The Secret to Doing Your Taxes Right

Alliance Financial & Income Tax is a Proud Participant in the Dave Ramsey Endorsed Local Provider program for Income Tax Services. 

Important Tax Information (Please Read)

Happy New Year!!  We hope the new year is getting off to a great start for you.

Tax season is once again upon us and I wanted to provide you with some helpful information on our website. Please take a moment to review. This information will assist you as you are gathering all your documentation for your taxes.

Our tax organizer will assist in ensuring that you do not miss out on any possible tax credits or deductions. (Great tool to refresh your memory of the past year)

Just like going to the doctors there is always paperwork for compliance and legal reasons and the tax preparation industry is no different.  Our engagement letter and tax organizer will need to be completed along with your other tax information.  Even though you might not think much as changed with your specific situation, the tax laws changed drastically in December 2017.  Please make sure to look over this information to help ensure that we have the necessary information for reducing your tax liability.

Due to changes in privacy and security protocols, we are requesting that if you need to send us tax documents that you use our secure portal.  Next week Julie will be creating personal accounts for our current clients.  If you do not see the instructions to access the portal, please contact Julie at jnaudet@afitonline.com. 

We want to make it as easy as possible for you to have your taxes prepared. Once you have gathered all your tax documentation you may: 

• Mail your information to us and we will contact you with any questions.
• Stop by the office between 9-5 and drop off.
• Use our client Secure File Portal
• Schedule a time to meet with me in person by calling the office or online. 

The filing deadline this year for business returns is Monday, March 16th. And for personal tax returns is Wednesday, April 15, 2020.  To ensure your return is completed and filed on time we must receive all your information by April 1st.  We do not begin working on your tax returns until we have received all your information.

If you require an extension, please e-mail Julie at jnaudet@afitonline.com. (request must be in writing)  There is a $25 fee for processing extensions.

We are here to help, so please do not hesitate to contact us if you have any questions or if we may be of any assistance.

I am truly thankful for the confidence and trust that you place in us and we are looking forward to seeing you soon Mike.


Warmly,
 

Mike Mead, EA, CTC
Alliance Financial & Income Tax
807 NW Vesper Street
Blue Springs, MO. 64015
P - 816-220-2001 x201
F - 816-220-2012
AFITOnline.com

Who is Alliance Financial & Income Tax


 

Your income tax preparation needs are as individual as you are.

Your income tax preparation needs are as individual as you are. Alliance Financial & Income Tax takes an active approach to our tax planning and tax preparation services, giving you the personalized guidance you need. Today's tax laws are so complicated that filing taxes, no matter how simple, can quickly become confusing.

10 million taxpayers missed out on a chance to receive a bigger refund last year simply because they neglected to fill out one line on their tax return. Will you miss a similar opportunity this year? Read more:

Enrolled Agents - America's Tax Expert

An Enrolled Agent (EA) is a federally-authorized tax preparer who has technical taxation expertise and who is empowered by the U.S. Department of the Treasury to represent taxpayers before all administrative levels of the Internal Revenue Service for IRS audit help, collections, and appeals.

What does the term "Enrolled Agent" mean?

"Enrolled" means to be licensed to practice by the federal government, and "Agent" means authorized to appear in the place of the taxpayer at the IRS. Only enrolled agents, attorneys, and CPAs may represent taxpayers before the IRS but Alliance Financial & Income Tax represents taxpayers with enrolled agent certification. The profession of an enrolled agent began around 1884 after questionable claims had been presented for Civil War losses. Back then, Congress acted to regulate the profession that represented citizens in their dealings with the U.S. Treasury Department.

How do you become an enrolled agent?

The enrolled agent license is earned in one of two ways, by passing a comprehensive examination which covers all aspects of the tax code to receive an enrolled agent certificate, or having worked at the IRS for five years in a position which regularly interpreted and applied the tax code and its regulations. All candidates must pass a rigorous background check conducted by the IRS.

How can an Enrolled Agent help me?

Enrolled agents advise, represent, and prepare tax returns for individuals, partnerships, corporations, estates, trusts, and any entities with tax-reporting requirements. An enrolled tax agent maintains expertise in the continually changing field of taxation, enabling them to effectively represent taxpayers audited by the IRS.

Privilege and the Enrolled Agent

The IRS Restructuring and Reform Act of 1998 allow federally-authorized tax preparers, defined as those bound by the Department of Treasury’s Circular 230 regulations, a limited client privilege. This means that confidentiality is required between the taxpayer and the enrolled agent under certain conditions. The privilege applies to situations in which the taxpayer is being represented in cases involving audits and collection matters. It is not applicable to the preparation and filing of a tax return. This privilege does not apply to state taxes, although a number of states have an accountant-client privilege.

Are Enrolled Agents required to take continuing professional education?

In addition to the stringent testing and application process, the IRS requires enrolled agents to complete 72 hours of continuing professional education, reported every three years, to maintain their enrolled agent designation. NAEA members are obligated to complete 90 hours per three year reporting period. Because of the knowledge necessary to become a tax enrolled agent and the requirements to maintain the license, there are only about 46,000 practicing enrolled agents.

What are the differences between Enrolled Agents and other tax professionals?

Only enrolled agents are required to demonstrate to the IRS competence in matters of taxation before they may represent a taxpayer before the IRS. Unlike attorneys and CPAs, who may or may not choose to specialize in taxes, all enrolled agents specialize in taxation. Enrolled agents are the only taxpayer representatives who receive their right to practice from the U.S. government (CPAs and attorneys are licensed by the states).

Are Enrolled Agents bound by any ethical standards?

Enrolled agents are required to abide by the provisions of the Department of Treasury’s Circular 230, which provides the regulations governing the practice of enrolled agents before the IRS. NAEA members are also bound by a Code of Ethics and Rules of Professional Conduct of the Association.

Why should I choose an Enrolled Agent who is a member of the National Association of Enrolled Agents (NAEA)?

The principal concern of the National Association of Enrolled Agents and its members is honest, intelligent and ethical representation of the financial position of taxpayers before the governmental agencies. Members of the enrolled agent association must fulfill continuing professional education requirements for tax planning that exceed the IRS’ required minimum. In addition, NAEA members adhere to a stringent Code of Ethics and Rules of Professional Conduct of the Association, as well as the Treasury Department’s Circular 230 regulations. NAEA members belong to a strong network of experienced, well-trained tax professionals who effectively represent their clients and work to make the tax code fair and reasonably enforced.

 

Tax Man Call You For an Audit?

If your income tax return has been selected for an audit and you don’t know why, it could very possibly be that the IRS computer simply selected your tax return for audit. Or potentially your type of business is part of a compliance test program.

Whatever the reason, the IRS has contacted you for an audit and you are a bit concerned. But that doesn’t necessarily mean it’s time to panic. Sometimes all the IRS requires are some missing documents, which is the reason for the audit. In any case, there are a few different kinds of audits and each occurs at different locations, which are good indicators as to how severe the tax audit is. Since the IRS can audit you by mail, in their offices, or in your office or home, the location is usually very telling.

Learn more: https://www.afitonline.com/irs-audit-help

Do You Own Back Taxes and Penalties?

Blue Springs, Grain Valley, Independence Income Tax Preparation Services