Frequently Asked Questions
The Answers You Need
What is the 2022 tax filing due date?
The due date to file your 2022 tax return is April 18th, 2023. If you have filed for an extension, the due date for 2022 individual tax returns is October 16th, 2023 and for 2022 business returns is September 15th, 2023.
Why should I work with GurramTax?
At GurramTax, you can trust that we work for your best interest. We genuinely love what we do and the clients we get to serve. We want to be a resource for our community and be there to help guide our clients through the tax process. Our professionals at GurramTax have the knowledge and experience to get you the best possible outcome, and we can advise you on how to better your specific tax situation. You can depend on us to be available year-round should you have any questions or concerns, and we will even represent you in front of the IRS if needed.
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 is an EA and can provide these services to GurramTax clients.
What is the tax return process at GurramTax?
Once you contact us, GurramTax will create a secure Client Portal for you to upload your tax documents. After receiving all required documents, you will need to submit the $100 tax preparation deposit (this will be deducted from the overall balance). We will then prepare your tax return and update you about your refund/balance due. You will be able to review your tax return after your remaining tax preparation fee is paid. Finally we will personally e-file/mail your tax return to the IRS with your approval.
What are your service fees?
Our cost of service depends on your individual situation and your unique needs. Our minimum fee for an individual tax return is $500. We charge based on the complexity of the tax return - i.e. the forms that need to be completed for the return. For a free pricing consultation about your specific situation, please give us a call at 612-564-0601 or send us an email at tax@gurramtax.com.
What methods of payment does GurramTax accept?
We accept all kinds of transactions including cash, check, credit/debit card, bank transfer, and PayPal.
Where is my refund?
It takes about 21 days to receive your refund if your tax return is e-filed. It takes about 8 to 12 weeks to receive your refund for a mailed 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 audit protection?
Audit protection is basically an insurance plan to protect you from tax preparer or software errors. It does not protect against any personal mistakes such as forgetting to provide additional W2s or misinformation.
Audit protection is provided by a third-party company and costs $100. It covers up to $2,500 on tax liabilities, interests, and penalties, and also includes audit assistance and identity theft insurance.
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.
The 2022 due date to file an FBAR is October 16th, 2023.
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?
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. If you have any questions about your city or local returns, let us know and we'd be happy to help.