Frequently Asked Questions

 Frequently Asked Questions

  • My Virtual Tax Shop offers a range of tax & accounting services to businesses & individuals. Our specialty is Tax Advisory & CFO.

    • Paid Tax Consultations

    • Tax Advisory - Planning & Strategy

    • Individual Tax Preparation

    • Business & Entity Tax Preparation

    • Tax Amendments

    • Monthly Bookkeeping / Retroactive Bookkeeping

    • Payroll

    • Fractional CFO Services

    • Business Consulting

  • We strive to provide an excellent experience.

    • We are an EA-led professional firm with extensive knowledge on tax & accounting matters.

    • Throughout the process, you will hear from us often.

    • You can expect us to respond within 24 hours.

    • Our services are not cheap. We invest in our team and systems.

    • Deliverables will always be provided to ensure completion.

  • What is an Enrolled Agent (EA)?

    An Enrolled Agent is a tax professional licensed by the IRS (not the state).

    They are authorized to:

    • Prepare tax returns

    • Give tax advice

    • Represent taxpayers before the IRS

    Why EAs matter

    EAs have unlimited representation rights, meaning they can:

    • Talk to the IRS on your behalf

    • Handle audits

    • Deal with collections, liens, levies, and payment plans

    Same IRS representation rights as:

    • CPAs

    • Tax attorneys

    EA vs CPA vs Tax Preparer (quick comparison)

    • Tax Preparer: Can file returns, limited IRS representation

    • EA: Tax-focused specialist, full IRS representation

    • CPA: Broader accounting background, full IRS representation

    When an EA is a great choice

    • Complex individual or business taxes

    • IRS letters, audits, or back taxes

    • Ongoing tax planning (especially small businesses

  • What’s the Difference — and Who Is Right for You?

    Not all tax help is created equal. The right choice depends on how complex your situation is and how proactive you want to be with taxes.

    Here’s a clear breakdown 👇

    -

    H&R Block

    Best for: Simple, one-time tax filing

    What they do well:

    • File basic W-2 tax returns

    • Handle straightforward deductions

    • Low upfront cost

    Limitations:

    • Primarily seasonal tax preparers

    • Little to no year-round planning

    • No long-term strategy for reducing taxes

    • Different preparer every year

    • Limited understanding of business structures

    Bottom line:

    H&R Block is a tax filing service, not a tax strategy partner.

    -

    Traditional CPA Firm

    Best for: Compliance-focused businesses

    What they do well:

    • Prepare business and individual tax returns

    • Handle bookkeeping and financial statements

    • Ensure compliance with tax laws

    Limitations:

    • Often reactive, not proactive

    • Planning usually happens after the year ends

    • Limited advisory unless you pay significantly more

    • Not always optimized for aggressive tax strategy

    Bottom line:

    Most CPA firms focus on accurate reporting, not minimizing taxes legally.

    -

    My Virtual Tax Shop (MVTS)

    Best for: Business owners who want to pay less tax and build wealth

    What we do differently:

    • Proactive, year-round tax strategy

    • Business-first approach (not just filing returns)

    • Advanced planning:

      • Entity structuring (LLC vs S-Corp)

      • Payroll optimization

      • Deductions & reimbursements

      • Retirement and exit planning

    • One-on-one advisory, not just data entry

    • We work before the year ends — when savings actually happen

    Our clients typically are:

    • Business owners

    • High-income professionals

    • Entrepreneurs tired of overpaying taxes

    Bottom line:

    MVTS is a tax advisory firm, not a tax prep shop.

  • Yes, we can prepare Partnership, S-Corp, and C-Corp returns.

    If you have a sole prop, we can include it in your Individual/Personal Tax return.

  • Book a 15-minute discovery call with our sales team. They will understand your situation, diagnose, and offer services.

  • Yes, our services are available in all 50 states.

“What is an E.A.?”

Our most common question — answered by ChatGPT.

An Enrolled Agent (E.A.) is a federally licensed tax practitioner authorized by the IRS. It’s a respected credential that demonstrates deep expertise in federal tax matters.

What Enrolled Agents Can DO

  • Represent clients before the IRS in audits, collections, and appeals (same authority as CPAs and tax attorneys).

  • Specialize in taxation exclusively — meaning their focus is 100% on tax law and compliance.

  • Practice across all 50 states without state-by-state licensing (unlike CPAs or attorneys).

It’s the highest credential issued directly by the IRS and is considered elite in tax preparation and representation.

  • In practice:

    • Enrolled Agents are the tax experts.

    • CPAs are accounting + tax professionals.

    • Attorneys are legal + tax professionals.

It is the gold standard credential for someone specializing exclusively in taxes. Many taxpayers and businesses actually prefer EAs for IRS representation because of that specialization.