I have been in business for 35years. I still dont understand completely the final result in taxes. Example: They said the company made a 3 million dollar profit because the receivables finally came in this year from last. He told me approx:1.2million to feds and NJ is 9% so 270K. I dont have that much in my account. So im guessing who should i go to? My sister does payroll and quick books. she was never trained properly? Im hoping she did some thing really wrong? The bank statement is reconciled every month. Im lost. What should I do? Just want someone to come here and again after checking quickbooks try to get me to understand that theres money in the account that was already taxed, free money?
Unfortunately I am not able to give you tax advice. However, if you currently have a tax professional then part of their job is to make sure that you understand what is being reported on your tax return since you are ultimately responsible. With that said, if you would like a 2nd opinion, check out the article I wrote below. There are several great resources like the SBDC who can offer you a consultation with an accountant or tax pro at no charge to you:
Good luck with everything.
All the Best-
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