Frequently Asked Questions at Milbern Ray & Company

Frequently Asked Questions

Have a question? We are here to help.

  • For Individuals
  • For Businesses

I already filed my return. Where is my refund?

If you e-file, you can generally expect your refund within 3 weeks. If you file your return on paper, it may take up to 8 weeks to receive your refund. You may track your refund at any time through the IRS website.

How long do I need to keep records?

Generally speaking, most records should be kept at least 7 years. There are variables to this. Please refer to the IRS website for a more definitive answer.

What forms do you need to prepare my income tax return?

Typically, most tax returns are prepared with financial documents mailed after December 31. These include, but are not limited to: W-2, K-1, 1099, 1098, brokerage statements (stock sales gain/loss), mortgage interest, property tax payment, tuition statement, medical payments eligible for deduction, child care payments, and charitable contributions. Often times it may be difficult to decide if a form applies to your tax return. If in doubt, please send it to us. All forms supplied to our office will be returned to you after the completion of your return.

I cannot pay the full amount of taxes that I owe. What should I do?

If you cannot pay the full amount due as shown on your return, you can ask to make monthly installment payments. Interest will continue to accrue while you make payments. Our office will assist you in requesting an installment agreement.

I've lost my prior year copy of my return. How do I get another copy?

We will be happy to provide you with an electronic or paper copy. Please contact our office and we will be sure to get you what you need.

What is E-File and do I have to participate?

Our firm is required by the IRS to electronically file (e-file) individual tax returns. That means that you no longer sign and mail a return. This often means that your refund will be processed faster than a paper filed return. Although we are required to electronically file all of our individual returns, you may sign a waiver opting out of electronically filing. You will be responsible for ensuring that you mail your return to the IRS in a timely manner.

I've received an IRS notice. What do I do now?

We will need to review the notice as soon as possible. Often times a simple letter to the IRS is all that is needed to resolve an issue. Please fax or email the notice to our office so that we may respond in a timely manner.

I've received an IRS notice that I am being audited. What do I do now?

Our office will be happy to represent you before the IRS in the case of an audit. We will need you to sign a "Limited Power of Attorney" form allowing us to discuss your taxes with the IRS. Our firm will provide this form to you. We may require various documents from you throughout the course of the audit. We will keep in contact with you throughout the proceedings to ensure that there are no questions or confusion.

What is an EIN and how do I get one?

Your Single member LLC, Partnership, Corporation, or Trust is required to have an Employer Identification Number (EIN) also known as your Federal Tax Identification Number so that the IRS can track payroll and income taxes paid by the corporation. But, like a social security number, an EIN is used for most everything the business does. Your bank will require an EIN to open your corporate bank account. Please refer to the IRS website to learn more.

I've received an IRS notice. What do I do now?

We will need to review the notice as soon as possible. Please fax or email the notice to our office so that we may respond in a timely manner.

How long do I need to keep records?

Generally speaking, most records should be kept at least 7 years. There are variables to this. Please refer to the IRS website for a more definitive answer.

What is a Texas Franchise Report and why do I need to file this?

This is a state tax on gross receipts collected throughout the year. Most businesses registered and operating in the state of Texas must file this report annually. For more information, visit the Texas Comptroller's Office website.

How do I apply for a Sales Tax Permit?

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How do I file/pay Sales tax and Franchise tax for Texas with Webfile?

Learn More ›

How do I enroll and pay federal taxes online from EFTPS?

Learn More ›

I've received an IRS notice that my business is being audited. What do I do now?

Our office will be happy to represent you before the IRS in the case of an audit. We will need you to sign a "Limited Power of Attorney" form allowing us to discuss your taxes with the IRS. Our firm will provide this form to you. We may require various documents from you throughout the course of the audit. We will keep in contact with you throughout the proceedings to ensure that there are no questions or confusion.

I think my business has an issue that requires legal attention. What should I do?

Please call our office to discuss if we may be of service. Our firm has a working relationship with several area attorneys. We will be happy to provide a referral.

My bond agent is requiring a financial statement. Can you help?

Our office provides both audit and review services as well as compilations. We will help you determine which service is the right fit for your needs.

I've recently started a business. Which accounting software do you recommend I purchase?

Our firm generally use QuickBooks, but we are experienced with a variety of other software packages. Please ask us before purchasing your software as different types are required depending on the trade of the business.