January 22, 2024

 

Dear Friends and Clients,

 

Finally, the newsletter you all look forward to and wait anxiously to receive. Yes, I am back for another year, (my 37th tax season.) Trust me, when I say I will NOT retire without notifying you of  what I’m doing, selling the business, just leaving, whatever I decide is best for my future happiness and well-being.

 

IRS has made great strides in resolving their tax return backlog. There are still isolated unresolved issues and I ask you to report them to me DURING the summer. We have resolved all those issues to date. The statute for the tax year 2020 is 04-15-2024 – IRS must receive the returns by 4-15 or it is a dead year (refunds cannot be obtained after the 3-year statute). If you have any of these issues still open, you have limited time to get resolved. Also, the IRS is foregoing collections on certain penalties for the years 2020 and 2021. 

 

Our staff for the year will continue to be the same, Sybil, Tracy (was with us a few weeks last year), Donze, and Angus (9 years old). Sadly, Riley (16 ½ years) passed away in April of last year with kidney failure and he is greatly missed. I want to thank you again for all the condolences, gifts, cards, and prayers that you have granted me within the last couple of years. They have meant a great deal to me, and I will remember them forever.

 

We appreciate all your support and loyalty for the last 36 years of tax seasons. I want to continue to give you the best service we can as long as I am doing business, but your cooperation is needed. “You have to help me, help you.”

 

As of this writing, the IRS has NOT announced the day for the beginning of tax season and electronic filing. We will begin appointments on Thursday, February 1 to be safe that they have begun, and the program is up and performing correctly.

     

      -Please make sure you have ALL documents needed to complete your return on the same day of your appointment.

      -You must fill out the checklist and update list before your appointment time. If there is not a filled-out form, then you will not make it to my office. It is located on our website for you to print out, www.burchettfinancial.com .

      -Please notify us of any change in appointment times at least 24 hours (1 day) or a missed appointment fee of $50 will be added to your bill. If you are not prepared and are missing information, please call at least one day before your appointment or you will be assessed for the $50 fee.

-The 1040 return and NC returns will cost $200 for 2023 tax year plus additional fees for each schedule. My hourly rate for additional work, consultation, or advice is $250/hr. and 30 min. consultations are $125.

      -Remember the laws we have for 2023 and 2024 will expire December 31, 2025. So, with 2024 being a presidential election year, please understand the candidate’s policies and their priorities. Tax laws depend on their policies and your future tax liabilities.

 

The next president will have to deal with these expiring tax provisions. But a few changes affecting taxpayers are permanent. Among them: repeal of the penalty for Obamacare, tax-free distributions from 529 college savings accounts up to $10,000/student/year for K-12 education, alimony changes for alimony paid, permanent to post-2018 agreement.

      -I will do dependent returns starting at $50 if just a W-2 (federal & NC). If multiple states, Schedule C, etc., they will be priced as regular returns.

 

      -We are working shorter hours this year. Please note that and our prices have increased due to higher cost of the program, paper, toner, labor, and everything needed to run a business. I have kept my prices lower than most and a better service, but inflation has put the squeeze on me.

 

      -As COVID has reared its ugly head again, we will have in-person appointments as normal. We will still have masks and hand sanitizer available for your use and constant cleaning of the office for all our safety. Please wear your mask so we can all stay safe. (I have had COVID twice, and a third time is not desired by me.)

      -We found out in the summer that Spectrum (who we use for internet service) and Gmail, have a conflict with each other. We found out that clients were not receiving our emails.  We have contacted both for a fix and neither has one nor does it want to fix the problem.  If you have Gmail accounts, you may want to set up another one with Yahoo or something else to receive emails from us or you can just use the old method of phone calls and paper.

 

      -We are only sending out the newsletter and law change highlights for 2023, 2024, and beyond. You can go to our website at www.burchettfinancial.com and printout  the required checklist of 2 pages and the client update list before your appointment time.  If you do not, then you will have to get to your appointment and fill it out BEFORE you will be able to  get to your appointment time for tax preparation.

 

      -Call or email for your appointments, but do not say “I need and appointment.” Instead, you need to say, “I want and appointment on X date and time or Y date and time will work as well.”  We will reply with confirmation or alternative dates  and times.  (This saves us a lot of time going back and forth.)

 

I enjoy what I do immensely, but as I am aging and especially after COVID and the tremendous loss of family and friends in the last couple of years, my desire to continue working is not there.  Life is too short to have nothing but work. So, with the changes we have been going through the last few years is because I physically and mentally can’t keep that pace up that I did in my 30s and 40s or even my 50s. I must slow down and pace myself more and get my needed rest at night.  If you do not understand, work 80-120 hours in a 7-day period and then you’ll get what I’m feeling.

       

I’m constantly getting phone calls/emails asking for advice or opinion and it’s not all about taxes.  Since I seem to be “Information Central”, I’m going to give you the opportunity to get what you ask for. This year we are offering an additional service, Advisory Services, for an additional fee of $29.99 for 1 year (from the month signed up until the month of the following year). This will allow you to call/email and ask these questions, discuss taxes, no charge for responding to IRS and NC notices, and just a general advisory service.  Or you can get the full service for 1 year for $100/year. This would include the above advisory services plus, estimations for federal and state, tax planning for the future, yearly newsletter, and general advisory service. There is a third option, which is our CFO (Chief Financial Officer) for your business. That depends on what your needs are and what service is provided.  

 

When sending information by email to the office, send ONLY the final information( such as from brokerage    companies) and NOT a 256-page report. It will get costly for me to review at $250/hr. plus printing costs to see I only need 6 pages for the taxes. Let us know you are sending info and the password before you send. Our security program “Deletes” unknown sources & potential spam.

 

That’s all folks & See you Soon!

Joyce and Staff @Burchett Financial Services