Thank you for the privilege of allowing GJM Advisory (“GJM”) to prepare your 2024 individual income tax returns. GJM is committed to offering a quality product with excellent service. This letter is written to confirm our understanding of the terms of our engagement and the nature and extent of the income tax services GJM will provide.
GJM will prepare both your 2024 federal and state individual income tax returns, and any additional state returns as requested by you. You are responsible for determining your state or local tax filing obligations with any state or local tax authorities. It is your responsibility to provide all the information necessary to complete your tax returns including information related to all domestic and foreign accounts. You agree that GJM has no responsibility to research these obligations or to inform you of them. You represent that the information you are supplying to GJM, whether verbal, written, or otherwise is accurate and complete, to the best of your knowledge, and that you have disclosed to GJM all relevant facts affecting the returns, including your current address and your marital status during the tax year. GJM will not verify the information you give to GJM; however, GJM may ask for additional clarification of some information. You have final responsibility for your income tax returns. Check them carefully for accuracy and completeness before you sign them.
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 deductions that require strict documentation such as travel and entertainment expenses and expenses for business usage of autos. You are responsible for confirming that personal expenses, if any, are segregated from business expenses such as meals, travel, entertainment, vehicle use, gifts, utilities, and cellular telephones, and that said expenses are supported by necessary records required by the IRS and other taxing authorities. You have disclosed if you’ve received, sold, sent, exchanged, or otherwise acquired any financial interest in any virtual currency. In preparing your returns, GJM will rely on your representations that you have complied with the documentation requirements for your expenses and deductions. You should retain all the documents, receipts, and canceled checks and other records to substantiate the items of income and deductible expenses that are claimed on your return. If a question arises regarding the interpretation of tax law, and a conflict exists between the taxing authority's interpretation of the law and other supportable positions, GJM will use our professional judgment in resolving these issues. Whenever possible GJM will resolve said questions in your favor. Since you have the final responsibility for the information on your income tax returns, please review the tax returns carefully before signing and filing them.
In accordance with federal law, in no case will GJM disclose your tax return information to another tax return preparer outside of our firm, or to any other third party, without first receiving your consent.
Fees for our services will be at our standard rates. Additionally, GJM will be entitled to reimbursement for extra expenses that may include extra copies of returns and rerun fees. You may request that we perform additional services not contemplated by this engagement letter, including tax planning services. In such cases, additional fees may apply. Invoices are provided upon your receipt of the returns, and/or our completion or termination of work: Payment is expected at that time. Payments more than thirty (30) days late are subject to late fees of up to 1.5% per month, or a minimum fee of $5.00 per month.
ACH is our preferred method of payment and we will use the information we have on file from your previous year's tax return to process payment for tax preparation. There is a 3% processing fee for clients who prefer to pay via credit card. If you prefer to pay via credit card, please provide that information separately when you mail/drop-off your documents or upload to your SmartVault client portal.