Dear Tax Client,
Thank you for selecting WOW Accounting to assist you with your tax affairs. This letter confirms the terms of our engagement with you and the nature and extent of services we will provide.
I will prepare and submit to you your 2024 Federal and State income tax returns using the information you provide to us. I may ask for clarification of some items, but we will not audit or otherwise verify the data you submit. Accordingly, our engagement cannot be relied upon to disclose errors, fraud, or other illegal acts that may exist.
It is your responsibility to provide all the information required for the preparation of complete and accurate returns, as well as retaining all documents necessary to support the data used in preparation of your tax returns. These may be necessary to prove the accuracy and completeness of the returns to a taxing authority. You should retain all documents, canceled checks and other data that form the basis of income and deductions. You are responsible for substantiating any amount upon which a deduction is taken on the return. The type of deduction taken will determine the specific substantiation needed. I prefer to work directly from copies of the source documents.
Our work will not include any procedures to discover documentation deficiencies or irregularities. The only accounting or analysis we will do is that which is necessary for preparation of your income tax returns. You are responsible for the returns, so you should review them carefully before you sign them.
I will use professional judgment in resolving questions where the tax law is unclear or where there may be conflicting interpretations of the law and other supportable positions. Unless otherwise instructed by you, we will resolve such questions in your favor whenever possible. I am available throughout the year to answer questions regarding your tax return and tax-related situations that may arise. Typically, there is no charge for a quick consultation, so don't hesitate to call or email. However, please note that if a question requires significant research or analysis, a fee may apply.
Unless we have agreed otherwise, our minimum tax preparation fee for your Federal and Home state tax returns is $150. This fee for preparation and submission of your tax returns can be based on the pay-by-refund option. This option is not available if your paper-file the federal return. The pay-by-refund option only appears if you have a federal tax refund, and you can only deduct your fees from your federal (not state) return. There is also a $39.95 processing fee and 19.95 technology associated with the pay-by-refund option. If you do not choose our pay-with-your-refund option, payment is due at the time tax preparation services are completed.
We will retain electronic copies of the records you supplied to us along with our work papers for your engagement for a three-year period. We will retain the paper documents you provide us, as well as our work papers, for a seven-year period. At your request, all the original records we have will be returned to you at the end of this engagement. You should retain the original records and copies of the digital documents in secure storage for at least seven years. To affirm that this letter correctly summarizes your understanding of the arrangements for this work, please sign this letter in the space indicated below and return it to us. We appreciate your confidence in us. Please call if you have questions.
ACCEPTED AND AGREED TO BY:
I understand that an electronic signature has the same legal effect and can be enforced in the same way as a written signature.