Tax & Accounting Plus welcomes you to 2022, a brand new year and I pray a better year. We all went through some trials and tribulations in 2021, but with God’s help we made it through. And, we’ll do the same in 2022. Continue to help others, be strong, take care, be safe and stay healthy.
There are more changes created by the CARES Act, The American Rescue Plan Act and The Consolidated Appropriations Act. Our newsletter, with expanded information, will help you understand and navigate the new changes. We look forward to helping you figure it all out and, if possible, seeing you in our office very soon.
Following are several reminders and new tax tips to help you prepare your information. Remember to start early. Being organized and prepared when you mail, email or drop off your information helps us get you the biggest refund allowable. So, if you want to get that BIG REFUND as soon as possible, call (309) 827-4010 with any questions, then drop off or send us your information. Our professional and knowledgeable staff is ready and waiting to serve you!
When Can I file? The IRS has announced that tax season will start on Monday, January 24, 2022, when they will begin accepting and processing 2021 tax returns. So, mail, drop off, email or call with your information and get your 2021 taxes prepared and your refund in the bank.
Fraud, Fraud, Fraud! Due to the extreme amount of fraud involved with the earned income tax credit (EITC) and additional child tax credit (ACTC), the IRS will not issue refunds involving these credits until at least February 15th. The IRS is required under the Protecting Americans from Tax Hikes Act (Path Act), to hold the entire refund, even the portion not associated with the EITC and ACTC. This change gives the IRS more time to help detect and prevent fraud.
WOW! HOW CAN WE DO THAT?
Your Dependents. We will prepare and electronically file your dependent’s Federal and IL return for only $50.
Our Friendly Referral $25 + $25 program. Due to your wonderful response, we decided to continue our Friendly Referral $25 + $25 program. What can I say, you guys are AWESOME! Thank you and please continue to refer your family and friends. As a reminder, here is how the program works. When you refer a family member or friend to Tax & Accounting Plus, we will send you a check for $25 and give your friend or family member a $25 discount on their tax preparation. Simply fill out one of the enclosed Friendly Referral $25 + $25 coupons and have your friend or family member present it at the time of their tax preparation. That’s it, $25 cash for you and a $25 discount for them. Sorry, this program is only valid for new referral customers.
Refund Transfer Deposit (RTD) or Refund Transfer Check (RTC). Now ONLY $69.95 when we prepare your return. How would you like to have your taxes prepared and your return filed electronically and keep your cash in your pocket? You can with a RTD or RTC. With a RTD or RTC you can have your tax preparation fee withheld from your refund. After the bank has received your tax refund from the IRS (about 3-10 days), we will make a direct deposit to your checking account (RTD) or print you a check in our office (RTC) for the amount of your refund, less your tax preparation fee and $69.95.
2021 AUDIT PROTECTION PLAN
With the Inspector General’s office indicating the federal government is losing billions of dollars due to fraud and improperly prepared tax returns, the IRS has been pushed by Congress to increase its enforcement efforts, such as the Path Act mentioned previously.
The IRS and the Illinois Department of Revenue (IDOR) are generating question letters and mail audits for taxpayers at an alarming rate requiring additional substantiation and responses. If handled improperly, these letters and mail audits can lead to further investigation by the IRS or IDOR. This often means substantial fees when we are asked to handle these audits for you or to resolve questions raised by the IRS or IDOR.
To alleviate your concerns and protect you from these unexpected and burdensome costs, we have designed our 2021 Audit Protection Plan for 2021 individual tax returns. Compare it to the insurance you pay for your health, home or auto. You don’t like paying it, but you’re glad you have it when you need it.
Here’s how it works – for a fee of $125 (that’s 1 hour at our current rate), we will at no additional charge:
- defend your 2021 individual tax return during audit,
- handle all audit correspondence,
- provide representation in any audits up to the appellate level,
- schedule any audit appointments and make all audit phone calls,
- handle any other notices of error and/or oversights,
- and most importantly, you will not have to meet with the IRS.
The 2021 Audit Protection Plan applies only to 2021 individual income tax returns and only for tax returns prepared by Tax and Accounting Plus.
You are, of course, responsible for maintaining adequate records and making them available to us so that we can properly represent you before the taxing authorities. Similarly, you are liable for any additional taxes, penalties or interest that may eventually be assessed.
If you would like to take advantage of this service, you must purchase the Audit Protection Plan at the time of your tax preparation. If you do not wish to utilize this service, we will be pleased to handle any questions from the taxing authorities and to represent you in audit situations at our normal hourly billing rates, which currently are $125.
With the increase in letters and audits, I encourage you to consider the Audit Protection Plan. It is great insurance at a reasonable cost. Our tax preparers will be glad to answer any questions to help you determine if the Audit Protection Plan is right for you.
WHAT MORE CAN TAX & ACCOUNTING PLUS OFFER YOU?
Tax & Accounting Plus, Inc. offers a full range of tax preparation and electronic filing services. We prepare personal, small business, non-profit, estate, trust, partnership, LLC and corporate tax returns, as well as state returns for every state. Self Employed returns are one of our specialties!
We also offer a full range of Electronic Filing services. We provide FREE ELECTRONIC FILING if we prepare your return. No up-front out of pocket costs with a Refund Transfer Check or Refund Transfer Deposit.
And that’s not all. Tax & Accounting Plus offers a complete payroll service, bookkeeping, accounting, business planning and incorporation service. We incorporate “C” Corps, “S” Corps, and organize LLCs as well as form non-profit organizations. From start to finish, Tax & Accounting Plus is here to serve you, because…
We Work For You!
Appointment Hours. Due to COVID we are currently not scheduling face-to-face tax preparation appointments. We evaluate this on a weekly basis, so please call to verify if this has changed. In the meantime, mail, email or drop off your information and we will prepare your return. Facetime and zoom appointments are available and our lobby is open for you to drop off or pick up your information. If you have any questions, please feel free to call us at (309) 827-4010.
Hours 9am – 8pm M-F & 9am – 4pm on Sat.
What to Bring to Your Appointment
To help ensure that your tax preparation appointment runs smoothly, please be sure to bring all of the following items:
- All W-2s, 1099s, or any other tax forms received.
- Did you receive your third stimulus payment and if so, how much did you receive?
- Letter 6419. Required if you received advance Child Tax Credit payments in 2021.
- Any information pertaining to interest, dividend or any other income.
- K-1s from LLCs, Partnerships or S Corporations.
- Any information pertaining to sales of stock.
- Health insurance forms, i.e. 1095.
- Categorized list of income and expenses for businesses and rentals.
- List of personal itemized expenses (i.e. medical, mortgage interest, property taxes, sales tax, charitable contributions, etc.)
- Social Security cards for self, spouse and dependents.
- Picture ID for self and spouse.
- A copy of your previous year tax return if prepared elsewhere.
- Any other information pertaining to your tax return.