upper arlington oh

Avoid Refund Delays!

Many people dread tax time, but it can be even more frustrating if you have to wait longer than you’d hoped for your refund. Unfortunately, the Internal Revenue Service is warning that patience may be necessary this year. For one thing, identity theft and tax refund scams have become significant concerns, so the Service is taking extra measures to spot fraudulent returns. The IRS is also required to hold refunds for returns claiming the Earned Income Tax Credit and the Additional Child Tax Credit until mid-February.

You can help prevent any additional delays by ensuring that you’re ready with all the necessary documents to file your return, including Forms W-2 and 1099 reporting your income, and all the required receipts and other paperwork to ensure you qualify for your deductions or credits. Contact our office today with any concerns you may have about preparing to file your return. We can offer personalized answers to all your financial questions. 

Don't miss these changes to tax deadlines!

Partnerships (Form 1065) — The due date is moved from April 15 to March 15 or the 15th day of the third month after the year-end. 

  • Form 1065 partnership returns that are completed by our office: Please submit related financial information before March 15, 2017 via the client portal or other appropriate method.

  • For Form 1065 partnership returns that are compiled by outside firms:  Provide Schedule K-1s to our office upon receipt.  If you are expecting several Schedule K-1s, they should be submitted as you receive them.

  • Please notify our office if you have K-1s or Forms 1065 that will be prepared by someone outside our firm and do not expect to have the financial documentation to complete the return by the deadline so we can file an extension for you.

S Corporation (Form 1120S) — No change, due dates remain March 15, allowing for preparation of Schedule K-1s as they relate to individuals and organizations  

C Corporations (Form 1120) — Due date moved from March 15 to April 15; in most cases, returns will be due on the 15th of the fourth month after the year-end. However, although the due date of these returns has been pushed back a month, we encourage clients to submit the financial information necessary to complete these returns as soon as possible.

Individuals and Businesses — Foreign Bank and Financial Accounts Report (FBAR) (Report 114) — This form is required for individuals and businesses with a financial interest in, or signature authority over, at least one financial account located outside of the United States, and the aggregate value of all foreign financial accounts exceeding $10,000 at any time during the calendar year reported.

This due date change is the most significant for individual taxpayers; forms are now due April 15 rather than June 30. However, for the first time, a six-month extension to Oct. 15 will be available.  Please include any and all information related to foreign accounts when submitting your individual, partnership or corporate tax return documentation.