Welcome to the 2023 tax season!
I appreciate each of you and look forward to working with you this tax season. This letter will guide you through the process of getting your taxes filed as quickly and efficiently as possible.
Tips for a successful tax season-
Start gathering your tax documents and other tax-related items as soon as possible. These items may come in the mail or be available as digital downloads. Tax organizers are available to help you gather this information and ensure you aren’t missing anything. You may access a general organizer here- 2023 Tax Organizer (Fillable), or request a custom organizer by contacting our office (prior clients only). We ask that all prior clients fill out the first three pages of the organizer (Tax Questionnaire section) and submit this with your tax forms. The rest of the organizer is optional. If you are a prior client, your tax preparation will be delayed if we don’t receive a completed Tax Questionnaire with your other documents.
Scheduling appointments- We offer both in-office and virtual tax preparation services.
For virtual tax preparation, you may send us your documents by uploading them to our portal, dropping them off at our office during business hours, or mailing them to us (please mail copies, not originals). To upload to our portal, click the ‘Upload Your Documents’ button on our home page and use the guest exchange, or you can log in if you have an account. It is essential that you respond to our emails promptly and provide us with 100% of your tax documents and your completed tax questionnaire to ensure the accurate completion of your tax returns by the deadline. When your taxes are completed, we will send them to you for review along with a link to schedule a virtual appointment to go over them. While scheduling an appointment is optional, it is vital that you review your return and alert us of any errors or omissions before signing.
For in-office appointments, you may either book through our website, call the office, or send us an email at email@example.com. Most people require a 40-minute appointment, but if your taxes are complex and require more time, you may need a 60-minute appointment. If you are unsure which one to choose, give us a call at (435) 654 0554. If you have a business that files as a partnership or S Corporation, you must send us your business information at least 10 days before scheduling an appointment.
Be aware of the filing deadlines. Personal tax returns are due this year on April 15th, 2024. (This includes LLCs or other businesses that are not partnerships or S Corporations.) LLCs and businesses that are partnerships or S Corporations are due on March 15th, 2024. Please submit your information at least 10 days before the filing deadline, or there may be a rush fee, and/or we may need to file an extension. Please note: filing your return early does not mean you have to pay your taxes early. We can file your return anytime during the filing season and you still have until April 15th to pay.
Respond to emails promptly. We will often send you emails with questions or asking for further information. Please watch for and respond to these emails quickly to avoid significant delays.
We highly value your business and appreciate the opportunity to serve you. If you have any questions, don’t hesitate to contact Kristen directly at firstname.lastname@example.org or our office staff at email@example.com. (Please see below for other filing and tax information. For tax law updates, please visit the 'Help and Resources' tab.)
FORM 1099 INFORMATIONAL RETURN DEADLINE
The tax filing deadline for issuing Form 1099s to recipients is January 31, 2024. There is no extension for this form. Businesses are required to issue a Form 1099 to taxpayers and businesses (other than a corporation) who have received at least $600 or more in non-employment income during the tax year. If you would like us to prepare these forms for you, please ensure that you have complete W-9 information for each taxpayer that will need a Form 1099 and provide that information to us no later than January 26th, 2024.
NEW BOI REPORT (Beneficial Ownership Information) INFORMATIONAL RETURN
Owners with 25% or more ownership in LLCs and Corporations in existence before January 1, 2024 are required to file their BOI Report per entity before January 1, 2025. For LLCs and Corporations formed after January 1, 2024 they are required to file their BOI Report within 90 days of formation with the Secretary of State. There is no extension for this form. For clients with existing businesses that would like us to file this form for them, we’ll be gathering information after the April 15th deadline with the intention of filing BOI Reports by June 30th. We will reach out to you to see if you’d like us to prepare the form for a fee or at least as a reminder that you need to file this report online by the deadline.
If you intend to create a new LLC or Corporation in 2024 or later (and you will be a 25% or more owner), the BOI Report will be required to be filed within 90 days of formation. If this applies to you, please be sure to file the BOI Report within the required time frame or let us know that you’d like us to file the report for you.
FBARs (FOREIGN BANK & FINANCIAL ACCOUNTS REPORT) INFORMATIONAL RETURN
U.S. citizens, residents, corporations, partnerships, LLCs and trusts & estates that have a financial interest in or a signature authority over a foreign financial account must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 USD at any time during the calendar year. FBARs are due April 15th, 2024 and allow for an automatic extension to file the report until October 15th, 2024. If you meet the conditions that require an FBAR to be filed and you would like us to prepare and file the return please include this information along with your Tax Support documentation uploaded to our portal.