparer is aware of how to deal with the IRS. You may get in trouble if doing it yourself.

How to hire Tax preparer?

Don't wait until the end of the year to hire a tax preparer. You can find and begin working with someone on your business taxes at any time. If you plan to hire a tax professional to prepare your taxes, you do need to gather and organize your records, mortgage and bank statements, charitable contributions, and so forth. Being organized saves your tax preparer time and keeps the fees down.

Here are few steps to evaluate a tax preparer:

  1. Check the Tax Preparer's Education and Credentials: Anyone with a preparer tax identification number will handle and file your taxes, but it’s best to find someone who also can handle audits, IRS collections, and appeals. Typically, the additional qualified a preparer is, the higher the fees. The following are differing kinds of tax preparers in order of expense and certain expertise.
    • Tax Attorney
    • Certified Public Accountant
    • Enrolled agents
    • A Volunteer Income Tax Assistance (VITA) volunteer is trained by the IRS to prepare basic return.
    • Only a certified public accountant or an enrolled agent can represent you in each steps but another type of tax professional can represent you before the IRS in those situations.
  2. Look for a Well-Established Pro: New preparers will be able to handle only the most basic returns. It’s a decent plan to find a preparer who has had a minimum of seven to ten years of experience. The reason is that the more time a preparer has been working on tax returns, the more likely he is to have dealt with a tax situation almost like yours.
  3. Find out about their service fees: If you’ve found someone you feel comfortable sharing the details of your finances with you’ll need to find out how much they charge before you commit. An easy return may cost about $150 to prepare, but if your tax scenario is more complex, you may end up spending several hundred dollars. Knowing how much you’ll have to pay up front can assist you avoid sticker shock later on. Avoid preparers who base their fee on a percentage of your refund or those that claim they can get larger refunds than other preparers. Also, always make sure any refund due is sent to you or deposited into an account in your name. Under no circumstances should all or a part of your refund be directly deposited into a preparer’s bank account.
  4. Find out whether you will get audit support: You can be as honest with the IRS as possible and have the most meticulous tax preparer within the world, and sometimes, your return might get flagged for an audit even so. Since that possibility always exists, one thing you should make certain to inquire regarding is whether the tax preparer you hire can offer audit support within the event you need it. As mentioned earlier, not all tax preparers are authorized to represent clients in IRS matters.
  5. Provide all records and receipts required to prepare your return: Good preparers can request to visualize your records and receipts and will ask you multiple questions to verify your total income and your qualifications for expenses, deductions and other items. Do not use a preparer who is willing to electronically file your return before you receive your form W-2 using your last paystub, this is against government agency e-file rules.
  6. Make sure the preparer signs the form and includes his or her preparer tax number (PTIN): A paid preparer should sign the return and include his or her PTIN as required by law. Although the preparer signs the return, you're responsible for the accuracy of every item on your return. The preparer should also provide you a copy of the return.

Ask these Questions while interview

Here's a list of questions that I recommend you ask a potential tax preparer:

  1. Do you have a PTIN (preparer tax identification number)?
  2. What is your tax background?
  3. Have you prepared a tax return before..?
  4. Do you know the requirements of the states and localities where I am required to file?
  5. What records and other documentation will you need from me?
  6. How do you determine your fees?
  7. Can I file electronically?
  8. Who will sign my return?
  9. When will I receive a copy of my return?
  10. How do I find you if I have a question or a problem after tax season is over?
  11. What happens if I get audited?

New companies and the entrepreneurial impulse are key elements of the U.S. economy, and perhaps part of the nation’s mythology in the American dream. The U.S. federal agency in 2002 counted around twenty three million companies and nearly twenty four million business “establishments” that generated, in total, nearly $23 billion in sales. That’s if they make it. In a 2006 article entitled, “The Seven Pitfalls of Business Failure,” economic expert Brian Head of the small Business Administration noted that 30% new businesses fail inside the first five years of operation. However with careful coming up with, establishing a new company is a successful and profitable undertaking.

Steps for registering a new company

Choose your Company Location

Your company location determines the taxes, zoning laws, and regulations your company will be subject to. You will need to form a strategic decision regarding which state, city, and neighborhood you select to begin your company in. Where you locate your company depends in part on the location of your target market, business partners, and your personal preferences. In addition, you should consider the costs, benefits, and restrictions of different government agencies.

Choose right Company/Business type

The decision to choosing the right business structure is very important because the type of business you decide on influences everything from daily operations, to taxes, to how much of your personal assets are at risk.

  • Sole proprietorship: A sole proprietorship is easy to form and gives you complete control of your business. You're automatically considered to be a sole proprietorship if you do business activities but don't register as any other kind of business. Sole proprietorship do not produce a separate business entity. This means your business assets and liabilities are not separate from your personal assets and liabilities. You can be held personally liable for the debts and obligations of the business. Sole proprietors can also be hard to raise money because you can't sell stock, and banks are hesitant to lend to sole proprietorship.
  • Partnership: Partnerships are the best structure for two or more people to possess a business together. There are two common forms of partnerships: limited partnerships (LP) and limited liability partnerships (LLP).
    • Limited partnerships have only one general partner with unlimited liability, and all other partners have limited liability. The partners with limited liability also tend to have limited control over the company, which is documented in a partnership agreement.
    • Limited liability partnerships are similar to limited partnerships, but give limited liability to every owner. An LLP protects every partner from debts against the partnership, they won't be responsible for the actions of other partners.
  • Limited liability Company (LLC): LLCs protect you from personal liability in most instances, your personal assets like your vehicle, house, and savings accounts won't be at risk in case your LLC faces bankruptcy or lawsuits. Profits and losses can get passed through to your personal income without facing corporate taxes. LLCs can be a good choice for medium- or higher-risk businesses, owners with significant personal assets they want to be protected, and owners who want to pay a lower tax rate than they would with a corporation.
  • Corporation: The incorporation process is more complicated than the other two options but will have many potential benefits for your on-line business. One of the most notable differences regarding this structure is that the corporation becomes a separate entity from you as the owner. This means you’re not in person financially liable for what happens to the corporation, and your personal assets are protected from the liabilities created by your shop. When your store grows and the liabilities you’re exposed to grow with it this is a huge benefit.

Choose your Company Name

You can find the right business name with creativity and market research. Once you’ve picked your name, you should protect it by registering it with the right agencies.

You’ll want to decide on a business name that reflects your brand identity and doesn’t clash with the types of goods and services you provide. Once you take decision on a name you prefer, you would like to protect it. There are four different ways to register your company name. Every way of registering your name serves a special purpose, and some may be legally required depending on your business structure and location.

  • Entity name protects you at state level
  • Trademark protects you at a federal level
  • Doing Business as (DBA) doesn’t give legal protection, but might be legally required
  • Domain name protects your business web site address

Each of those name registrations are legally independent. Most small businesses try to use an equivalent name for each kind of registration, but you’re not commonly required to.

Register your Company

Register your business to make it a distinct legal entity. How and where you need to register depends on your business structure and business location.

Your location and business structure determine how you’ll need to register your business. Verify those factors first, and registration becomes terribly easy. In some cases, you don’t need to register at all. If you conduct business as yourself using your legal name, you won’t need to register anywhere. But keep in mind, if you don’t register your business, you'll miss out on personal liability protection, legal benefits, and tax benefits.

Most businesses don't need to register with the federal government to become a legal entity, other than simply filing to get a federal tax ID. Small businesses sometimes register with the federal government for trademark protection or tax exempt status. If you would like to trademark your business, brand or product name, file with the United States Patent and Trademark office once you’ve formed your business. If you would like tax-exempt status for a noncommercial corporation, register your business as a tax-exempt entity with the IRS.

Get Employee Identity Number or State Tax ID

Getting an EIN number can help you identify your business entity. Most companies need this federal employee identification number to conduct business. An EIN is a nine-digit number that refers to only your business or non-profit entity. It is your business’s social security number. This number allows the IRS to identify your business and attach it to the correct business name for tax purposes. Just a unique business name is not enough.

Your employer identification number (EIN) is your federal tax ID. You need it to pay federal taxes, hire employees, open a bank account, and apply for business licenses and permits. You should do it right once you register your business. Your business desires a federal tax ID number if it does any of the following:

  • Pays employees
  • Operates as an organization of partnership
  • Files tax returns for employment, excise, or alcohol, tobacco, and firearms
  • Withholds taxes on income, other than wages, paid to a non-resident alien
  • Works with certain types of organizations

The need for a state tax ID number ties directly to whether your business must pay state taxes. Sometimes, you can use state tax ID numbers for other functions, like protection against identity theft for sole proprietors. Tax obligations differ at the state and local levels, so you'll need to check with your state's websites. To know whether you need a state tax ID, research and understand your state's laws regarding income taxes and employment taxes, the two most common forms of state taxes for small businesses.

Apply for Licenses

Most small businesses need a combination of licenses and permits from both federal and state agencies. The requirements and charges vary based on your business activities, location, and government rules.

The licenses and permits you need from the state, county, or city will depend on your business activities and business location. Your business license fees will vary. States tend to regulate a broader range of activities than the centralized. As an example, business activities that are commonly regulated domestically include auctions, construction, and dry cleaning, farming, plumbing, restaurants, retail, and vending machines.

Some licenses and permits expire after a set period of time. Keep close track of when you need to renew them it's usually easier to renew than it has to apply for a new one. You'll have to analysis your own state, county, and city regulations. Industry requirements usually vary by state.

Special Bank Account for your Company

Open a business account once you are ready to start accepting or spending money as your business. A business bank account helps you keep legally compliant and protected. It also provides benefits to your customers and employees. Most business bank accounts provide perks that don't come with a standard personal bank account.

  • Protection: Business banking offers limited personal liability protection by keeping your business funds separate from your personal funds. Merchant services also offer purchase protection for your customers and ensures that their personal information is secure.
  • Professionalism: Customers will be able to pay you with credit cards and make checks out to your business instead of directly to you.
  • Preparedness: Business banking usually comes with the option for a line of credit for the company. This can be used in the event of an emergency, or if your business needs new equipment.
  • Purchasing power: Credit card accounts can help your business make large startup purchases and help establish a credit history for your business.

Get Business Insurance

Business insurance coverage protects businesses from losses due to events that may occur during the normal course of business. There are many types of insurance for businesses including coverage for property damage, legal liability and employee-related risks. Companies evaluate their insurance needs based on potential risks, which can vary depending on the type of environment in which the company operates.

Business insurance protects you from the unexpected costs of running a business. Accidents, natural disasters, and lawsuits could run you out of business if you’re not protected with the right insurance.

Speak to insurance agents to find out what kinds of coverage makes sense for your business, and compare terms and prices to find the best deal for you. Here are six common kinds of business insurance types are:

  • General liability insurance
  • Product liability insurance
  • Professional liability insurance
  • Commercial property insurance
  • Home-based business insurance
  • Business owner’s policy

Picking the right company structure for your business is as important as any other business-related activity. The right business structure can allow your enterprise to control efficiently and meet your required business targets. In India, each business should register themselves as a part of the necessary legal compliance. Before we tend to learn how to register a company, let’s try and understand the types of business structures in India.

Types of business structure in India:

  1. One Person Company (OPC): It is the simplest way to start a company if there exists only 1 promoter or owner. It allows a sole-proprietor to hold on his work and still be a part of the company framework.
  2. Limited Liability Partnership (LLP): This kind of business structure was essentially formed to provide limited liability to its owners. To become a partner of LLP doesn’t involve a huge lengthy complicated method. It’s simple to form as well as simple to become a partner. In it, each partner has limited liability to the extent of capital contributed by them. They don’t have to suffer on behalf of its other partners.
  3. Private Limited Company: A Private Limited Company is that company which is owned privately by the individuals. It is more flexible and easy to form than a Public company. It can be formed with just 2 members and 2 directors. But there is a restriction in the maximum number of its partners which is restricted to 200. The number of shareholders is limited to 50 only. A Private company cannot invite public to apply for its shares. This kind of company is more preferred by investors because they can buy/sell stakes easily.
  4. Public Limited Company: A Public Limited Company is that company which is owned by public or in which the public can subscribe. The minimum number of directors is 3 and the minimum number of shareholders is 7. There is no limit on the maximum number of shareholders. The shareholders have limited liability to the extent of the face value of its shares and the premium respectively.

Steps for registration of new company

Obtain Director Identification Number

Director identification number is a unique number allotted by Central Government to any person assuming to be a director or existing director of company in India. Director identification number is 8 digit unique number which has a lifetime validity, details of director are maintained in database through this number.

Whenever a return, an application or any information associated with a corporation or company are going to be submitted under any law, the director signing such return, application or information will mention his Director Identification Number underneath his signature.

Procedure to obtain DIN: There are three different forms

1.      Spice Form (Application Of First Directors In Case Of New Companies): SPICe form is used by the first directors of new companies. The intended person who has not obtained DIN shall make an application through eForm SPICe. The documents which  need to be attached are

·         Proof of identity

·         Proof of address

2.      DIR-3 Form: Any person intending to become a director in an already existing company shall have to make an application in eForm DIR-3 for allotment of DIN.

·         Procedure to obtain DIR-3 Form: The form shall be mandatorily signed by the applicant and the same shall be verified digitally by a:

·   Company Secretary (who is fulltime employment of the company)

·   Managing director or manager.

·   Chief Executive Officer or Chief Financial Officer.

Two supporting documents need to be attached that is:

·   Photograph of the concerned applicant.

·   Proof of identity and Proof of residence.

3.      DIR-6 Form: DIR-6 Form is used by the directors when there are any changes in the particulars of the directors. The form shall be signed by the applicant and certified by a Chartered Accountant, Company Secretary, Cost accountant (whole time practice), Director of an existing company.

Obtain Digital Signature Certificate

A Digital Signature Certificate is a secure digital key that is issued by the certifying authorities for the purpose of validating and certifying the identity of the person holding this certificate. Digital Signatures make use of the general public key encryptions to create the signatures. A digital signature certificate (DSC) contains information concerning the user’s name, pin code, country, email address, date of issuance of certificate and name of the certifying authority.

A Digital Signature Certificate (DSC) explicitly associates the identity of an individual/device with a two keys - public and private keys. The certificate contains data about a user's identity (for example, their name, pincode, country, email address, the date the certificate was issued and also the name of the CA. These keys will not work in the absence of the other. They’re used by browsers and servers to encode and decode data concerning the identity of the certificate user.

The private key is stored on the user's computer hard disk or on an external device like a USB token. The user retains control of the private key; it will solely be used with the issued password. The public key is disseminated with the encrypted data. The authentication method fails if either one of these keys in not available or do not match. This means that the encrypted information cannot be decrypted and so, is inaccessible to unauthorized parties.

Procedure to obtain digital signature certificate

  1. Submission of DSC Application form duly filled in by the applicant. Any individual applying for a Digital Signature Certificate is required to fill an Application Form for online submission and verification of personal details by the certifying authority.
  2. Producing Photo ID proof
  3. Producing  Address proof
  4. To fill in the Application form the please log in to the website of the Certifying Authority.

Register a Company Name

Tips for naming your startup company:

  1. Avoid hard to spell, you don’t want potential customers getting confused concerning how to find your business on-line. You would like to avoid having to continually correct the misspelled version of your name. Keep it simple.
  2. Don’t pick a name that could be limiting as your business grows.
  3. Once you have determined a name you like, do a web search on the name. You will find that someone else is already using that business name.
  4. Use the most secure “.com” domain name for your business rather than alternatives such as .net, .org, .biz, or other possible domain extensions.
  5. You want the business name to convey something meaningful and positive related to your business.
  6. Make sure you are personally happy with the name.

To register your company, you will file your completed application online with the Indian government’s Registrar of Companies, or RoC. The RoC, which is under the jurisdiction of the Ministry of Corporate Affairs, oversees the incorporation of new companies and the administration of businesses under the statutory regulations of the Companies Act.

Check online to see if your choice of company name is available. Before you file your application to register your company, it’s a good idea to have your company names firmly in place to ensure the registration process isn’t hindered.

Get Certificate of Incorporation

A Certificate of Incorporation (COI) is a legal document that is issued by Ministry of Corporate Affairs (MCA) once a Company is successfully registered with them. The COI is a proof that the company is now registered with the Registrar of Companies (ROC).

COI issued consists of a date which depicts the date from which the company is deemed to be official registered. It can then commence its business and start working. Unlike sole proprietorship registration of private limited company is mandatory. It is the duty of the promoter to apply for a COI.

Obtain Permanent Account Number

Permanent Account number (PAN) refers to a ten-digit alphanumeric number, issued in the form of a laminated card, by the income tax Department in India. it is a must to have a PAN number for all those who file their income tax returns, because from 2005 onward, it has been made mandatory by the income tax Department to quote the PAN on return of income as well as on all correspondence with any income tax authority in the country.

Registration of GST

GST is the biggest tax reform in India, tremendously improving ease of doing business and increasing the taxpayer base in India by bringing in millions of small businesses in India. By abolishing and subsuming multiple taxes into a single system, tax complexities would be reduced while tax base is increased substantially. Under the new GST regime, all entities involved in buying or selling goods or providing services or both are required to register for GST. Entities without GST registration would not be allowed to collect GST from a customer or claim an input tax credit of GST paid and/or could be penalized. Further, registration under GST is mandatory once an entity crosses the minimum threshold turnover of starts a new business that is expected to cross the prescribed turnover.

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