February 3, 2016
You’ve probably received some of the documents needed to prepare your taxes for 2015, and are working on compiling other information that completes your income tax picture.
You may have noticed that many of the tax forms you need have been coming in later in recent years. Deadlines for brokerages to report investment income on Form 1099 to you have been extended. Also, if you have investments in publicly-traded partnerships as part of your investment portfolio, the K-1 forms received from these entities are subject to even later deadlines. Further, many 1099s you receive by the deadline may have a note included that states that they are estimating your final tax liability, but these 1099s are not reliable enough to file your return.
Unfortunately, the due date for individual tax returns has not been extended along with the due dates for providers to get the tax forms to you. This highly compressed time frame for preparing your tax return is much shorter than we’ve experienced in the past. It’s critical that we receive all information as early as possible, to allow us time to both prepare an accurate return and consider all options available in your unique tax situation.
Because of this tax season compression, we have implemented internal deadlines for completion of returns by the initial due date. To file your individual return by the April filing deadline, we will need all information necessary to complete your return by March 20th. If you are unable to make this deadline due to missing information, your return will likely be put on extension.
Please keep in mind that if you have a business return that flows through to your individual return, that return must be completed prior to your individual return being finished.
This year’s filing deadlines are as follows:
· Corporations – March 15th, with a six month extension available to September 15th
· Individuals – April 18th, with a six month extension available to October 17th
· Partnerships/LLCs/Trusts – April 18th, with a five month extension available to September 15th.
We are committed to providing the highest level of service to you by preparing your return accurately and as timely as possible. We also want to make sure we have sufficient time to provide you with options that may be available for your particular tax situation.
If you have any questions please call the front office at 541.388.7888. We look forward to having the pleasure of working with you again this year!
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