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Tax Season FAQs

Each year we get a lot of questions about tax season and tax return preparation.  This year, we decided to publish and answer some of those most Frequently Asked Questions.

Q: When are you ready to prepare my tax return?

A: Our tax preparation software is already installed, tested and ready to go! Some forms, however, have not yet been released by IRS. As a practical matter, you won't start receiving your tax data (W-2, 1099, etc.) until later in January, so we are really waiting on you!

Q: I read an article that said the IRS won't be ready until January 31st. Doesn't that hold you up?

A: The IRS delay is only about opening the efile portal. We can still prepare your tax return in the meantime.

Q: Speaking of efile, how do I really ever know that IRS received my tax return?

A: Since we initiate the efile process, we maintain a "dashboard" for the 700 tax returns we efile. That dashboard allows to see when efile submissions have been accepted by IRS and state tax authorities. We also receive notifications when an efile submission has been rejected, including the cause for the rejection. For the first time this year, we will be able to send an email to all of our individual tax clients letting them know when their tax return has been accepted by IRS.

Q: If I can't gather all my tax data by April 15th, you said I could extend my tax return. Doesn't that raise my chance for an audit?

A: That is perhaps the biggest "myth" about tax returns. In truth, the IRS selects tax returns for audit based on the information included in the tax return, not when the tax return is filed. We would rather you file a complete and accurate tax return the first time, even if that means filing after April 15th.

Q: Do we have to schedule a meeting to go over our tax data with you?

A: Not really. With combined experience of nearly 100 years among us, we're really good at figuring out W-2 and 1099 forms. Many of you do a great job of organizing your data consistently from year-to-year, which makes it relatively easy for us to follow. Of course, if you have an unusual transaction, a burning tax issue or are unsure about the data to provide us, feel free to ask us any questions. While preparing your tax return, we diligently watch for new or unusual items, as well as data that appears to be missing from what you gave us last year. We aren't shy about asking questions either!

Q: How long will it take for you to prepare my tax return?

A: Depending on the time of year, the turnaround time can vary. For most of the year, including January, February and the first half of March, we aim for a turnaround time of two weeks or less. Between March 15th and April 15th, we prefer not to make promises we cannot keep. The turnaround time can also vary based on the type of tax return. While we strive to work on a first-in, first-out basis, our primary emphasis during the month of February and the first half of March is on completing tax returns for our business clients. Corporate tax returns are due on March 15th and most partnership tax returns will impact 1040 tax returns that are due on April 15th. Sometimes, we have to temporarily put all 1040 tax return "on the shelf" in order to complete the business tax returns on time.

Q: I received your electronic Organizer and plan to fill it out. Why do you still want all the supporting documents like W-2 and 1099 forms?

A: Many of those documents contain codes and information that are open to interpretation. While we appreciate your diligence in completing the Organizer, sometimes the information on those documents is not easily entered on the Organizer. Plus, we are able to verify your entries against that documentation and leave no stone unturned. You could say our job is to "trust but verify".


Of course we cannot anticipate every question and that is why we encourage you to contact us by phone or email with questions that are specific to your unique situation.  We look forward to working with you this year!


Contact Us

Loveland

(970) 667-1070
762 W Eisenhower Blvd
Loveland, Colorado 80537

Estes Park

(970) 667-1070
1212 Graves Avenue
Estes Park, Colorado 80517

Katy

(281) 665-7973
21398 Provincial Blvd
Katy, Texas 77450