Welcome to Tax Year 2016. Amazingly, this will be Brian’s 20th year in practice. Of course, we couldn’t have done it without you, our valued clients. For that we thank you and strive to make your experience with us as meaningful as possible.
While tax law has changed very little from 2015, we have made some changes at Woods & Associates, P.C. (www.woodscpa.net) that we believe will improve our service delivery and your client experience. Most notably, we have launched our revamped website. Our goal for the site is to provide information to clients in a timely and relevant manner. In addition, we have developed a collaborative client portal that will allow us to electronically share documents and information in a secure manner.
You are still free to deliver your tax materials as in the past; whether dropping off or meeting in the office, mailing or faxing the info but our goal is to eliminate unsecured documents sent through email. Given the sensitivity of tax and financial documents it no longer makes sense to send PDF files to us without some level of encryption (we have been using password protected files for several years on anything that leaves our office via email).
Similarly, a lot of clients have expressed that they simply don’t need the traditional, bound, paper copy of the annual tax return. In response, we will now offer electronic only delivery of returns if that is your preference. Once complete, Emily will contact you to determine your preferred method of return delivery.
A few other items in no particular order:
- If you need us to assist you in the preparation of 1099s for your businesses vendors, please note that these are now due by January 31 (previously February 28). I think we have contacted everyone that we have done 1099s for in the past but please let us know ASAP if you need our assistance. Please call or email to discuss the threshold for filing 1099’s or any other filing information needed.
- Other issues to be aware of include: increased disclosure related to health insurance coverage and increased IRS scrutiny of taxpayers claiming credits for college tuition costs. If either of these items are applicable to you, we will likely need additional information from you before completing the preparation process.
- Partnership return due dates have been moved up to March 15, 2017 while C corporation returns have been pushed back to April 15, 2017. No other entity or personal filing due dates have changed.
Finally, tax scams continue to evolve and become more and more sophisticated. We get calls from startled clients many times each year if they have been contacted. A couple of other things to remember:
- IRS will always, always, always use US Postal Service for initial contact. If you are being contacted for the first time in any other manner (phone, email, etc.) be assured it is a scam.
- If you do get a letter from the IRS, don’t assume it is correct. Often these notices are computer generated and with a little explanation the issue is resolved.
In any event, if you are unsure about any IRS or state communication do not hesitate to contact us.
We look forward to working with you again this year. As always our goal is to have all tax related documents and materials in our office by March 31. If you have any questions or would like to schedule an appointment, please do not hesitate to contact us.