IMPORTANT!
If you have more than one entity, please complete this questionnaire for each business, and be sure to keep documents separated per business. Thank you!
Pass-Through Entity Tax (PTET):Did you make the Pass-Through Entity Tax (PTET) election for tax year 2025?No Yes, through RAC Yes, by myself* For more information on PTET visit: https://www.tax.ny.gov/bus/ptet/If you made the election yourself, then please indicate what your quarterly estimated PTET payments were for 2025:Q1: $ Amount Q2: $ Amount Q3: $ Amount Q4: $ Amount Do you intend to elect PTET for 2026?No Yes, please make the election for me Yes, I will make the election myself
Beneficial Ownership Information Filing:Did the business submit its initial Beneficial Ownership Information with FINCEN?No Yes* If not, would you like RAC to file this for you? No Yes
Employee Retention Tax Credit (ERTC):If the business applied for the ERTC, did you receive any refund payments from the IRS during tax year 2025?No Yes If yes, please provide RAC with: a copy of the IRS ERTC letter as well as the Total Amount Received: $ Amount
Bank Account Information for Tax Payments:
To give us a better understanding of what happened during the tax year, please check all that apply to you:I took distributions of equity from my company during the year. I invested or lent money to my business during the tax year. The business purchased (or financed) fixed assets during the year (including real estate, equipment, furniture, improvements, etc.) If yes, please provide the details of the purchase, including purchase agreements and closing statements. The business paid for life insurance premiums that relate to a policy where the beneficiary is one or more of the owners. Please provide more information below. The business paid the health insurance premiums for one or more of the owners. Please provide more information below. The business obtained one or more new loans, credit cards, or other debt obligations during the year. Please provide more information below. The business paid off one or more loans or other debt obligations during the year. Please provide more information below. For accrual basis: The business had certain outstanding Accounts Receivable invoices that were determined to be uncollectible as of 12/31. Please provide more information below.
We cannot begin preparing your business tax return until:Your books and records are complete. This includes reconciling all bank and credit cards and posting all transactions for the year.My books are not complete. I would like to engage RAC to clean up and reconcile my books. Please email your request for service to OASTeam@rac-co.com. I understand this is a service separate from the tax return engagement. I will be invoiced for the bookkeeping cleanup in addition to preparing the business tax return. RAC receives all required and applicable supporting tax documentation. * See the comprehensive checklist below in Section 5.* Your account with RAC is current. If you have an outstanding balance, please contact our office or visit: https://www.rac-co.com/pay-an-invoice to pay any balance due. You have reviewed and agree with the terms and conditions of our Business Income Tax Engagement Letter.
I understand, RAC cannot electronically file your business tax return until:RAC receives payment for all services rendered in the preparation of your tax return or any bookkeeping services performed therein.* You have properly signed all necessary e-file forms that we provide to you at delivery.*
Please include all applicable items listed below when you submit your documents:If this is the first year RAC is preparing your business tax return, please upload copies of your corporate formation documentation (EIN letter, Articles of Incorporation, Bylaws/Partnership Agreement, S-Corporation election letters, etc.)Financial statements, business income and expenses, and/or a trial balance for the tax year Payroll Documents for the Year All bank account statements showing the balance as of December 31st (or the last day of the business tax year)All credit card account statements that overlap with December 31st (or the last day of the business tax year)All loan account statements show the balance as of December 31st (or the last day of the business tax year)Details of all assets purchased or sold during the tax year (invoice, purchase agreement or closing statement)Inventory value as of the last day of the tax year at cost basis Sales Report from your merchant provider or POS system for the entire tax year (if applicable)Details on any ownership changes that took place throughout the year (i.e. changes in ownership percentage or personnel)