The beginning of this brand new decade has given us so many reasons to be thankful. We hope you are all in good health and made it through such a tumultuous time for our country. Here on the tax end, we will have some new challenges for us with new tax updates due to the small business loans and the government economic impact payouts from earlier in 2020 that happened while in the midst of our global pandemic as well as our firm going completely remote-based indefinitely.
We have implemented some new software, including a web-based organizer and a client portal. You can find more information on those things here.
In order to be timely with your returns this year, we ask that you adhere to the following guidelines for your 2020 Personal Returns:
At the end of 2020, all of our active personal return (1040) clients will receive a Web-based Tax Organizer. Whether you jumped on that train in 2019 or will be new to it for 2020 – the following information is important for you to have so you’ll know what to expect from us.
First things first, you’ll need to make sure we have an e-mail address for both you and your spouse (if applicable). This is important for not only the engagement letter, but also for e-signing the Form 8879 which authorizes us to e-file the return(s) on your behalf.
Secondly, the Web-based organizer is available within your client portal – you will have the capability to fill it out online, drag and drop your tax documentation into it, and then submit it to us – the portal even has a phone app for your convenience!
Many of our clients will want to extend on April 15th – and that’s fine if you prefer to continue doing so – our active clients will automatically be extended if we have not received nor finished your return by the April 15th deadline.
If you’d like your return to be filed prior to April 15th (especially if you will owe money to the IRS), the deadline for submitting your *completed* tax organizer, questionnaire, and engagement letter, ALONG WITH all of the tax documents (.pdf or .xlsx file formats inserted into your organizer) will be Monday, March 1st, 2021.
TAX DOCUMENTS TO SUBMIT (if applicable):
- Income Documentation (W-2s, K-1s, 1099-MISCs, 1099-Gs, 1099-DIV/INT, SA- 1099s, etc.) this includes any 401k payouts, life insurance, and/or inheritance income
- Forms related to PPP Loans, Emergency Grants, Government Economic Impact Payments, State Unemployment or other assistance income due to the pandemic
- 1098 – Mortgage Interest, 1098-B Student Loan Interest, and/or 1098 – other loan interest
- 1095- A, B, or C Healthcare Coverage
- Non-reimbursed business expenses: mileage, equipment, travel (airfare, hotel, per diem)
- Other Deductions/receipts: major medical expenses, home or car purchases, child care expenses, charitable donations, home office, disaster repairs, home repairs, SEP deposits
- Those who have a sole proprietorship LLCs, will also need income/expense statements, Asset depreciation, balance sheet and transaction summaries, W-3s/1099 contractor payment documentation.
- Your QUICKBOOKS .qbw file (2017 – 2021) can be uploaded here
- Any other income and expense related documentation – including income from other states
- If you have an LLC and normally file a TFT- you’ll need to make sure we have an XT number for your Texas Franchise Tax
- If you’re a new client this year, we will require the prior 3 years of completed tax returns.
Keep in mind, that if you have a transaction summary, income and expense detail, etc. that you submit to us – you do not have to upload your all of your receipts for fuel, travel, meals, etc.
We also ask that you let us know what has changed for you in the NOTES to CPA section of your Web Organizer (gaining children or a spouse, selling or buying property, etc.). If you have any questions about your organizer and portal, please shoot a quick email to firstname.lastname@example.org.
If you’d like your return to be extended and filed by Oct 15th, the deadline for submitting your *completed* tax organizer, questionnaire, and engagement letter ALONG WITH all of the tax documents (.pdf or .xlsx file formats inserted into your organizer) will be Monday, August 16th, 2021.
While we prefer the security and ease of the web organizer and client portal, we realize there are a few of you that do not have access to technology. Please contact Dusty or April to request a paper or pdf version of your organizer. You may ship your documents to us prior to the deadlines, but doing so will result in an administrative fee of $55 and postage.
Please ship your documents to our new address:
Layne Lauritzen, CPA, PC
13492 Research Blvd.
Suite 120 – #506
Austin, TX 78750