NYC Income Tax Preparation

From his time spent as a CPA at several of the largest public accounting firms in NYC, David became familiar with all manner of income tax preparation. From servicing the ultra-wealthy to assisting with affordable housing, David spent years helping individuals with their Federal, NYS, and NYC income tax preparation needs. Expand the toggle menus below for more information.

Engaging the Firm and Expectations

Busy Season

Clients are often unfamiliar with the atmosphere during busy season. They don’t understand why a tax firm is so busy or why it is unable to accept new clients. Why is tax preparation delayed and why has it been a a day or two since they have heard from their CPA? To help clients understand the nature of busy season, we recommend having a look at this website. This article should help should some light on the situation.

Current Year Tax Preparation

Don’t wait to engage the firm for tax preparation. The closer it gets to tax season, the more likely it is the the firm is reaching its limit with new clients. Hence, we  recommend all potential clients contact the firm as soon as possible during the year. This way, they can reserve a spot for their 2022 NYC income tax preparation. We pride ourselves on giving each client ample quality time, which means we can only take on a certain amount of clients every year! Reserve your spot now.

Fees

Our firm uses a very straightforward policy for pricing and payment. Each client is provided with a proposal and engagement letter via secure e-mail. These documents lay out the terms of the engagement. Upon signing the engagement letter, clients will be asked to pay a fifty percent deposit towards their tax preparation fee. Once the tax preparation is complete, tax returns will be uploaded to your secure firm portal. The remaining fifty percent of the fee will then be billed.

Catching Up On Past Due Returns

Past Due Tax Returns

Our firm is frequently approached by potential clients requesting reconciliation of past records and filing of past due tax returns. If you have lost your tax information, or other business and personal records due to the passage of time, we will assist in sorting out your past due taxes. Our team will guide you through obtaining the necessary materials to straighten out and file your prior-year taxes. We will ensure inclusion of all details that may lower your tax obligation.

Penalties

Past due returns may incur several types of penalties: failure to file, failure to pay and substantial underpayment penalties. It is important to act as early as possible to begin settling any fees due to the IRS.

Our firm will help estimate potential failure to file and failure to pay penalties that are incurred by clients who have failed to file past years’ returns and can help in getting those returns filed properly. Additionally, interest will be accumulated on any tax amounts due to the Federal or state governments.

Timing

Due to the general craziness of tax season, it is often impossible for CPA firms to assist clients with unfiled back tax returns during that time. However, we pride ourselves on providing an ongoing, full range of tax preparation services throughout the year. We are happy to help with your prior year NYC tax preparation, no matter the time of year.

For additional information related to a wide range of tax problems and associated tax relief, have a look at our “tax problems” page here. This page will shed light on the different types of tax issues our clients in NYC frequently encounter, as well as the associated solutions to those tax problems.

Fixing Mistakes On Prior Returns

Amended Tax Returns

What happens when you file your income tax returns and later discover you made a mistake? Mistakes are corrected when addressed within a certain time frame. This process is known as filing an amended tax return. There are certain rules that apply to amending tax returns, such as time limits, filing status, and replicating the original return. An amended tax filing is different than an original tax filing. Form 1040X  compares the original numbers (income, deductions, and tax amounts) to the amended numbers. Many clients attempt to prepare their own amended tax returns only to discover the complexity involved.

Deadlines

To file an amended tax return, you must file within the applicable time frame. Generally, for a credit or refund, you must file Form 1040-X within 3 years after the date you timely filed your original return or within 2 years after the date you paid the tax, whichever is later. Here it is, directly from the IRS.

Ready To File?

Don’t spend another minute worrying. Let us file your tax returns and get you square with the IRS. You’ll never have to think about it again. Contact David here or use the form below.

This optional audit package is $50 per month and includes complete audit support.
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David did an outstanding job on our taxes! Even with multiple K-1's, kids in college and estate taxes, he knew how to handle everything. Great job!

Jim S.Yelp Review