Table of Contents: 1. Mandatory Engagement Letter 2. Encrypted Portal NEW! 3. 5500-EZ Filing Requirement 4. 1099s 5. Non-Cash Donations 6. Payroll Tax Services 7. Estate Planning |
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Engagement Letter Beginning in tax year 2017, we will be requiring all tax clients to read and sign our new Client Engagement Letter. The letter will be part of the 2017 Tax Data Organizer which will be emailed out in late 2017. We must have a signed engagement letter in hand before we begin working on your tax return. | | |
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Encrypted Portal NEW! We are now offering an encrypted portal service through which we can exchange tax documents more securely, including our tax data organizer, W2s, 1099s, brokerage statements, etc. The portal is offered through SmartVault, is easy and straightforward to use, and is an alternative to password protected emails. If you would like to sign up, please send us an email and we will provide instructions. We encourage you to use this free service, but do not require it. |
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5500-EZ Filing Requirement For self-employed individuals who have a Keough or a self-employed 401(k) (Solo K) retirement account with a value of $250,000 or more, there is an annual requirement to file a 5500-EZ form with the IRS. The deadline to file every year is Jun 15th of each calendar year. 2017 5500-EZ forms are due June 15th, 2018. The 2016 deadline (June 15th, 2017) has passed. If you did not file your 5500-EZ and need to do so, please contact us immediately. |
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1099s All self-employed individuals and landlords MUST provide 1099s to service providers to whom you pay $600 or more. For 2017, 1099s and all related paperwork are due to the IRS and FTB by January 31, 2018. |
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To file 1099s you have three options: - Call/email us and request the number of blank 1099s you need and we will mail you a package with the 1099s, state forms and instructions. Fee for 1099 package is $10.
2. We are happy to do the 1099s and related paperwork for you. We charge $35/1099. 3. You can purchase a set of 1099s from an office supply store and complete all the forms on your own. There is no need to provide 1099s to service providers that are corporations. Payments to LLCs do require a 1099. |
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Non-Cash Donations As year end approaches, many people make non-cash donations (goods) to charity. To properly document these donations, we advise you to take pictures of the items you donate, and be sure to get a receipt with the date of donation, contents and value of goods donated. |
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Payroll Services Morfín Financial Services offers payroll services including paystubs, payroll tax payments and payroll report filing for small business owners and for home care workers including nannies and elder care attendants. If you are in need of payroll for your employee(s), or have questions about what our services entail, please call our payroll office at 510.558.2383. |
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Estate Planning Estate planning is a critical way to ensure your wishes are carried out for your health and property and can have serious financial implications. It allows you to protect your financial interests, and most importantly, your loved ones. Leah Morfín, J.D. offers services creating customized estate plans for you and your family including living trusts, wills, durable powers of attorney, advanced healthcare directives and more. For information about her services, please call 510.898.6768. |
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