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COVID-19 (CORONAVIRUS) Federal Tax Filing UPDATE

March 20, 2020 by Reynolds & Rowella Leave a Comment

Office Operation Update:

Following national guidelines, Reynolds + Rowella will temporarily close our offices as of close of business Friday, March 20th.  Our firm’s technology infrastructure and proactive business continuity plan will help to ensure that we can continue our work seamlessly to support our clients from out-of-the-office locations.

IRS Tax Filing Update:

Treasury Secretary Steven Mnuchin announced Friday that the IRS is extending the federal income tax filing deadline to July 15. The deadline extension gives Americans three months longer to file their individual and business income tax returns for the 2019 tax year, without incurring interest or penalties.     

The coronavirus outbreak is a critical, developing situation. The health and safety of our clients and team is always a top priority. Based on the rapidly changing conditions and to help reduce the stress on our staff and their families, we will be working our traditional office hours from remote locations. R+R is committed to continuing to work on client returns and will file as soon as possible. If you have any special time constraints, please contact a member of the team so that we can meet your requirements. 

Please be assured that R+R is focused on our commitments to you and that we will continue to provide the high-quality service to which you are accustomed. Thank you for your understanding in these very challenging times

We are available to answer any questions you have. Please contact us via email or call us by using the dial by name directory at 203-438-0161.

REYNOLDS & ROWELLA | ACCOUNTING AND CONSULTING FAIRFIELD COUNTY CT

Reynolds + Rowella is a regional accounting firm known for a team approach to financial problem solving. As Certified Public Accountants, our partners foster a personal touch with our clients. As members of DFK International/USA, an association of accountants and advisors, our professional network is international, yet many of our clients have known us for years through the local communities we serve.

Our mission is to operate as a financial services firm of outstanding quality. Our efforts are directed at serving our clients in the most efficient and responsive manner possible, delivering services that exceed the expectations of those we serve.

The firm has offices at 90 Grove St., Ridgefield, Conn., and 51 Locust Ave., New Canaan, Conn. For more information, give us a call at 203.438.0161 or email us.

Filed Under: COVID-19 Tagged With: CoronaVirus, Filing Tax Return, IRS Filing Delays, IRS Tax Filing Updates, Reynolds and Rowella, Tax Returns Fairfield County CT

Your Taxes Are Filed….but

June 29, 2017 by Reynolds & Rowella Leave a Comment

Your Taxes Are Filed, But You Still Have Questions? Here are answers to the 4 most common questions you may have.

Many taxpayers have questions after they file their tax returns. The IRS provides answers to many of them. These are a few of the most common.

How can I check the status of my refund?

You can go online to check on your refund if it has been 24 hours since the IRS would have received your e-filed tax return or four weeks after you mailed your paper return. Go to www.irs.gov and click on “Where’s My Refund?” You will need your Social Security number, your filing status, and the amount of your tax refund.

What records should I keep?

Keep receipts, canceled checks, or other substantiation for any deductions or credits you claimed. Also keep records that verify other items on your tax return (W-2s, 1099s, etc.). Keep a copy of the tax return, along with the supporting records, for seven years.

What if I discover that I made a mistake on my return?

If you discover that you failed to report some income or claim a deduction or tax credit to which you are entitled, you can correct the error by filing an amended tax return using Form 1040X, Amended U.S. Individual Income Tax Return.

What if my address changes after I file?

If you move or have an address change after filing your return, send Form 8822, Change of Address, to the IRS. You should also notify the Postal Service of your new address so that you’ll receive any refund you’re due or any notices sent by the IRS.

For answers to other tax questions you may have, contact us at consulting@reynoldsrowella.com

Filed Under: Tax Returns, Uncategorized Tagged With: Accounting Services Fairfield County CT, Best Accounting Firms Fairfield County CT, Filing Tax Return, Tax Returns Fairfield County CT

Cleaning up your important documents? Learn what Tax Records you should keep.

March 14, 2017 by Reynolds & Rowella Leave a Comment

It’s that time of year when you are getting ready to sort out last year’s financial records and prepare for this year’s record keeping. Do you know what you should keep and what can you throw away? Here are some suggestions.

Keep records that directly support income or expense items on your tax return. For income, this includes W-2s, 1099s, and Form K-1s. Keep records of any other income you have received from other sources. It’s also a good idea to save bank statements and investment statements.

Keep documentation that supports all itemized deductions you claim. This includes acknowledgments from charitable organizations and backup for taxes paid, mortgage interest, medical deductions, work expenses, and miscellaneous deductions. Even if you don’t itemize, keep records of child care expenses, medical insurance premiums if you’re self-employed, and any other deductions that appear on your return.

The IRS can audit you routinely for three years after you file your return or the tax due date, whichever is later. But in cases where income is underreported, they can audit for up to six years.

So, to be safe, consider keeping your tax records for up to seven years.

For more specific recommendations for your individual circumstance contact us consulting@reynoldsrowella.com. We’re here to help.

Filed Under: Tax Planning Tagged With: Accounting Services Fairfield County CT, Best Accounting Firms Fairfield County CT, Filing Tax Return, Financial Planning Fairfield County CT, Tax Returns Fairfield County CT

Shall I sleep on it?

January 27, 2016 by Reynolds & Rowella Leave a Comment

Relaxed young executives having a meeting indoors. Multiracial group of people sitting in office lobby discussing business.

Ah, the procrastinator’s dilemma. We all have tasks that we dread doing.
That could be as simple as making your bed to filing your tax return.

 

Shall I sleep on it or I will get to it tomorrow is said everyday throughout millions of business every single day. Mostly by the employees, but many owners are guilty of this was well. Why do we procrastinate and what can we do to motivate those to do the difficult tasks first?

One way to motivate your employees (or yourself) is to assign a subjective value to the task relative to the price of thinking about it all night. When you complete that daunting task, it is a great feeling of relief and accomplishment. William James once said, “Nothing is so fatiguing as the eternal hanging of an uncompleted task”. You could think about how miserable the task will be or you can attack it and get it done.

In 1989, George Loewenstein and Richard H. Thaler penned an article for the Journal of Economic Perspectives around the idea of delay discounting. Basically, people are willing to accept less now than wait for a larger gain. In today’s terms, think about that $20 item from Amazon that you are willing to pay $17 in shipping to get it on Monday rather than free shipping that will get it there on Wednesday. Delay discounting is a component of procrastination that is relative to the length of time before the deadline and the reward. Further away the deadline, less important it is or less attractive the reward or satisfaction of getting it done. I think I mastered in this subject in high school and book reports.

People like to feel rewarded, so they tend to work on the easier tasks first. There is a sense of accomplishment when things are checked off the list.

So, how do you motivate those employees or yourself to focus on the major items? Well, push the small items to someone else. Try to devoid yourself of the “daily minutia” to less experienced staff and train them. Place a value on the items you need to get done and get the high value items done first. Think to yourself, what would happen if I didn’t get ABC done today versus how much better and productive I would be if I got XYZ done?

When you strip out the easy tasks, all is left are the important ones and you can focus on the XYZ tasks. Associate those difficult with your own identity. People are motivated by a positive self identity and the more aligned they are with their tasks, the more efficient and effectively they will be done.

OTHERWISE, YOU CAN ALWAYS HIRE A CONSULTANT TO HELP YOU OUT WITH
THOSE TASKS NO ONE WANTS TO DO!

 

If you would like more information on how we can help streamline your day to day operations, please contact us at:    consulting@reynoldsrowella.com.

 

 

Filed Under: Tax Returns Tagged With: Accounting, Filing Tax Return, Reynolds and Rowella, tax return.

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90 Grove Street / Ridgefield, CT 06877 / Office: 203.438.0161 / Fax: 203.431.3570
51 Locust Avenue / New Canaan, CT 06840 / Office: 203.972.5191
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