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Showing content with the highest reputation on 08/21/2019 in all areas

  1. You can obtain the 147C letter for your EIN by calling the IRS at 800 829-4933. It can be faxed to you.
    2 points
  2. In my state of Oregon only CPAs can issue compilations. That position is strongly defended by the Oregon State Board of Accountancy.
    1 point
  3. I believe it is standard in all 50 states that only CPAs can issue audit and review financial statements, and in general, non-CPAs are limited to only compilations or products that don't rise to the level of a financial statement. Edsel needs to check his home state of TN's regulations, and KY's if he is physically conducting business there.
    1 point
  4. Did the Kentucky bank specify as to what level of service the financial statements should be? Compilation, Review, Audit? In my state NY, only CPAs can prepare Compilations. And even then, not every CPA can prepare Reviews or Audits unless they meet state mandated requirements of 1,000 hours of auditing experience a year and undergo a mandatory peer review program.
    1 point
  5. As a former CPA for many years and now an Enrolled Agent, it's unclear to me what the issue is here. Unless your client is required to provide some third party Compiled, Reviewed or Audited Financial Statements, most small business tax returns are not prepared according to GAAP. In fact, most small business tax returns are prepared using "tax basis" accrual or "tax basis" cash methods of accounting or some hybrid method. My core practice for the last 27 years is based on providing 'internal use" monthly financial statements which are either accrual or cash "tax basis" statements, not GAAP The statements that I provide my clients do not have any supplemental notes or disclosures. My clients have been able to obtain bank loans based on these "internal use" statements. In fact, in 27 years I have never had a loan officer question or reject the statements that I provide my clients. As far as I am concerned, until the IRS affirmatively requires the capitalization of operating leases, this is a non issue.
    1 point
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