With the new year approaching I write this message in hopes that you enjoy what’s left of 2024 and get ready for a healthy and prosperous 2025.

As we usher in 2025, we usher in another year of filing taxes. This letter will guide you through the process of getting your taxes filed as painlessly as possible. Be sure to save any and all tax documents received and any other tax related items. Be sure to look for the 2024 Tax Organizer that will be mailed or emailed (if on file) at the beginning of January. If you are a new client or would like an organizer to assist you with gathering documents, please email and we will promptly get one to you.

The Tax Organizer can be used to assist in gathering pertinent information and refresh you of items needed to aid in the completion of an accurate tax return. Be sure to note any changes over the prior year to your address, marital status, number of dependents, job changes, etc. You don’t have to use the Organizer if you don’t find it useful, but at a minimum please answer the first 4 pages of tax questions to ensure that we have all the information needed to prepare your tax returns accurately.

Please submit your information as early as possible. To ensure that your tax preparation goes smoothly, it is your responsibility to respond to our correspondence with follow-up questions in a timely manner and to provide us with 100% of your supporting tax documents to ensure the accurate completion of your returns by the deadlines.

While the IRS has not formally announced when it will begin accepting 2024 e-filed tax returns the likely period will be the end of January 2025.

PRIVACY POLICY

Your privacy is of the upmost importance to us. We do not disclose any nonpublic personal information about our clients or former clients to anyone, except as requested by our clients or as required by law. We restrict access to personal information concerning you, and maintain physical, electronic, and procedural safeguards that comply with federal regulations to guard your personal information.

TAX SEASON APPOINTMENTS

If you do not need to meet with me, you may submit your documents directly without an appointment via the client portal (SecureFilePro). If you do not have access to the client portal or need to be reminded of your login, please let us know and we’ll get you the link to upload your tax support documents for preparation. Information may also be emailed. If you choose to email your information, please take steps to ensure cybersecurity (i.e., password protecting documents, etc.). If you choose not to utilize the client portal or email, we can set up an appropriate time at your convenience to pick up your tax support documents for preparation.

I will always follow up with you regarding any questions during the preparation of your returns and make sure that you have time to review your completed returns and ask any questions you may have before filing.

CLIENT PORTAL

All tax support documents and returns will be available through our secure client portal. This portal will allow you to log in to gain access to your tax returns and other confidential documents at any time. We are happy to mail copies of tax returns by paper if requested.

INFORMATIONAL RETURN DEADLINES

BENEFICIAL OWNERSHIP INFORMATION REPORT (BOIR)

Under the Corporate Transparency Act, beneficial ownership information reports (BOIR) are required to be filed for Corporations, Limited Liability Companies (LLC), and other similar entities formed or registered to do business in the United States. There is no extension for this form. After filing, if there are any changes in the percentage of ownership by any of the owners or an address change, owners have 30 days from the date of change to file again to update those changes. The BOIR only needs to be submitted once, and in the case of changes, no annual or periodic updates are required after the initial report.

If a Corporation, LLC, or other reporting company was formed on or before December 31, 2023, then their BOIR must be submitted before January 1, 2025. If formed in 2024, the BOIR must be submitted within 90 days of receiving notice of the company’s creation or registration. If formed in 2025, the BOIR will be required to be filed within 30 days of formation.

If this applies to you, please be sure to file the BOIR within the required time frame or let us know if you’d like us to file the report for you.

Note - A beneficial owner is defined as an individual who owns or controls 25% or more of an entity or who exercises substantial control over the entity.

Why is this required? The purpose of identifying beneficial owners is to increase transparency and prevent the misuse of legal entities for illicit activities.

FORM 1099

The tax filing deadline for issuing Form 1099s to recipients is January 31, 2025. There is no extension for this form. Businesses are required to issue a Form 1099 to taxpayers and businesses (other than a corporation) who have received at least $600 or more in non-employment income during the tax year. If you would like us to prepare these forms for you, please ensure that you have complete W-9 information for each taxpayer that will need a Form 1099 and provide that information to us no later than January 24, 2025.

BUSINESS TAX RETURN DEADLINES

The tax filing deadline this year for calendar year Partnership (Form 1065) and S-Corp (Form 1120-S) returns is March 17, 2025. Calendar year C-Corp (Form 1120) returns are due April 15, 2025.

If businesses need more time, extensions are as follows:

Partnership (Form 1065) must file Form 7004 by March 17, 2025, to get an additional six-month extension.
S-Corp (Form 1120-S) must file Form 7004 by March 17, 2025, to get an additional six-month extension.
C-Corp (Form 1120) must file Form 7004 by April 15, 2025, to get an additional six-month extension. This extension only applies to the filing of the tax return, not the payment of taxes owed. Any taxes due must have been paid by the original deadline of April 15 to avoid interest and penalties.

PERSONAL TAX RETURN DEADLINE

The tax filing deadline this year for personal tax returns (Form 1040), gift tax returns (Form 709) and Trusts (Form 1041), without extension, is April 15th, 2025.

NON-PROFIT TAX RETURN DEADLINE

The tax filing deadline this year for non-profit returns (Form 990), without extension, is May 15th, 2025.

You are the reason we as accountants do what we do. The relationships built along the way are highly valued and make it all the better. I sincerely appreciate your business. If you have any questions regarding this letter or our services, please do not hesitate to contact me.