Here are the answers to
some of the most Frequently Asked Questions our firm
Q. Do you know about Sub
Chapter S Corporations?
A. Yes, we
have served many clients that have chosen this form of
Q. What do I do if I receive a notice from the IRS
about my taxes?
A. Don’t panic! the first thing to do is
carefully read the notice—to determine why it was sent,
what the IRS is requesting, and what they want you to do. It
may be nothing of importance; it may even be a notice in your
favor. After reading it you should bring it to our
Q. Do you handle an IRS
audit if I get one?
A. Yes, we have served many
clients and have resolved them in the client's best
Q. Can you help me with
A. Yes, we are QuickBooks
Pro Advisor and we can sell and install all versions. We will
then train you or your employee(s).
Q. Can you help me with my
401k or IRA?
A. Yes, that would be
handled by Osborn Financial Services, LLC. We have served many
clients with allocations and rollovers.
Q. What are the consequences of early withdrawals
from my retirement plans?
A. If you withdraw money from a 401(k) or an IRA before age
59 ½, the distribution is taxable and there is a 10%
penalty on the taxable amount. The main exceptions
that let you withdraw money early without penalty are as
Qualified retirement plan distributions if you separated
from service in or after the year you reach age 55 (does
not apply to IRAs).
Distributions made as a part of a series of substantially
equal periodic payments (made at least annually) for your
life or the joint lives of you and your designated
Distributions due to total and permanent disability.
Distributions due to death (does not apply to modified
Qualified retirement plan distributions up to (1) the
amount you paid for unreimbursed medical expenses during
the year minus (2) 7.5% of your adjusted gross income for
IRA distributions made to unemployed individuals for health
IRA distributions made for higher education expenses.
IRA distributions made for the purchase of
a first home (up to $10,000).
Distributions due to an IRS levy on the qualified
Qualified distributions to reservists while serving on
active duty for at least 180 days.