How much do you charge?

The fee for tax return preparation depends on the complexity of the returns. I prefer to give a flat fee up front so there are no surprises when the work is completed. I do this by reviewing the prior year tax return and asking you about what has happened during the current year. For all other consulting, QB training, accounting, and additional tax planning beyond what is included with the tax returns are at our hourly rate.

How do I get my documents to you?

I have a secure online client portal. I will send you a link from Citrix ShareFile so you can upload your documents to me. If you prefer to mail them, that is fine to. I can also arrange for them to be picked up if that is easiest.

Where is my Refund?

I don’t know the status of your refunds once the returns are filed. But you can check the status of your Federal refund here. You can check the status of your Oregon refund here.

Where is my ERTC Refund? Why has my 2021 or 2020 paper filed tax return not been processed yet?

The IRS continues to experience delays due to the lingering effects of Covid-19. Click here for further answers to your questions.

I can’t find my IRS Identity Protection Pin (IP Pin). How can I get that?

You can retrieve your IP Pin by using the IRS IP Pin Recovery Tool here.

What Is a Beneficial Owner Information (BOI) Report and do you need to file one?

In September 2022, FinCEN, a bureau of the U.S. Department of Treasury, announced its final rule requiring certain entities to report their beneficial ownership information. The BOI report is designed to provide transparency about who owns and benefits from an LLC or Corporation. It requests identifying information about the entity’s beneficial owners (the individuals who directly own or control a company). For more up to date information, check here https://www.fincen.gov/boi-faqs#B_1

Who must file a BOI Report?

Generally, if your business is registered as an LLC or a Corporation, you meet the definition of a “reporting company” and will be required to file unless you qualify for an exemption. Each LLC or Corporation must file a separate BOI Report. An owner of multiple LLCs and/or Corporations, must file a separate BOI Report for each entity. In other words, each entity has a separate informational filing requirement.

A company must submit a BOI report if it meets the FinCEN’s beneficial owner reporting rule’s definition of a “reporting company” and does not qualify for an exemption. https://www.fincen.gov/boi-faqs#B_1

When are BOI Reports due?

If your company existed before 1/1/2024, reporting companies created or registered to do business before January 1, 2024, must file their initial BOI report by January 1, 2025.

If your company was created or registered on or after 1/1/2024, reporting companies must file its initial BOI report within 90 days of its formation. The 90-day window begins either when the company receives notice from the state that its creation or registration is effective, or after a secretary of state (or similar office) provides public notice of the reporting company’s creation or registration, whichever is earlier.

For more up to date information, check here https://www.fincen.gov/boi-faqs#B_1

Can you file the BOI Report for me?

Yes, we can file the BOI Report(s) on your behalf for a fee.

What other services do you offer? 

Please review the Areas of Practice tab on the website.

The Tax Questions ask if at any time I received, sold, exchanged or disposed of any financial interest in any virtual currency (cryptocurrency). How do I answer this question? What is virtual currency? How is virtual currency taxed?

If your only transactions involving virtual currency were purchases of virtual currency with real currency, you are not required to answer “yes” to that question. When you sell virtual currency, you must recognize capital gain or loss on the sale. For more information on what the IRS considers virtual currency. Click here.

Can you respond to IRS, state notices or audit requests on my behalf?

Yes, please upload every page of the notices received for my review.

How do you accept payment?

I accept cash, checks and electronic payments via zelle and venmo. You can find me on venmo by searching @TonyaTompkins. Or on zelle by using my email Tonya@tmtcfo.com

Are my stimulus payments taxable?

No, they are not taxable to you. The stimulus payment was an advance payment of the Recovery Rebate Credit.

I didn’t receive all of my stimulus payments; how do I get my money? I had a new baby and did not receive the stimulus payment for them, what do I do?

If you did not receive all of the stimulus payments you’re entitled to, we will recover them for you on your 2020 and 2021 tax returns. The stimulus payment was an advance payment of the Recovery Rebate Credit. When we prepare your tax returns, we will ask you how much you received in stimulus payments and reconcile the amount you received to what you should have received. If you are entitled to additional stimulus funds, the funds will be refunded to you on your 2020 or 2021 tax returns.

I’m considering purchasing a new vehicle for myself or my business. Are there tax credits for buying a new vehicle?

Yes, the IRS allows tax credits for certain types of vehicles. BUT….the law recently changed in 2023. Be sure that you actually qualify for the credit. If you receive the credit from the dealer and you don’t qualify, you will be required to pay it back on your tax return. Review the specifics of the new rules here. The IRS updates what vehicles qualify on their website each year. You can find that list and more details here.

I started a new business. Can you prepare my business tax returns?

Yes. But depending on how you’ve structured your business, your business taxes may be reported as part of your personal tax returns. If you’re a sole proprietor or single member LLC, your business is reported on Schedule C of Form 1040 of your personal tax return. That return will be due April 15th.

If you are multi-member LLC, made an S election or are a S or C-Corporation, your business has a separate tax filing requirement from your personal tax return. Partnership and S-Corporation tax returns are due March 15th and must be filed before you can file your personal tax returns. If your business return is not filed by April 15th so that you can file your personal returns, you’ll need to file an extension. C-Corporation tax returns are due April 15th.

I started a new business. Do I need to make estimated tax payments?

Most likely yes. As a self employed person, you are required to make estimated tax payments towards your Federal and state estimated tax. These payments are due quarterly on April 15, June 15th, September 15th and January 15th.

You may need to make payments every quarter or only some quarters depending on how well your business is doing. Our team can work with you to ensure that you’re paying estimated payments that will keep you penalty-proofed for the next tax year.

I haven’t filed tax returns in a few years. Can you help me get them filed so I’m compliant with the IRS and state?

Absolutely! I’ll review the last tax return that was filed, if there was one, and provide you with fee quotes for each year that needs to be filed. If you’re agreeable to the fee quotes, I’ll have you sign my engagement letter and we’ll get started on the work. I’ll need you to upload all your tax support documents, such as W-2s, 1099s, etc. for each year to Sharefile. If you don’t have or have lost your tax support documents, we’ll need to pull your IRS transcripts for the years in question and we may need you to request those missing W-2s from the employers you worked for during those years to properly capture the Federal and Oregon tax withholdings.