Robert Loe CPA

Taxes for New Clients

So, you are in need of an accountant to help you complete your tax returns?

Well you came to the right place.

At Robert Loe & Associates, we approach our clients’ taxes from a broad stroke perspective. More than just tax form preparation, our staff attends to the big and small pictures that impact our clients’ financial lives. As a full service firm, we prepare a complete range of tax forms that reflect basic income tax return needs. From there, we can assist with tax planning and identifying the effects of transactions on future taxes. In the event of an audit, we provide representation before taxing authorities. Our full range of preparation services includes:

If you are not sure whether you have to file or not sure which form you need to file, please don’t hesitate to contact us!

 

Form 1040: Individual Income Tax

Who Needs It: All individuals who qualify under the IRS guidelines. Most individuals over the age of 18 will generally need to file a Form 1040 with the IRS. If you are not sure if you have to file, the IRS has a  short test here that can tell you.

When is it Due: April 15th is usually the deadline for filing your Form 1040. This date may be changed due to certain holiday’s and weekends.

How to Prepare for Appointment: Check out our article from the Loe Down. In it, you can find a helpful list of some of the things that you might need to bring to your appointment. We recommend that you bring us a copy of the previous year Form 1040 so that we can use it as a starting point in setting up your client file. This way, we can also have the information to perform comparatives of the information year to year. You can also fill out this 1040-client-organizer (there is a small typo on the questions. It asks about 2015 minimum health coverage but it should refer to the current tax year) and send it to us before your appointment. If you are filling out the client organizer, please be aware that it will contain sensitive information that we do not advise being sent via email without an encryption. The best way to send get this to us is through the mail or bringing it to your appointment. This will help us get a better understanding of what you might be looking for.

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Form 1041: Income Tax Return for Estates and Trusts

Who Needs It: All estates and trusts who meet one of the IRS requirements is required to file this form. The requirements are either:

  • Gross income for the tax year of $600 or more, or
  • A beneficiary who is a nonresident alien

When is it Due: April 15th is usually the deadline for filing your Form 1041. This date may be changed due to certain holiday’s and weekends.

How to Prepare for Appointment: Compile any and all forms and documents in the name of the estate or trust and bring to your appointment. We recommend that you bring us a copy of the previous year Form 1041 so that we can use it as a starting point in setting up your client file. This way, we can also have the information to perform comparatives of the information year to year.You can also fill out this 1041-client-organizer and send it to us before your appointment. If you are filling out the client organizer, please be aware that it will contain sensitive information that we do not advise being sent via email without an encryption. The best way to send get this to us is through the mail or bringing it to your appointment. This will help us get a better understanding of what you might be looking for.

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Form 1065 – U.S. Partnership Return of Income

Who Needs It: Every domestic partnership or LLC classified as a partnership, unless the entity neither receives income nor incurs any expenditures treated as deductions or credits for federal income tax purposes. Certain foreign partnerships that has income from the conduct of a trade or business within the US (some exceptions apply).

When is it Due: April 15th is usually the deadline for filing your Form 1041. This date may be changed due to certain holiday’s and weekends.

How to Prepare for Appointment: Compile any and all forms and documents in the name of the partnership or LLC and bring to your appointment. Please bring a copy of your financial records. We recommend that you bring us a copy of the previous year Form 1065 so that we can use it as a starting point in setting up your client file. This way, we can also have the information to perform comparatives of the information year to year. You can also fill out this 1065 Client Organizer and send it to us before your appointment. If you are filling out the client organizer, please be aware that it will contain sensitive information that we do not advise being sent via email without an encryption. The best way to send get this to us is through the mail or bringing it to your appointment. This will help us get a better understanding of what you might be looking for.

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Form 1120 – U.S. Corporation Income Tax Return

Who Needs It: Unless exempt under section 501, all domestic corporations (including corporations in bankruptcy) must file an income tax return whether or not they have taxable income.

When is it Due: For calendar year corporations, the due date is March 15, 2016. Generally, a corporation must file its income tax return by the 15th day of the 3rd month after the end of its tax year. A new corporation filing a short-period return must generally file by the 15th day of the 3rd month after the short period ends. A corporation that has dissolved must generally file by the 15th day of the 3rd month after the date it dissolved. This date may be changed due to certain holiday’s and weekends.

How to Prepare for Appointment: Compile any and all forms and documents in the name of the corporation and bring to your appointment. Please bring a copy of your financial records. We recommend that you bring us a copy of the previous year Form 1040 so that we can use it as a starting point in setting up your client file. This way, we can also have the information to perform comparatives of the information year to year. You can also fill out this 1120 Client Organizer and send it to us before your appointment (the organizer makes references to an Excel spreadsheet, this refers to a spreadsheet that the client should create and include the information asked for within it). If you are filling out the client organizer, please be aware that it will contain sensitive information that we do not advise being sent via email without an encryption. The best way to send get this to us is through the mail or bringing it to your appointment. This will help us get a better understanding of what you might be looking for.

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Form 1120S – U.S. Income Tax Return for an S Corporation

Who Needs It: A corporation or other entity must file Form 1120S if (a) it elected to be an S corporation by filing Form 2553, (b) the IRS accepted the election, and (c) the election remains in effect.

When is it Due: For calendar year corporations, the due date is March 15, 2016. Generally, an S corporation must file Form 1120S by the 15th day of the 3rd month after the end of its tax year. A corporation that has dissolved must generally file by the 15th day of the 3rd month after the date it dissolved. This date may be changed due to certain holiday’s and weekends.

How to Prepare for Appointment: Compile any and all forms and documents in the name of the corporation and bring to your appointment. Please bring a copy of your financial records. We recommend that you bring us a copy of the previous year Form 1040 so that we can use it as a starting point in setting up your client file. This way, we can also have the information to perform comparatives of the information year to year. You can also fill out this 1120s Client Organizer and send it to us before your appointment (the organizer makes references to an Excel spreadsheet, this refers to a spreadsheet that the client should create and include the information asked for within it). If you are filling out the client organizer, please be aware that it will contain sensitive information that we do not advise being sent via email without an encryption. The best way to send get this to us is through the mail or bringing it to your appointment. This will help us get a better understanding of what you might be looking for.

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Form 706 – U.S. Estate Tax Return

Who Needs It: For decedents who died in 2016, Form 706 must be filed by the executor of the estate of every U.S. citizen or resident: a. Whose gross estate, plus adjusted taxable gifts and specific exemption, is more than $5,450,000; or, b. Whose executor elects to transfer the DSUE amount to the surviving spouse, regardless of the size of the decedent’s gross estate. If you are not sure if your estate needs to file, contact us or your estate’s attorney.

When is it Due: You must file Form 706 to report estate and/or GST tax within 9 months after the date of the descendent’s death. If you are unable to file Form 706 by the due date, you may receive an extension of time to file.

How to Prepare for Appointment: Gather all financial documents that are related to your return. If you are not sure what that means, contact our office and we can help you get prepared.

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Form 709 – U.S. Gift Tax Return

Who Needs It: The donor is responsible for paying the gift tax. However, if the donor does not pay the tax, the person receiving the gift may have to pay the tax. If a donor dies before filing a return, the donor’s executor must file the return.

In general, if you are a citizen or resident of the United States, you must file a gift tax return (whether or not any tax is ultimately due) in the following situations.

  • If you gave gifts to someone in 2016 totalling more than $14,000 (other than to your spouse), you probably must file Form 709. But see Transfers Not Subject to Gift Tax and Gifts to Your Spouse, later, for more information on specific gifts that are not taxable.
  • Certain gifts, called future interests, are not subject to the $14,000 annual exclusion and you must file Form 709 even if the gift was under $14,000. See Annual Exclusion, later.
  • Spouses may not file a joint gift tax return. Each individual is responsible for his or her own Form 709.
  • You must file a gift tax return to split gifts with your spouse (regardless of their amount) as described in Part 1—General Information.
  • If a gift is of community property, it is considered made one-half by each spouse. For example, a gift of $100,000 of community property is considered a gift of $50,000 made by each spouse, and each spouse must file a gift tax return.
  • Likewise, each spouse must file a gift tax return if they have made a gift of property held by them as joint tenants or tenants by the entirety.
  • Only individuals are required to file gift tax returns. If a trust, estate, partnership, or corporation makes a gift, the individual beneficiaries, partners, or stockholders are considered donors and may be liable for the gift and GST taxes.

If none of these situations sound like yours or you are just not sure, give us a call and we can help you.

When is it Due: Generally, you must file the Form 709 no earlier than January 1, but not later than April 15, of the year after the gift was made. However, in instances when April 15 falls on a Saturday, Sunday, or legal holiday, Form 709 will be due on the next business day.

How to Prepare for Appointment: Gather all financial documents that are related to your return. If you are not sure what that means, contact our office and we can help you get prepared.

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Form 990 – Return of Organization Exempt from Income Tax

Who Needs It: Most organizations exempt from income tax under section 501(a) must file an annual information return (Form 990 or 990-EZ) or submit an annual electronic notice (Form 990-N), depending upon the organization’s gross receipts and total assets.

When is it Due: File Form 990 by the 15th day of the 5th month after the organization’s accounting period ends (May 15th for a calendar-year filer). If the due date falls on a Saturday, Sunday, or legal holiday, file on the next business day.

How to Prepare for Appointment: Gather all financial documents that are related to your return. If you are not sure what that means, contact our office and we can help you get prepared.

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Form 990PF – Annual Return for a Private Foundation

Who Needs It: Form 990-PF is an annual information return that must be filed by:

  • Exempt private foundations (section 6033(a), (b), and (c)),
  • Taxable private foundations (section 6033(d)),
  • Organizations that agree to private foundation status and whose applications for exempt status are pending on the due date for filing Form 990-PF,
  • Organizations that claim private foundation status, have not yet applied for exempt status, and whose application is not yet untimely under section 508(a) for retroactive recognition of exemption,
  • Organizations that made an election under section 41(e)(6)(D)(iv),
  • Private Foundations that are making a section 507(b) termination, and
  • Section 4947(a)(1) non-exempt charitable trusts treated as private foundations (section 6033(d)).

When is it Due: This return must be filed by the 15th day of the 5th month following the close of the foundation’s accounting period. If the regular due date falls on a Saturday, Sunday, or legal holiday, file by the next business day.

How to Prepare for Appointment: Gather all financial documents that are related to your return. If you are not sure what that means, contact our office and we can help you get prepared.

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Washington (and other states) Estate and Transfer Tax Return

Who Needs It: Each state may differ on filing requirements. Please check with the state in which the return must be filed in for requirements.

For Washington:  Washington State Estate and Transfer Tax Return must be filed by the executor (i.e. person required to file the return) if the decedant died on or after January 1, 2014, was domiciled in the state of Washington or owned property located in the state of Washington, and the entire estate exceeds the filing threshold for the year of the decedent’s death. (Threshold is $2,000,000).

When is it Due: Each state may differ on filing requirements. Please check with the state in which the return must be filed in for requirements.

For Washington: The return is due nine months after the date of death of the decedant.

How to Prepare for Appointment: Gather all financial documents that are related to your return. If you are not sure what that means, contact our office and we can help you get prepared.

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All State Income Tax Returns

Who Needs It: Each state may differ on filing requirements. Please check with the state in which the return must be filed in for requirements.

For Washington: Washington does not have a personal or corporate income tax.

When is it Due: Each state may differ on filing requirements. Please check with the state in which the return must be filed in for requirements.

How to Prepare for Appointment: Gather all financial documents that are related to your return. If you are not sure what that means, contact our office and we can help you get prepared.

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Non-filed (delinquent) returns

Click the link above to be taken to our page about non-filed returns.

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