Jenkins, Magnus, Volk, Carroll, P.C.

Certified Public Accountants

 

42714 Woodward Avenue  Bloomfield Hills, MI 48304

 

Phone: 248-858-2400

Fax:     248-858-7301 

 

Website: www.JMVCcpa.com

December 2021

December 2021 Q and A

Q and A

QUESTION:
I’ve misplaced my 2019 tax return. How can I get a copy?


ANSWER:
You can get a copy of your tax transcript free and immediately on IRS.gov. A transcript summarizes key data like adjusted gross income, deductions and tax amounts. But if you need a copy of an actual tax return, you’ll need to mail Form 4506. There’s a $43 fee per return, and it can take the IRS up to 75 days to process your request. In the future, keep electronic copies of your tax returns and all of your supporting documents.


QUESTION:
Is registering a DBA all I need to form my business?


ANSWER:
Registering a doing business as (DBA) name without first forming an LLC, corporation or other legal entity means that your state will recognize your business as a sole proprietorship. As a sole proprietor, you can legally operate a business in your state under this fictitious, assumed, or trade name. But keep in mind that you’ll lack the legal liability protections and tax breaks that come from running other types of businesses. And if you want to do business in other states, you’ll need to register the DBA there.


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