Customer Service
How should you answer the phone?
Hello, thank you for calling MIT Multiservices this is (your name) speaking, how may I help you?
What is a W-2?
Wages & Tax
How many tax offices does Mel own?
4 offices: Sheldon, Dayton, Market, and Highlands
A client calls asking, "I filed my taxes 3 weeks ago, where is my refund?" How do you respond?
Explain to the client refunds take anywhere from 2 to 6 weeks to process and then offer to check their status for them on the IRS website (Where's My Refund)
What does LLC stand for?
Limited Liability Company
As a receptionist, what should you do when a client first walks into the office?
Greet them by welcoming them in and asking how you can help them
What is a 1098?
Mortgage Interest Statement
What does Schedule C stand for, and who can file a schedule C?
A schedule C is the Profit & Loss of a Business, and those who can file a schedule C is anyone with a side business, single members LLC's and people who have received a 1099-NEC
A mom calls asking for an update on her son's tax return, what do you do?
We can only give tax information to whoever is listed on the return so you would have to tell the mom that she has to get the son to call to get an update.
What is a 1065?
Form 1065 is a tax return filed by partnerships to report business income, expenses, and profits or losses.
How would you explain the $125 document review fee to a client?
The $125 is a non-refundable document review fee that is credited towards your end fee which is a 10% of your refund.
What is a 1095-A?
Health Insurance from a Marketplace
What is Schedule E, and who can file it?
Supplemental Income & Loss from Real Estate, royalties, partnerships, or S Corporations. Schedule E reports rental income and certain types of income that pass through to you from other businesses.
A client asks you, "Can I claim my boyfriend's child on my tax return?" You are the receptionist not the tax preparer, what do you do?
Explain that as a receptionist you can't give tax advice, but tell them that you will get a tax preparer to review their case and that they will be the ones to let them know what can be done
What is a Schedule K-1?
This document reports a partner's share of partnership income.
What companies are considered our big companies? (Must name at least 4 to get the points)
Lyondell, Covestro, Exxon, Enterprise, Energy Transfer, Targa
What is a 1099-S?
Proceeds from real estate transactions
What is a Schedule F, and who can file a Schedule F?
Schedule F is the Profit & Loss from Farming and those who can use it are people who rent farmland, own a farm, raise livestock or grow crops, or run a farming business (hobby farming usually doesn't qualify)
A client comes in demanding to see Mel. Mel is not in at the office that day, what do you do?
Unfortunately, she is not in at the office today, if you would like I can arrange for you to sit with one of our other preparers. However, if you would feel more comfortable with Mel than I can take your name and number and we can figure out what day works with her schedule for her to sit with you.
How much do we charge to create an LLC? How much do we charge to file an LLC's taxes?
To create: $725
To file: $1025 (plus wtv their personal tax fee is)
What all does a client need to bring in to be able to file their taxes with us?
Taxpayer (ID and social) if they have a spouse then spouse needs ID and social. Dependents (if applicable) birth certificate and social, if new clients a copy of their last years return, and all tax forms for the year that they are filing. Intake form needs to be filled out as well as expense sheet if it applies to them.
What is a 1099-DA?
Digital Asset Proceeds from Broker Transactions
What is standard deduction?
The standard deduction is a set amount the IRS lets you subtract from your income to reduce the amount of income you pay taxes on.
A client comes in to the office bur realizes they forgot a W2 and they say, "I really need to get my taxes done can we just file it without the W-2?" What do you say?
I understand your need to file, however we do need to have all tax forms in order to complete an accurate tax return. Unfortunately, we won't be able to file your return until we get that missing W-2.
A single member is wanting to file, would they file a Schedule C or a 1065?
A single member LLC would file on a Schedule C