Thursday, March 16, 2017

THIS JUST IN

Just wanted to pass along this information from the National Association of Tax Professionals -
 
Northeast and Mid-Atlantic Granted Extension Relief
 
The IRS has granted businesses affected by this week’s severe winter storm additional time to request a six-month extension to file their 2016 federal income tax returns. The IRS is providing this relief to victims and tax professionals affected by this week’s storm (known as Winter Storm Stella) that hit portions of the Northeast and Mid-Atlantic.
 
Business taxpayers who are unable to file their tax return by today’s due date (March 15, 2017) can request an automatic extension by filing Form 7004 on or before March 20, 2017. Form 7004 provides a six-month extension for returns filed by partnerships (Forms 1065 and 1065B) and S corporations (Forms 1120S).
 
Eligible taxpayers taking advantage of this relief should write “Winter Storm Stella” on their Form 7004 extension request (if filing Form 7004 by paper).”
 
TTFN
 
 
 
 
 
 
 
 
 

Saturday, March 11, 2017

WHERE THE FAKAWI III - THE HALF-WAY MARK

The 2017 Tax Filing Season (February 1 through April 18) is now half over!
 
I have completed and put in the mail 116 sets of returns during the first half of the season.  Given I completed 229 returns before calling it quits on April 17 last year I have done slightly more than half that number already.  And the 2nd half actually has a little more work time (despite losing an hour this Saturday night) – since I will have less days “on the road”.
 
Although the IRS has announced that actual returns filed are down from last year at this time – that is certainly not the case with me.  I
 
 have only a handful of “red files” (need more info) and only a handful of returns received in February to complete.  And the “to be done” box is not as full as it usually is at this time.
 
Cash payments are also slightly up from the same time last year.
 
So all is going smoothly – and hopefully it will remain smooth and I can end the season with a minimum amount of GD extensions!
 
Talk to you again on April 1st.
 
TTFN
 
 
 
 
 
 
 
 
 
 
 
 

Wednesday, March 1, 2017

WHERE THE FAKAWI II

One month down – one and a half to go!
 
I am ahead of last year (in completing returns, but, unfortunately, not in fee collections).  I have completed 90 sets of returns during the first month of the tax season - more than completed the same time last year!  Many of the returns I completed in late March and early April last season have already been done. 
 
I have either heard from, made arrangements with, or completed the returns of over half of my client mailing list.
 
The “to be done” box is not as full as it usually is this time of the season.  And I have only 3 “red-files” (need more information).
 
I have been “behind closed doors” Monday and Tuesday (and, of course, today, as it is Wednesday), with the phone turned off.  It has been wonderful, but I guess I will have to plug the phone back in on Thursday morning.
 
There have been no problems to deal with, neither with computer and equipment issues, the weather, or actual tax return issues.
 
Let’s hope the season continues to run smoothly – and I can end the season with minimal GD extensions!
 
I will check in with you again after March 15th.
 
TTFN