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Kirakosyan and Associates, CPA logo

Kirakosyan and Associates, CPA

Glendale, CA, Los Angeles

Kirakosyan and Associates, CPA logo

Kirakosyan and Associates, CPA

Glendale, CA, Los Angeles

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Kirakosyan & Associates, CPA, based in Glendale, California, provides a full range of accounting, bookkeeping, consulting, outsourcing, payroll and business services, either in your facility or at our location. We can provide qualified accounting professionals who can ensure that your financial records are maintained correctly and accurately.

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Whether you are a start-up business, a growing business or a mature corporation, Kirakosyan & Associates, CPA has the expertise to help you. Through prompt and timely service, along with an intimate knowledge of the rules and regulations, we can keep you ahead of government deadlines, maintain order in your internal financial systems, and reduce the headaches that come with owning a business. We can handle it all, from your payroll needs to banking and check writing. If you’re having issues preparing your financial statements, we can tackle them for you. You name it…we can do it! Why hire staff? Let Kirakosyan & Associates, CPA do your monthly bookkeeping at a fraction of the cost of a full-time employee. Our talented team is experienced with all the major accounting software programs. We perform vital accounting functions, such as accounts payable/receivable, payroll, general ledger accounting, bank reconciliations, financial statement preparation and financial analysis. When you retain our services, we make it a priority to learn your goals and operations quickly so we can hit the ground running. Based on experience, we can easily identify opportunities for more effective tax planning, improved internal controls, and other areas that will make your business more profitable.

If you are struggling with keeping up with the bookkeeping tasks for your Glendale business, you need to hire a professional. If you can’t afford the services of a full-time accountant but would enjoy the expertise that comes along with one, Kirakosyan & Associates, CPA can help. Glendale Small Business Accounting Services For start-up businesses, growing businesses and mature corporations, we provide business accounting in Glendale for your California business. With timely services and a thorough understanding of the tax laws and regulations, we can help you to stay on top of all of the tax deadlines and ensure that your financial systems are in order. We can handle all bookkeeping and accounting tasks from payroll to preparation of your financial statements. Here are the small business accounting services that we offer: • Monthly Reports and Statements • Profit and Loss Statement • Trial Balance • Balance Sheet • General Ledger Report • Bank Reconciliation • Payroll Reconciliation A professional accounting service can help take the pressure off you and your staff. You will no longer have to worry about dealing with piles of papers, late payments on bills, missing invoices or frustration over not knowing what your business's current financial standing is. Budget Management and Advice If you want your company to grow, budgeting is extremely important. Kirakosyan & Associates, CPA can help you to more effectively manage your money by creating a budget that will show you where money is being wasted and how you can improve. Our sound financial advice will help you to effectively plan for the future of your business. We'll help you create a plan for achieving your financial goals for your business. Accounting Software to Meet Your Needs When you work with us, there is no need to buy any extra hardware or software. We only work with the latest accounting software, which we own and will incorporate it into your bookkeeping tasks. In addition, we can even manage your files off-site so that you will have a reliable, secure backup of your business's financial records. We offer access to your files from any location so that you review your financial information whenever you need it. Quick Turnaround Kirakosyan & Associates, CPA will help you with all of these tasks for just a fraction of what other services charge. When you work with us, we'll sit down with you to learn more about your goals for your business and how your business operates so that we can get set up quickly. Thanks to our experience, we are also able to help you identify opportunities for effective tax planning, improved internal controls and other factors that can help to improve the profitability of your business.

Preparing your own tax return can be extremely difficult with today's complex tax code and may often leave you with more questions than answers. These days, the majority of people and small businesses use a professional tax preparer to assist with the preparation of taxes. Even if you are just filing a simple return, the rules may change from year to year and it is easy to overlook these changes and submit an incorrect return. By doing your taxes yourself, you may also end up overlooking deductions and credits. At Kirakosyan & Associates, CPA, we have the expertise that is needed to help you file your returns while also helping you to minimize your tax liability with careful planning. Tax Preparation in Glendale Our tax preparation services include: Individual Tax Preparation Business Tax Return Preparation Gift & Estate Tax Return Preparation Partnership & Corporate Tax Preparation Estate and Succession Planning Out-of-State Returns Business Start-Ups Kirakosyan & Associates, CPA can also help with our extensive tax planning services. Tax Planning & Education Tax planning is essential to helping you successfully and legally reduce the amount of your tax liabilities. In addition to making sure that your business is tax compliant, we also can suggest tax saving strategies that will maximize your after-tax income. We offer tax and education planning to assist start-ups, as well as, established businesses. We will provide you with a complete list of the most commonly overlooked deductions so that you can limit your tax liability for the following year. We’ll also assist you with tax planning by: helping you to defer income so that you can save money now and pay less taxes in the future lower taxes on your income so that you can keep more of your earnings lower taxes on your estate and gifts so that the beneficiaries can keep more of what you have given lower taxes on investments and retirement distributions so that you can maintain your lifestyle and much more. If you own a small business in Glendale or need help with individual taxes, working with a professional tax planning service can help save you more money. Kirakosyan & Associates, CPA offers the expertise that you need to save on your taxes at affordable prices. Tax Resources Here are some links to help you learn more about California taxes: California Department of Taxation Tax Information for Individuals - Internal Revenue Service Business Taxes - Internal Revenue Service

One of the most important decisions you make when starting a new business is the choice of entity. Selecting the right entity can provide you the best protection and tax benefits. Whether you starting your first business or one of many, Glendale based Kirakosyan & Associates, CPA is ready to help you set up your company and stay compliant from day one. Sole Proprietorship Partnership Corporation (includes S Corp) Limited Liability Company (LLC) Let Kirakosyan & Associates, CPA determine which legal structure will best suit your business. Call us at (818) 503-7775 to get started.

We can help you with the following IRS tax problems: Wage Garnishment - IRS wage garnishment is the deduction of money from an employee’s monetary compensation resulting from unpaid IRS taxes. Most likely this should not be a surprise as the IRS will only levy one’s wages after repeated letters and warnings about the taxes owed. This is one of the IRS’s most aggressive tax collection mechanisms and should not be taken lightly. The IRS would rather resolve taxes in a different manner but they will levy when they feel the have run out of other options. It is important to understand how garnishments work to ensure you take the appropriate actions to avoid them or stop the IRS from taking your wages. Bank Levy - An IRS levy permits the legal seizure of your property to satisfy a tax debt. It can garnish wages, take money in your bank or other financial account, seize and sell your vehicle(s), real estate and other personal property. If you receive an IRS bill titled Final Notice of Intent to Levy and Notice of Your Right to A Hearing, contact us right away. If you receive an IRS notice of levy against your employee, vendor, customer or other third party, it is important that you comply with the levy. Threatening Letters - The IRS carry out their threats, so ignoring an IRS threatening letter is absolutely the worst thing to do. First, you should check the facts in the letter. If there is anything amiss in their calculations or your liabilities or their assessment, write a polite letter back explaining the error or omission and see if they will remedy the situation. If they have reached the point where they are sending you threatening letters however, you may need to be a little more proactive in resolving the situation before the IRS become proactive themselves. You do not want this to happen. If you allow the IRS to take action before you do it will result in you unnecessarily suffering at their hands. The IRS has considerable powers when it comes to collecting taxes and they are rarely if ever prone to taking the lightweight approach. The IRS sends out threatening letters when they know or think they know that you owe them money; beyond that, they have little interest in you. IRS Audit Notification - Did You Receive an Audit Letter From the IRS? - The first step is not to panic. The IRS uses letters to communicate with taxpayers about IRS audits. As with most IRS communication, there are deadlines associated with IRS audit letters. You will have time to review the items that are being contested and prepare your response. Selecting a return for examination does not always suggest that the taxpayer has either made an error or been dishonest. In fact, some examinations result in a refund to the taxpayer or acceptance of the return without change. Non-Filing - What if you fail to file? - The IRS may file what is known as a substitute return for you. However, as you well know, the IRS will not be looking to save you any money. In fact, a substitute return will not include any of the standard deductions your accountant would typically include in your return. Case in point, a substitute return only allows one exemption: single or married filing separate, so you end up with higher tax liability than if you would have just filed. Liens - A federal tax lien arises when a tax return is filed and the tax isn’t paid after a demand for payment has been made. By law the lien is in favor of the United States and is upon all property and rights to property of the person with the unpaid tax. It gives the IRS the authority to seize any proceeds from sales of real estate owned by a delinquent taxpayer. To protect the government’s right of priority against other parties who are owed money by the same person, the IRS will file a Notice of Federal Tax Lien, which puts other creditors on notice about the IRS’s claim. Offers-in-Compromise - Reduce Your IRS Debt with an Offer-In-Compromise - Qualifying for an offer-in-compromise settlement can save you thousands of dollars in taxes, penalties and interest. An offer-in-compromise is an agreement between a taxpayer and the IRS to settle the taxpayer’s tax liabilities for less than the full amount owed. Absent special circumstances, an offer will not be accepted if the IRS believes that the liability can be paid in full as a lump sum or through a payment agreement. Innocent Spouse - Many married taxpayers choose to file a joint tax return because of certain benefits this filing status allows. Both taxpayers are jointly and individually responsible for the tax and any interest or penalty due on the joint return even if they later divorce. This is true even if a divorce decree states that a former spouse will be responsible for any amounts due on previously filed joint returns. One spouse may be held responsible for all the tax due even if all the income was earned by the other spouse. In some cases, a spouse will be relieved of the tax, interest, and penalties on a joint tax return. There are three types of relief available: Innocent spouse relief Separation of liability Equitable relief Resolve your IRS tax problem with the peace of mind that you are in good hands, please call us at (818) 503-7775 or contact us to set up a free consultation. Serving the Glendale area.

If you’re like most small business owners, you wear many hats while attempting to make your business as successful as possible. For example, you may be responsible for managing inventory, communicating with clients, dealing with complaints, and handling all the financial aspects of your business. In many cases, business owners take on all of these responsibilities simply because they don’t believe they have the ability to bring in experts to help them with any of these important tasks. Unfortunately, all this multi-tasking can cause problems for your business, especially when it comes to your finances. Introducing Cloud Accounting Also known as online accounting, cloud accounting is the method of using software applications and computer hardware to complete accounting online. Information is sent to the cloud, processed, and returned to the user. Cloud accounting offers many benefits for both entrepreneurs and their accountants. The two can collaborate better and work together more accurately. It gives both sides greater insight into the numbers and cash flow with its anywhere accessibility, advanced security technology, live updates, and bug fixes along with real-time facts and figures. Farewell to Paperwork Cloud accounting takes paperwork out of the equation for both entrepreneurs and their accountants. Everything is stored in cloud services and apps. This means that it takes less time for business owners and their accountants to find, file, and analyze documents. When compared to traditional accounting methods, cloud accounting is a no-hassle paper solution. It’s also efficient and green. Real-Time Facts and Figures Business owners can also update bookkeeping data in real-time. This keeps the information up-to-date and allows accountants to work with the current facts and figures. Both entrepreneurs and their accountants get a true snapshot and more insight of what’s currently happening in the financial arena.

As a California small business, it can be challenging to keep up with all of these tasks. In addition to paychecks, a professional payroll service can help generate the payroll forms that you require, file your payroll tax returns and more in order to help you keep your business running smoothly. Comprehensive Payroll Solutions At Kirakosyan & Associates, CPA, our California payroll services are designed to provide you with a comprehensive solution for managing your payroll duties. With our services, you will only need to provide your employee data, such as the hours that have been worked, employee address information and other related details. Once we receive the data, we'll handle the rest. Here are the payroll services that we offer: Checks or Direct Deposit for Your Employees Federal Tax Liabilities State & Local Tax Liabilities Unemployment Tax Liabilities Quarterly Tax Forms Year-End Tax Forms Customized Payroll Reports Tax Deposit Services W-2s and 1099s Using a payroll service might not seem necessary for managing your payroll, until there is a problem. Correcting issues with payroll can be time-consuming and also requires a thorough understanding of the tax laws and deposit rules. Using a professional service like Kirakosyan & Associates, CPA can take the headaches out of doing your payroll. We'll also monitor all applicable federal, state and local laws that may affect your tax filings. We’ll stay on top of these updates so that you will never have to worry about being left behind. Security and Compliance When you work with us, you will also have the assurance of knowing that your data is secure. We adhere to the data security regulations as required by federal compliance agencies. These regulations ensure that your data is securely maintained and transmitted to the appropriate tax agencies. Whether you are just starting your business or you would like to switch to a better system for payroll processing, we can provide the business services that you require. We can help simplify the payroll process to help you more effectively manage your California small business. Let us assist you with your payroll needs so that you can focus on running your business.

This includes submitting Form 990 and its relations, including a number of specific items such as: An Income Statement providing category breakdowns on donations, salaries paid, rent, postage and more. Revenues and expenses also need to be broken down in detail. A Balance Sheet that accounts for cash, accounts payable and accounts receivable and more. A Functional Expense Statement that provides information on all expenses related to fundraising, program services provided and general operations. An Individual Program Expense Statement spelling out each program or service’s expenses, including any mailings that are sent out or educational programs that have been held. Detailed Revenue Support Schedules providing information on the sources from which the organization gets its income, including a breakdown of specific category revenues for membership fees, donations, investment revenue and the like. In addition to preparing these important support documents, Glendale based Kirakosyan and Associates, CPA is also able to provide you with business services specifically designed for the needs of tax-exempt organizations. Our services include: The preparation and review of financial statements for the organization Creation, installation and maintenance of an Accounting System specific to your needs. Payroll preparation on a weekly, biweekly or monthly schedule. Preparation of Payroll Taxes, as well as setting up deposits. Bookkeeping training on the accounting system for your staff. Preparation and filing of all non-profit status paperwork and applications. Special training for your advisory board regarding how to properly use non-profit financial statements, as well as budgeting for non-profit expenses. Preparation and submission of all tax forms, including the 990 and 990T forms Preparation of all incorporation documentation, as well as all other paperwork required for non-profit startups, including federal employee identification number and payroll set up. We provide benefit documentation as well as the preparation of pastoral housing allowances for churches in keeping with the dual status of ministers. For those individuals who are creating new non-profit organizations, we are able to help with you all of the documentation required as part of the 501 (c)(3) application, including the Articles of Incorporation containing the Exempt Purpose as described in the IRS code and defined in Treasure Regulation 1.501(c)(3)-1 Paragraph d and the Dissolution Statement described in Treasury Regulation 1.501(c)(3)-1 Paragraph b subparagraph 4 (“Organizational Test”). In addition, we can help you with all other requirements, including: Obtaining an Employer Identification Number Creating bylaws for the organization Minutes of board meetings Names, addresses and resumes of Board Members Active member names and addresses A complete inventory of assets A complete inventory of liabilities Assembling all Rent/Lease agreements Revenue and Expense Statements for the prior four years, or if the organization hasn’t existed for four years for as long as the organization has been in existence. Written reason for Formation and History of the organization Mission Statement or Statement of Faith or Belief Activities, operations and program documentation, including statement of purpose, fundraisers, pamphlets, etc. Financial Support Documentation, including accounting of revenue including tithes, contributions, fundraisers, etc. Preparation of IRS Processing/Filing Fee We have extensive experience in assisting with the preparation and assembly of all of the necessary documents and can help with all phases of non-profit accounting.