Happy New Year! Well, here we are once again! I was hoping to send a boring old newsletter this year but it seems the world still has other ideas. We are forever grateful for your grace as we all navigate this new world together. This year is being labeled the “Rubik’s Cube of tax years” as there are many things to piece together. As in prior years, it will require patience and diligence to manage government delays and many moving parts including pending tax legislation. Rest assured we are here to help you navigate all of it.
The IRS has not officially announced the start date for this filing season but we expect them to start accepting returns the last week of January. Once the IRS opens the filing season we can usually start moving pretty smoothly but there are often delays with certain forms and also at the state level so it can be more of a rolling start. There are also several new local returns if you live in the Portland metro area.
Please take the time to read through this newsletter as it is full of important information. We have made some process changes with how we are collecting information this year that we hope will simplify and minimize your workload. Thank you in advance.
If you need assistance with anything in this letter, please contact Bradi at email@example.com, Carolyn at firstname.lastname@example.org, or Elise at email@example.com.
December 12th – January 5th – Individual and business engagement letters distributed. These can be signed via e-signature or by printing/scanning/mailing. If you are a new client, we might still be working on getting this letter out to you. Make sure to get these back to us as soon as possible. Please note we believe we are at full capacity this year. If you have made other arrangements, please let us know right away as this allows us to open up a spot on our waiting list.
January 5th – January 15th – Client requests will be sent by this date for both business and individual tax returns.
- Business returns – you will receive a client request similar to last year listing the documents we expect to receive. This will have a due date and periodic reminders.
- Individual returns – NEW!! You will receive a client request with a link to fill out a comprehensive questionnaire. This is a dynamic questionnaire that will replace our traditional questionnaire, organizer, and separate client request. When you complete the questionnaire, you will have a list of documents to provide based on your responses. If you would still like a traditional organizer, you must contact our office to receive this. Clients with preferences noted as “paper” from last year will receive their letters and questionnaires by mail.
January 21st – All information return data (W-2’s, 1099’s, 1098’s, nanny payroll, etc.) is due to BOK Accounting. This only applies if you need to give someone one of these forms, not if you are receiving them.
January 31st – All information forms from payers (W-2’s, 1099’s, 1098’s, etc.) are due to recipients AND to government agencies.
February 15th – Business tax information due to BOK Accounting for all partnerships and S-corporations. Information received after this date will likely result in an extension.
March 1st – Deadline to provide your individual tax information to BOK Accounting.
Personal property returns due to their respective counties
S-corporation and partnership returns and extensions due
C-corporation tax information due to BOK Accounting
Individual returns and C-corporations and extensions due
First quarterly installment due for calendar year taxpayers
Corporate Activity Tax returns and extensions due
Local Portland/Multnomah County returns and extensions due
We will continue to rely heavily on your secure client portals for both the information gathering process and delivery process. We utilize a system called Canopy for our file management. This system is user-friendly and allows you to access and sign engagement letters, access documents and completed returns, provide documents, pay invoices, interact with our team, and access and fulfill client requests all in one place.
If we assist you with both business and personal tax matters but you use the same email, you should be able to access both portals with one single sign-on. Just make sure to toggle between the available portals once you are logged in.
Please follow the directions within your requests to ensure a great experience with any fillable documents.
We also have a Technical Support section on our web site that explains how to do common tasks in the portal such as uploading files, converting files from Mac applications, resolving common login issues, and interacting with us.
Secure Drop Off for Tax Documents
We have an easy, secure, and contactless option for drop off. When you come into the building, the first door on your left in the lobby is the mailroom. In that room there will be a secure lockbox with signage where you can deposit documents. We will check this regularly.
Please be sure to let us know via email or text that you have dropped information off and we will do our best to confirm receipt of any documents. You do not need an appointment to drop off documents and you can now utilize the expanded building hours vs. the suite hours which are more limited. Due to continuing health conditions we will be limiting on-site appointments.
Individual Tax Return Clients
As of January 15th, all client requests should be distributed for returning clients within your portal. This client request will contain the link to complete your comprehensive questionnaire. If you have not received your electronic client request (or paper request if applicable) by this date, please contact our office immediately and we will make sure to get another one out to you right away.
If you have any issues at all either accessing or using the comprehensive questionnaire, portal, or other areas of our website, we are here to help make it the best experience possible.
To ensure a timely return, we strongly encourage your to provide your documents as soon as possible. The final deadline for your tax return information is March 1st, 2022. If any information necessary to complete your tax return is received after this date, your return will likely be extended. We will strictly adhere to the extension policy.
Extensions do not increase examination risk and have in fact been found to lower it due to the fact that more accurate and thorough returns can be produced. To schedule an appointment to meet with us, please visit www.bokaccounting.com and use the blue ‘Book Now’ button on the home page. Please remember that onsite appointments are limited at this time. We recommend utilizing web and phone consultation options until risk levels are reduced within the county.
Business Tax Return Clients
You should have received an engagement letter confirming our agreement to prepare your return. If you have not received anything by the dates listed above, please contact our office. You will also receive a customized information request checklist for your business return. Information for calendar year S-corporations and partnerships (including LLCs or PCs taxed as either entity type) is due in our office on or before February 15, 2022. Information for C-corporations (including LLCs taxed as C-corporations) is due in our office on or before March 15, 2022.
If information is received after these respective dates, it is likely your return will be extended. Please note that when a business return is extended, this often leads to an extension of the individual shareholder/member returns as well. If you are unsure of your filing type or the information you need to provide, please do not hesitate to contact us with any questions.
We want to thank you so much for using our portal system and data upload area within the secure client portal. We are thrilled to be able to offer you multiple ways of gathering and providing your data to fit your needs. Exchanging sensitive data via the portals is the best way to go. Please remember to never email documents with sensitive information without password-protecting them first. You can print your organizer directly from your portal. If you want a paper copy of your organizer mailed to you for completion and did not indicate that on your questionnaire, please contact our office right away.
We are mandated by federal law to e-file all current tax returns unless a particular exception is met. When your individual return is completed, you will sign in one of two ways.
1) If we have valid and unique (applies to jointly filed returns) e-mail addresses on file for you, you will receive an e-signature request.
2) Otherwise, you will receive a form (Form 8879/8453 series) to sign that authorizes us to file your return electronically on your behalf. We will send all e-signature requests directly from our tax software or via a form in your portal.
All business return signers will use the 8879/8453 series. We file your return upon receiving both the signed form and payment for services. In addition, as part of our paperless initiative, we deliver the client copies of your returns to your secure client portal. This is a convenient and secure location for you to access your tax returns 24/7 whenever you need them without having to request a copy from our office.
If you would still like a paper copy of your return, please let us know in advance when you provide us your tax data. Paper copies will incur a $35 per return charge. Return copies posted to your portal are free.
Please note that because we typically bill tax services upon completion, invoices are due upon receipt and will incur late charges if not paid within 10 days of receipt unless arrangements are made with our office. This year, there has been additional tax legislation and new taxes that result in more work and forms. As noted in previous communication, you should expect to see an increase in fees of 15%-25%. We take both our professional relationship with you and value we provide very seriously and must ensure that we have all of the tools and expertise at hand to properly advise you. In order to keep up with increasing vendor costs and provide the same expert, quality, attentive service you are used to, price increases are sometimes a necessary step.
Personal Property Returns
Personal Property Returns are due to their respective counties on March 15, 2022. Most businesses will receive these forms in the mail this week if they have not been received already. If you haven’t completed yours and need assistance, please let us know as soon as possible. We provide this service and if you are a tax or accounting client, can easily produce an asset report to assist with the preparation.
Information Return (1099, etc.) Payroll Year-End Tasks
While we leave most of the payroll tasks to our trusted payroll partners, we are also available for assistance with certain year-end information returns payroll forms. In the past, we have assisted many of you with the preparation of 1098/1099 forms as well as W-2’s for those clients with household employees or who are not utilizing Paychex.
For Paychex clients, W-2 and 1099 processing is part of your service for all employees and vendors who you pay through regular payroll. We have sent out separate correspondence on this service that includes a template we use to prepare these forms. Should you have any questions, please contact our office as soon as possible.
Meet Your Dedicated BOK Accounting Team!
We are incredibly excited about the dedication, experience, and energy of our staff this year! Please know we are all committed to making sure you have the best client experience possible. Please check our website for updated bios coming soon.
We have a regular receptionist/office manager who serves the entire shared Suite 230. Adam is authorized to accept drop-offs of paperwork and to take care of documents waiting to be picked up if pick-up has been pre-arranged (proper ID is always required).
Any detailed questions regarding your tax file or billing should be directed to one of our dedicated staff. The receptionist is not responsible for either scheduling or taking payments, but they can take a detailed message and pass it on securely for our handling or get a hold of one of us promptly. Any document pickup needs to be pre-arranged with our Office Manager.
We strive to make each one of our clients feel valued as both a person and a client by providing exceptional service. We are grateful to be able to interact with each and every one of you and am so very thankful for the opportunities you have all given us to provide value to your financial life in this ever-changing tax and accounting world. We look forward to continuing our professional relationship for many years to come!
Cheers to another great tax season and to navigating another wild year!