Frequently Asked Questions

We review the general information you provide, may ask a few clarifying questions, and let you know whether IBS can take on the matter. If we can, you’ll receive engagement terms and instructions for securely sharing the documents we need.

Any notices you’ve received, your most recent filed returns, bank and card statements, QuickBooks or other accounting access, payroll reports, and a list of known deadlines. Don’t worry if some of it is missing — identifying gaps is part of the work.

No. The consultation request is preliminary. A professional relationship begins only after IBS agrees to take the matter and the engagement terms are accepted.

Don’t ignore it. Note the response deadline and the notice number (usually printed in a top or bottom corner), and keep the envelope. Many notices have short deadlines that affect your options. Send us the notice type and date through the consultation form and we’ll tell you what information is needed next.

Start by finding out which years the tax agency expects. IRS wage-and-income transcripts show the income reported under your name, which helps identify missing years and rebuild the numbers. For most payment plans or an Offer in Compromise, required returns must be filed first — so getting current is usually step one.

A transcript is the IRS’s own record. Account transcripts show balances, payments, penalties, and collection activity; wage-and-income transcripts show W-2s, 1099s, and other forms reported to the IRS. Starting from transcripts means working from what the IRS actually has, not guesses.

Depending on your facts, options may include an installment agreement, penalty relief, currently-not-collectible status, or an Offer in Compromise. Eligibility depends on your filing compliance, income, expenses, and assets. We help you understand which paths realistically fit before anything is submitted.

Be cautious of anyone who promises that. An Offer in Compromise is generally accepted only when the IRS concludes the full amount can’t reasonably be collected, and many offers are not accepted. IBS does not guarantee any outcome; we focus on verified facts and realistic options.

Representation before the IRS is limited to individuals who are authorized to practice. At the start of an engagement, IBS will tell you whether your matter needs an authorized representative and coordinate with one when it does.

That’s common. Bank and card statements, payroll reports, 1099s and W-2s, prior returns, and IRS transcripts can often be used to reconstruct income and expenses. We document what was used and what still needs follow-up.

Monthly is a good standard. Reconciling bank and credit card accounts each month catches errors and missing transactions while they’re still easy to fix, and keeps you ready for tax time, lenders, and planning.

Usually, yes. A cleanup typically starts with bank and card reconciliations, correcting account categories, and resolving old uncleared items, followed by a monthly routine so the file stays current.

Before the year ends — ideally with a mid-year projection. Planning after December 31 is mostly limited to reporting what already happened. Federal estimated tax payments for individuals are generally due in April, June, September, and January.

Part-time, senior-level finance support: budgets, cash-flow forecasts, management reporting, KPIs, and preparation for lender or investor conversations — without the cost of a full-time executive.

QuickBooks for accounting records, ProSeries for eligible tax returns, and Tax Help Software to request and analyze authorized IRS transcripts.

IBS serves small and closely held businesses and their owners in Blaine, Anoka County, the Twin Cities, and communities throughout Minnesota.