TAX SEASON FAQs
QUESTIONS RELATED TO WORKING WITH US
COVID-19 OFFICE HOURS
Sharp Point Accounting Solutions has been deemed an essential services business and we can conduct work and meetings at our Elgin office location. However, for the safety of our clients and our employees, we are encouraging a virtual working relationship whenever feasible. We have invested in state-of-the-art tools that provide secure and comprehensive means of communication and document sharing. Your data security and physical safety are our number one priority, and we are committed to a quality service experience for our clients and our team members.
We foresee that the majority of our team members will be working virtually for the remainder of 2020. Should you require a face-to-face meeting with one of our staff, please call ahead to make arrangements.
What are your office hours?
Our tax and accounting specialists work year round, and are available for a virtual or face-to-face meeting Monday through Saturday by appointment only. We generally meet with clients during the hours of 8AM to 4PM, with availability outside of these business hours by request.
During tax season (January 3rd to April 15th) our extended tax season hours are in place.
Do I need a tax appointment?
If you are one of our current clients you do not need a tax appointment. Under the Client Resources section of our website, you will find the Secure Portal Upload Instructions for virtual submission of your tax information via our secure client portal. If you prefer to drop off physical documents, look for the Drop Off Instruction Sheet in the Client Resources section. Follow the instruction sheet to drop off your tax information at your convenience.
If you are a new client, we would like to talk with you. The tax interview process will take 1 to 2 hours depending on your sources of income, deductions, and unique tax situation. Please call our office at (847) 943-9922 to schedule your tax appointment today.
Can I drop off my tax information when your office is closed?
Yes, we have a mail slot in our office door. Your information can be dropped off 24/7 in a secured area. During tax season the drop-off area is checked daily. Please follow our Drop Off Instruction Sheet under the Client Resources section of our website.
What are your fees/payment policies?
Tax preparation is billed by the forms that are needed to complete your income tax returns. Our minimum fee starts at $195.00 for the basic Form 1040 and (1) state return; this includes electronic filing of your federal and state return. There is an additional fee if you have multiple W-2 or 1099 forms, if you need more than one state or local return, or need additional forms filed. If you need a copy of your income tax return mailed to you there will be an additional of $15.00. Consultation, Research and Accounting and Bookkeeping Services are billed on an hourly basis.
Our service for the preparation of your income tax return must be paid when the return is completed. Returns will not be e-filed or allowed to leave our office unless they are paid in full or other arrangements are made in advance and approved by our Office Manager Yvonne.
How long should tax records be kept?
Sharp Point Accounting Solutions stores your income tax return records digitally for 7 years. After the 7th year, your confidential tax records will be removed from our secure data system. You will want to save your digital or physical records for 7-10 years unless you have an investment(s) i.e. home, business, stocks, etc. — then you must save the documents related to the investment for 7-10 years after you sell or discard your investment(s). 401(k) statements should be kept a few years after the account is closed.
How do I send you my documents?
What documents do we need?
How do I get a copy of my previous years’ tax return if I used a different tax preparer in the past?
When will my tax return be ready?
What happens if I cannot get my tax documents to you in time for you to complete my tax return by the deadline?
What if I run a small business but don’t use accounting software such as QuickBooks?
What if I want someone else to pick up my tax return?
What do I do if a financial institution requests my tax information?
What do I do if there is bad weather or I want to change my appointment?
What are the deadlines for receiving W-2s, 1099s and 1098s?
NEW FOR THIS YEAR (THE CARES ACT & COVID-19)
How does receiving the PPP impact my tax return?
How does receiving the SBA grant impact my tax return?
How does receiving the SBA EIDL impact my tax return?
QUESTIONS RELATED TO REFUNDS/TAXES THAT ARE OWED
How long will it take to receive my refund?
How can I track my missing refund?
Why did my taxes owed include a failure to pay penalty?
Why are you recommending I make quarterly estimated payments?
When are my tax payments due if I owe money? What if I am filing an extension?
What if I can’t pay my taxes due in full?
How much should I be withholding from my paycheck?
QUESTIONS RELATED TO SPECIFIC TAX SITUATIONS
What are the tax ramifications of withdrawing retirement funds early?
My business has lost money for the past 3 years. What are the tax implications?
What do I do if I am moving my family or business?
QUESTIONS RELATED TO GOVERNMENT AGENCIES/SECURITY
I just received a letter from a government agency! What do I do?
What should I do if I receive a call or email from the federal, state or local government agencies?
How do I report suspected tax fraud activity or scams?