frequently asked questions
Despite our best efforts, during the peak season, it may take a while longer to get to or respond to calls. To better serve you we’ve compiled a list of FAQ’s by category. If you cannot find an answer to your question don’t hesitate to call us at 866-2-Elite-8 (866-235-4838) or email email@example.com and one of our staff members will respond within 48 hours.
THE BEST WAY TO SECURE POINTED RESPONSE IS TO BOOK AN APPOINTMENT AT
• Business Tax Planning
• Audit Representation
• Tax Resolution
• Federal, State, Tax Preparation
• Annual Franchise Reports
• Sales Tax Preparation
To ensure the highest quality of tax preparation, we recommend bringing the following information with you to your appointment.
- Social Security Cards (including self, spouse & children)
- Driver License or ID Card
- Child Care Provider: Name, Address, Tax ID# or SSN, & amount paid
- Education Expense: 1098 T
- Prior Year’s Taxes
- Letter 6419, Child Tax Credit. If you did not receive the letter, you may visit the IRS site to obtain the information. https://www.irs.gov/credits-deductions/child-tax-credit-update-portal. Our office will charge an additional $200.00 to obtain this information for you.
- Letter 6475 Economic Impact Payment. If you don’t receive this letter you may find help at https://www.irs.gov/coronavirus/get-my-payment. Our office will charge an additional $200.00 to obtain this information for you.
- Student loan interest paid
- IRA contributions
- Early withdrawal penalties
- Moving expenses
EMPLOYMENT & INCOME DATA
- W-2 forms for this year
- Unemployment compensation: forms 1099-G
- Miscellaneous income including rent: form(s) 1099-MISC
- Pensions and Annuities: form(s) 1099-R
- Social Security Benefits: form(s) SSA 1099
- Partnerships & S Corporations: Schedule K-1
- State and Local Income Tax Refunds: form(s) 1099-G
- Gambling and Lottery winnings: form W-2G
- Interest Income: 1099 INT
- Dividend Income: 1099 INT
- Proceeds from Stocks: 1099-B
- Sale of Home Income Loss: 1099-B
Each client’s tax situation is different. Charges vary accordingly and are discussed prior to filing.
*Charges for bank products are separate and not set by Elite 8 Tax & Financial Services
- The IRS has been behind since the onset of the Covid-19 Virus. Taxpayers receiving Earned Income Credit or Child Tax Credit fall under the rules for the PATH Act.
- Things that could impact your refund in addition to the path act include:
i. Inaccurate calculation to any credits from advances.
ii. Changes in your address, dependents or filing status requiring you to do an identity verification
This change begins Jan. 1, 2017, and may affect some returns filed early in 2017. Additional information is listed below.
To comply with the law, the IRS will hold the refunds on EITC and ACTC-related returns until Feb. 15.
This allows additional time to help prevent revenue lost due to identity theft and refund fraud related to fabricated wages and withholdings.
The IRS will hold the entire refund. Under the new law, the IRS cannot release the part of the refund that is not associated with the EITC and ACTC.
Taxpayers should file as they normally do, and tax return preparers should also submit returns as they normally do.
The IRS will begin accepting and processing tax returns once the filing season begins, as we do every year. That will not change.
The IRS still expects to issue most refunds in less than 21 days, though IRS will hold refunds for EITC and ACTC-related tax returns filed early in 2017 until Feb. 15 and then begin issuing them