ACCOUNTING (FAQ)

Our Accounting FAQ page is here to answer your Tax Accounting Questions.

What the difference between an LLC and a corporation?

There are many differences between an LLC and a corporation, both large and small. One of the most significant differences is the ownership structure. An LLC is owned by one or more individuals, while a corporation is owned by shareholders.
How much does it cost to incorporate a business?

SmartCloud Tax offers our LLC formation service at no cost; however, your Washington State will charge a tax-deductible fee, which varies by license type. Our fees apply only to value-added business services, available at different price points based on your selected package.
What type of business entity should I start?

We generally recommend forming an LLC due to its numerous advantages for small business entrepreneurs. After forming an LLC, you have 75 days to consider choosing a different business structure, such as an S corporation.
How long does it take to have my business registered with the state?

Most states process business registrations within 14 business days, although this timeframe can vary based on their current workload. Once your filing has been submitted, your SmartCloud team will notify you through the message center with an update.
When will I receive my EIN Number?

Once approval is received from the state, we apply for the EIN number, and we will deliver all of your documents in your SmartCloud Tax Client Portal. Approval is normally completed within 3 business days.
What are the next steps after I have my business paperwork?

With the documents we provide you will be able to open a business bank account as long as you have the state correspondence, EIN letter and Operating Agreement (available as an add-on purchase). Please note that SmartCloud Tax & Accounting is not involved in licensing and permits associated with business registration. To continue with those it would be best to contact your state’s Secretary of State or ask your SmartCloud Team for more information.
How do I elect to be an S corp?

We will supply you with a pre-filled IRS Form 2553, containing all your necessary details. Just print, sign, and send the form to the IRS to elect S corporation tax status.
How do I communicate with the team handling my formation/dissolution?

Send messages to your team directly through the message center in your SmartCloud Tax Client Portal. This is your go-to place for all inquiries and communications.

Welcome to the Accounting FAQ page!

Here, we address common questions and provide valuable information to help you understand our services and make informed decisions.

What accounting services does SmartCloud offer?

SmartCloud provides a full range of accounting services including bookkeeping, financial reporting, payroll management, and CFO services. We cater to businesses of all sizes, offering customized solutions tailored to your specific needs.

How can SmartCloud help my business save money?

Our expert accountants apply strategic financial planning and tax optimization practices to minimize liabilities and maximize returns. By analyzing your financials, we can identify cost-saving opportunities and efficiency improvements.

Is SmartCloud equipped to handle accounting for any industry?

Yes, our team has extensive experience across a variety of industries including technology, healthcare, retail, and more. We understand the unique challenges and opportunities in different sectors, ensuring relevant and effective financial strategies.

How does SmartCloud ensure the accuracy of financial data?

We use advanced accounting software and rigorous checks to ensure accuracy and compliance with the latest financial regulations. Our accountants are meticulous in maintaining up-to-date records and providing precise financial reports.

Can I access my financial information remotely?

Absolutely! SmartCloud offers cloud-based accounting solutions that allow you to access your financial data securely, anytime and anywhere. This ensures you have real-time insights into your financial health, enabling better decision-making.

For any additional questions not covered here, please don't hesitate to reach out to us directly. We are here to assist and ensure that your tax and accounting needs are met with professionalism and expertise.