NEW CLIENT:

PRIOR YEARS REVIEW &

dISCOVERY RATES

Review below before proceeding. Select “New Client Setup” tab on our Price Menu to see our rates.

Just because you’ve never been audited doesn't guarantee your tax return was filed correctly, and receiving a refund doesn’t necessarily mean it was filed in the most advantageous way. We’ve helped numerous clients save millions of dollars by assisting them in amending their returns since 2007. Additionally, the IRS has up to three years (and the FTB has up to four years) to audit a return. In cases of reasonable cause, audits can extend to as many as six years, plus the current year, making it a potential seven-year audit period. The IRS also has the authority to collect reassessed balances for up to ten years due to the statute of limitations. While many firms may overlook these details, at Richard Colins, we take a meticulous and thoughtful approach to ensure you are protected from IRS scrutiny while optimizing your tax outcomes.

Non-negotiable. All new clients require a review and assessment of last 2 known filed years of tax returns. There is information we need from prior years to file a current year’s return correctly. Information we look for:

  • Required data

  • Stock carryovers

  • Crypto carryovers

  • Asset depreciation

  • Rental and business carryover losses

  • QBID Qualified Business Income Deduction Carryovers

  • Certain elections that affects how we file your new return

  • K1 partnership basis from prior year

  • Qualify for safe harbor rules to reduce penalties

  • Incorrect data that needs to be amended before filing current tax year’s return

  • Proper filing status

  • Dependent associated information to claim allowable credits

  • Credit limitations due to prior years

  • Alternative Minimum Tax Calculations and Carryovers

  • Minimum Tax Credit Carryovers


That is just to name a few. All these things will help you in few ways and more:

  1. Avoid any unwanted audits from the IRS.

  2. Help reduce your taxes.

  3. Reduce or eliminate penalties.

  4. Adjust poorly calculated returns

  5. Ensures accurate reporting of carryovers, deductions, and credits.

  6. Helps avoid errors in the current year’s tax filing.

  7. Maximizes potential refunds and minimizes tax liabilities.

  8. Identifies any missed opportunities from previous years.

  9. Ensures consistency in reporting income and expenses across multiple years.

Continue your booking, we look forward to a thriving relationship together.