Frequently asked questions

Integration timelines vary depending on the complexity of systems involved and customization requirements. Our team works closely with clients to develop a tailored integration plan and strive to complete the process efficiently with minimal disruption to your operations.

Yes, our integration services are highly customizable to accommodate the unique requirements of your business. We work closely with you to understand your specific workflows and objectives, ensuring the
integration solution aligns with your strategic goals.

Timelines vary depending on the complexity of your return. We aim to have less than 48 our file turn around for individual simple returns, increasing from there. 

To claim your child as your dependent, your child must meet either the qualifying child test or the qualifying relative test:

• To meet the qualifying child test, your child must be younger than you or your spouse if filing jointly and either younger than 19 years old or be a "student" younger than 24 years old as of the end of the calendar year.

• There's no age limit if your child is "permanently and totally disabled" or meets the qualifying relative test.

In addition to meeting the qualifying child or qualifying relative test, you can claim that person as a dependent only if these three tests are met:

1. Dependent taxpayer test

2. Citizen or resident test, and

3. Joint return test

Additional Information:

• Whom May I Claim as a Dependent?

• Publication 501, Dependents, Standard Deduction and Filing Information

Yes! If you do not have a good understanding of your numbers on a weekly  basis, you cannot make effective decisions for the success of your company. Knowing where you are on weekly basis, at minimum monthly, will drastically affect your outcomes regardless of how large or small your company is. At K5, all of our package options include weekly calls to ensure you are actively invovled in your finances. 

While traditional accounting services focus on day-to-day bookkeeping and compliance, Outsourced Controller Advisory services provide strategic financial guidance and oversight, helping businesses make informed decisions and achieve long-term growth

Yes, our services are highly customizable to align with your specific goals, challenges, and budget. We work closely with you to tailor a solution that meets your unique needs and objectives

We prioritize data security and confidentiality throughout the integration process. Our team utilizes industry-leading encryption protocols and follows best practices to safeguard your sensitive financial
information.

We offer comprehensive ongoing support and maintenance services to ensure the continued smooth operation of your integrated systems. Our dedicated support team is available to address any issues or
concerns promptly, allowing you to focus on running your business confidently.

At K5 we understand that your hard- earned money is not something you want to give away. Wee keep our prices within competitive rates and offer packages for any  services that exceed a simple individual tax return. We are here to work with you

Although these forms are called information returns, they serve different functions.

Employers use Form W-2, Wage and Tax Statement to:

• Report wages, tips, or other compensation paid to an employee.

• Report the employee's income, Social Security, and Medicare taxes withheld and other information.

Employers furnish the Form W-2 to the employee and the Social Security Administration (SSA). The SSA shares the information with the Internal Revenue Service.

Payers use Form 1099-MISC, Miscellaneous Information and/or Form 1099-NEC, Nonemployee Compensation to:

• Report any amount of federal income tax withheld under the backup withholding rules (Form 1099-MISC or Form 1099-NEC).

• Report payments of $10 or more made in the course of a business in royalties or broker payments in lieu of dividends or tax-exempt interest (Form 1099-MISC).

• Report payments of $600 or more made in the course of a business in rents, prizes and awards, other income and for other specified purposes, including gross proceeds paid to an attorney (Form 1099-MISC).

• Report payments of at least $600 in the course of a business to a person who's not an employee for services, including payments to an attorney (Form 1099-NEC).

• Report sales totaling $5,000 or more of consumer products to a person on a buy-sell, a deposit-commission, or other commission basis for resale (Form 1099-MISC or Form 1099-NEC).

Payers file Forms 1099-MISC and 1099-NEC with the IRS and provide them to the person or business that received the payment.

Communication frequency can vary based on your business needs and preferences. Typically, we schedule regular meetings to discuss financial performance, strategic planning, and any emerging opportunities or challenges.

• Our controllers are seasoned financial professionals with extensive experience in accounting, finance, and strategic advisory. We undergo continuous training to stay abreast of industry trends and best practices. 

• If your situation requires a specific certification our team does not hold, we will source the specifications to your approval ensuring satisfaction.