Must be a Hillsborough County resident and also have the capability to work remote if needed. Please provide a cover letter specifying your relevant experience as well as why you will be the best person for the job along with the résumé.

Salary is commensurate with experience.

Please reply only to the following email address: jobs@alvarezcpa.com

Accounting Job Opportunity for Hillsborough County Resident is a post from: Apollo Beach CPA Firm | Accounting & Bookkeeping | Alvarez Company

The AICPA’s (American Institute of Certified Public Accountants) Peer Review Program is dedicated to enhancing the quality of accounting, auditing and attestation services performed by AICPA members in public practice. Of the 5,500 licensed firms in the state of Florida, only 1,450 are in the peer review system; of these 1,450 firms, even fewer perform the more rigorous system review instead of an engagement review.

Daniel Hevia, Chair of the AICPA Peer Review Board, performed the System Peer Review of Alvarez Company PA CPA Firm. This review determined that the firm has in place a system of quality controls within its organizational structure. Accounting firms that participate in a System Peer Review are responsible for designing and complying with a system of quality controls that provide a reasonable assurance of performing and reporting that conforms to the professional standards established by the AICPA.

José A. Alvarez, CPA & Managing Director states, “We take quality control very seriously at Alvarez Company PA CPA Firm and we’re proud of the results from our recent System Peer Review. We strive to continue to deliver the highest quality of service to our clients. The controls and procedures we have in place are integral in providing our clients with the professional service we deliver.”

Alvarez Company PA CPA Firm specializes in business and individual tax planning and preparation; audit; review and/or compilation of financial statements; business advisory services; new business setup; and bookkeeping services, training and assistance, including QuickBooks.

The firm is a member of the AICPA, the FICPA (Florida Institute of CPAs), the South Shore Chamber of Commerce, PCPS (Private Companies Practice Section) and Mr. Alvarez is a certified Quickbooks ProAdvisor.

Alvarez Company PA CPA Firm traces its roots to 1975 and is currently located at 605 Apollo Beach Blvd. Apollo Beach, FL 33572. The firm believes in creating mutually beneficial relationships with clients and business associates. The accounting firm serves clients in the greater Tampa Bay area including: Riverview, Brandon, Ruskin, Sun City Center, St. Pete, Clearwater, Lakeland, and most of Central Florida.

You can reach Alvarez Company PA CPA Firm by calling 813-938-2400 or by emailing jalvarez@alvarezcpa.com.

Tampa Bay Area Firm Passes Accounting and Auditing Peer Review is a post from: Apollo Beach CPA Firm | Accounting & Bookkeeping | Alvarez Company

In a statement released on June 23rd, 2011, the IRS announced an increase in the mileage rate to 55.5 cents per mile (an increase of 4.5 cents per mile). The mileage rate will be effective for all business miles driven between July 1, 2011 through December 31, 2011.

It is normal for the IRS to make mileage rate adjustments once a year based on a number of variables. According to the official announcement, The IRS is adjusting the standard mileage rates to better reflect the recent increase in gas prices.

The mileage adjustment also applies to rates for moving or medical costs, which also increased 4.5 cents up to 23.5 cents per mile.

The rate for providing services for charitable organizations is set by statute, not the IRS, and remains at 14 cents a mile.

You have the option of deducting the actual expenses, or you can use the standard optional mileage rate posted by the Internal Revenue Service.

For more complete details, please visit this page on the IRS Website: 2011 Standard Mileage rates.

If you need more information on how this effects you personally, or to learn about other possible tax deductions you can claim, please feel free to email us or give us a call to schedule an appointment.

IRS Announces New Mileage Rates for 2nd Half of 2011 is a post from: Apollo Beach CPA Firm | Accounting & Bookkeeping | Alvarez Company

Steven Alvarez, IRS Enrolled Agent

Steven Alvarez, an accountant with the Apollo Beach accounting and bookkeeping firm, Alvarez Company PA CPA Firm, was recently approved status as an enrolled agent from the Internal Revenue Service.

As an Enrolled Agent, Steven Alvarez is a federally authorized tax practitioner who has technical expertise in the field of taxation and is empowered by the U.S. Department of the Treasury to represent taxpayers before all administrative levels of the Internal Revenue Service for audits, collections, and appeals.

In order to receive Enrolled Agent status, Steven had to pass a comprehensive examination which tested his knowledge on all aspects of the tax code. All candidates are subjected to a rigorous background check conducted by the IRS.

Audited by the IRS? As an Enrolled Agent, Steven can represent you.

As an enrolled agent serving Apollo Beach and the Tampa Bay community, Steven can advise, represent, and prepare tax returns for individuals, partnerships, corporations, estates, trusts, and any entities in which IRS Tax reporting is required. His knowledge with the continually changing tax laws give him the ability to represent those being audited by the Internal Revenue Service.

What’s the Difference between a CPA and an Enrolled Agent?

Although most CPAs are knowledgeable in matters of taxation, not all CPAs specialize in taxes. Enrolled Agents are required to demonstrate their expertise in taxation matters to the IRS. Enrolled Agents are the only taxpayer representatives who receive their right to practice from the U.S. government (CPAs and attorneys are licensed by the states).*
* Taken from the NAEA (National Association of Enrolled Agents).

According to the NAEA, there are only about 46,000 enrolled agents in the United States.

About Alvarez Company PA CPA Firm

Alvarez Company PA CPA Firm provides professional accounting and bookkeeping services for individuals and small business owners within Hillsborough County. The firm has clients in Apollo Beach, Tampa, Brandon, Riverview, Ruskin, Sun City Center, as well as Pinellas County, Pasco County and Polk County.

Tampa CPA Firm Accountant, Steven Alvarez, Receives Enrolled Agent Status is a post from: Apollo Beach CPA Firm | Accounting & Bookkeeping | Alvarez Company

In the article, Tom describes how Congress and the Obama administration is desperate to tap sources of tax revenue.

“One of the legislation’s most alarming provisions is a payroll tax on certain individuals and small businesses that form S-corporations. Under current law, owners of S-corporation service-sector companies—such as architectural and accounting firms—don’t pay taxes at the company level; rather, the owners pay personal income taxes on the business profits as a shareholder in the company. Increasing taxes on fully compliant small business owners and making the tax code even more complex would not inspire confidence in our nation’s primary job creators.”

One of the most alarming provisions of the proposed legislation is:

In the past, S-corporation shareholders would only pay social security & medicare taxes totaling 15.3%  on their salaries and would not have to pay that tax on the portion of the income that was received as dividend distribution and/or kept in the business. The provision seems to target small business and professional and consulting firms.

There is actually a “laundry list” of permanent taxes that may be imposed on small businesses to help pay for the “American Jobs and Closing Tax Loopholes Act” or the “jobs bill”.

It’s worth noting that Speaker of the House – Nancy Pelosi has posted her spin on this “jobs bill” act. You can read it at http://www.speaker.gov/newsroom/legislation?id=0374.

Like most bills, the provisions are buried in legislation (this one  is supposedly beneficial in “creating jobs”).  In her comments she refers that the above S corporation provisions closes a major loophole for wealthy attorneys and lobbyist and others, but the fact is,  it will affect many small consulting and professional businesses whose “principal asset” is the reputation and skill of 3 or fewer workers.  Social security is supposed to be a retirement contribution, and your retirement income (if you live) is based on your contribution just like any other retirement, but the government seems intent in considering this as a mandatory payroll tax.

Tax hike looms for S-Corp Business Owners is a post from: Apollo Beach CPA Firm | Accounting & Bookkeeping | Alvarez Company

“Taxpayers who decide they need assistance when preparing a tax return should choose a tax preparer with care and caution. Even if a return was prepared by an outside individual or firm, taxpayers should remember that they are legally responsible for what they file with the Internal Revenue Service.” IRS FS-2010-3

With this in mind, here is a list of considerations and questions you should ask before hiring someone to file your income tax return.

What credentials does your tax preparer have? (CPA, Enrolled Agent, Tax Attorney)

The tax preparation business is largely unregulated. ANYONE, regardless of experience or expertise, who charges a fee may file a return on behalf of a taxpayer. Make sure to ask your tax preparer what credentials they have. Don’t assume that just because someone is employed with one of the major tax preparation service providers, they are experts. In fact, H&R Block’s employment site claims, “Each year H&R Block employs thousands of seasonal and part-time associates.”

The Treasury Inspector General for Tax Administration (TIGTA) discovered that unenrolled agents are wrong more often than they are right. Some details of the test include:

• TIGTA auditors posed as taxpayers earlier this year at 12 offices of commercial tax preparation chains and 16 small, independently owned offices.
• Unenrolled, unlicensed preparers had only a 35% accuracy rate in preparing income tax returns.
• More than one-third of the erroneous returns contained misstatements or omissions that TIGTA considered willful or reckless.
• Of the 28 tax returns prepared, only 11 were prepared correctly, TIGTA said. If the 17 erroneous returns had been filed with the IRS, they would have resulted in $12,828 in underpaid taxes.
• TIGTA determined that six returns contained willful or reckless omissions or misstatements.
• In a similar test conducted in 2004, TIGTA checked 35 returns by unenrolled tax preparers and the accuracy rate was ZERO!
• Fees charged by the preparers varied widely—even among similar returns—but averaged $234 per tax return at commercial chains and $132 at independent offices.”

(source: http://www.journalofaccountancy.com/Issues/2008/Dec/UnenrolledPreparersOftenWrong.htm)

Remember, when the IRS detects a fraudulent return, the taxpayer — not the return preparer — must pay the additional taxes and interest and may be subject to penalties.

CPA’s (Certified Public Accountants), tax attorneys, and enrolled agents inspire confidence because they have passed a series of state examinations focusing on tax law and are regulated by associations such as the A.I.C.P.A. Also, don’t assume that licensed CPAs charge more than non-regulated preparers. In the TIGTA report, the average cost of a tax return by commercial chains was $234.00.

If you decide to not hire a CPA, your return should at least be reviewed and signed by an enrolled agent or tax attorney. Only CPAs, enrolled agents and tax attorneys can represent tax payers before the IRS in all matters including audits, collection and appeals. By electing to have your taxes prepared by one of these professionals, you are hiring someone who has earned valuable credentials through ongoing training and passing complex exams.

Will the person handling your return also be the one signing it?

Ideally you want the person/firm preparing your return to have the above credentials.  At the very least, you should make sure the person with credentials signs your return and will carefully reviews and inspect it before filing to the IRS.

Did your Tax Preparer earn continuing education credits in the past year?

There are multiple changes to the tax code each year and unless your preparer is keeping themselves current through continuing education, it is difficult to be aware of all the subtle changes in the law. Don’t be afraid to ask open ended and pointed questions to your tax preparer. Questions like, “How do you stay on top of all the changes in the tax code?” should be answered with confidence. Don’t accept answers such as, “All the changes are handled through our software”. The person handling your income tax return should be up to date with the tax laws and be able to ask the right questions to properly utilize the software.

What software does your tax preparer use?

This may seem a bit trivial, but you would be surprised to find out there are still some tax preparers who do not use any software at all. In addition, there are some who are use basic consumer level programs. There is a huge difference between an off the shelf tax preparation program you can buy in a retail store versus professional tax preparation software. Also, be aware if your preparer does not personally offer electronic filing (E-File). The IRS gives approval to who can E-File and if your preparer is not authorized, consider it a warning.

Does your tax preparer have experience within your business industry or within your individual profession?

Different businesses and different individuals may have unique issues relating to their return. Your preparer should be knowledgeable and familiar with some of the complexities unique to your own situation.

Ask your tax preparer if they will personally represent you if you are audited by the IRS.

The answer to this question should always be yes (assuming your preparer is a CPA, tax attorney or enrolled agent). If not, ask them why. You’ll probably end up wanting to hire someone else.
Also, be aware that services that claim they will explain your tax return is NOT the same as representing you.

RED FLAGS to look out for:

• Does the tax preparation service aggressively push high interest refund anticipation loans?
• Income Tax preparers who promise you a refund before reviewing your situation should not be trusted.
• Avoid tax preparers who base their fees on the amount of your return.
• Avoid tax preparers who claim they can get you a larger refund than other preparers.

About the author:  Jose Alvarez is the Managing Director of Alvarez Company PA CPA Firm,  a full service tax and accounting firm that has been serving the greater Tampa Bay area for over 35 years.  If you would like help with your personal or business tax return and/or accounting, you can call  (813) 938-2400.

If you would like more information on this subject, you can view “How to Choose a Tax Return Preparer and Avoid Preparer Fraud” (Fact Sheet FS-2010-3) at the official IRS website.
Related Resources: Tax Scams and Consumer Alerts from the IRS

Tax Preparation. 7 Considerations and Questions before hiring a tax preparer. is a post from: Apollo Beach CPA Firm | Accounting & Bookkeeping | Alvarez Company

If you are like most business owners, you set up your venture based on something you love. Your vision includes building the next great widget or delivering a service superior to your competitors.  This passion, or entrepreneurial spirit,  is what energizes you. However, there is another side of business that can drain you of this energy…Bookkeeping and Payroll. I have yet to meet a business owner who wakes up each morning excited with the idea of entering transactions into Quickbooks.

It’s no wonder that we often come across business owners who ignore bookkeeping altogether or are making so many errors that their financial statements are almost meaningless. We want to share the 7 most common bookkeeping errors we run across with the hope that you avoid making these accounting mistakes yourself.

1. Failing to track all business related expenses.
   Are you keeping track of the mileage for each trip to the office supply store? Do you often make purchases with your personal credit card and forget to assign the transaction to your business?  Do you know the expenses you are entitled to claim for your business?
2. Improper Employee Classification
   Many small business owners will hire subcontractors, freelancers, and consultants and then may incorrectly classify them and the subject to possible IRS payroll taxes and penalties.  As a result, they fail to file the proper forms because of the different regulations pertaining to employees and non-employees.
3. Keep Your Backups to maintain an audit trail
   You should maintain a trail of all your transactions including receipts, invoices, etc. for tax and/or accounting purposes.  We recommend scanning these documents and backing up your digital data remotely.
4. Not Reconciling with the Bank Statement.
   This is basic accounting that should be done by businesses (and individuals) to make sure you capture all your expenses and incomes and to be aware of your balances.
5. Improper use of Chart of Accounts.
   This may be the most common error we run across. A smart business owner will make sure that the Chart of Accounts is set up properly from Day 1. A well thought out Chart of Accounts will help you (or staff) classify your data so you get a clean financial snapshot of your business. Many businesses use a generic chart of accounts that is not customized to their business needs. As a result, transactions are often assigned into improper categories.
6. Hiring internal bookkeeper for something that often can be done for less cost by a professional bookkeeping department.
7. You Do the Bookkeeping Yourself.
   In our opinion, there is very little benefit of a business owner handling their own bookkeeping duties. Here’s why:
   • Focus on why you started your business to begin with. I highly doubt that your business passion is rooted in bookkeeping tasks.
   • Hire a professional and you’ll probably save money in the long run. Your time is money.
   • You get an extra set of eyes to review your books. In the process, a professional CPA will also make suggestions and offer advise to help grow your business. Plus, you’ll have piece of mind knowing that a true professional is handling an important aspect of your business.

7 Common Bookkeeping Errors committed by business owners. is a post from: Apollo Beach CPA Firm | Accounting & Bookkeeping | Alvarez Company

The Business Tax Index takes into account 16 different tax measures, including:

1. Personal Income Tax Rates (Florida tied for 1st with 8 other states).
2. Capital Gains Tax Rates (Florida tied for 1st with 8 other states).
3. Corporate Income Tax Rates (Florida ranked 15th)
4. Corporate Capital Gains Tax Rates (Florida ranked 17th)
5. Additional Income Tax on S-Corporations
6. Individual Alternative Minimum Tax
7. Corporate Alternative Minimum Tax
8. Indexing Personal Income Tax Rates
9. Property Taxes (Florida ranked 31st)
10. Local Sales, Gross Receipts, and Excise Taxes (Florida ranked 43rd)
11. Adjusted Unemployment Tax (Florida ranked 4th)
12. Death Taxes
13. Tax Limitation States
14. Internet Taxes
15. Gas Tax (Florida ranked 48th)
16. Disel Tax (Florida ranked 38th)

Download the full PDF report: Business Tax Index – 2009

Florida Ranked 6th Best State Tax System for Small Business is a post from: Apollo Beach CPA Firm | Accounting & Bookkeeping | Alvarez Company

Filing Tax Returns Late can be very costly.

Let’s face it, filing your tax return is not the most exciting task you’ll do every year.  For many people, they would rather get a root canal than worry about their tax return.  Nevertheless, it’s something that must be done and putting off the filing process can be costly.  Every year, for various reasons, an estimated 7 million Americans fail to file their tax returns.

Why You Should File Your Late Tax Return As Soon as Possible -
Reduce Your Late Filing Penalty to the IRS

Be filing your return sooner than later, you’ll reduce the late fees imposed by the IRS.

NOTE: It’s important to realize that the IRS penalty for filing a late tax return is much different than the penalty for making a late payment.

The IRS penalty rate for late filing, without reasonable cause,  is 5% of the net tax due for each month the return is late, with a maximum of 25%.  The IRS Penalty for making a late payment is only .5% (1/2 of 1%) on the net amount of tax due with a maximum of 25%. If the IRS believes you have filed a fraudulent return, the penalty is even steeper.  The monthly penalty for filing fraudulently is 15% per month of the net tax due with a maximum penalty of 75%.

In summary, the fee for filing your taxes late is 10 times more costly than the late payment fee.  It’s obviously a smart idea to at least file and pay a late fee than to avoid filing your return altogether.

• IRS Late Filing Fee: Monthly penalty of 5% of net tax due (up to 25%)
• IRS Late Payment Fee: Monthly penalty of .5% (1/2 of 1%) of net tax due (up to 25%) plus interest on the amount owed.
  The IRS offers installment agreements when the situation is warranted.
• IRS Fraudulent File Fee:  Monthly penalty of 15% of net tax due (up to 75%)

If you do not owe money, there are no late fees but after 3 years you’ll lose any refunds you would’ve been entitled to.  In addition, why let the IRS sit on the money they owe you?  A new client came to us after receiving an IRS notices demanding over 10 years of tax returns.   After we prepared the returns for this new client, he did not owe the IRS any money as per the notices, however, he lost over $40,000 in tax refunds he would have been entitled to.  We were only able to recover for him about $10,000 for the last three years.

If you owe the IRS money, they can go back forever to collect the money.

If you are self employed, and have not filed your return, you will not receive credits toward Social Security retirement or disability benefits.  If you are self employed, we highly recommend creating a Corporation,  S-Corp or LLC depending on your circumstances.

If you are late in filing your 2008 tax return (after April 15^th, 2009) and did not file an extension, we highly recommend you contact a certified public accountant as soon as possible.  If you did file an extension (form 4868) , you’ll have until October 15th, 2009 to file the return.  You are still subject to late payment penalties.  Under certain circumstances, if the payment has not been made, the IRS could possibly void the extension and you would be subject to late filing penalties too.

How does the IRS know if you evade filing?
The IRS often finds tax evaders when ex-friends, spouses, disgruntled employess or other “enemies” decide to rat you out among other things including reports they receive.

Will you go to jail if you don’t file?
The IRS does not recommend criminal prosecution of individuals for failing to file their tax returns, assuming you voluntarily file or make arrangements to file, before a criminal investigation.  Flat out avoiding to file year after year is a different story,  just ask Wesley Snipes or Al Capone.  You do not need to worry about prosecution, as long as you make an honest effort to file a correct return and have legal income.  The long term plan of the IRS is to get American citizens back in the system and not prosecute people who just made an honest mistake.

Reduce Your Late Filing Penalty to the IRS is a post from: Apollo Beach CPA Firm | Accounting & Bookkeeping | Alvarez Company

José will be speaking at the Apollo Beach branch on Thursday February 19th, 2009 between 4:30 pm and 6:00 pm and will be at the Sun City Center branch on Tuesday February 24th between 4:30 pm and 6:00 pm.

During the free presentations, José will explain the tax benefits and consequences of the various entities and explaining the different types of ways to incorporate your business.
You will learn the basic principles of each entity type (Sole Prop, C-Corp, S-Corp, LLC, General Partnership, etc.) and why it’s important to carefully select the type that’s right for you.

Alvarez will also be including other tax saving tips for individuals.

SouthShore Community Bank – Apollo Beach Branch is located on 5998 US Highway 41 N., Ste A.
SouthShore Community Bank – Sun City Center Branch is located on 131 South Pebble Beach Blvd.

Alvarez Company to present “Entity Selection” at SouthShore Community Bank is a post from: Apollo Beach CPA Firm | Accounting & Bookkeeping | Alvarez Company