Frequently Asked Questions
The Answers You Need
What is an Enrolled Agent (EA)?
An enrolled agent (EA) is a federally-authorized tax practitioner who has technical expertise in the field of taxation and who is empowered by the U.S. Department of the Treasury to represent taxpayers before all administrative levels—examination, collection, and appeals—of the Internal Revenue Service. EAs are granted unlimited practice rights to represent taxpayers before IRS and are authorized to advise, represent, and prepare tax returns for individuals, partnerships, corporations, estates, trusts, and any entities with tax-reporting requirements. Enrolled agents are the only federally-licensed tax practitioners who specialize in taxation and have unlimited rights to represent taxpayers before the IRS.
Kalpana Gurram and Asha Deepthi Bonthala are EA's and can provide these services to GurramTax clients.
What is Tax Planning ?
Tax planning is the art of keeping more of what you earn—legally, strategically, and with peace of mind. It’s not just about filing returns; it’s about looking ahead, understanding how changing tax laws affect you, and designing a personalized plan that minimizes your tax burden while protecting your wealth.
At its core, tax planning means aligning your financial decisions with smart strategies so you can reduce unnecessary taxes, stay compliant, and feel confident about the future. With expert guidance, you gain clarity, avoid surprises, and unlock opportunities to save year after year.
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Our role is simple: we take the complexity off your shoulders, stay ahead of every change in tax law, and craft solutions tailored to your unique situation—so you can focus on what matters most, knowing your finances are in good hands.
“Tax planning is the key to keeping more, stressing less, and building lasting wealth”
Is Tax planning only about Saving Taxes?
Though Tax planning is about saving taxes it is also about strategically aligning your business plan, investment strategy, and tax framework so they work together. The true goal is to build wealth for the future legally and ethically.
Why is Tax Planning Important for Business owners and Investors?
Tax planning ensures that profits and investments are structured efficiently. It helps preserve cash flow, supports reinvestment, and reduces unnecessary tax burdens .
How does Tax planning differ from Tax preparation ?
Tax preparation happens after the year has ended, when the financial history is already set. Tax planning, on the other hand, takes place before the year ends and uses strategic decisions to help reduce taxes
What are the ethical ways to minimize taxes?
Tax planning involves using many underutilized tax strategies such as deductions, credits, deferrals, and proper entity structuring. It avoids aggressive or questionable practices that could lead to penalties or reputational risk.
How often should Tax planning be reviewed or updated?
Tax planning should be reviewed annually and/or whenever major changes occur—such as new tax laws, business expansion, or significant investment decisions—to ensure strategies remain effective.
Are Tax savings guarenteed every year?
Savings depend on your unique financial situation and the tax laws in place at the time.
Where is my refund?
Generally it takes about 21 days to receive your refund if your tax return is e-filed and about 8 to 12 weeks for a mailed / paper tax return. Check the status of your refund here.
What is the status of my amended return?
It usually takes about 8 to 12 weeks to receive refunds for amended returns. Check the status of your return here.
What is an ITIN?
ITIN stands for Individual Taxpayer Identification Number. An ITIN number is issued by the IRS to individuals who are not eligible to obtain a Social Security number (SSN) and want/need to be included on a tax return. If a tax payer wants to gain the benefits of claiming their spouse/children/dependents on their tax return, they can apply for ITINs for their dependents. You can apply for an ITIN for your dependent(s) by providing supporting documents with your tax return.
Examples of supporting documents include: passport, birth certificate, medical records, and school records.
Do I need to go to an IRS office for my ITIN application?
No, you do not need to make a trip to an IRS office. Kalpana Gurram is a CAA (Certified Acceptance Agent) and can accept your ITIN application and supporting documents on behalf of the IRS.
What is an FBAR?
FBAR stands for Foreign Bank Account Report. It is a declaration of foreign financial details. An FBAR needs to be filed if a tax payer has an interest in, signature, or other authority over foreign financial accounts whose aggregate value exceed $10,000.
An individual may incur civil and/or criminal penalties for NOT filing an FBAR whether willfully or not.
What am I required to report in the FBAR?
Examples include, but are not limited to:
-Foreign bank accounts
-Stock or securities held in a foreign financial account
-Foreign mutual funds
-Foreign life insurance with a cash value
What am I NOT required to report in the FBAR?
Examples include, but are not limited to:
-Real estate in a foreign country
-Foreign stock or securities NOT held in a financial account
-Precious stones like diamonds and other jewelry
-Foreign partnership interests
-Cash or foreign currency
Do you prepare local and/or city returns?
No,we don't prepare City/local returns. At GurramTax, we only prepare federal and state tax returns. We have clients from all over the United States and internationally, so we are not able to specialize in city and local returns.
Methods of communication
Your experience with our firm is our highest priority. Once we begin working together, you’ll receive a personalized portal account. You can easily connect with us through email, secure portal account or calling/ texting us at 612-564-0601 to schedule a telephonic appointment / video apt on Zoom / Microsoft teams or an in-person appointment at a time that works best for you.