2023 Tax Season Kick-Off
Important Dates and Information for this Tax Season
We hope that you have been enjoying a happy and healthy holiday season. With the new year now upon us, we find ourselves in that familiar time of year, yes, it’s officially “tax season’! Without a doubt, the last few years have been challenging, to say the least! Continuing the battle with the effects of Covid, navigating the constantly changing tax codes, and dealing with the frustration of the slow responses from the taxing authorities, all continue to be at the forefront of our frustration! However, rest assured, we here at Lizza & Carullo CPAs & Advisors are anxious to be your lighthouse at the ready, to guide you through this storm. |
FIRM UPDATES We wanted to inform you of a few changes we have made to our systems and processes which we believe will enhance your client experience with us. One such enhancement is the introduction of a new and improved client portal system. Based upon your feedback, we have switched providers of our client portal and document management system. A new link will be sent out to all clients by January 30, 2023. Look out for an email with the subject “Anthony Carullo invited you to the client portal for Lizza & Carullo CPAs & Advisors”. Please refer to the video on our website under the client information tab. TAX ORGANIZERS Please send your information as early as possible. If you are a new client or would like an organizer to aid you with gathering documents, please contact our office and we will supply one as soon as possible. BUSINESS TAX RETURN DEADLINE The tax filing deadline this year for Partnership (Form 1065) and S-Corp (Form 1120-S) returns, without extension, is March 15, 2023. C-Corp (Form 1120) returns are due April 18, 2023, without extension. We recommend that you compile your information and once all documents have been received, send it to us as soon as possible. We process returns on a “first-come, first-served” basis. To have your return completed before March 15th, please send your tax information to us no later than February 22, 2023. If your information is received after February 22, 2023, your return may be extended and filed after March 15th. PERSONAL TAX RETURN DEADLINE The tax filing deadline this year for personal returns (Form 1040), without extension, is April 18, 2023. We recommend that you compile your information and once all documents have been received, send it to us as soon as possible. We process returns on a “first-come, first-served” basis. To have your return completed before April 18th, please send your tax information to us no later than March 28, 2023. If your information is received after March 28th, your return may be extended and filed after April 18th. Remember that an extension of your tax return is not an extension to pay the tax due. It is merely an extension to file your tax return. Any tax due is still due April 18th. TAX RETURN PROCESS In the next few days, you will be receiving an email from engagement@lizzacpa.com with your engagement letter. Due to strict IRS regulations being enforced this year, we must have a signed engagement letter in place before beginning work, therefore please sign your letter as soon as possible to avoid delays. We are currently making tax appointments, if you do not need to meet with a member of our team, you may send your documents directly to our office without an appointment via the new client portal or by mail. As mentioned, if you do not have access to the new client portal, please let our team know at admin@lizzacpa.com or calling 201-896-1170 and we will take care of it as soon as possible. While we cannot get rid of your tax-filing requirement, we can make the process hassle-free by leveraging SafeSend Returns. SafeSend Returns allows us to automate the delivery, review, and signature of your federal and state income tax returns from the convenience of your computer, smartphone, or tablet. It is user-friendly, highly secure and an easier way for you to manage your tax return. We will use SafeSend Returns to electronically deliver your tax return unless you contact our office to opt-out. All tax returns will be sent to you electronically and stored securely within SafeSend (for more information on SafeSend please visit our website). Paper copies of tax returns will be provided, if necessary, upon written request. FEES It is estimated that 75% of CPAs will be leaving the profession over the next few years due to baby boomers retiring and burn-out in the profession. Inflation has increased to 7% in the last two years and the costs of maintaining a business continue to increase. Our firm is committed to providing the highest quality service on every engagement. And although we strive to operate as efficiently as possible, we, like so many other professional service providers, are experiencing significant increases in our operating costs. Please know we will continue to work our hardest to maintain as competitive a fee structure as possible, even in this cost-rising economy. Our fees for tax preparation services are generally based on the complexity and time requirements necessary to complete the return. Please know that whenever possible we will structure our fees on a flat value-added pricing scale. Thus, removing any fee surprises when the work is completed. We look forward to continuing to provide you with the individual service and value that you deserve and have come to expect from our firm. If you have any questions about this letter or our services, please do not hesitate to contact me. Sincerely,  |