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.
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