With the October 15 deadline (for extended returns) less than two weeks away, the JDJ team is hard at work gathering the final documentation the tax accountants need to complete the returns of our mutual clients. JDJ does not prepare tax returns, rather we work closely with our clients’ CPAs to ensure they have complete and accurate information. It is a “win-win” for both the client and the tax preparer. JDJ relieves our clients of the burden of gathering and tracking down documents such as K-1s, charitable gifting letters, and deductible expenses. The CPAs enjoy working with the JDJ team because of our proactive approach to tax planning, our understanding of the family’s financial situation, as well as the detailed financial statements and records we provide. Working in concert with the tax accountant, our goal is to present the return to the client in its final form, ready for review and signature.

Here at JDJ, it’s always tax season. Throughout the year, we maintain a detailed checklist of tax-relevant information for our clients. As the return is being drafted, we also take the time to do a detailed review to verify that all the activity we see on our end has been captured appropriately. This includes confirming that all payments have been properly applied, K-1s have been received (and are accurate), charitable contributions have appropriate documentation, major transactions have been accounted for, and Schedule As include all possible itemized deductions, to name just a few examples. Once the return is complete, JDJ will coordinate filing and payment, so that often all a client needs to worry about is signing their return (or e-file authorization).

Good luck to all the professional advisors in these final hectic days. The end is in sight!

Fun Fact: the US tax code, at 74,608 pages, is now 187 times longer than it was a century ago. It was “only” 400 pages in 1913!