Greetings from the Tax Office:
Now that the holidays are behind us, the new tax season looms ahead. It is our wish that your holidays were merry and bright.
2018 is the year that the new tax law goes into effect. It was supposed to make the taxes simpler, but we are of the opinion that never happens. There are a few things that will look different this year. First there is no longer a short form. There are 2 half sheet forms and 6 half sheet worksheets. These replace the old two-page 1040. The 1040A and 1040Ez are gone.
The biggest difference for most of us is the larger standard deduction and lack of exemptions. This does not mean that we won’t use your dependents, just that you will not see them in the familiar front page. They will be still be on your return for Earned Income Credit and Child Tax Credit. Children and adult dependents will qualify for the New Tax Credit in the amount of 500.00 against tax and is not refundable. The Child Tax Credit has increased to $2,000.00 and can be refundable up to $1400.00. Check out our Facebook page to see the tax tips that I have posted there.
We would like to welcome two new team members this year. Denise Hoyt comes to us as front office Manager. She formerly worked at Ardent Solutions Inc in Wellsville. She left after 9 years to bring organization to our front office. She worked part time last tax season and had my back-office color coded by April. We encourage her to do the same in the front office.
Ann Farkus is coming to work with the business returns. By December she will have her bachelor’s degree in Public Accounting and ready to take the CPA Exam. She lives in Canisteo and has run her family’s Fur Tannery Company for many years. She is expert in QuickBooks as well. Her experience is going to be a great asset to us especially with the new tax credits for the Business and Rental Returns. Business returns will probably need at least 2 appointments, as the calculation for these credits is quite complex.
And we say goodbye to Samantha Taft as she goes on to other employment avenues.
Please review our website www.pennyorktax.com. The option is there to make your appointment on line if you wish to do so. Hopefully this will cut down on the busy signal! If your return is only w-2s and investments, we would ask that you drop it off with Denise at the Front Desk, or mail in to us. I will work with Anne to improve the turnaround time with larger businesses and farms. Appointments fill up fast and are going to be even more limited with the additional appointment time needed on the larger returns. Katrina will take appointments Tuesday, Thursday and Friday from 9 – 4. I will take appointments from 9 to 8 Tuesday to Friday and Saturday 9 to 2. We have 2 additional staff members, Anne Parks and Kathy Christ who are assisting with the shorter returns as well as review. If your appointment is over 3 weeks, you may find it will be done sooner if you drop it off. Our turnaround time is rarely over 3 weeks. It is flattering to me for clients to ask specifically for me, but I have limited amount of appointments available. With the additional time the larger returns are going to require, it will be not be possible for me to do the shorter returns. I have hired and trained very qualified persons and am confident in their ability to provide excellent service to you and at a lower staff billing rate than mine.
The Audit Protection Plan worked very well last year. We processed over 1,000 letters over the summer. The clients that signed up were very happy they did, the clients that had letters or audits that didn’t wish they had done so.
With the increasing activity with the matching of information with Employer information, investments, and 1099’s, almost 50% of our clients receives a notice during the year. The IRS computers often do not correctly match the reported information with that on your return. Sometimes information is reported on incorrect social security numbers. It only takes 1 number error in keypunching to cause all types of problems. The Audit Protection Plan gives us the same resources that the big firms have. We will automatically enroll you in the Silver plan unless you wish to opt out.
This year we will stop taking any appointments after April 1. Your return may be dropped off after that but will probably be put on extension for completion timely after April 16.
Denise Hoyt and I will be attending the Community of Christ World Conference in Independence, Missouri for the 25th anniversary of the Dedication of our Temple from April 5 to April 13. Over the years, the time I have spent at the Independence Temple has been very special. Katrina, Ann, Anna and Kathy will finish out the tax season for us.
My other big event this summer is a Continuing Education Conference in Tel Aviv, Israel May 6 to May 9, and may include a few more days of sightseeing. This will be a trip of a life time.
WE LOOK FORWARD TO WORKING WITH YOU THIS YEAR!
VICKI WILLIS & THE PENN YORK TEAM