Jan 2025
Below are the dates you should receive tax documents from your employer or financial institution.
- For 2024 ALL W-2’s and 1099-NEC’s MUST be filed with the government and sent to the employees & subcontractors by January 31, 2025.
- Brokerage statements 1099’s for Interest, Dividend and Capital gains by February 15, 2025. Be aware that these statements can be amended to meet the Feb 15th deadline.
- K-1’s deadline to be issued is March 15, 2025.
Please note the checklist and personal update sheet mailed will be a short version of the one that is on this website. The mailed copy should be included with your tax documents. If you would like a list of last year’s documents used in preparing your return or would like a detailed organizer, let me know.
2025 TAX SEASON APPOINTMENTS
If you do not need to meet with me, you may submit your documents directly to our office without an appointment via the client portal (SecureFilePro or Verifyle.) Information may also be mailed to our office, please use tracking and send copies. If you choose to email your information, please take steps to ensure cybersecurity (i.e., password protecting documents, etc.) document. The portal is my first choice.
The IRS has announced that it will likely begin accepting 2024 e-filed tax returns by January 30, 2025. I will be taking appointments for February 8th through to March 28th . Feel free to upload your documents using the guest portal or contact me for a link to Verifyle (backup portal) any time after Jan 30th.
The last day I will be making appointments prior to the April 15th deadline is Saturday, March 29th, 2025.
I will be in the Bethel Island office located at 6163 Bethel Island Rd, on Saturdays and Sundays, by appointment only. Please note, the address is not used for mail delivery as there is none on the island.
If these times do not work for you, please let me know and we can mutually agree on another time in my schedule that will work for you.
Note that there are a limited number of appointments during this time frame, so please schedule early. Any returns needing further documents will have to be filed on extension. At the March 29th meeting, I will let you know if an extension will be needed.
PRIVACY POLICY Compliance with the Gramm-Leach-Bliley Act, Public Law 106-102 (FTC16CFR Part 313)
The privacy of our client information has always been important to us, and we have always been bound by professional standards of confidentiality. However, we are now required by law to formally inform you of our privacy policy. Your confidence and trust are important to us. If you have any questions or concerns regarding the privacy of your nonpublic personal information, please contact us.
FEDERAL REQUIREMENTS
FBARs (FOREIGN BANK & FINANCIAL ACCOUNTS REPORT) INFORMATIONAL RETURN:
U.S. citizens, residents, corporations, partnerships, LLCs and trusts & estates that have a financial interest in or a signature authority over a foreign financial account must file an FBAR if the aggregate value of the foreign financial accounts exceeds $10,000 USD at any time during the calendar year. FBARs are due April 15th, 2025, and allow for an automatic extension to file the report until October 15th, 2025
VIRTUAL CURRENCY: IRS treats virtual currency as property for tax purposes, requiring reporting of income, capital gains, and losses.
CALIFORNIA REQUIREMENTS
USE TAX: Usually this is for out-of-state vendor or private party purchases. California use tax is a state tax applied to the purchase of goods that are used, stored, or consumed in California when sales tax has not been paid.
HEALTHCARE: California’s healthcare requirement is an individual mandate that compels most residents to have health insurance coverage. It aims to ensure everyone has access to healthcare while stabilizing the health insurance market. If you don’t have coverage, you could face a financial penalty unless you qualify for an exemption.
BUSINESS TAX RETURN DEADLINE
The tax filing deadline this year for Partnership (Form 1065) and S-Corp (Form 1120-S) returns, without extension, is Monday, March 17, 2025, because the 15th falls on a Saturday the deadline is pushed to the next business day. C-Corp (Form 1120) returns are due April 15th, 2025, without extension.
BOI REPORT (Beneficial Ownership Information) INFORMATIONAL RETURN
Owners with 25% or more ownership in LLCs or Corporations must file a BOI Report. There is no extension for this form. This is a one and done filing, unless there is an address change or change in percentage of ownership by any of the owners. Then you must file again to update the items that have changed within 30 days of the change.
If you create a new LLC or Corporation in 2025 (and you will be a 25% or more owner), the BOI Report will be required to be filed within 30 days of formation.
PERSONAL TAX RETURN DEADLINE
The tax filing deadline this year for personal tax returns (Form 1040), gift tax returns (Form 709) and Trusts (Form 1041), without extension, is April 15th, 2025. To have your return completed before April 15th, please submit your tax information to us no later than March 28th, 2025. If your information is received after March 28th, your return may be extended and filed after April 15th.
CLIENT PORTAL: SecureFilePro or Verifyle (for single filers)
As I continue to prioritize both efficiency and security, and finalize your tax return, I wanted to provide you with important details about how your documents will be delivered.
If you are receiving a copy of your tax return in paper form, please note that you will receive a condensed copy of the return with the major forms necessary for your record keeping, along with your source documents.
However, for your privacy and security, the full set of tax return and supporting documents—scanned copies of any paperwork used to prepare your return—will be made available, through the guest portal, as an attachment to an email, on a CD or thumb drive, as a password-protected digital file.
We highly value our client relationships. Your recommendation to an associate, friend or family member is more significant than any advertisement. We sincerely appreciate your patronage and as always, we strive to provide you with professional and efficient service.
If you have any questions regarding this letter or our services, please do not hesitate to contact me.
Paul Laird
Enrolled Agent