About Us
EFS provides the following services to its clients:
1. Tax Preparation for business income tax, payroll and independent contractor reporting. EFS is well versed in all forms of business entity types.
2. Tax Preparation for individuals including sole proprietors, high net-worth clients, and difficult tax situations such as foreign income reporting. real estate, and retirement planning.
3. EFS serves the micro-enterprise business community with back office support such as accounting, human resource management, and other back office support.
How We Got Started
After relocating from the Upper Midwest over 30 years ago, a market research analysis determined that very few CPAs served the small micro-enterprise business community. Thus, Entrepreneurial Financial Services, Inc. (EFS) was created. Since that time, EFS has expanded to complex tax return preparation including Foreign Income and Account reporting, Real Estate transactions, and sale of small
businesses. Additionally, Social Security coordination with other country's Social Security systems and planning for Social Security in your retirement life are available.
The products and services we offer
Products & Services
EFS offers tax preparation services for medium and higher complex tax returns. This includes pass-through entities for the business and also the o...
EFS specializes in three type of complex tax returns.
Foreign Account reporting on the tax return as well as FinCen reporting.
Real Est...
Entrepreneurial Financial Services, Inc. offers bookkeeping services for businesses of any size in and around Columbia, Baltimore and the Washingto...
Recommendations Given (3)
"Wil does a great job and is very trustworthy, I never mind him being in my home, even if I'm not..."
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"Wil does a great job and is very trustworthy, I never mind him being in my home, even if I'm not there. I have used him for years."
"They followed through, did a great job and were easy to work with. I highly recommend them.
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Recent Activity
I agree with all the responses that I read. Don't forget about your C Corporation clients. They will need extensions if the returns are not done by July 15, 2020. If the S-Corporations and the Partnership returns did not get an extension on March 15, 2020, the businesses need to get the...
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I agree with all the responses that I read. Don't forget about your C Corporation clients. They will need extensions if the returns are not done by July 15, 2020. If the S-Corporations and the Partnership returns did not get an extension on March 15, 2020, the businesses need to get the information to their tax professional ASAP as they are already accruing late filing penalties. Those are steep penalties.
I generally agree with the posts. Be aware that there can be state issues involved here as well. I live in MD and after April 15, 2020, they will not be processing any paper filed returns. Take the opportunity then to convince all those holdouts to file electronically.
Also keep in mind...
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I generally agree with the posts. Be aware that there can be state issues involved here as well. I live in MD and after April 15, 2020, they will not be processing any paper filed returns. Take the opportunity then to convince all those holdouts to file electronically.
Also keep in mind that not making your payments on the normal schedule is only kicking the can down the road. Who is to say that by July 15 everything will be back to normal? I am encouraging my clients to try and stay current if at all possible. If not, then there needs to be plans in place for when the money will become due. Remember, if could be due as late as 2022. It is very easy to forget about that liability unless there are plans in place to deal with it.
I just completed reading several articles about these programs. At this point most financial institutions have received minimal guidance on any of these programs. Most of the articles state that they do not believe it will be possible to walk out of the institution with a check. The articles...
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I just completed reading several articles about these programs. At this point most financial institutions have received minimal guidance on any of these programs. Most of the articles state that they do not believe it will be possible to walk out of the institution with a check. The articles state that this will probably be a very major mess at the least. The sources of these articles are WSJ, Newsweek, Thompson-Reuters, Newsweek, and similar type publications.
I have started studying the qualifications for the loans and there are many qualifications that need to be answered. For example, for the PPP loan, you must be a sole proprietor, independent contractor, self-employed individual, or a small business that meets the SBA Small Business industry-specific standards. Do you know what those standards are? Does that include Sub-S Corporations and C-Corporations? It is not as easy as filling out a one-page application.
I agree with Karin Shaughnessey on her answer. Do you understand all the tax rules that govern real estate? Do you understand the C Corporation tax laws? Doing a business return is not the same as doing your own 1040. And using software that is technical like tax law is and if you have no...
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I agree with Karin Shaughnessey on her answer. Do you understand all the tax rules that govern real estate? Do you understand the C Corporation tax laws? Doing a business return is not the same as doing your own 1040. And using software that is technical like tax law is and if you have no understanding of what the words mean in the context of tax law, you could be doing the return incorrectly. Being penny wise and pound foolish is not a good idea.
One other thought is that an EA can be as expensive as a CPA. It depends on where you live, what the person's knowledge base is, how long have they been in business, etc....
I have several options that I can use. The most effective seems to be charging them interest on the outstanding balance. That catches their attention. Sometimes they even pay the interest. I don't actively pursue the interest if they pay in full from the first notice.
Sending monthly...
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I have several options that I can use. The most effective seems to be charging them interest on the outstanding balance. That catches their attention. Sometimes they even pay the interest. I don't actively pursue the interest if they pay in full from the first notice.
Sending monthly statements is also another effective tool. The statement gets in front of them every month.
For some of my IRS case work the contract states that a monthly amount is due on a specific date. The contract also states that if a payment is missed, all work stops until the amount owing is current in its status.
Remember, no one should work for free!!!
After reading the answers, I know when I have made the right decision guided by my faith, ethics, and morals when there is a sense of relief that the decision is the correct one. You will be at peace internally and that's when I know the decision is correct.
On a more practical note, I talk...
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After reading the answers, I know when I have made the right decision guided by my faith, ethics, and morals when there is a sense of relief that the decision is the correct one. You will be at peace internally and that's when I know the decision is correct.
On a more practical note, I talk to my monthly breakfast group that consists of local tax practitioners with a variety of backgrounds. My brother is also a great source of wisdom since he has been in this industry for 30+ years. The people that I trust that have integrity have not lead me down the wrong path ever.