I received a notice. What should I do?

First, do not panic. Government agencies send notices for a variety of reasons. Please send us a copy as soon as possible, so we can explain it to you and address it timely.

I haven’t filed my taxes for one, two or more years? Now what?

Am I going to jail? While it is important for all of us to stay current on our tax filings…sometimes things happen. The first step is to call us, so we can discuss the best course of action for your particular circumstances. Jail is rarely a possibility for simple non-filing.

If I haven’t filed, how long do I have to receive my refund?

Generally, refunds are forfeited three years from the filing due date (without extensions). For example, a 2015 tax return is due April 15th 2016. You must file on or before April 15th 2019 to still receive your refund. File just one day later and you have lost your refund. There are some states that have a shorter time frame and some that have a longer, but a good rule of thumb is 3 years.

What happens if I do not file a tax return?

If you are due a refund and do not file within the three year period, you will forfeit your refund. If you owe money, the longer you wait to file the more interest and penalties the government will assess. You also risk that the government will file for you. The government, generally, files the tax return using the least advantageous calculation available.

I owe money, so I don’t want to file. Is this my best course of action?

No. Generally, if you owe money, it is better to file on time and set up a payment plan than it is not to file. If you file after the due date, you may be subject to a late filing penalty in addition to the late payment penalty and interest.

I cannot pay my tax bill. What do I do?

While it is best to pay in full when your tax return is filed, sometimes that just isn’t possible. The IRS and the states have payment plans available. Interest will continue to be assessed, even if you enter a payment plan. Please contact us and we can advise you of the payment options.

How long should I keep my tax records?

Generally, you should keep all tax related documents (including receipts) for five years. However, we recommend you keep a copy of the actual tax return forever.

What happens if I get audited?

If your tax return is selected for audit, you can either handle it on your own or you can have us handle it for you. Audits are billed at our customary hourly rate. Your first step should be to contact us, so we can explain the process and you can make an informed decision.

What are my chances of being audited?

Generally, audits are at an all-time low. Most taxpayer’s chance of being audited is less than 1%.

Why was my tax return selected for audit?

There are several reasons a tax return is selected for audit. Some audits are random. Some audits are selected because the IRS is focusing on certain professions or certain types of income. Some audits are used as a training tool for new agents.

I received an email or phone call from the IRS. What should I do?

The IRS will not contact you via telephone or email. Do not engage the telephone caller in any conversation, just hang up. Do not respond to any emails or click any links in an email that appears to be generated from the IRS. The primary mode of communication from the IRS is mail. If you haven’t received mail from the IRS, they are not calling or emailing you. Please ignore any contact from the IRS unless it is by US Mail.

What is the deadline to submit my information to TC Durant to ensure timely filing?

Human nature is to wait to the last minute, but we would like to have your information as early as possible. We need to have all of your documents by mid-March to ensure timely filing.

When do you start making appointments for the upcoming tax season?

Generally we are ready to make appointments in the beginning of January. If you have unusual circumstances, please contact us in November or December and we will do our best to accommodate you.

What are your New York office hours?

Generally our New York office opens at the end of January and stays open until the end of tax season. Each tax year is a little different so please contact us for details.

What are your New Jersey office hours?

From May to January we are open Monday through Thursday. Starting in February we are open Monday through Friday and then seven days a week as April 15th approaches.

I am unable to schedule an appointment, what should I do?

You may send us your tax information and your accountant will contact you with any questions.

How can I send you my information? Do you require originals?

For security purposes, we prefer all documents to be uploaded to our secure online portal system or hard copy mailed to our NJ Office. We do not require originals, so if you send them electronically please do not send via mail also.

Are you accepting new clients?

We are always happy to welcome new clients.

I was missing information at my appointment. Where do I send it?

The most efficient way to get your information to us is by uploading your documents to your secure online portal account. Sending documents by other methods may delay the processing of your tax return.

Additional Questions?

We are always here for you. Please feel free to ring or write.