As we March in earnest into tax filing season I think it a good notion to send a few words to all regarding the challenges and efficiencies of this new decade in tax reporting.
First and foremost, tax preparers who do more than 100 returns are now mandated to file all of the returns electronically. Thus, efiling, which I began last year and successfully filed over 65% of returns for 2009, now applies to all except those with a specific objection and are willing to jump through IRS hoops in order to opt out.
Relative to process; most things we do together have not changed:
Bored yet? Don't stop reading now?
Relative to filing your returns when completed:
That's all for now.
Hunt and gather your materials and call or write with questions. I will try to return calls within 24 hours.
p.s. when bored with taxes take a look at my latest project, an arts web site at RoamingtheArts.com
With just a few weeks left until March 15th my primary focus is on Corporations who wish to file now rather than go on extension.
That said, early birds who are ready to go with their individual or partnership returns may contact me and get the jump on the mid-March rush. I do ask that you review last year's return in order to assure yourself that all documents are in. Many financial 1099's did not go out until Feb. 15th.
I hope everyone has seen 2011 off to a good start.It has hopefully been better than the last couple of years and now that the worst of the cold weather is likely behind us we can begin the short wait for spring (and in my case, for filing day, April 18th.)
With what I hope is the last tax legislation for 2010 passing this week we can relax a bit about increased rates and get down to the business of getting client tax work prepped for the coming season.
If you do not know what to send in for 4th quarter estimates don't wait to ask whatever question you need to ask. I will be out of the loop between Chrsitmas and New Year's.
Remember to make your state estimate before December 31 and your federal by January 18th.
There a lots of quirks in the 2010 situation, so if you wish to file before April 15th, start early. You should realize that many 1099's will not come out until February 15th so be aware of what you expect to get and wait for it all to come in before getting your package to me.
IRS mandate this year. Everyone will E File. No big deal. Did 65% of all returns that way last year. Should be no problem. ( More on E Filing in later posts)
Happy Holidays to all!!