Sylvester Scaletta II, began his practice in …show more content…
Elaine, the secretary, gave him missed phone calls and any other note-worthy information. Upon checking his mail, Scaletta began to work on a client’s tax information. During my visit, I got to interact and watch Scaletta prepare a financial statement and bank reconciliation. The very first and most important task to before starting is to hard copy the client’s files to have them on record. It is easier for him to work on them, since he could make little notes on the copied version. It is also important to have copies in case the clients or Scaletta makes a mistake on a statement and they can be used for verification.
Scalettta, first worked on a client’s financial statement, using an online creative solution accounting software. The business is currently in the process of switching files to a new program, but for my purpose, we used the older, more easily understood program. Scaletta began sorting through the recently copied files of the client’s information; including, bank statements, checks, payroll, sales receipts, salaries, taxes and other expenses. This client, in particular, had all of their information written on paper, which many do not normally do anymore – it is …show more content…
The 1099 form reports the various types of income you may receive throughout the year other than the salary your employer pays you compared to the W2 form that reports an employee 's annual wages and the amount of taxes withheld from his or her paycheck. Scaletta and his emplyees must file their clients tax return by April 15. If clients fail to submit the required paperwork by the deadline, it is their responsible to pay the fees and penalties. The CPA or accountant is not responsible for the problem. Scaletta and his team are the busiest during this time of the year, compared to the other