top of page

FREQUENTLY ASKED QUESTIONS (FAQ)

GENERAL

WHAT EDUCATION AND TRAINING DO AVID TEAM MEMBERS HAVE?

Our team members have the required business acumen and industry designations to deliver worldclass tax, accounting, and finance services. Multiple team members hold a graduate degree in accounting or business, are Certified Public Accountants (CPA), and have nearly 10 years of experience in accounting, tax, and finance at large multinational companies and/or top consulting firms.

WHAT ARE YOUR SERVICE FEES?

Our team prides itself on being transparent and having a simple fee structure. Our rates are published to all customers and available upon request. Most tax preparation fees and services will fit into the fees described below: 

  • Tax Preparation: Our fees are fixed based on the required federal and state tax forms. ​For complex personal tax returns and all business tax returns, our fees are based on an time required at our standard billing rate. 

  • Tax Planning & Representation: Based on time incurred at our standard billing rate. 

  • Consulting Services: Fixed fees or based on time incurred at our standard billing rate. 

WHAT IS YOUR PROCESS FOR NEW AND RETURNING CLIENTS?

Please refer to OUR PROCESS linked here.

HOW CAN I SECURELY SEND AND RECEIVE DOCUMENTS TO AND FROM AVID BUSINESS ADVISORS?

  • Returning Clients: Please use our CLIENT PORTAL linked here to provide any required documents. If you are a returning client but have never used the portal before, please select forgot password and entire your email to reset your access. 

  • New Clients: Please complete our CLIENT INTAKE form and we will reach out with a link to provide the required documents. Alternatively you can upload documents for any particular advisor without logging into the portal using the FILE DROP linked here.

WHAT DOCUMENTS ARE REQUIRED TO FILE MY INDIVIDUAL TAXES?

Please use this list as an illustrative guide only. The specific tax documents applicable to your tax situation are based on your types of income, expenses, and life situations. Many of the documents below may not be applicable to your and will not be required for your specific tax return. Please note that the IRS receives a copy of most tax forms so it is important to provide a complete set of records so that your tax return is accurate and matches the IRS records.

​

Personal Information (Collected via our PERSONAL INTAKE FORM)

  • Full Legal Name

  • Tax ID Number - Social Security Number (SSN) or Employer Identification Number (EIN)

  • Date of Birth, Email Address, Phone Number, Mailing Address, Job Title, Marital Status

  • All of the preceding information for your spouse and dependents (if applicable)

  • Current Driver License or State ID (Taxpyer and Spouse)

  • Banking Information (as necessary for direct deposit or debit if elected)

  • Copies of last year’s tax returns (helpful, but not required)

​

Income 

  • Employment Wages or Salary (Form W-2)

  • Unemployment Compensation (Form 1099-G)

  • Interest or Dividends from bank accounts, bonds, CDs (Forms 1099-INT or 1099-DIV)

  • Income (or Loss) from selling Stocks, Bonds, Crypto, or Real Estate (Forms 1099-S or 1099-B)

  • Self-Employment Income (Forms 1099-MISC, 1099-NEC, 1099-K, cash, etc.)

  • Alimony Income

  • Disability Income (Forms 1099-R, W-2)

  • Retirement Income (Payments from Pensions, Annuities, IRA, 401K, etc.) (Form 1099-R)

  • Social Security or Railroad Retirement Benefits (Forms SSA-1099, RRB-1099)

  • Other income (Gambling, Jury Duty, Sch K-1, Royalties, Foreign Income, etc.)

 

Expenses​

  • Alimony

  • Child or Dependent Care Expenses (Daycare)

  • College Expenses for yourself, spouse or dependents (Form 1098-T)

  • Contributions into a IRA or Roth IRA (separate from your Employer plan)

  • For supplies used as an eligible Educator/Teacher

  • Medical and dental expenses (greater than 7.5% of your gross income)

  • Mortgage interest on your primary and/or secondary residence (Form 1098)

  • Real estate taxes on your primary and/or secondary residence

  • Student Loan Interest (Form 1098-E)

​

Life Events

  • Have a Health Savings Account (Forms 5498-SA and 1099-SA)

  • Have lender debt cancelled/forgiven or a home foreclosure (Forms 1099-C, 1099-A)

  • Adopt a child

  • Purchase and install energy-efficient home items (Windows, Furnace, Insulation, etc)

  • Make estimated tax payments or apply last year’s refund to this year’s tax

  • Have capital loss carryover from a prior tax return on Form 1040 Schedule D

  • Have healthcare through the Marketplace Exchange / Obamacare (Form 1095-A)

WHAT DOCUMENTS ARE REQUIRED TO FILE MY BUSINESS TAXES?

Please use this list as an illustrative guide only. The specific tax documents applicable to your business are based on your entity structure and types of income and expenses. Please note that the IRS receives a copy of most tax forms so it is important to provide a complete set of records so that your tax return is accurate and matches the IRS records.

​

Background Information (Collected via our BUSINESS INTAKE FORM)

  • Business Name, Founding Date, Contact Information, and Tax ID (EIN)

  • Description of the products or services provided

  • Description of the legal structure (e.g. Sole proprietorship, LLC, Corporation, Partnership, S-Corporation, Non-for-profit)

  • Description of each state the company operates in

  • Business Owner(s) Information (Name, Contact Information, and Tax ID)

  • Tax Representative Information (Name, Contact Information, and Tax ID)

  • Additional Business Owners or Subsidiaries 

  • Financial Summary (Bookkeeper, Accounting Method, Total Assets, and Total Revenue)

  • Banking Information (as necessary for direct deposit or debit if elected)

​

Formation Documents

  • Business Formation Document(s) (i.e. Articles of Incorporation or Organization)

  • Operating Agreement(s)

  • Entity Structure Chart

  • IRS EIN Letter(s)

  • Any other IRS Letter(s) -- including S-Corp election approval

  • Cap Table -- Detailed list of owner's contributions, distributions, etc.

​

Financial Statements

  • Provide financial statements for each tax year in scope (i.e. Balance Sheet and Profit & Loss Statement). *Please be prepared to provide additional information and support for account balances and business upon request

​

Tax Returns

  • Please provide tax returns for the past 3-years if prepared / available

bottom of page