2024 Tax Season Updates
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Welcome to 2025 and the 2024 Tax Season!   We’ll try to keep this brief, but we really appreciate you reading this email thoroughly to help us help you!

1. Deadlines:

   1. Individual Returns - March 15th for April 15th filing, and August 15th for October 15th filing with extension, anything received after that will be subject to additional fees ($50 between 3/15 and 8/15, and then $100 for documents received after 8/15)

   2. Business Returns – February 15th for March 15th filing, and July 15th for September 15th filing with extension, anything received after that will be subject to additional fees ($50 between 2/15 and 7/15, and then $100 for documents received after 7/15)

   3. If you need a filing extension, please request via email at least 10 days in advance (4/5 for individuals or 3/5 for businesses).  Filing an extension only delays your filing deadline, not your payment deadline.  Please let us know with at least 2 weeks notice if you need a payment estimate.

2. Documents:

   1. Due to IRS and security requirements (or a lack of consistency with our post office), we can no longer accept documents via email, links, or mail.  All documents must be uploaded to our SmartVault Portal (https://knightaccounting.smartvault.com/).  If you have issues, just let us know.

   2. When uploading documents, please provide PDF’s, Excel or Word Documents.   We cannot use .numbers files, and JPG’s are often difficult to read.  If you don’t have a scanner, ask a friend / banker / financial planner / insurance agent or UPS/FedEx store for help.

   3. Please upload your documents at one time, not piecemeal, to the TY24 Client Source Docs folder.  Always send an email to notify us once you have uploaded all of your documents (or the bulk of them, and then let us know via email if you are waiting on a K-1 or other late document).

   4. Individual Organizers are required for all returns.  Please read thoroughly…if we ask for specific info (i.e. driver’s license #/issue/expiration date) it’s because we need it.

   5. Failure to include all documents will result in reprinting fees.  The most common forgotten documents are the 1095-A from Marketplace Health Insurance and an Identity Protection PIN provided by the IRS.

   6. We recommend you set up an IRS online account at https://www.irs.gov/payments/online-account-for-individuals.  This helps you double check that you have tracked all your income sources, identify potential fraud, and is the best place to track payments, refunds, and IRS correspondence.

   7. Please do not send receipts (including charitable contributions, check copies, year end statements), 5498 Forms, and 1095 B/C Forms.  You should keep all statements and receipts for your records, but we do not need them.

3. New Developments:

   1. You may receive a new Form 1099K this year if you had significant electronic payment activity, such as Venmo or PayPal.  We need this document to help report your personal and business receipts accurately.

   2. If you plan on making energy efficient purchases in 2025, be sure to find a QM (qualified manufacturer) and get a copy of the PIN at the time of purchase.  See details at https://www.irs.gov/newsroom/treasury-and-irs-issue-guidance-for-the-energy-efficient-home-improvement-credit.

   3. Updated tax organizers are attached, as well as our 2024 Price List.  There is a $50 increase over last year, but our goal is to not have any additional increases for at least 2 years.  All documents, including our Engagement Letter which spells out our policies in detail, can be found year round at www.cpamichele.com.  We also try to post tax news and updates to the Knight Accounting & Technology Facebook page and our website.

   4. Due to backlogs at the local, state, and federal levels, audit and compliance letters are being sent far more often than ever before.  Some are accurate, some are erroneous, but all require our attention.  And, with staffing backlogs at the various agencies, it can take us 3 – 4 months to get through to agents to even discuss the issues, which has greatly increased our workload and decreased our efficiency.  If you are the (un)lucky recipient of a letter, we ask that you send us a full copy of all pages (preferably scanned as a PDF, not just photos) within 5 days of you receiving the letter so that we may start the response process as quickly as possible.

While our goal is always to support you in every possible way, we are not perfect and we always appreciate your patience, understanding, and KINDNESS!  Communication is always key, so if you are facing delays or challenges on your end, please just keep us posted and we’ll do everything we can to accommodate!

Sincerely,
Michele, Lyndsey, & Jimmy