We enjoyed working with you for your 2017 taxes and hope to see you again. Next year, we will continue to provide quality tax preparation for the 25th year in a row. We are proud of our system designed to minimize our clients’ tax liability as much as legally possible! Our costs continue to be 40% below the region’s average, making us extremely cost-effective. We will continue to strive for excellent service at substantially lower rates than other tax firms in the area.

 

Year 2018 has marked the most changes to income taxation since the Tax Reform Act of 1986. Most provisions of the Tax Cuts and Jobs Act (TCJA or the Act) passed at the end of 2017 and became effective this year. Our entire staff has been taking IRS and ODR sponsored classes and studying diligently to stay on top of all the provisions that will affect our clients this coming tax season. The 2018 tax season officially opens on January 21st, 2019.

 

If you don’t read our e-mail newsletter, online blog, or receive our tax planning letter, here are some of the upcoming changes:

  • Near-doubling of the standard deductions
  • $10,000 cap on the state and local income and property tax deduction
  • Suspension of personal exemptions
  • Suspension of miscellaneous itemized deductions
  • Lowered individual income tax rates and brackets

 

Do I still need to provide my healthcare documentation?

Yes! You may have heard of the repeal of the shared responsibility payment, the penalty that the ACA imposes on individuals who do not have health insurance beginning in 2019. For 2018, those penalties can still be imposed. If you purchased insurance through the marketplace, we must receive copies of any 1095-A, -B, or -C that you receive so we can account for credits. Above All Accounting, Inc cannot report the credits correctly without these forms and failure to produce those forms may result in additional accounting fees and IRS penalties.

 

Why am I being asked for my Driver’s License?

Along with sweeping changes in tax law is the increasing risk of tax-identity theft. Our firm takes security very seriously, and tax identity theft is a growing problem. Last year, Oregon and other states requested taxpayers to voluntarily provide driver’s license information on state returns. Although this was optional, we noticed that clients who declined were substantially more likely to have their refunds delayed, their return processing put on hold, or receive a request for Additional Withholding Verification from the state. If you decline to provide a copy of an ID for the preparation of your 2018 taxes, you may significantly delay the processing of your tax return and may be billed for additional accounting fees that incurred to process the return.

 

The IRS has implemented regulations affecting all professional tax practitioners. Above All Accounting, Inc. not only follows all regulations set forth by the IRS, but has additional electronic security measures in place to protect from breaches and protect your sensitive personal information.

 

How will my refund change?

While the Tax Cut and Jobs Act (TCJA) will result in an increase in refunds, or less taxes owed, for most of our clients, it has also increased the complexity of even some of the most basic returns. As a result, we have increased our training hours and will necessitate more time spent on each return. These changes, along with the increased regulation surrounding electronic security, have resulted in the implementation of a 12% administrative fee included on all invoices. Even with this increase, our costs continue to be less than both the regional and national average for tax preparation services, while employing more accountant reviews in our firm than the industry standard. As always, we promise to treat your taxes as our own.

 

How can I give you my documents?

If you are unable to provide the documents to our office or via postal service, we provide a secure, online web portal for document transfer. Company policy prohibits the transfer of confidential documents using email or Dropbox. Our staff are unable to email documents that contain your Social Security Number, bank account, personal address, or any other confidential information. We strongly encourage you to utilize our free, secure web portal. If you do not already have an account, we can set one up for you at any time.

 

We want to help you avoid paying additional accounting fees or penalties to the IRS or Oregon. Here are some tips to minimize your tax preparation cost:

 

  1. Schedule And Attend Your Tax Appointment

Tax preparers’ schedules fill up quickly! Please call as soon as possible to reserve your tax appointment. While we do our best to accommodate all clients, appointments will not be scheduled after April 1st, 2019. To ensure we see as many of our clients as possible, we are implementing a Broken Appointment Fee of $30 for appointments that are rescheduled or cancelled within 24 hours. Should an appointment run beyond the first sixty (60) minutes, the tax preparer’s hourly rate will apply for the remainder of the appointment. This time will be added to your final tax preparation invoice.

 

  1. Come To Your Meeting Prepared

Enclosed you will find your tax organizer to assist you in gathering information required for the preparation of your taxes. Please complete the organizer, gather all relevant documents, and have any questions you have prepared in advance. As part of the organizer, you can request a document listing all previous forms and Schedules that applied to you the previous tax year. This has greatly helped many clients prepare for their meeting with their tax preparer. Unfortunately, due to the high volume of tax returns prepared between February and April, we cannot guarantee your tax return will be prepared and filed on time if you fail to provide your complete documentation by the required date.

 

  1. Track Deadlines And File An Extension If Necessary
  • S-Corp and Partnership Deadline: March 15, 2019
    • If your documents are not submitted for tax preparation by February 28, 2019, an extension* can be filed for your Federal and State returns. Your file will be moved to April 22, 2019.
  • Corporate and Trust Deadline: April 15, 2019
    • If your documents are not submitted for tax preparation by March 31, 2019, an extension* can be filed for your Federal and State returns. Your file will be moved to May 1, 2019.
  • Individual Deadline: April 15, 2019
    • If your documents are not submitted for tax preparation by March 31, 2019, an extension* can be filed for your Federal and State returns. Your file will be moved to May 1, 2019.
  • Non-Profit Deadline: May 15, 2019
    • If your documents are not submitted for tax preparation by April 30, 2019, an extension* can be filed for your Federal and State returns. Your file will be moved to June 1, 2019.

 

*Extension fees apply. Contact our office to file your extension.

 

  1. Pay On Time Or At Time Of Extension

Too many taxpayers pay unnecessary penalties to the IRS for not paying on time. If you typically owe taxes at the time of filing and you need to file an extension, request vouchers so you can make an estimated payment. The extension only gives you additional time to file, not additional time to pay. The estimated payment is based off your previous tax year. Extension Fees will be applied to your final tax invoice.

 

In addition to tax preparation, we provide the following services throughout the year to give our clients a holistic approach to their individual needs:

  • Tax Resolution: Our firm has a 99% success rate for Offers in Compromise and abatements. We also prepare delinquent return filings to reduce substitute returns prepared by tax authorities.
  • Bookkeeping and accounting services
  • QuickBooks training
  • Payroll service
  • Notary service

 

We look forward to assisting you in 2019. Have a great year!