2016 Tax updates

2016 Tax updates

Happy New Year! I hope 2016 was a great year for you and your family. We are looking forward to a healthy, happy and prosperous 2017!

Yet another year has passed an it’s time to gather last year’s financial data and get ready to file your 2016 Income Tax Return.
Please take a moment to read through this letter as it contains important tax updates.

Officially, the tax season begins January 23rd when the IRS will open the gateway to begin accepting electronically filed returns.
Our office is ready to start preparing your taxes before the 23rd once you have all your documents.

Our TAX SEASON OFFICE HOURS will be:
Monday – Friday                  10:00am – 8:00pm
Saturday                                  10:00am – 6:00pm 
Sunday                                     12:00pm – 3:00pm
Of course, we will also be available outside of these hours by appointment only.
If you need a special appointment, please call our office for scheduling.

We are grateful for your patience with us but due to the busy nature of tax season, we ask you to allow a reasonable amount of time for us to prepare your return.  We try to complete returns within one office visit but more complex situations may take additional time.  Also, to make your appointments move more efficiently, please have all documents ready and all calculations totaled before coming in for your appointment.

TAX DUE DEADLINE is APRIL 18, 2017 for the 2016 tax year., EXTENSION DUE DATE is OCTOBER 15, 2017

EXPECTED REFUND DELAYS
New Tax laws require the IRS to hold refunds claiming the Earned Income Credit (EITC) and the Additional Child Tax Credit (ACTC) until Feb. 15th.  If your refund includes one of these tax credits, your entire refund will be delayed this year.  We are offering refund advances to client’s that would like to receive an advance on their anticipated refunds.  There are additional fees associated with these loans.  If you are interested, please ask us about this service.

IMPORTANT NEW IRS REGULATIONS 
New IRS Tax regulations require tax professionals to keep Identification cards, social security cards and birth certificates on permanent file for all taxpayers and dependents.  Please bring these in with you to your tax appointment this year.

SECURE CLIENT PORTAL
Security and Identity Theft

We have implemented a “no-click” e-mail policy. This means we will not open any documents that you have sent us via email, which when combined with our latest security software and other steps makes it extremely difficult for electronic intruders to get through our defenses. This brings the question about how you will transfer data to us, and vice versa. We now will accept data from you in 4 ways: regular mail; drop-off; fax; or mandatory upload to our web portal. We know these changes will cause some hassle on your (and our part) but it is the best way to protect your and our confidentiality.  More details to follow.

Health Care (Affordable Care Act – aka Obamacare)
All Americans will be affected, in some manner, by the Affordable Care Act from 2010 (Some people call it Obama Care). One of the requirements is all taxpayers must be covered by health insurance or pay a penalty, and this is proven through the release of Form 1095. If you received a Form 1095 from any issuer or agency we MUST have all copies to prepare your tax return. We must have 1095’s from all persons listed on the tax return, including dependents.

Foreign Accounts
If you have read any news in the last year you know that the IRS is looking closely for offshore accounts. If you have an account, retirement account, or business interest with a value over $10,000 in a foreign country, or a foreign business ownership (not through a mutual fund) please let us know as some special rules will apply to you. There are substantial penalties for failure to disclose these items.

Other Income
If you have any income from AirBNB, Turo, Etsy, EBay, Uber or similar consumer to consumer programs, please let us know because many income tax rules are affected and few of these sites provide you with adequate tax information.

TAX ID NUMBERS (ITINS)
In response to new IRS regulations, many Individual Tax Identification Numbers will be expiring in 2017.  You may need to renew your ITINs this year.  If you receive a renewal letter, please bring it into the office with you.  Even if you don’t receive a letter, you may still need to renew.  We will let you know the new rules during your appointment.

Life Insurance
We now offer Life Insurance and Retirement planning through Prudential Insurance.  Please ask us if you are interested.

REFERRALS
Thank you for all of your referrals!  It is the highest compliment we can receive from you.
For each client referral we will reward you with a $30 gift certificate good towards your tax return preparation fee as our way of saying thank you!

Please find the “What to Bring Checklist” website link for those of you who need a reminder list of things to bring to your appointment.
http://scltaxservices.com/wp-content/uploads/download/Individual.pdf

Thank you and we look forward to working with you again this year.

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