4 January 2018
This year many of our clients have been concerned about the new tax laws that will be taking effect. During this present tax season, we will be preparing tax returns for 2017, a year which predates the new laws and will remain unaffected by them. We will be filing the 2018 returns that fall under the jurisdiction of the new laws in early 2019.
The effects of the new tax laws vary tremendously depending on income, types of deductions, and type of residence amongst other criteria. In other words, each case will be different and will require specific planning and attention. We will be assisting you with all this.
This year when you come in for your tax appointment we will need you to update your personal data. Be sure to bring in or send back your Tax Organizer which most of you will receive electronically. The organizer will contain your letter of engagement as well as disclosures and other documents you will need to sign.
Your supporting tax documents such as Form 1099s, along with bank statements, receipts, and notes, should either be brought in as copies or uploaded to our website. If you provide us originals, we will unfortunately need to charge a handling and postage fee in order to return them.
In the name of security, speed, and ease of service, we would like to handle originals as little as possible. Copies or electronic uploads would be optimum, and you would not be subjected to a handling and postage fee.
We will also provide electronic copies of your return that you can download securely to your own computer as a PDF attachment at no charge. If you want a hard copy mailed there will be a $25 fee. If you have any questions about vouchers and quarterly payments please feel free to call us at any time, and make sure your arrangements are made before the deadline, as by default the payments are your responsibility unless you arrange for our services concerning this process.
This year the final due date will be Thursday, 15 March 2018 for Partnerships, Sub S Corporations, and other pass thru entities, and Tuesday, 16 April 2018 for C Corporations, most trusts, and personal returns. Please keep in mind that while we can always extend a return, we cannot extend the due date for taxes owed.
When you extend you lose many “safe Harbors” for underestimation penalties. It is often better to amend than extend. We will begin contacting you in late-January to come in for your tax appointments as soon as you are ready. This allows for more time for each return and better planning. In order to avoid errors, rushed returns, and miscommunication, we will not be taking tax appointments after April 1st.
For those of you who have monthly financial management contracts with us dated over three years old, we will be reviewing your cases. Unfortunately, while the cost of doing business has gone up, our monthly charges have not. In some cases, the monthly fees have not been increased for over five or six years. While this is a happy situation, it is not practical in these times.
This is not something we look forward to, but it is necessary, and any increase in charge will not be extreme or burdensome. It will be the properly adjusted worth of our services according to the present-day market.
However, the rates and fees for the different components of our tax returns will be unchanged. Our tax return rates and fees sheet should be found in your organizer. If your return supporting documents are provided in an orderly and understandable format you will be able to construe the final amount either from the worksheet or with a simple call to us. On the other hand, if preparing your return requires substantial accounting preparation you will be notified in advance and an additional hourly fee of $100 will be added to your final bill.
Lastly, the entire Team Coulombe appreciates both you and your business as we move into the New Year. Those of you with email should soon receive our January Newsletter, which will focus in-depth on the new tax law. If you do add your email address to the organizer or would like to receive a copy of this newsletter, please call our offices.
Very Truly Yours,
COULOMBE AND SONS