Individual & Fiduciary Tax

October 2023

Individual & Fiduciary Tax - Reminder Index

     Individual & Fiduciary
    Tax Updates

    Email Reminders

    We’re moving away from sending email reminders and putting all reminders on our website and social media. You’ll still receive some emails however, they will be short and referring you to your google sheet link to access your accounting, payroll, and/or tax information center.

    Individual Tax - Helpful Reminders

    • For tax consultations, you are always welcome to make an appointment to meet with a tax specialist in person at our office in Lake Forest.

    • We are also offering video and phone appointments. We are happy that covid is more manageable this year and if you are high risk, we are more than happy to wear masks in office for your visit.

    • You’ll receive automatic replies that will help you know we’ve received your email and that we will respond within 24 business hours (if not sooner).

    • We have simplified on how we can get documents: you’ll upload tax source documents to Tax Portal, (that you’re already familiar with), click this to go to the site: Tax Portal.

    • Please scan and save source docs per form vs one pdf.

    • If you choose to do one PDF, please make sure all pages are in order to avoid organizational fees.

    • Please make sure that you upload documents per tax portal account.

    • It is very confusing on our side when documents to someone else, or a business, are uploaded to someone else’s account (within your family or other businesses that you may own).

    • Fill out 2023 Questionnaire (this will now be located on your google sheet); you can respond next to each question.

    • DO NOT UPLOAD YOUR TAX ORGANIZER (this is for your organizational needs only).

    • We work business returns first, as those are due March 15, 2024. Once business returns are completed, we move to individual returns.

      All returns are worked in ordered received. If you have all source documents in by March 31, 2024, we can guarantee your tax return to be submitted by April 15, 2024.

      As stated in your organizer, we will file an extension on your behalf after (at no cost) and will continue to work returns in order they were received. 

      Gentle reminder that if an extension is filed, and you owe money to the state or federal government, those payments are still due by April 15, 2024
      (better to overestimate/overpay than under pay and get a penalty fee).

    • All estimated tax payments are due by January 15, 2024, to avoid any penalties and interest please make sure these payments are made.

      Remember that if an extension is filed, and you still owe money to the government, you are responsible for submitting an estimated payment to the state/IRS.

      If you do not submit a payment that covers the amount owed, there are penalties and interest fees that the government will send you and you’ll pay upon receipt of that letter.

      In order to avoid this, please get your documents to ARCC by the above-mentioned deadlines providing time to prepare, review, edit (if need be), and submit your return by April 15, 2024

      ARCC Consulting will not be held liable for any penalties or interest as a result of underpayment of taxes.

    • If you have general questions, please email [email protected] or call the office at 847-295-0671.

      • If your tax preparer emails you, please email them back directly. Please avoid cc’ing other ARCC team members.
      • Please do not email other team members as it can create delays in response, as well as unintentional misinformation that may cause confusion to you (and us).
      • When in doubt, email our general email: [email protected]

    Individual & Fiduciary
    Tax Reminders

    Your 2023 Tax Return Organizer is now available via your Tax Portal

    • You will receive an email with the link from our tax portal giving you access to your individual portal.

    • You’ll be able to download the organizer or view from your computer/phone. 

      (This is for your organizational needs only).

    • If you are an existing client, your 2022 information pulled over, so please make sure you are going through to notate any changes/missing information
      (if need be for YOUR records).

    • Please upload all tax documents and information needed to complete your return through YOUR Tax Portal.

    • If you need help with this, please call the office.

    • Our preferred method of receipt of documents is through Tax Portal, however, call the office and we will be happy to accommodate as needed.

    • Once you upload documents, you will receive an email from our admin team (within 48 business hours) with next steps.

    • Please contact  [email protected] if you have any questions.

    Let’s get ready for 2023 Tax Season

    We want to wish you and your loved ones a holiday season full of joy and peace. As the year ends, we are preparing for the upcoming tax season.

    • You will receive a tax organizer by January 15, 2024.

      They get released by our software company once the government updates their rules/regulations for 2023 tax season.

      (This is for your organizational needs only).

    • This season, we’ll be using google sheets vs emailing you as often.

      You’ll receive your google sheet link from ARCC Consulting and your tax preparer will walk you through how to use it.

    • If you call the office, our admin can also provide you instructions on how to use this sheet.

    • Your yearly Questionnaire will also be on this google sheet, allowing you to easily respond/answer.

    Your favorite part of the Season: DISCOUNT!

    • Follow Us on Facebook.

      This season, if you follow us on Facebook or Instagram, you’ll receive another 5% off your total invoice!

    • Follow us on Instagram.

    • If you refer another business to us, and we prepare their business return, we will provide an additional 10% off your total invoice as a thank you!

    Gentle Reminders - Individual Tax 2023 Tax Return Season is fully underway

    We have a few gentle reminders that will greatly help the ARCC Team be as efficient and accurate as possible.

    • Upload documents to your Tax Portal per return.

    • If you’re uploading documents for someone else in your family (or a friend), please make sure to use their tax portal link, the guest tax portal link, OR Dropbox (and label the document with their name).
      Please do NOT upload their documents to your portal.

    • Do not upload your tax organizer to ARCC Consulting (this is for your organizational needs only).

    • We will only be reviewing the Questionnaire 2023 Tax Return that was sent to you via email. Your tax preparer will provide you with a copy if need be.

    • Please scan/save your documents per form vs all documents in one pdf. It makes it easy to miss items on our side when all documents are scanned together and/or out of order. 

    • We encourage you to read the emails sent from your tax preparer.  If need be, a 30 min phone/video consult can be scheduled to address your questions/comments. 
      If you have family members also filing with us, they may have a different tax preparer so please contact the tax preparer who reached out to you/them, as you may not have the same tax preparer. 

    • Remember your tax preparer may be booked with meetings/consults all day and unable to immediately respond to your email or call. Scheduling helps ensure you get the dedicated time you deserve and eliminates the frustration of phone tag. Allow 48 hours to receive a response from your tax preparer.

    • If you have general questions, or a new task, you may call the office or email [email protected].

    The ARCC Team is working very hard during this busy season, and we thank you in advance for your patience and kindness to all team members.  We look forward to working with you!

    Tax Deadline Approaching: Extension Information

    The tax deadline for this tax season is April 15, 2024.

    An extension will be filed for one of the following reasons if we have not received the below by March 31, 2024 by 11:59PM

    • We did not receive all documents.

    • We did not have all questions answered.

    • You did not confirm approval of the draft return (in order for us to send you a signature page).

    • You did not sign the signature pages (generally via DocuSign).

    ARCC Tax Client: Automatic Extension Protection

    • We will be automatically filing an extension beginning April 1, 2023.

    • There is no additional fee to file an extension and we will continue to work tax returns in order that they were received. 

    • If an extension is filed, the deadline to file your tax return is October 15, 2024

    • We will continue to send out reminders along the way.

    State or IRS: Payments Owed & Payment Due Dates

    • If you owe any payment to the State or IRS, those payment due dates are still April 15, 2024.

    • ARCC is not liable for any late penalty fees/interest that accrues on payment amount owed. 

    • We do not know if you owe a payment until we prepare your return or you provide the necessary information to be able to calculate an estimate.

    What is filing an extension?

    • Filing an extension does not affect an already filed return OR a future return filed.

    • It is simply there in order to avoid penalties for filing a return late.

    • There is no fee for filing an extension and no additional steps required (on your side) regarding extensions.

    • An extension has no negative effect on you, or your return.

    What if I do not want ARCC to file an extension for me?

    • If you no longer need ARCC services, or do not want us to file an extension

    • Please notify us (via email or phone) by March 31, 2024 by 11:59pm

    • If you choose not have ARCC file an extension, ARCC is not liable for any penalties for late filing.

    • We hope that you would want to continue services with ARCC and if you have any comments, concerns, frustrations, to please email or call the office and we’d be happy to address those with you.

      We are a small team and work very hard to meet client needs and we are always striving to improve and be better. 😊

    If you have general questions, or a new task, you may call the office (847-295-0671) or email [email protected].

    The ARCC Team is working very hard during this busy season, and we thank you in advance for your patience and kindness to all team members. 

    We look forward to working with you!

    Extension For Individual Tax Deadline October 15, 2024

    The deadline for filing individual tax returns is October 15, 2024 and is approaching quickly.

    • To ensure that we have plenty of time to prepare your tax return, we will need all necessary tax documents submitted to us by no later than September 30, 2024.

    • Tax documents submitted after this date may not be filed by the October 15th deadline and you will accrue penalty and interest until your return has been submitted & payment made (if you have a payment due).

    • Please upload your documents to our secure Tax Portal.

    • If you have any questions, please let us know.

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