AboutMike Wellman Expertise I was a former Manager with Price Waterhouse, now PricewaterhouseCoopers, the largest accounting firm in the world. I have had clients in almost every industry and of every size.
I will only answer questions dealing with IRS problems such as delinquent tax returns, Offers in Compromise (Tax Settlement), IRS collection matters including installment agreements, liens, levies, seizures, audits, appeals, innocent spouse claims and injured spouse claims. All other will be referred to the question pool.
Experience Over 25 years experience in taxation specializing in IRS collections, examinations and appeals.
Publications New York Times, Wall Street Journal, Your Money.
Education/Credentials BBA, Baylor University.
Awards and Honors IRSOS.com won the Knowledgeweb award for educational excellence for content.
Expert: Mike Wellman Date: 1/21/2008 Subject: Tax Preparation Costs
Question I am a Realtor in SC who formed an LLC last year and will be filing as a "S" Corporation. My enrolled agent that I use charges a minimum fee of $395 for an 1120-S and $195 for a 1040. Is that a reasonable cost?
Thanks,
Sunil
Answer Well, it it like asking how much will it cost to paint your house without ever seeing your house. Without knowing how complex your return is, what the going rate in your market is and how well organized you are, it is very difficult to tell you. I can tell a lot more after seeing the returns, but that is not 100% accurate.
All that said, If you had just 1099 income and provided a good summary of your expenses, the cost of the 1120S seems high. However, if you bring all your records in a show box, it is not high enough. Most of our 1040's cost about $125 - $150 for a self-employed person.
