EDWARD TORRES, CPA PC
ACCOUNTING & TAX SERVICES
70-50 AUSTIN STREET, UPPER SUITE 101, FOREST HILLS, NY 11375
Telephone (718) 261-9600 FAX (718) 261-3357 Website: www.ETCPA.com E-Mail: [email protected]
We hope you are having a great holiday season. The 2022 tax season is fast approaching and we’re preparing to make it easy for you to file. The last few years have been difficult, to say the least, due to new tax law updates, the Covid endemic and the IRS/States being non-responsive. This year is already beginning to be complicated with new tax law changes but we’re working to help you file timely, completely with the most allowable benefits. You should start receiving your tax documents in the coming weeks. Be sure to save all your tax documents to ensure timely filing as it will be great to begin preparing now. Hopefully this letter will be informative and help you prepare for the coming tax filing season. Please submit your information to us as soon as you receive all of your documents. We will provide a tax organizer within the first week of January 2023, with your 2021 tax year information. This organizer can be used as a guide to organize your documents. You do not have to go through the entire organizer if you do not want to. If you can, answer the first few pages of tax questions to ensure we have all your current information. Please make a note of any major changes such as: new address, marital status, a change in dependents, bank changes, job changes etc.
BUSINESS TAX RETURN
The S-Corps (Form 1120-S) and Partnerships (Form 1065) filing deadline without an extension is March 15, 2023. C-Corps (Form 1120) returns are due April 18th , 2023 without an extension. If we do not already have your bank statements, we advise you to collect all documents needed and submit them to us using our client portal Tax Dome. We process accounting work and tax filings on a “first-come, first-served” basis. We need all documentation and questions answered as soon as possible in order for us to complete your return by March 15th . If we receive your information or answers late, we may have to put your business on extension. If you need a rush return, we can arrange to have that processed but it will be for an additional fee.
● All businesses will be receiving new engagement letters in January 2023. If you already signed an engagement letter for 2023 you will not need to sign another one.
● The C-Corp and Schedule C deadlines share the same date as the personal tax return deadline (4/18/23).
● The deadline to issue 1099 forms is January 31, 2023. If you need us to provide 1099 forms, please ensure that you have all the W-9 information completed for each person receiving the 1099 form. We need this information no later than January 24th , 2023.
PERSONAL TAX RETURNS
The deadline for filing personal returns (Form 1040) and C-Corps (Form 1120) is April 18th , 2023. As soon as you collect all of your tax documents, please upload them to us using our client portal Tax Dome. Tax documents can be dropped off in person or mailed to us as well. We process personal tax returns as a “first-come, first-served” basis. We need your documentation and questions answered by March 20th , 2023 in order for us to complete your Personal Tax return by April, 18th . For C-Corps, we need all of your documentation and questions answered by February 15th . If we receive your information and/or answers after February 15th or March 20th (depending on what you’re filing), we may have to put your Individual (1040) or Business (Form 1120) tax returns on extension. If you need a rush return, we can arrange to have that processed but it will be for an additional fee.
SENDING IN DOCUMENTS DOES NOT REQUIRE AN APPOINTMENT
If you do not need to meet with someone on staff, you can upload all of your documents through Tax Dome. If you forgot your password or never activated your account before, please contact us and someone from our team will assist you. You can also mail or email us your documents. Please note that if you wish to email us, be sure to password-protect your files. You can notify us of the passwords once we receive the emails.
Once we receive your tax documents, we will put together an engagement letter and send you a retainer invoice.
Once the engagement letter is signed and the retainer is paid, we can begin to work on your taxes.
IF YOU REQUIRE AN APPOINTMENT
On 1/1/2023 the appointment schedule will change to allow us time to spend on tax prep for businesses & individuals.
Edwards Torres’s availability (Business and Personal):
Tuesdays and Thursdays – 10:30am to 2:30pm
Saturday – 11:00am to 1:00 pm
Jeremy Castro’s availability (Personal):
Monday, Wednesday and Friday – 11:00am to 3:00pm
● If you need a different schedule, please email us & we will make arrangements to find a convenient time.
● This schedule will last from January 3rd, 2023 until March 25th, 2023.
o Our appointment window will be limited from March 25th until April 9th.
● NO APPOINTMENTS WILL BE TAKEN FROM APRIL 10 TH TO APRIL 18TH.
Our firm is committed to providing the highest quality service. It is estimated that 75% of CPAs will be leaving the profession over the next few years due to baby boomers retiring and burn out in the profession. Inflation has increased more than 7% the last two years and costs of maintaining a business continues to increase. Due to this, all existing Form 1040 clients will see an increase of $50 from the prior year tax prep fee. Clients with Schedule C’s or E’s etc. may in fact see more significant fee increases.
Our fees for tax preparation are based on the complexity of the return and the time it takes to prepare and file it.
We prefer to provide a flat fee prior to the preparation of you return so there are no surprises when the work is finished. We need to review prior filed tax returns and any changes in the current tax year. Once we agree to a fee, you will need to sign our engagement letter, pay a 50% non-refundable retainer, and we will get started. We accept cash, checks, and electronic payments via Zelle ([email protected]) and Venmo (@etcpa) or the invoice link we will send you.
This is our client portal. You can access it by going to etcpa.taxdome.com. This portal will allow you to gain access to all of your tax returns, including your prior year tax returns. This can be accessed at any time, as long as you are our client. All engagement letters, organizers, invoices etc. can be accessed through Tax Dome. You will be able to upload your documents securely and alert us when you’re done uploading. We value our client relationships and greatly appreciate your recommendations to family, friends or associates. We sincerely appreciate your patronage and we will always strive to provide you with professional and efficient services. If you have any questions regarding this letter or our services, please do not hesitate to contact us. Wishing you the best new year possible.
Edward Torres, CPA PC and Staff