January 2022 – Tax Documents – Best Practices

By

As we prepare for the 2021 tax filing season, we understand this is a busy time of the year for you as well. To help streamline the tax return filing process, we wanted to reach out to you with a few helpful tips regarding the best way to provide your tax documents to us this year.

HELPFUL TIPS

As a general rule, we prefer electronic copies of your tax documents. These are often located on your financial institution’s website, and can be downloaded to your desktop as PDF files. Once these documents are downloaded from the financial institution’s website, the most secure method to provide these to us is through our portal. Please do not email your tax documents to us: our secure portal is the best place to upload your documents to ensure your sensitive information remains protected.

If you are unsure of how to access your portal or upload documents, please feel free to give us a call at (970) 223-2727 and we will be happy to assist you.

 

ELECTRONIC DOCUMENT QUALITY

To ensure the best quality of your electronic documents, please do not take photos of the documents. Please scan the documents through a conventional scanner or download the documents directly from the financial institution issuing them and then upload them to our secure portal.

If you are using a conventional scanner to scan your documents in, please keep these tips in mind:

  1. Scanner settings of 300 DPI, black & white are recommended.
  2. Please ensure pages are scanned in the correct orientation (for example, landscape documents should be scanned in landscape format, portrait documents should be scanned in portrait format).
  3. If you are scanning a multi-page document, please ensure all of the pages stay together in the same scanned document.
  4. Please only scan one document per page. For example, please do not scan two different source documents to one single page.
  5. Please save your scanned documents as either a PDF or TIFF. Please do not use any document formats outside of the PDF and TIFF.
  6. If the option is available on your scanner, please de-skew your scans.
  7. Please do not use the de-speckle function on the scans that you provide us.
 SCAN QUALITY

As a general rule, please ensure your scans are legible. If you are unable to read the scans, it is likely we will also have difficulty reading them. If needed, please adjust your scanner and re-scan the document to create a clear picture of the document. Please see the following examples of scenarios when a re-scan is likely necessary:

  1. The scan image is too light and appears faint.
  2. A watermark appears on the document.
  3. The image background is too dark.
PHYSICAL DOCUMENTS

If you prefer to provide us with physical documents through the mail or at the office instead of electronic copies, please provide us with original copies of your tax documents. We will scan your documents in and return your original documents to you when we complete your tax returns.

As always, please feel free to reach out to us with any questions regarding this information.

 

2022 Filing Deadlines

 

JANUARY 31, 2022 – Form 1099 NEC and the related Form 1096 must be filed with the IRS for any non-employee compensation paid

FEBRUARY 28, 2022 – Form 1099 MISC and the related Form 1096 must be filed with the IRS for rents, royalties, or other payments (MARCH 31, 2022 if filed electronically)

MARCH 15, 2022 – Federal and state income tax returns are due for calendar-year flow-through entities, including partnerships and S-Corporations

APRIL 15, 2022 – Federal and state income tax returns are due for individual taxpayers, C-Corporations, and Estates and Trusts

SEPTEMBER 15, 2022 – Federal and state income tax returns are due for flow-through entities, including partnerships and S-Corporations if extended

SEPTEMBER 30, 2022 – Federal and state income tax returns are due for trusts if extended

OCTOBER 15, 2022 – Federal and state income tax returns are due for individual taxpayers, and C-Corporations if extended

 

2022 Estimated Payment Deadlines

 

JANUARY 18, 2022 – 4th quarter estimated payments for 2021 are due to the IRS and Colorado Department of Revenue

APRIL 15, 2022 – 1st quarter estimated payments for 2022 are due to the IRS and Colorado Department of Revenue

JUNE 15, 2022 – 2nd quarter estimated payments for 2022 are due to the IRS and Colorado Department of Revenue

SEPTEMBER 15, 2022 – 3rd quarter estimated payments for 2022 are due to the IRS and Colorado Department of Revenue

 

2022 Soukup Bush Deadlines

 

FEBRUARY 15, 2022:

For our clients who own pass-through entities – please provide all documents and required information for partnership and S-corporation tax returns by February 15, 2022. In order to provide our best service, your tax return will be extended and completed after April 15, 2021 if there is still outstanding information needed by February 15, 2022.

Please Note: extended business returns will be prepared after the individual filing deadline, April 15, 2022. Thus, we will also be filing an extension for your individual return if we extend your business return.

MARCH 15, 2022:

For our clients with individual and C-corporation tax returns – please provide all documents and required information for individual and C-corporation tax returns by March 15, 2022. In order to provide our best service, your tax return will be extended and completed after April 15, 2022 if there is still outstanding information needed by March 15, 2022.