Dear Valued Client,
This letter is to detail the terms of our engagement with you and to clarify the nature and extent of the services we will provide. To ensure an understanding of lour mutual responsibilities, we ask all clients for whom returns are prepared to confirm the following arrangements. By providing us with your signature, you are accepting the terms and conditions specified in this letter.
OUR RESPONSIBILITIES
We will prepare your federal, state, and local income tax returns from the information you supply. We will not audit or otherwise verify the data you submit; however, it may be necessary to ask you to clarify some of the information that you have submitted. We will supply you with guides to assist you in gathering the information required to accurately complete your return. We reserve the right to assess additional bookkeeping charges if necessary.
We may ask for clarification of your data or additional information.
We are not responsible to discover fraud or other irregularities, should any exist.
We will work to find all the credits and deductions you are legally entitled to
Our work in connection with the preparation of your income tax returns does not include any procedures designed to discover defalcations and/or irregularities, should any exist. We will render such bookkeeping assistance as necessary to prepare your income tax return.
YOUR RESPONSIBILITIES
It is your responsibility to provide all the information required for the preparation of complete and accurate returns. You should retain all documents that form the basis of income, expenses, credits, and deductions. These may be necessary to prove the accuracy and completeness of the returns to a taxing authority. We will keep a copy of all documents as a precaution, so as to be readily available in the event that they must be submitted on your behalf.
To provide all the information required for a complete and accurate finished product
To provide all of your information needed in a timely manner
To retain all the documents and data that attest to the claimed income and deductions in the event you have to provide them to a taxation authority
To carefully review all documents provided by our office before you sign your completed tax return
To not knowingly commit fraud
Ultimately, you are responsible for the filing of your income tax returns and, therefore, you should review them carefully before signing and approving them for IRS transmission.
PENALTIES, EXAMINATIONS AND NOTICES
As you know, your returns are subject to examination by the taxing authorities. In the event of an audit, you may be requested to produce documents, records, or other evidence to substantiate the items of income and deductions shown on a tax return. If an examication occurs, I will represent you, if you so desire, to the extinct the IRS allows. However if you need representation outside of my scopes of practice, I will be happy to refer you to a licensed professional that will charge an additional fee for representation. It is important for you to know that the law imposes a penalty if a taxpayer makes a substantial understatement of tax liability. You should also know that IRS audit procedures will almost always include questions on bartering transactions and on deductions that require strict documentation such as travel expenses and expenses for business usage of autos and computers. In addition, all charitable contributions must have appropriate documentation to substantiate the deduction and it will be important to retain that documentation for verification purposes. In preparing your returns, I rely on your representations that I have been informed of all bartering transactions and that you understand and have complied with the documentation requirement for your expenses and deductions.
If, during work, I discover information that affects your prior tax returns, I will make you aware fo the facts. However, I cannot be responsible for identigying all items that may affect prior year tax years. Optional audit protection is an additional cost.
PRIVACY POLICY
Tax preparers are bound by professional standards of confidentiality. Therefore, we have always protected your right to privacy. For current and former clients, we do not disclose any nonpublic personal information obtained in the course of our practice except as required or permitted by law, and as is necessary to properly provide our services to you.
Types of Nonpublic Personal Information We Collect
We collect nonpublic personal information about you that is provided to us by you or obtained by us with your authorization.
Parties to Whom We Disclose Information
We make available information to our employees and to non-affiliated third parties who need to know that information to assist us in providing services to you. In all such situations, we require a contractual agreement that includes procedural safeguards that protect the confidential nature of the information being shared.
Protecting the Confidentiality and Security of Former Client Information
We retain records relating to professional services that we provide so that we are better able to assist you with your professional needs and, in some cases, to comply with professional guidelines. In order to guard your nonpublic personal information, we maintain physical, electronic, and procedural safeguards that comply with our professional standards.
OUR FEES
We invoice for time spent, depending on schedules and forms completed and out-of-pocket expenses incurred. Our rates vary depending on the nature of the work performed. We may invoice for partially completed work that is placed on extentsion or remains undone. Tax Preparation fees start at $200; Self Employed Schedule C fees start at $500; S-Corporation start at $1100, and Partnerships start at $975. If we have to reconstruct income for bookkeeping, there is an additional charge of $750. If a bank product is chosen for payment and for some reason your return isn't funded our bank will auto collect form the banking information provided during preparation with a $45 service charge plus tax preparation fee.
TAX DOCUMENTS
All clients are provided a copy of their tax documents at the conclusion of their tax preparation, if return is e-filed to the IRS. Tax documents are issued via email or in office only. In order to provide you with a copy of your tax documents, tax return must be e-filed and submitted to the IRS. Any additional copies of your e-filed tax documents are $25 per year.
ARBITRATION
If a dispute arises out of or relates to this contract or engagement letter, or the obligtions of the parties therein, and if the dispute cannot be settled through negotiation, the parties agree first to try in good faith to settle the dispute by mediation administered by the American Arbitration Association under its commercial Mediation Rules before resorting to arbitration, litigation, or some other dispute resolution procedure.
AGREEMENT
The foregoing is in accordance with my (our) understanding of your engagement to provide tax and financial services and you are hereby advised that each item of revenue or expense can be substanstiated by receipts, cancelled checks, or other documents. This information is true, correct, and complete to the best of my (our) knowledge. Further, it is my understanding that these terms will continue to be inforced for the succeeding years of our engagement.
***Please note that by signing this form you are affirming that you have read and understood the above mentioned details.
You attest that you understand that this information is being provided to the IRS and state tax authorities. You attest that your tax preparer advised that any false and misleading information that you provide for income tax filing purposes is against the law and is subject to penalties. You understand that Gold Star Financial, LLC is only liable for any errors and omissions on their part and responsible for any interest and penalties and not tax due.
If you agree with the conditions set forth above, please sign this letter in the space indicated. This letter will apply to all tax returns prepared for you by our tax preparers. We want to express our appreciation for this opportunity to collaborate with you.