It is time again to start gathering your tax information for 2016. We would like to send your 2016 tax organizer via email. The tax organizers contain your 2015 tax information and can assist you in compiling your 2016 tax information. We do not require that you use the organizers to compile your 2016 data, but they are available to you if you find them to be of assistance.
We encourage you to visit our website at www.manningcpallc.com for current updates on tax law changes as they occur, including “Protecting Americans from Tax Hikes Act of 2016 – PATH ACT”, and a copy of this letter.
For security reasons, no Social Security numbers will be listed within the organizer, and all email attachments will be password protected.
If you wish to receive an organizer, please respond by performing one of the following by January 31, 2017:
- To receive your 2016 tax organizer via email, please email us as soon as possible at email@example.com, and include your full name in subject line of email.
- If you would like to receive a paper copy of your tax organizer, please contact our office as soon as possible at 937-898-3167 or by email, firstname.lastname@example.org, to have your tax organizer mailed to you.
- If you do not choose to use an organizer, no action is necessary.
In an effort to help eliminate the increasing risk of identity theft, we do not recommend mailing your tax returns to you. We recommend that you pick up your completed returns or that we email them to you (password protected). Special mail services will be used for our out-of-state clients.
As tax preparers, it is mandatory that we file federal and state returns electronically. If we have your email address on file, you will receive a confirmation when your tax return has been electronically filed and accepted, along with details of when to expect your refund. Most cities will be required to be mailed.
PLEASE CLICK HERE TO DOWNLOAD THE TAX QUESTIONNAIRE (PDF Format). PLEASE COMPLETE AND RETURN THE QUESTIONNAIRE, ALONG WITH YOUR 2016 TAX INFORMATION
We look forward to seeing you within the next couple of months. Please make every effort to get your information to us as soon as you have it organized to avoid the last minute rush.
As always, we appreciate your business.
Very truly yours,
Manning & Associates CPAs, LLC, Partners and Tax Professionals:
John C. Bensman, CPA
Craig L. Steinke, CPA
Kenneth R. Wiseman, CPA
VERY IMPORTANT 2016 TAX TOPICS
1099 Requirement – Applicable if You Qwn Your Own Business, Farm or Rental Property
If you are a business owner, have a farm, or own a rental property, the Internal Revenue Service requires you to issue Form 1099 to any individual, “unincorporated” business, or any law firm that you paid in excess of $600 per calendar year for services rendered. We are required to indicate on your tax return whether or not payments were made that require filing Form(s) 1099, and if so, whether or not they were filed. Please complete the 1099 Requirement Section on Page 3 of this letter.
If you need assistance or have questions related to the preparation of Form(s) 1099, please contact our office for assistance. You may refer to our website for additional information on this topic. Forms 1099 must be issued to the recipients by January 31, 2017.
THIS IS THE FIRST YEAR THAT THE INTERNAL REVENUE SERVICE IS ALSO REQUIRING THAT FORMS 1099 BE FILED WITH THEM BY JANUARY 31, 2017!
We are still required to obtain a client statement with signature for charitable contributions. Please complete and sign the charitable contribution section on the enclosed Signature Page of this letter and submit with your 2016 tax information.
Affordable Care Act in 2010
As a result of the passage of the Affordable Care Act in 2010, we will be asking for information about your medical insurance coverage for 2016. You will need the amount of the premium paid for medical insurance in 2016, either by you, your employer, or the combination of both. If you work for a company that employs over 250 employees, this information should already be on your W-2.
In addition, you will be required to prove that you had adequate medical insurance for all dependents claimed on the tax return for all twelve months of the year. Your medical insurance company may mail to you Form 1095-B –Health Coverage. (If you obtained insurance in the Market Place, you need to download Form 1095-A). Please include this form with your year-end tax information as it will provide the information we need to complete your tax returns.
Minimum Wage Increase
The State minimum wage for 2017 is $8.15 per hour. The Ohio minimum wage for tipped employees is $4.08 per hour (plus tips). The State minimum wage still exceeds the federal minimum wage.
Taxpayers must provide documentation for all dependents claimed on their tax returns. If there is any doubt as to claiming a dependent, we will ask you to complete Form 8867 (Paid Preparer’s Due Diligence Checklist) or, if necessary, Form 8332 (Release/Revocation of Release of Claim to Exemption for Child by Custodial Parent), which must be signed by the custodial parent releasing/revoking the claim to exemption.
Business Expense Documentation
All business expenses claimed as a deduction on your tax returns must have the proper documentation. This includes keeping a mileage log for all business miles.