PLEASE REVIEW EACH OF #1, #2, #3 (click on #3 to open it up) BELOW, PREFERABLY BEFORE YOU GIVE ME YOUR TAX PACKAGE OF INFO AND BEFORE WE START:
#1 – My summary note from Fran Sisco – (revised 3/26/21 from original on 2/1/21)
(A) – Overall – My goal is to work with you in preparing your taxes in such a way, not only to do them efficient, on time and correctly, but also for me to identify ways for you to possibly save taxes for 2020 or the future. That can depend on how we interact in comprehensive discussions, the info you give me including the way you fill out these forms, and the way and timing of providing key information. Please call me to discuss my preparing your taxes for 2020, and planning for 2021 due to the major continuing changes in the 2017 Tax Act, the CARES ACT and the HEROES ACT, and the many issues due to the Pandemic. In the meantime, click the links below to get the tax info you want:, Timeliness is very important.
(B) FEES – Regarding my fees, I consider them to not only be reasonable but lower than most other CPAs and tax preparers, perhaps for these reasons:
(1) My experience as CPA for over 35 years saves time on understanding key issues, updating research and providing solutions.
(2) Very efficient systems for gathering info, compiling it and preparing returns.
(3) Use of the highly-rate Drake Software for several years.
(4) Low overhead with a large office at home, conveniently located next to the Hutchinson River Parkway.
(5) Unique way of assembling supporting files to enable easy access to info, and using page referencing as a way to minimize mistakes of entering incorrect info.
(6) Good system of setting fees. it is based on an estimate of how many hours X $100 hourly rate for tax preparation. Tax planning is at $150 hourly rate and Financial planning is at $200 hour rate. Generally fees are paid 1/3 upfront in December, 1/3 when the info is presented to me (if after 3/1/21, an extension will be filed with postponement of work until after the 4/15 due date, and 1/3 (plus adjustments up or down) upon completion. Early payment of fees often yield discounts.
(C) Summary of steps – Except for the initial year, these are the main steps each year –
- Detailed discussion with Fran, of past, present and expectations
- Discuss changes since last year, especially those affecting taxes.
- Client reviews tax matters outlined in memos of ideas below and at other links:
- Client snail-mails supporting documents (originals) keeping her or his own copies. (For new clients, provide copies of 2 prior year returns, along with copies of drivers licenses – front and back) and also the completed 12 page organizer form
- Fran prepares a draft and calls/emails client with questions and comments.
- Final returns are prepared as well as estimated for next year. (Fran sends pdfs of tax returns and not hard copies, allowing for Fran’s lower fees).
(D) Please be sure that I have from you (in addition to the usual W-2s, Form 1099, Form 1098, lists of business expenses etc. –
- Your (and spouse) most recent front and back of drivers license (needed by states to prevent internet theft). If I did your return in 2019 and your license did not expire in 2010, I don’t need it.
- Any stimulus you may have received – #1 – $1,200, #2 – $600, (not until 2021 is #3 – $1,400). If #1 and #2, they have to be reported so that the software calculates any tax due or tax credit.
- Any proceeds from an SBA loan or grant (e.g. EIDL grant, EIDL loan, PPP loan, forgiven amount?)
- Any tax notices from IRS or from states about any discrepancies or questions regarding your tax returns.
- Any notice from Social Security administration.
- Closing statement of any real estate you sold in 2020.
- Any expected major event in 2021 that may impact your paying estimated taxes, otherwise I will use the 2020 returns to do the estimates.
- Any debt that was cancelled, and if you received a 1099-COD which may trigger income.
#2 -You should do a quick read of my Year-end planning memo below in case it triggers ideas or questions for you.
Click on the below links to get info that may be older or stale