Terms of Service - LPC Tax
Key Dates for Returns:
February 15th: Soft target date for receiving tax return information
March 15th: Deadline for partnership and S-Corporation returns
April 15th: Deadline for individual, trust and C-Corporation returns
The dates above are not adjusted for holidays, non-business days, extensions, or other adjustments that may affect the actual due dates.
Reliance on Information Provided
We will prepare your returns and related documents from the information you provide to us. It is your responsibility to provide all the information required to prepare your returns. We may provide you with an organizer or checklist of information required for the returns to help you identify needed information.
We will not audit or otherwise verify the information provided, although we may ask for clarification if the information appears to be incorrect, inconsistent, or incomplete. Our work does not include any procedures designed to discover errors or other irregularities, should any exist. You have the final responsibility for the income tax returns and, therefore, you should review them carefully before you sign and file them.
Documentation
Taxpayers are required to maintain all the documents that form the basis of income, deductions, credits and payments shown on the return. In addition, some items have specific substantiation requirements set forth by the IRS (e.g., auto, meals & entertainment, charitable contributions over $250, etc.). If you have any questions as to the type of records required, please ask us for advice in that regard. Your signature on this letter confirms that we have advised you of the record keeping requirements.
Client documents are retained by LPC Tax for 7 years. LPC Tax will provide copies of completed returns and client provided documents upon request, however, internally prepared and partially completed documents may not be provided.
Arguable Positions
If there are conflicting interpretations of tax law, or if tax law is unclear, we will explain the possible positions that may be taken in order for us to sign your return. We will follow the position you request, provided it is consistent with our understanding of tax reference materials and our professional standards. Tax reference materials include, but are not limited to, the Code, Revenue Rulings, Revenue Procedures, court cases, and similar state and local guidance. If the IRS, state or local tax authorities later contest the position you select, additional tax, penalties, and interest may be assessed. You will be responsible for these amounts, as well as any related professional fees you may incur, to respond to the tax authority.
Bookkeeping Assistance
We may deem it necessary to provide you with accounting and bookkeeping assistance solely for the purpose of preparing the tax returns. These services will be performed solely in accordance with the AICPA Code of Professional Conduct. In the event we conclude that such services are necessary to prepare your tax returns, we will advise you in writing before services are performed and bill you for the required services. These services will be billed at our standard hourly rates and will be subject to the terms of this Agreement.
Estimates and Tax Planning
In completing your income tax return, we may provide you with tax estimates for the following year based on simple assumptions. If determining the tax estimates requires more extensive review, we will advise you in writing before services are performed and bill you for the required services.
Confidentiality for filers of joint tax returns
If the tax returns prepared in connection with this engagement are filed using the married filing jointly filing status, both spouses are deemed to be clients of the firm under the terms of this Agreement. Both spouses acknowledge that any tax return information, including supporting documents provided to us, used in the preparation of your joint return, and any communications made to us by either of you in connection with the preparation of your joint return, may ultimately be shared with either spouse, without prior consent of the other.
Timely Payment
Bills are payable upon receipt. Any bills not paid within 90 days of receipt may result in stoppage of work and finance charges.
Prior Year Review
Our review of the prior year’s tax returns will necessarily be limited and may not find errors. We will, however, bring to your attention errors that we do find. Similarly, if you become aware of any information affecting prior year tax returns, please contact us. If an error or information affecting prior year tax returns is discovered by you or us, we will discuss resolution options with you.
Limited Liability
Tax return preparers have certain responsibilities for their code of conduct and due diligence in preparing the return under law. Additionally, licensed professionals may have other responsibilities under the law. You recognize that the liability of LPC Tax and any representative of LPC Tax is limited to zero beyond the minimum required by law.
Foreign Reporting
We must report overseas assets owned by businesses as well as individuals. The reporting requirements are increasing and the penalties for failure to report continue to be harsh. Not all foreign holdings must be reported. If, for example, you hold stock in a publicly traded foreign company through a U.S. broker, those holdings do not have to be separately reported. However, if you hold any other types of foreign assets, including bank accounts and securities accounts, please let us know. If you have any doubt as to whether any of your assets are foreign, please discuss those assets with us.
Government inquiries
Return preparation fees do not include responding to inquiries by any governmental agency or tax authority. If you are contacted by a tax authority, either for an examination or other inquiry, you may request our assistance in responding.
Responsibility of Payment to Tax Authorities
You will be responsible for the payment of any tax, penalties, and interest charges imposed by tax authorities.
Termination of Services
Either party may at their sole discretion terminate this engagement at any time with written notice such as email. If there is work-in-process at the time of termination, all incurred charges will be payable.
Our Fees
Value based billing: Most projects are billed on a semi-fixed fee basis rather than hourly. The fee will be based on the estimate provided in writing (typically by email) unless:
Scope of a project changes substantially from the basis for the estimate
Information is not received timely or is received in a disorganized manner
Hourly pricing: Our standard hourly rate is $200/hour. Hourly rates may vary depending on the nature of the project and are subject to change.