Dear Valued Client,
As we prepare for 2025, we want to inform you of a few key changes designed to improve our process, reduce your stress, enhance accuracy, and maintain the elevated level of service you expect.
Office Hours and Team Expansion Our office hours will be Monday to Friday, with a 50-hour weekly limit for our team to ensure quality work. To help us stay on track, we’re adding three new team members to keep things running smoothly.
Extensions for All Tax Returns We will be preparing extensions for ALL Business, Trust, Maryland Personal Property and Individual tax returns in January 2025. This gives you more time to gather and submit your complete information at once, reducing the need for piecemeal submissions. This approach ensures that once we receive all your documents, we can focus on preparing an accurate and thorough return without the need for rushed work. Additionally, by filing extensions early, we allow time for tax software updates that incorporate new laws and regulations. This ensures your return is fully compliant with the latest changes, avoiding the risk of inaccurate filings or overlooked opportunities for savings. Ultimately, this approach provides you with peace of mind and ensures that your return is as precise and beneficial as possible.
First In, First Out and Turnaround Time We will continue working on a first-in, first-out basis. After receiving all required documents, expect a processing time of 4-8 weeks. Please be aware that during peak tax periods in March and April, turnaround times may be slightly longer.
Fee Adjustment Due to rising technology and employee costs exceeding industry norms, we will implement a 15% fee increase for the upcoming year. This adjustment is still below industry standards, but ensures we can continue delivering top-quality service.
Deadlines to Avoid Penalties To guarantee timely filing, we must receive all business information by July 1st and individual tax information by August 1st. Missing these deadlines may result in late filing penalties of up to 5% per month and accrued interest on unpaid taxes.
Estimated Tax Payments We will calculate your extension and 1st Quarter 2025 payments based on IRS safe harbor guidelines. If your situation changes, please contact us by December 1st to adjust your payment.
Best always,
Samantha Bowling, CPA CGMA CFE
Managing Partner