2014 income tax filing season and the potential for delays - Thanks Obama!

Thanks Obama!

Dear Bill and Ann

This email is to inform you of unique challenges with the 2014 income tax filing season and the potential for delays beyond our typical tax preparation turnaround time.

Heading into the 2014 tax filing season, many (including IRS Commissioner John Koskinen) speculated that this would be one of the most challenging tax seasons in recent memory due to the confluence of several factors: budget constraints, late tax legislation enacted at year-end, and the massive implementation of the Affordable Care Act.  As a result, the IRS expects increases in tax return processing time and delays in issuing tax refunds.

In addition to these broader challenges, XXXXXXXXXX was informed this morning that our primary custodian, TD Ameritrade, requested an extension of time to issue their annual tax statements: Consolidated Forms 1099 (which many of you are still waiting to receive for your taxable accounts).  The deadline for issuing 2014 Consolidated Forms 1099 was February 17, 2015.  However, TD Ameritrade has not yet issued these statements and notified us today these they will most likely be posted in the final week of February.  Wealthquest will access electronic copies of your Form 1099 for those accounts that we manage as soon as these are posted.  In the meantime, you do not need to wait to receive your TD Ameritrade Forms 1099 before submitting your 2014 tax organizer to us.

We appreciate your patience as we work to minimize the impact of these challenges.  We are not revising our timeline for submitting your tax organizer and for preparing your tax returns, but the turnaround time for your tax return may be increased.  We will continue working diligently to prepare your 2014 income tax filings with professionalism and care.  If at any time you have any questions about the status of your income tax preparations, please don’t hesitate to contact us.

XXXXXXXXX, CPA

Director of Tax Planning