2020 Tax Filing – Important Update!

2020 is finally over – We thought it would never end!

To say the year was challenging would be a huge understatement. On the other hand, it’s been a once in a generation event that’s given us all time to take stock and spend more time with our families.

New Pandemic Process – Individual Tax Returns

With the 2020 filing goal in mind, we are going to be doing something different this year. We’ll send you a link to your digital tax organizer and we’ll have our tax meeting on Zoom – I know, exciting! As of today, Individual Returns are due April 15^th. We would like to meet with you at least 30 days prior to the filing deadline so we can prepare your returns with the best tax result.

1. We will send you an email link to your digital organizer where you can go thru the usual year-end questions and upload your tax docs.
   1. As an alternative you can request a paper organizer be sent to you. Just let us know if you want a paper copy.
2. Schedule your Zoom call once you’ve finished your organizer. We’ll meet with you to look over your organizer & docs. You can schedule into my calendar here.
3. We’ll prepare your returns and once they are ready, we’ll schedule another Zoom call to review them with you.
4. If everything looks good, we’ll send you a link to digitally sign the agreements, tax returns and make your payment.
5. Finally, we’ll send you a hard copy of your return in the mail.

If you have any questions as you are gathering your information, please let us know! Thanks for your understanding. We are looking forward to meeting with you!

New Pandemic Process – Business Tax Returns

Corporate & Partnership Tax Returns are due March 15^th. We would like to meet with you 30 days prior to the filing deadline so we can prepare your returns with the best tax result. We will review the information with you at our tax meeting – which this year will be on Zoom.

1. Upload your QB file, if we don’t already have a file next, scan documents to your Cobb CPA Portal- here’s a link.
   1. See the following year-end business checklist.
   2. We’ve already set up a “2020 Business Taxes” portal folder for you.
2. When you’re ready here’s the link to my calendar to schedule your Zoom call to go over your accounting & tax docs.
3. We’ll schedule another Zoom call to review the returns with you when they are ready.
4. If everything looks good, we’ll send you a link to digitally sign the agreements, tax returns and make your payment.
5. Finally, we’ll send you a hard copy of your return in the mail.

We have attached the 2020 Business Tax Checklist that will help you begin to pull together information we will need to prepare your 2020 business tax return.

2020 BUSINESS TAX CHECKLIST

• QuickBooks File – for Balance Sheet and Income Statement reports (QB Accountants Copy, unless your file is hosted in the Cloud)
• Bank Statements – December 2020 & January 2021 statements
• Business Credit Card statements – December 2020 & January 2021 statements
• Loan Receivables – New loan documents and year-end loan statements
• Loan Payables – New loan documents and year-end loan statements
• New Equipment and Fixed Assets – invoices for any new assets; date and price of assets sold or converted to personal use
• Inventory – record of physical inventory/$$$ amount at 2020 year-end, if applicable
• Sales Tax Reports – State and local reports December 2020 (if paid in January 2021)
• Payroll Reports – Annual and quarterly payroll reports for both Federal and State; specifically,
  • Forms 941 (quarterly Federal payroll reports)
  • Forms A1-QRT (quarterly State withholding reports)
  • Forms UC-018 (State unemployment reports)
  • Form 940 (annual Federal unemployment report)
  • Form W3 (annual Transmittal of Wage statement)
  • Officer Forms W2
• Information Returns – Forms 1099 (received and issued), 1098, K-1’s, etc.

Other necessary items may apply to you. If you have any of the following, please upload them to the portal or bring them to the meeting:

• Shareholder/Partner Loan – shareholder loan document and annual loan activity
• Shareholder/Partner Info – stock purchased/retired, new shareholders/partners, agreements
• Shareholder/Partner Insurance – health and life insurance premiums paid
• Automobile Use – total vehicle miles and business miles for each company vehicle

It is important you provide all requested documentation in an efficient manner to ensure the timely preparation of your tax return.  Thank you in advance for your prompt response!