1040 Income Tax Preparation FAQ's
We want to take this opportunity to provide you with some important information and due dates to assist you with the process of preparing your Individual Income Tax Return(s) (Form 1040)
1. What Information Do We Need From You?
The first step is to provide us with the information to prepare your tax return. To assist you with the preparation of your tax return, we will recommend the use of tax organizers. Tax organizers can expedite the processing of your return. We can provide you with the following tax organizers:
- Blank organizers are available on the website
- A customized organizer pdf can be uploaded to your portal upon request
- An electronic organizer is available upon request
If you choose not to use an organizer, please provide the following items:
- Copies of your prior year tax return (if you are a new client);
- Copies of Form W-2 for wages, salaries, and tips
- Copies of all Forms 1099 for interest, dividends, retirement, miscellaneous income, social security, state or local refunds, gambling winnings, etc.
- Copies of brokerage statements showing investment transactions for stocks, bonds, etc.
- Copies of Schedule K-1 from partnerships, S Corporations, estates & trusts.
- Statements supporting deductions for mortgage interest, taxes & charitable contributions (including any Form 1098-C). Include copies of any forms 1098 that you receive.
- Copies of closing statements regarding the sale or purchase of any real property.
- Copies of any Form 1098-T college education expenses.
- Copies of Forms 1095 related to Health insurance Coverage
- Legal papers for adoption, divorce, or separation involving custody of your dependent children.
- Any tax notices sent to you by the IRS or other taxing authority.
- A record of any estimated tax payments that you made.
- Forms 1099-K
2. How Do You Get Your Information to Us?
The IRS has determined that one of the prime targets of data theft is tax preparation companies. To protect your confidential information, we have implemented a new "no-click" policy. We will not open any document that you send to us via email. To send us information, please use one of these three delivery options:
- Portal. Our preferred method of document delivery is to upload your tax documents to our portal system. Please do not upload JPEGs. They do not format well for us and can be hard to read.
- A secure upload link is available on our home page which at www.waltoncpa.com. To access the upload link, scroll down to the "Upload Files" link in the Accounting Tool Box located towards the bottom of the home page.
- Our email signatures also include a link to upload files.
- We can send you a secure email link to attach your files to upon request.
- U.S. Postal Mail. Please mail copies of your tax documents to our office.
- Personal Delivery. You may drop off your tax documents at our office. Our office is located at 801 E. Campbell Road, Ste. 155, Richardson, TX 75081. If you wish to come to the office, Walton CPA PC recommends that you make an appointment first so we will know to expect you.
3. What Are The Submission Deadlines?
In order to allow adequate processing time to prepare your tax return, we must receive your tax documents no later than March 25th. If your information is received after that deadline, we will extend your return upon request. We must receive your extension request no later than April 13th.
Extended Return Deadlines: October 15 th Filing Deadline: Information must be received by September 25th. If your information is received after the above deadlines, your return will either be filed late, or you will need to make other arrangements for the preparation and review of your return.
4. How Long Does It Take To Prepare Your Return?
Walton CPA PC suggests that you allow three weeks for us to complete the preparation of your return. To expedite the processing time, we have the following suggestions:
- Please submit all information at the same time.
- Please make sure that the information is legible & complete.
- If we need additional information, please respond in a timely fashion.
5. How Much Does It Cost To Prepare Your Return?
The price to prepare your return depends upon several variables. We review the number of forms required to prepare your return, the complexity of your return, and the time required to complete your return.
Payment of fees will be required before we will electronically file your tax returns.
If it is later determined that substantial rework is required as a result of your failure to provide us with all of the documents or facts, we reserve the right to bill accordingly.
6. How Do We Receive Our Tax Return?
Walton CPA PC delivers all tax returns via our secure client portal account. Once the return(s) has been completed, we will send you an email with instructions for access your tax return(s) and instructions for filing.
For your protection, Walton CPA PC does not email any documents that contain confidential information.
7. What Is The Deadline For Returning Signature Documents and Payment?
Once we complete your tax return, time is of the essence. We need to receive ALL of your signature documents and payment within seven (7) days of the transmittal letter.
- If we do not receive the signature documents and payments back from you within seven (7) days, we will incur additional time to follow up with you and you will be assessed an additional charge of $50.
- We will not charge additional fees in the event that there is a question or concern about the tax return, and we are notified of the question/concern within seven (7) days of the transmittal date.
8. How Does The Return Get Filed?
Walton CPA PC is required by the IRS to efile all returns. We will file the return(s) as soon as we receive all of the documents that we need from you. We need the following documents:
- E-Filing Signature Documents (Form 8879). This form must be signed by an officer, director, or other duly authorized person. Please print Form 8879 and upload a signed copy to the portal Electronic signatures is not accepted by the IRS at this time.
- Signed Engagement Letter. We will also include this form with your electronic signature documents. Please sign and upload ALL pages of the engagement letter to the portal.
- If your tax preparation fee is not included in your monthly fee, you will need to pay all outstanding invoices. We accept payment via check, credit card, or ACH draft. If you are paying by credit card, you may utilize the “Make A Payment” link located in the Accounting Tool Box at the bottom of the home screen at our website, waltoncpa.com
9. Communicating With Our Firm
We rely on technology to stay connected. To assist us with determine the urgency that a response is needed, it is helpful if you indicate the urgency of the communication by using the following indicators in the subject line:
|(E) Emergent||Immediate response requested. This should rarely occur.|
|(U) Urgent||Response requested within a 24-hour time period.|
|(N) Non-Urgent||Response requested within a 48-hour time period.|
|(M) Misc||No response required.|
10. Our Service Guarantee
If you are not completely satisfied with the services performed by Walton CPA PC, please bring it to our attention.