CCPA Whitepaper:

To Extend or Not to Extend – Here is the Answer!

Quality tax preparation requires an understanding of both the documents being processed and the taxpayers themselves. It is our focus on collaboration that provides clients with the best services. If we attempt to file as many returns as possible by April 15th each year, our attention would be on quantity and not quality. To achieve the highest standards of care, our tax preparation process includes the extension of the April 15th due date to October 15th for most of the people that we serve. This gives us the time we need to collect all the accurate, final documents and we have time to connect with you throughout the process.

The criteria for filing prior to April 15th excludes nearly all of our clients:

  • The taxpayer must not have any investment accounts. Brokerage statements are issued later each year and the ongoing corrections of the statements are often issued as late as May.

     

  • The taxpayer must not have any investments that report on Form K-1. Having ownership in a Partnership or S Corporation means that a K-1 is issued to the taxpayer. Those forms are issued on or after March 15th.

     

  • If the taxpayer is self-employed, all business records would need to be submitted by January 31 and they would need to confirm that they are not planning to contribute to a retirement account.

     

  • The taxpayer is not impacted by any current year tax law changes. Late changes to the tax law cause delays in the availability of forms and the opening of efiling with the IRS.

Related Articles:

Scheduling is the Heartbeat of a FIA Firm

Tax Preparation Cycles

To Extend or Not to Extend – Here is the Answer!

Why We File Extensions – Debunking the Myths

Frequency of Contact

Collaborative Communication

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some of our clients

“A testimonial? five words.... there is no one better.”

“It is hard to believe we have worked with Carter CPA for over 40 years, originally with the founder, Jerald Elkins, and then with Jodi Carter for the past twenty years. We have had a relatively complicated tax situation stemming from one of us being a salaried employee, the other a business owner and our many ventures into real estate investments, both residential and commercial. Additionally, we have been primary residents of four different States over the years. Despite this and the changing tax laws on real estate and other investment strategies, Carter CPA has maintained the necessary expertise and advice that has allowed us to optimize our tax situation. The transition in technology over the years was extremely smooth and the service has remained at the highest levels. Carter CPA is defined by the word "professionalism.”

Joan Childs and Jerry Zaret

“I have been very fortunate to have Carter CPA by my side during the development of my new business. Jodi and her team have guided me through all of the financial and organizational challenges of a start up. Their knowledge and support has been instrumental, and I look forward to growing together. They truly understand my vision, and are proactive in helping me achieve my goals.”

Ian Velardi

“I am a free-lance medical writer and a children's book author -- now on the edge of retirement. For me, tax preparation was complicated and disorganized. For Jodi Carter, not at all. For many years now she has me orderly, and amused rather than confused about my taxes. Jodi has organized my financial transactions and transitions, shaped up the IRS for me, and has always been responsive to my questions and concerns — even if they are silly. Of all the "services" I have that make my life easier, Carter CPA tops the list.”

Jane Sarnoff

“For over 20 years, we have had great confidence in the services we have received from Carter CPA. Most recently, Jodi introduced us to the firm’s Financial Planning Services. She paired us with a Certified Financial Planner that is part of her team and together, they have been instrumental in developing a well balanced financial plan for our retirement. They are quick to respond to all our questions and concerns and most importantly we feel they truly have our best financial interest in mind. They are an impressive team and always a delight to work with.”

Tom and Barbara Dougherty

“A number of years ago, a close friend referred Jodi Carter to me when I need a good tax advisor. I have continued to work with her as I've found both her accounting and her communication skills to be excellent. More recently, when I needed help with financial planning and estate planning, she made recommendations of people and a process that has worked out extremely well. Spearheaded by Jodi, I now have a coordinated team of top professionals working diligently on my behalf.”

Lester Barnett

“Jodi is the consummate professional. In more than 20 years of working with her, I've learned to trust her implicitly, and she functions as the CFO for my two businesses. Her work and advice are invariably terrific, her responsiveness is unmatched, and her up-do-date systems enhance my business efficiency. It's exactly what you want in a CPA.”

Laura Schneider

“As a performer and consultant that I have been a long term “legacy” client working with Carter CPA, LLC for over 20 years. They have prepared my yearly taxes with a high level of expertise, great efficiently, accuracy and speed for so many years my gratitude cannot be overstated.

I would whole heartedly recommend Jodi Carter and the team at Carter CPA LLC to any individual or company for their financial needs."

Hal E. Gross

“Going through a divorce is emotionally and financially exhausting. Jodi and her team were extremely patient and helpful. They advised me about my finances, put together a monthly budget, prepared my taxes, reviewed my interim agreement and tax implications. I am finally on track and able to plan for my future wisely with their guidance.”

Michelle

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