You are responsible for determining your state or local tax filing obligations with all state and local tax authorities, including, but not limited to income, franchise, sales, use, and property taxes. You agree that it is your sole responsibility to research and conform to all filing obligations. If it comes to our attention that you may have an obligation to file additional tax returns for which we have not been retained to prepare, we will notify you and ask you to contact us. If you ask us to prepare additional returns, additional fees will be charged to reflect this service.
The Bank Secrecy Act requires the annual reporting of financial interests in or signature authority over foreign bank accounts (including authority comparable to signature authority Failure to file the Report of Foreign Bank and Financial Accounts (“FBAR”) can result in the imposition of both civil and criminal penalties, which can be significant. The FBAR is not a tax return, and preparation of same is not within the scope of this engagement. If you have questions regarding this filing obligation or wish to engage us to prepare such reports, please contact us to discuss these matters. As of now, these forms are due on the 30th day of June each year.
You acknowledge your responsibility to inform us of any bartering transactions, listed transactions or transactions of interest as designated by the IRS. You agree to hold us harmless with respect to any additional taxes, penalties, or interest imposed on you by taxing authorities resulting from your failure to timely notify us, in writing, of all such transactions in order to facilitate the timely preparation and filing of your tax returns.
You are responsible for maintaining adequate documentation to substantiate the accuracy and completeness of your tax returns. You should retain all documents that provide evidence and support for reported income, credits, and deductions on your returns as required under tax law. You are responsible for the adequacy of all such documents. You represent that you have such documentation and can produce it if needed to respond to any audit or inquiry by taxing agencies. You agree to hold us harmless with respect to any additional taxes, penalties, or interest imposed on you by taxing authorities resulting from the disallowance of tax deductions due to inadequate documentation.
Unless we are otherwise advised, you confirm that expenses such as meals, travel, entertainment, vehicles use, gifts, and related expenses are supported by necessary records required by the IRS. At your request, we are available to answer your questions and advise you on the types of records required. You agree that you will not and are not entitled to rely on any advice unless it is provided in writing.
You have final responsibility for your income tax returns. Check them carefully for accuracy and completeness before you sign them.