Kalra CPA & Associates

IRS Problem Resolution

Solve your IRS problems with the help of a local Northern Virginia expert. From the moment you retain our firm, you no longer have to speak with the IRS. Our services include unfiled back tax returns, unpaid back taxes, tax audit representation, offers in compromise, installment agreements, employment tax problems, trust fund recovery penalty defense, administrative appeals, collection due process hearings, penalty abatement, innocent spouse issues, injured spouse claims, statutes of limitations, tax lien removal, wage garnishment removal, IRS bank levy removal, currently not collectible, state tax problem resolution, sales tax audits, and more.

Proactive Tax Planning

Many small businesses over pay their taxes because they do not have a proactive CPA and they do not take advantage of all the tax incentives available to them. Our objective here is to save you more in taxes than our overall fees through identifying ideas and strategies which may save you money in taxes. Our goal is to proactively perform year-round tax planning and coordination at the entity/business level and at the individual level throughout the year–and to advise you of any new tax laws which may affect your business. When was the last time your tax pro came to you and said “here’s an idea I think will save you some money?”

Outsourced Accounting

You will likely have accounting questions throughout the year as various transactions arise. Our service includes accounting support year-round to help you ensure that you are properly recording your transactions from an accounting perspective. You will need two core financial statements in order to properly track your business, to conduct tax planning, to accurately prepare your tax returns, and for a variety of other matters. Our service will enable you to track your Income Statement/Profit & Loss and your Balance Sheet. We will also help you interpret the numbers so you can actually use your financials to understand, operate, and improve your business.

Virtual CFO

We provide small businesses financial leadership as your business’s Chief Financial Officer to help you increase revenue and profits. In this way, we transcend traditional accounting services to provide you with ongoing strategic advice. Most small businesses want a CFO to provide financial management but they don’t have the budget to pay for a full-time dedicated CFO or controller. We fill this gap to provide businesses with the financial advice they need in an outsourced model which can be done part-time at a fraction of the cost. We partner with you and become a member of your management team to help you achieve your business goals, faster.

Small Business Consulting

We help you find meaning and insights in your numbers so you can make smart, strategic decisions. Simply put, we help our clients run their businesses better. We strive to optimize every facet of the financial management of your business including strategic business planning, cash flow management, tax strategy, marketing strategy, payroll, financial planning, and much more. You benefit from our hard-won industry expertise which is achieved only after working with hundreds of clients over many years. On an ongoing basis, we meet to review your financials, provide tax planning insights, discuss our observations, and answer your questions.

QuickBooks Consulting

In our experience, without professional guidance, QuickBooks has the potential to make clients “dangerous.” QuickBooks must be setup properly and maintained properly on an ongoing basis in order to accrue benefits from the software. Otherwise, “QuickBooks” can quickly turn into “QuickMess.” Since the integrity of your financial statements from QuickBooks impact both your tax planning and tax returns, it becomes extremely important to ensure your Books are in good shape. Our service includes ongoing year-round QuickBooks consulting and periodic QuickBooks “health checkups” to help you manage your internal accounting system.

New Business Advisory

We help with entity selection decisions, tax consulting, and business formation issues to get you started on the right track. We help you answer the critical questions that are necessary for a successful business launch and alert you to issues you may not have considered so you can avoid potential traps. Our objective is to gain an in-depth familiarity of your business goals during a kick-off consultation where we will discuss a variety of accounting, tax, and business matters as they relate to your business and to you individually. We can also provide you with initial training on how to start using QuickBooks in your business successfully from day one.

Business Tax Preparation

Our year-round oversight, QuickBooks consulting, and tax planning leads up to the preparation of your business tax returns. We provide high-quality and accurate year-end business tax preparation which reflects all the work that was done throughout the year. We offer tax preparation services to S Corporations, C Corporations, Partnerships, and LLCs in a variety of industries. This includes forms 1120S, 1120, 1065, and schedule C for Single-Member LLCs and Sole Proprietors. We can also help your business prepare its tangible personal property tax returns, business license tax returns, state tax returns, payroll tax returns, and sales tax returns.

Complex Individual Tax Preparation

Our expert guidance will enable you to navigate complex tax laws to maximize your deductions, minimize taxes, and file accurate, timely tax returns. We ask probing questions to ensure nothing gets overlooked. All returns are reviewed multiple times to ensure our quality is among the very best in the industry. We spend the time necessary to research and resolve any items in those “grey” areas which might be subject to interpretation with respect to how the tax law applies. Clients appreciate our unique systems, technology, and process to individual tax preparation because it saves them money, time, and unnecessary scrutiny from the IRS or State.

Payroll Services

Depending upon your goals, you may need to hire additional people and employ them in your business. If you have an S-corporation, C-corporation, or a Professional Service Corporation, you will need to be on the payroll as well to draw a reasonable salary. Payroll tax compliance is complicated, frequent, and ongoing. The IRS is very aggressive with respect to collection matters relating to payroll taxes. We will provide you with consulting and help you get setup with a professional payroll processing company to efficiently manage and successfully outsource your payroll. Our strategic partners include all of the largest payroll processing companies in the U.S.