With the March 29 deadline for receiving your tax information almost here, we wanted to bring a few items to your attention.
First, as noted above, March 29th is the date deadline to receive your organizers and tax documents in order to file on April 15, 2013. After March 29th, we cannot guarantee that your return will be ready for filing by April 15th. We will make every effort to file all returns on time, but if an extension is necessary you will need to authorize us to file it for you. In the past I have taken the liberty of filing extensions on behalf of my clients. However, tax preparer regulations now forbid us from doing so without specific authorization from the client.
Keep in mind that extensions are for the time to file only, not for the payment of the tax. All tax due must be paid with the extension.
In May of 2012 the Tax Court rendered a decision that should scare and concern us all. A charitable contribution was disallowed because the taxpayer did not obtain a “contemporaneous written acknowledgement” that no value was received by the taxpayer in exchange for the contribution. If you make contributions of $250 or more, make sure you receive the written acknowledgement that contains the information as to any value received by you. If the full amount is a contribution with no value given in return, the acknowledgment letter must state so explicitly.