Filing
To meet e-file mandates and speed up filing and refunds, we strive for all clients to file using this method.
What is e-filing?
This is the reason returns for Married Filing Separately or divorced taxpayers must be re-assigned and prepared by different preparers. These preparers may not share information or communicate about the clients in any way.
What is, "To avoid conflicts of interest, or the appearance of a conflict (per Circular 230 and Intuit policy) if any conflict of interest is discovered between two clients assigned to the same preparer, one of the returns must be re-assigned"
For every meaningful change between prior year and current year the preparer should do this. clearly documented and explained in writing (Notes, chats, etc.).
What is, "clearly documented and explained in writing (Notes, chats, etc.)."
Tax payments and estimated tax payments must be documented in writing from the client, either through uploaded documents or via Chat.
This is what you should do if the client doesn't have written documentation of the tax payment or estimated tax payment.
What is make a disclosure about the client's responsibility to support those payments should the IRS ask for it.
"We have prepared your return based on the 20XX tax payment amounts totaling [$XX.XX], which includes [list each payment amount with the date of payment, if known]. You are required to keep records to support the amounts on your tax return. In the absence of adequate records or sufficient evidence, the IRS may assess additional tax, interest, and penalties."
If a client asks for Bank Comfort letters or other third party letter this is ALWAYS the answer.
What is no?
Based on AICPA, malpractice insurance carriers, and recommendations from industry experts, Intuit won't provide any letters or documentation of any kind to a client’s bank, lender, or other third parties.
Some returns may not be eligible for electronic filing and must be filed this way.
What is paper file?
These are the only people who can prepare a New York or Connecticut tax return.
What is Only EAs, CPAs, attorneys, or tax preparers registered in the respective states.
It's our policy on the timing of filing federal and state taxes, even early in the season when state returns are not yet ready.
What is, "Prepare and file the federal and state taxes together"?
(Again, we don't let customers opt out of e-filing. We don’t e-file the federal return and print/mail the state unless the state is EF ineligible or the state return was rejected.)
You can rely on a client-provided translation of foreign language documents but you must do this.
What is make a disclosure that you've accepted their translation but the IRS may require a certified translation.
"
Non-covered transactions and transactions with adjustments should be reported as detailed line items when possible.
When transactions are numerous (generally over this amount), enter in summary and also do this to the return
What is to elect or choose to paper file?
These are the only people who can prepare an Oregon return.
What is "only CPAs, attorneys, (not EAs) Oregon licensed tax consultants or Oregon licensed tax preparers can prepare and/or sign Oregon tax returns"
Transferred prior-year data can be relied on when needed for the current year and no confirmation is needed unless one of these three situations apply.
What is:
In order to fulfill the Maximum Refund Guarantee and satisfy requirements to claim allowable deductions for the computation of net earnings for self-employment tax, TTL preparers must take ALL of these two things.
What is, take the deductions and credits a client is eligible for?
Elections should be made when it's beneficial to the taxpayer, the taxpayer is eligible, and the client doesn't request otherwise. This is who should make the choice on taking any elections.
Who is the client, not the preparer?
What is 3 days based on date of receipt, not date signed?
If a tax associate not registered as a Maryland tax preparer has already prepared or signed this many Maryland returns then the return must be reassigned to this type of preparer.
What is 5 and reassigned to a credentialed tax expert?
If a client will get only a small retirement savings credit but it will increase the price of their tax preparation by more than the credit, the preparer must still enter this information because of this.
(Generally, TurboTax Live experts should enter all the information that a client has provided, whether it'll impact the tax return or not.)
What is, "to fulfill the Maximum Refund Guarantee, 100% Accurate Expert-Approved Guarantee, and satisfy requirements to claim allowable deductions and credits. "
In the rare case that a client has no business expenses, this must be documented.
What is, that the expert confirmed with the client that there are no deductible expenses and explain why it’s reasonable?
To prevent tax notices and IRS account confusion, a sale of personal residence will always be reported, even in this situation.
What is when no 1099S was issued?
File returns (and extensions, if applicable) by the this date, even when a deadline is postponed for disaster relief.
What is "the original due date"?
If a tax associate has not submitted their continuing education information to Iowa and the associate r has already prepared or signed this many Iowa returns then the return must be reassigned to this type of preparer.
What is 9 returns and the return must be reassigned to a credentialed tax expert?
These are the two things you should do If you’re sure a document or information doesn’t need to be entered on the tax return (because it’s not a tax document, it’s a dependent’s tax form, etc.).
What are,
On the entry of stock sales on a return, only this type of transactions with no adjustments may be reported in summary, with no return attachment.
What is covered?
TTL won't proceed with a current-year return until the prior-year depreciation issues have been resolved using one of these two methods.
What is a Form 3115 or an amended return?