Martin H. Chan, P.C.Over 10 Years Experience Providing Accounting, Tax and Payroll Services to Small Business Owners.
Frequently Asked Questions
About us
What is your contact information?
Could you tell me something about your firm?
What type of clients do you serve?
Can I reach you on a regular basis?
What are your credentials?
Who will I be working with?
How much do you charge?
Do you have any references?
What benefits will I receive?
QuickBooks Support
How many people can attend the training?
Which QuickBooks versions do you support?
How often do I need your Data File Analysis service?
I already have an accountant to do my taxes.
How can I contact you with QuickBooks questions?
Do I have to buy a copy of QuickBooks software?
I am writing a check and I don’t know which QB account to use.
How do I send my QuickBooks file to you?
Do you help setting up Point-of-Sales and Web Store?
Business Registration
(We do not provide any legal service. You must consult with your attorney for legal advice.)
What type of entity should I choose?
Should I incorporate in
How do I register my business in
What is the difference between S-Corp and LLC?
Do you provide local county business registration?
I am going to buy a building using a LLC. Should I set up the LLC first or should I wait until the settlement?
I am opening a bank account. What do I need to bring to the bank?
I live in PA but my business is in NJ. Where should I register my business?
If I setup my corporation or LLC, does it mean I have limited liability protection?
Why are there so many different tax IDs?
Individual Income Tax Returns
How much do you charge for doing individual tax returns?
Where is my refund?
I receive a tax notice. What should I do?
I let someone else to prepare my tax returns last year. I think I should get more refund. What should I do?
I am becoming self-employed this year. Do I have to make any tax payments?
I sold my stock option this year. How much tax I have to pay?
I sold my house this year. How much tax do I have to pay?
I am buying my first home this year. Am I qualified for $8000 1st Time Homebuyer Tax Credit?
I worked for someone last year but I did not get a W2 or 1099. Can I still file?
I sold stocks last year. What do you need to prepare my taxes?
I can’t pay for my taxes. What options do I have?
Why do you ask me for a copy of my last year tax returns? I already filed it.
Why should I use a tax service when I can do it online for free?
Can I make changes to last year tax returns?
How much do you charge for doing business tax returns?
I receive a $5,000 judgment notice from the City of
Why do I keep receiving non-filed notices from the government?
Why do you ask me for a copy of the depreciation schedule?
My prior accountant does not return my call. What should I do?
I always file my business taxes at the last minute. It’s very stressful. How can I make it easier?
How much do you charge for payroll service?
Do you print checks or do I write my own checks?
Do you do direct deposits?
How do I make payroll tax payments?
Do I need to sign and mail out the payroll tax returns?
I received a non-file notice. What should I do?
My S-Corp only has me and my spouse. Do I need to make payroll?
Do you charge for tax notices?
How long does it take to setup my payroll?
Q: What is your contact information?
A: Martin H. Chan, P.C., 129 N 11th St Fl 3, Philadelphia, PA 19107, Telephone: (215) 922-2838, Fax: (215) 220-2667, info@mhccpa.com.
Q: Could you tell me something about your firm?
A: Martin H. Chan, CPA, graduated with a bachelor degree from the Wharton School of Business of the
Q: What type of clients do you serve?
A: The majority of our clients are small business owners seeking steady and long-term growth. We serve small to mid-size businesses with annual revenues up to $40 million. Some of our clients are in the following businesses:
- Advertising
- Auto Repair
- Bar
- Building Supplies Retail/Wholesale
- Cleaning Service
- Construction
- Dry Cleaning
- Food Wholesale
- Hair Styling
- Import/Export
- Information Technology
- Interior Design
- Mortgage Broker
- Night Club
- Nonprofit Organizations
- Online Retail
- Pharmaceutical
- Real Estate Developer
- Real Estate Sales/Broker
- Restaurant
- Retail
- Signs
- Tattoo Parlor
- Trucking
Q: Can I reach you on a regular basis?
A: Yes, we are available all year long to provide exceptional tax, accounting and payroll services to our clients.
Q: What are your credentials?
A: All professionals are trained at college level and have extensive experience in tax and accounting area. Having a good team of experienced professionals to work for you is very important for your business growth. We will put over 10-years worth of expertise and experience to work for you to give your business a competitive edge.
Back to Top
Q: Who will I be working with?
A: Your business is extremely important to us. An experienced full-time Tax Manager will be dedicated to service your account along with the help of supporting staff and the supervision of a CPA. All work is guaranteed to be done on time, accurate and complete.
Q: How much do you charge?
A: Most of our small business clients pay a fixed monthly or quarterly retainer. Our fee is based on the complexity and timing of the work. Our hourly rate is ranging from $60 to $200. We will provide a Service Agreement outlining the agreed-upon services and price.
Q: Do you have any references?
A: Yes, in addition to the testimonials that are posted on this website, we will provide you with references upon your request.
Q: What benefits will I receive?
A: Outsourcing tax and accounting duties to Martin H. Chan, P.C. is guaranteed to save you tremendous time and money. More importantly, you will have a great team of experienced professionals to work on your side to grow your business. Sign up to receive our email updates for tax tips and more.
QuickBooks Support
A: We offer options to conduct training at your site, at our office or online. There are no restrictions on how many people can attend the training.
A: QuickBooks Simple Start, Online Edition, Pro and Premier (2007, 2008, 2009, 2010)
Point-of-Sales Cash Register Plus, Basic and Pro (7.0, 8.0, 9.0)
A: It depends on your transaction volume and complexity. If you have more than 50 transactions a month, we recommend you to have the Data File Analysis service on a monthly basis.
Q: I already have an accountant to do my taxes. I just need QuickBooks support.
A: If you are working with your current accountant to do tax returns, we can provide QuickBooks support only. We often work with other accounting firms to serve the best interest of our mutual clients.
Q: How can I contact you with QuickBooks questions?
A: Most of our clients make phone calls or email questions to us. If your questions involves with technical QuickBooks issues, we can remotely logon and view your desktop and guide you through the procedures to get your questions answered.
Q: Do I have to buy a copy of QuickBooks software?
A:If you use our Full Service where we maintain the QuickBooks file for you, then you do not have to buy QuickBooks. If you maintain your QuickBooks file in your computer, then you have to buy a copy of QuickBooks Software. You can buy it through our online QuickBooks storefront for a special discount plus free shipping.
Q: I am record a transaction and I don’t know which QB account to use.
A: You can use “Ask my Accountant”. We will review your transactions at Data File Analysis and suggest the right account to use.
Q: How do I send my QuickBooks file to you?
A: Most of our clients send the “Accountant’s Copy” via QuickBooks built-in online transfer. You can also send it by email or by using our online drop box.
Q: Do you help setting up Point-of-Sales and Web Store?
A: Yes, we can set up your multi-store POS system, Web Store plus more. Contact us for more details.
Business Registration (This section is written in the most general terms.
Back to Top
Q: What type of entity should I choose?
A: It depends on a few elements such as nature of business, ownership structure, management format, liability issues, etc. You can read the Entity Comparison Chart to help you to choose. Contact us and we are happy to assist you.
Q: Should I incorporate in Delaware?
Q: How do I register my business in Philadelphia?
A: If you have a business or rental property in
Back to Top
Q: What is the difference between S-Corp and LLC?
A: S-Corp is a tax election and LLC is a legal entity structure. Contact us and we will help you to choose.
Q: Do you provide local county business registration?
A: Yes, many counties in PA have Business Privilege Tax or Local Service Tax. We help our clients to fill out paperwork to register their business with the local county tax office.
Q: I am going to buy a building using a LLC. Should I set up the LLC first or should I wait until the settlement?
A: You should setup your LLC prior to purchasing the building.
Q: I am opening a bank account. What do I need to bring to the bank?
A: Most banks require the entity formation documents, EIN# and corporate seal. Our Business Registration will provide all necessary documents for you to set up your bank account.
Q: I live in PA but my business is in NJ. Where should I register my business?
A: You should register your business in NJ. For most small businesses, the registered state is where the business is physically located.
Q: If I setup my corporation or LLC, does it mean I have limited liability protection?
A: In general, setting up corporation and LLC will provide limited liability protection to its shareholders. We are not law firm and do not provide any legal advice. You must consult with your attorney on limited liability protection issues.
Q: Why are there so many different tax IDs?
A: Different taxing authorities issue their own tax IDs. Examples are federal EIN#, PA Sales Tax Account #, PA Employer Withholding Tax Account #, Philadelphia BPT Tax Account #. Our Business Registration service will help you to obtain all necessary tax accounts.
Individual Income Tax Returns
Q: How much do you charge for doing individual tax returns?
A: We use a Fee Schedule as a guideline to estimate our fee. We will be able to give you the exact total once we received all of your tax information.
A: You can check online by using the following links:
IRS (2010 Tax Refund Cycle)
PA
NJ - Call 1-800-323-4400. NJ currently does not have online refund status system.
A: You should send a copy to us by faxing it to (215) 220-2667 or email a pdf copy to mchan@mhccpa.com. Once we received your notice, we will contact you to discuss how to resolve the tax issue.
Q: I let someone else to prepare my tax returns last year. I think I should get more refund. What should I do?
A: You can let us analyze your tax returns to make sure you are getting the maximum refund. If you are not getting the maximum refund, we can help you to amend your tax returns.
Q: I am becoming self-employed this year. Do I have to make any tax payments?
A: You may need to make quarterly estimate tax payments. Contact us so we can help you to calculate how much tax to pay and find out ways to reduce your taxes.
Q: I sold my stock option this year. How much tax I have to pay?
A: You may be subject to Alternative Minimum Tax (AMT). Contact us so we can help you to calculate how much tax to pay and find out ways to reduce your taxes.
Q: I sold my house this year. How much tax do I have to pay?
A: If you sold your primary resident where you have lived more than 3 years, you might not owe any taxes. If you sold a rental property, you will pay tax on the gain and also on the depreciation recapture. Contact us so we can help you to calculate how much tax to pay and find out ways to reduce your taxes.
Q: I am buying my first home in 2009. Am I qualified for the $8,000 1st Time Homebuyer Tax Credit?
A: If you do not own your main home for the past 3 years, you are probably qualified for the $8000 1st Time Homebuyer Tax credit. Contact us so we can help you to determine your eligibility and also help you to apply for the refund credit. (more)
Q: I worked for someone last year but I did not get a W2 or 1099. Can I still file?
A: You should first contact your employer requesting a copy of W-2 and 1099. By law your employer must furnish a copy of the W-2 or 1099 to you. If you cannot obtain it from your employer, you will need to report your income on your tax returns.
Q: I sold stocks last year. What do you need to prepare my taxes?
A: We will need a copy of capital gain/loss report preferably in Excel or CVS format. You can probably download the report from your broker’s website. Visit your broker’s website and look for Realized Capital Gain or Loss Report.
Q: I can’t pay my taxes. What options do I have?
A: You can set up installment payment plan with the IRS. You can call 1-800-829-1040 to set up over the phone.
Q: Why do you ask me for a copy of my last year tax returns? I already filed it.
A: We want to be able to compare current year’s tax returns to prior year’s to make sure that you are not missing any data on your current year’s filings.
Q: Why should I use a tax service when I can do it online for free?
A: Using free file online is best for people with very simple tax returns such as one W-2 only. If you have more complicated tax situations such as capital gain, itemized deductions, business income, etc, we recommend you to use tax services.
Q: Can I make changes to last year tax returns?
A: Yes, you can do it by amending your prior year tax returns. We can help you to amend your tax returns.
Business Income Tax Returns
Q: How much do you charge for doing business tax returns?
A: Our fee starts at $550. Our fee depends on the condition of your accounting records and the complexity of your tax returns. We will give you a price quote and a written proposal before we start to do the work.
Q: I receive a $5,000 judgment notice from the City of Philadelphia. What should I do?
A: You must respond to the City’s tax notice. In most cases, the $5,000 judgment notice is resulting from non-filing issues. We can help you to resolve it.
Q: Why do I keep receiving non-filed notices from the government?
A: Most business tax filings require the business to file tax returns even if the business is inactive. You might want to file all of the prior year inactive tax returns and close your tax account to avoid any future tax notices.
Q: Why do you ask me for a copy of the depreciation schedule?
A: We need a copy of the depreciation schedule in order to properly calculate the current year depreciation expense. Although the depreciation schedule should be inside the “Client Copy” that your tax preparer provided to you, nevertheless we have seen many “Client Copy” that does not include this schedule. If you cannot find a copy in your “Client Copy”, you can ask your tax preparer to provide a copy to you. Your Tax preparer can easily print a copy out from their tax software.
Q: My prior accountant does not return my call. What should I do?
A: You can let us know. With your authorization, we can help to contact your prior accountant to get the information needed.
Q: Why do I receive a PA tax notice saying that I owe thousands of dollars of taxes? I didn’t do any businesses at all.
A: This tax notice might be resulting from non-filed tax returns. PA requires all corporations to file annual tax returns regardless of whether or not you are conducting business. If you are not doing any business, you must file an “inactive” tax return.
Q: I always file my business taxes at the last minute. It’s very stressful. How can you make it easier?
A: We have an efficient and effective system to help our clients to organize and process their tax and accounting works. We have helped clients who are more than 5 years behind in their taxes. We have helped them to catch up with their filings and put them back on track.
Payroll Service
Q: How much do you charge for payroll service?
A: Please see our price list.
Q: Do you print checks or do I write my own checks?
A: You can choose either way.
Q: Do you do direct deposits?
A: Yes, each employee can select up to two bank accounts.
Q: How do I make payroll tax payments?
A: All taxes will be transmitted to the governments electronically on the tax payment due date. We do not hold client’s fund so you can keep your money in your bank account until the payroll tax due date.
Q: Do I need to sign and mail out the payroll tax returns?
A: We help our clients to file electronically. You do not need to sign and mail the returns. You will get a complete Client Copy for your record.
Q: I received a non-file notice. What should I do?
A: You should send a copy to us by fax at (215) 220-2667 or by email pdf to mchan@mhccpa.com.
Q: My S-Corp only has me and my spouse. Do I need to make payroll?
A: Yes, S-Corp must pay a reasonable wages to its officers. We can help you to determine how much wage is reasonable.
Q: Do you charge for tax notices?
A: We do not charge any tax notices for the payroll that we prepared. If your tax notice is for the payroll taxes that are prepared by other preparer, we will give you a quote and proposal to help you to resolve the issue.
Q: How long does it take to setup my payroll?
A: We will be able to set up your payroll in 1 to 3 days depending on the conditions of your payroll records..
|
General: |
Services: |
Online Shop: |
Knowledge: FAQ |
Communication: |
Martin H. Chan, P.C. | 129 N.11th Street, 3rd Floor, Philadelphia, PA 19107 | Tel: (215) 922-2838 | Fax: (215) 220-2667
