(Note: This message was originally written in January 2025. The deadlines mentioned in this post may have passed.)
Greetings,
We have news. After seven years of working with me, Cherie has moved to CA to live with her boyfriend and be closer to family. I saw her in October and she’s doing great. I’m happy to introduce my new assistant, Maria (aka Mariado), who will be helping this year.
The information provided below will help to create a smooth filing process:
SCHEDULING
Please email us at tax@elenafaro.com or call the office at 212-228-9579 to make an appointment. We welcome phone, virtual or in-office appointments Monday through Thursday (and Saturdays during tax season).
TAX TIME PROCEDURES
IMPORTANT: Don’t email sensitive documents. We use two secure portal systems:
Intuit.link. When you contact us for an appointment we will invite you to upload your documents to Intuit. It contains your Engagement Letter. This outlines our separate and mutual responsibilities in preparing your tax return. You must log in and sign before work is initiated. You can also opt in for audit coverage as described below.
I charge to handle tax correspondence. The IRS doesn’t do many full blown audits, but they do send out notices regarding tax returns. I offer Audit Coverage which can be found in Intuit Link. This is not an insurance against an audit. This is an additional service that will cover my fees for work/time should you be audited or receive correspondence from the IRS or a state taxing authority. It does not cover any tax, interest or penalties you may be charged by the taxing authority. The coverage is for returns filed for the current tax year and carries a fee of 15% of the tax return fee with a minimum of $100.
When going into your Intuit account, please use the questionnaire and update your information (including Drivers License and SS cards for new babies). Please note for unemployment income you will need to go onto the state website to get your 1099-G. This form is not mailed. If there are account statements or other information you’ll need to refer to during your appointment, please include these in your uploads. Logging into your accounts to retrieve documents should be done prior to your appointment.
Smartvault. This is where we will securely provide you with a copy of your return. You can also upload your documents in this portal.
EXTENSIONS
If you know you’re going to be filing an extension, please let us know as soon as possible.
Remember, an extension means additional time to file your return, not additional time to pay taxes due. Late payments are subject to interest and penalties. Occasionally there are circumstances where I must file an extension for you. In order to file an extension I will need either drivers license or non drivers ID information. And if you owe an estimated payment, we will need confirmation of your bank account.
If you chose to file an extension request on your tax return, October 15th is the due date for filing your tax return.
TAX RETURN FEE STRUCTURE
Fees are based on the forms required and the complexity of the return.
The minimum fee for a long form 1040 with one state is $575. The minimum fee for a short form is $350.
Invoice must be paid for returns to be filed. Payment may be required before work is commenced. A deposit will be required of all new clients. Business tax returns (Forms 1120, 1120-S, 1065) use the same fee structure, with a minimum fee of $700.
FOREIGN ACCOUNTS
If you have any foreign accounts (including retirement, bank, brokerage) that have an aggregate balance of $10,000 or more on any day during the tax year, we will need to file a form to report it. This now includes crypto currencies. Penalties for non compliance are steep.
IMPORTANT DEADLINES
January 31st: You will need to issue a 1099-NEC, 1099-MISC; et al, to any individual or LLC that you paid $600 or more for professional services in 2024. Let us know if you need us to file those for you. You'll need to provide us with names, Tax ID, total amount paid and address of recipients. No extension allowed.
March 17th: LLCs must file IT-204-LL and pay any fee required by NYS. Same deadline for extensions.
March 17th: Corporate return (S-Corp and C-Corp) and Partnership return. You must submit your information to me by February 15, 2024 or I may have to file an extension for you. Same deadline for extensions.
April 15th: Personal tax returns are due. Please make sure all documents and information required to file are received by my office in a timely fashion. Same deadline for extensions.
Questions & Letters:
I’m available year round. I’m happy to answer any questions. Sometimes a quick question has a long answer and I will charge a fee, on a case by case basis.If you need me to write a letter on your behalf, my minimum fee is $75 and depends on complexity.
I look forward to hearing from you and wish you a peaceful year. Thank you for trusting me with your taxes.
We’d like to leave you with hope:
https://www.theredhandfiles.com/where-is-the-hope-what-is-hope/
Warm regards,
Elena/mm
she/her