Corporate returns are due 3/15/2017 and we extend them to 9/15/2017.
Please get us your info by February 15th at the latest!
Partnership returns are due 4/15/2017 and we extend them 10/15/2017
Please get us your info by March 15th at the latest!
We will make every effort to complete your return on time if you meet the submission guidelines above. Please don’t submit your file until it is at least 90% complete. And if you are waiting for information, please include a note to let us know.
Very important - For returns that are not submitted one month in advance of the deadline, we will not be able to provide any guidance on what you should pay with the extensions. (We won’t have everything in the software.) Likewise, we will provide 1st quarter estimated tax payment coupons based on your 2015 tax return.
We automatically file Federal and state extensions for all returns. This allows us extra time to prepare your return so we can take the time to get things right, and it allows additional time to make employer (or self-employed) retirement contributions.
But filing an extension does NOT give you extra time to pay.
PENALTIES & INTEREST
Filing Late (means filing after the extension date of 9/15 for corps or 10/15 for partnerships and individuals): The Federal penalty is 5% per month (ten times as high as the penalty for paying late).
Paying Late (means paying after the due date of 3/15 for corporations or 4/15 for partnerships or individuals): The Federal penalty is .5% per month
Interest (after the due date): The Federal interest rate changes each quarter. Lately it’s been running about 3-4% per year.
MD penalties and interest: 13%
TAX RETURN PREPARATION
We will carefully prepare your tax return from the information you submitted. For our monthly bookkeeping clients we will verify every number we can, but for clients who do their own bookkeeping, we are relying on your work. The quality of the input is directly related to the quality of the finished product. We will take the time to ask about anything that’s not clear, and we’ll also try to ask about what we think we might be missing. And we encourage you to ask questions too!
We do not make any attempt to discover fraud or other irregularities for anyone.
WHAT YOU CAN EXPECT
Here’s how our tax process works:
1. You submit this tax questionnaire, your QuickBooks file and other information.
2. The admin team makes sure the information is complete and that we can access the QuickBooks. Then they scan the file.
3. One of the tax preparers digs into the file to review the financials. Usually additional information is requested and received, and then they complete the data entry.
4. The file is passed on to Marla or Ken. We go through our checklist and get in touch to request additional information and ask and answer questions before finalizing the return. Then we let you know the balances due (or refund amounts) as well as the estimates for 2017.
5. The return is either sent to the portal or printed for the admin team to make the packet.
6. You review the return to make sure everything looks correct. This is an important step and cannot be skipped. We’ll be happy to answer any questions!
7. You sign and return the efile authorization forms to us. (We do not need original signatures.) And you provide us with some form of payment for our services (check, MC, VISA or authorization to draft your bank account).
8. We transmit the returns to the IRS and state(s).
9. We verify that the returns were accepted.
TAX RETURN PRICING
Our pricing is based on the forms needed and complexity of the return. If we did your return last year, you can expect your fee to be within 10% of last year’s fee, unless you added a state or had other transactions that require additional forms. For both new and returning clients, we’d be happy to give you a quote prior to starting your work. Please let us know if you’d like a quote.
For clients who do their own bookkeeping, tax preparation does not include cleaning up your QuickBooks, making adjusting entries to your QuickBooks for the prior year, reconciling bank or credit card statements, and correcting payroll journal entries (just to name a few). These are all services we can help you with, but they incur additional charges and delay the tax return because we need to give you a quote, as well as schedule and complete the work before we can start the taxes.
If you want us to take over the bookkeeping we would be happy to keep your QuickBooks cleaned up and proactively advise you throughout the year. We can answer your questions and make suggestions about tax saving opportunities as well as best practices (If we just prepare your taxes after the year has ended, we can’t help you that much because the year is already over). With advisory services we can offer you the best price and the best service because we have your work assigned and scheduled well in advance. We bundle the tax prep for the business and owners, advising, tax estimates, QB clean-up, meetings, etc. into a fixed monthly fee. Please let us know if you’d like a quote.