Thank you for choosing HEYER & ASSOCIATES EA PA to assist with your personal taxes. This letter confirms the terms of the engagement and outlines the nature and extent of the services we will provide.
We will prepare the federal income tax return(s) (state, trusts, corporate, partnership, children’s return, if applicable)for the year(s) stated above. We will depend on you or management to provide information we need to prepare complete and accurate return(s). We may ask you or management to clarify some items but will not audit or otherwise verify the data submitted.
We will perform accounting services only as needed to prepare the tax return(s). Our work will not include procedures to find defalcations or other irregularities. Accordingly, our engagement should not be relied upon to disclose errors, fraud, or other illegal acts, though it may be necessary for you or management to clarify some of the information submitted. We will, of course, inform you or management of any material errors, fraud, or other illegal acts we discover.
The law imposes penalties when taxpayers underestimate their tax liability. Please call us if there are any concerns about such penalties.
Should we encounter instances of unclear tax law, or of potential conflicts in the interpretation of the law, we will outline the reasonable courses of action and the risks and consequences of each. We will ultimately adopt, on the behalf of the client, the alternative selected by you or management.
Our fee will be based on the time required at standard billing rates plus out-of-pocket expenses. Invoices are due and payable upon representation. To the extent permitted by state law, an interest charge may be added to all accounts not paid within thirty (30) days
Please be aware of the obligation to report financial interest in an account outside of the United States. If you have a financial interest in, or signature or other authority over, bank accounts, securities, or other financial assets having an aggregate value exceeding $10,000 USD in a foreign country, you are required to report such a relationship. Such filing requirements apply to taxpayers that have direct or indirect control over a foreign or domestic entity with foreign financial accounts, even if the taxpayer does not have foreign account(s). For example, a corporate-owned foreign account would require filings by the corporations and by the individual corporate officers with signature authority. If you fail to disclose the required information to the U.S. Department of the Treasury, the failure to disclose may result in substantial civil and/or criminal penalties. By signing below, you have acknowledged that you have or will disclose any obligation of reporting you may have to me for my assistance, or you have been made aware of this responsibility and will handle it on your own.
In addition, if you have a crypto currency you need to inform us of any transactions using said currency.
Our engagement is to ONLY prepare the tax return(s) for the year(s) mentioned above and will conclude with the delivery of the completed return(s) to you or management (if paper-filing) or with the taxpayer (and spouse), officer, tax matters partner or representative signature and or subsequent submittal of the tax return (if e-filing). If you or management has not selected to e-file the return(s) with our office, you or management will be solely responsible to file the return(s) with the appropriate taxing authorities. The taxpayer (and spouse), officer, tax matters partner or representative should review all tax-return documents carefully before signing them.
Please keep in mind your return(s) may be selected for review, audit or communication by the taxing authorities. Any proposed adjustments by the examining agent are subject to certain rights of appeal. In the event of a tax examination, correspondence, etc., we will be available upon request to represent you and will render additional invoices for the time and expenses incurred. Recent tax laws include significant provisions that serve to increase the standard for tax return preparers. They expand preparer penalties and in essence hold preparers responsible for taxpayer provided information that later proves to be unsubstantiated. This may require you to provide us a higher level of supporting documentation. A minimum fee of $250 will be requried if Heyer I Associates deems a Power of Attorney is necessary. If the notice is due to an error caused by US, we will reimburse the $250 fee.
We will return the original records to you or management at the end of this engagement. These records, along with all supporting documents, canceled checks, etc., should be securely stored, as these items may later be needed to prove accuracy and completeness of a return. We will retain copies of the records and our work papers for the engagement for seven years, after which these documents will be destroyed.
Any disputes or litigation arising from this engagement will be settled by arbitration in the State of Florida and be limited to the fees actually paid by you, the client, to HEYER & ASSOCIATES EA PA.
Please keep in mind your return(s) may be selected for review by the taxing authorities. Any proposed adjustments by the examining agent are subject to certain rights of appeal. In the event of a tax examination, correspondence, etc., we will be available upon request to represent you and will render additional invoices for the time and expenses incurred. Recent tax laws include significant provisions that serve to increase the standard for tax return preparers. They expand preparer penalties and in essence hold preparers responsible for taxpayer provided information that later proves to be unsubstantiated. This may require you to provide us a higher level of supporting documentation.
To affirm that this letter correctly summaries the arrangements for this work, please sign the enclosed copy of this letter in the space indicated and return it to us in the envelope provided.