FREQUENTLY ASKED QUESTIONS
WHAT ARE THE DIFFERENCES BETWEEN A CPA AND AN ACCOUNTANT OR BOOKKEEPER?
Certified Public Accountants meet rigorous requirements to be licensed, ensuring the quality services they provide are top notch. Licensing requirements vary by state. CPAs licensed in the state of Texas have taken 150 hours of schooling and typically hold an MBA or MSA, though only a BA is required; they have passed the Uniform CPA Examination, a four-part exam which is the same across all 50 states; and they have at least one year of experience practicing accounting under the supervision of a licensed CPA.
After becoming licensed, CPAs are required to participate in continuing education classes in order to stay up to date on current tax law, accounting standards, auditing standards, and other topics which will enable them to perform their jobs better, ensuring you get the quality services you need.
HOW DO I KNOW IF M. WEISS AND ASSOCIATES, INC. IS RIGHT FOR MY NEEDS?
We would be happy to meet you and talk with you about what services we provided and what you need most.
APPROXIMATELY HOW MUCH IS MY SALES TAX DEDUCTION?
Click here to access the IRS's sales tax deduction calculator.
HOW MUCH DID I PAY IN PROPERTY TAXES?
If you live in Lubbock, click here to access the property search on Lubbock Central Appraisal District.
IS MY BUSINESS IN GOOD STANDING WITH THE TEXAS COMPTROLLER?
Click here to access the Texas Comptroller's taxable entity search.
HOW LONG SHOULD I KEEP MY TAX RECORDS?
Typically, the IRS will only audit your three most recent tax returns. However, different types of transactions have varying lengths of document retention requirements. The longest limit is 7 years.
See the IRS's stance on it here.