News and Alerts
Dear Valued Clients,
Tax season is officially underway! Like many
businesses, we have continually adjusted our business processes amid the
COVID-19 pandemic. We have put a strong emphasis on the health and safety of
you, our clients, as well as our staff, so that we can remain fully operational.
Since the start of the pandemic, our industry,
like many others, has rapidly evolved through the advancement of technology and
remote work. These advancements have allowed us to provide you with the same
level of service you have been accustomed to, without you having to leave the
comfort of your home.
Once again, for this current tax year, we will
be following the same simple and straightforward process (detailed later) as we
have for the past 3 years. There will be no in-office appointments. All
appointments will be conducted via telephone. There’s no need to call and
schedule your appointment in advance, we ask that you submit your documentation
to us first. That way we can ensure that we have everything we need to get your
return drafted, and then we will schedule a time with you to finalize.
Important
Tax Updates for Tax year 2022:
Crypto/Virtual Currency/NFT’s: As many of you know, there has been an immense jump in
popularity of investing in Crypto currencies, as well as the increased
attention it has received from the governing bodies of banking and taxation.
For those of you who have invested and transacted in cryptocurrency, it needs
to be disclosed on your 2022 tax return. For those of you who have either sold
virtual currency, NFT’s, or exchanged one virtual currency for another, we need
to report those transactions as sales, and determine a gain or loss on that
transaction. Currently, the exchanges aren’t required to prepare a summary tax
form for you which unfortunately means that we need to manually figure out the
gain/loss realized for the year.
Peer to Peer Payments (Venmo, Cash App, Paypal, eBay, etc): If you’ve followed the news you know the IRS has reduced the
income threshold for these payment processors to produce tax form 1099-K to
just $600 in total payments received during the year. Initially that was set to
start for Tax Year 2022, but in late December legislators decided to delay the
requirement until Tax Year 2023. Although the reporting requirement has been
delayed, it does not mean these payment processors still won’t issue these
forms to eligible recipients for 2022. Since these platforms are used for a
combination of personal and business reasons this adds an extra layer of
complexity to the tax reporting. If you use these platforms, we strongly
suggest going through your activity now to determine the business vs personal
transactions so that we can report it properly on the return if needed. We also
want to remind you that in this case and the case of any other income THE
ABSENCE OF A TAX REPORTING FORM DOES NOT MEAN THERE IS NO INCOME TO BE
REPORTED.
Ready to get your 2022 tax return prepared?
Follow the steps below.
a. Assemble your tax documentation. We
advise sending a note to your preparer detailing any updates, changes,
significant events, or any other items you want to highlight from last year.
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If you choose to mail
or drop your documents off at our office, we suggest that you drop off copies
of the documents, so you can retain the originals. We no longer need copies of
previous years’ returns.
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We also ask that if
you are dropping off multiple returns to please separate your documents from those
of your children and/or relatives.
b. Fill
out a client information sheet: Located Here. We recommend filling out this form on a
computer or laptop.
c. Get
your documentation to us, including completed client information sheet:
1. Sharefile
Secure Upload: Click Here
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We kindly ask that if
you are uploading your documents through our Sharefile Secure Upload, to please
upload your documents consecutively in the format of a PDF.
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We also suggest
uploading your documents separately from those of your children and/or
relatives.
2. Mail
via USPS: Imperato Tax Services, Inc P.O Box 780047 Maspeth, NY 11378
3. Fax:
347-679-6335
4. Drop
off at our office: 66-66 Grand Ave, Maspeth, NY 11378
d. Once
your documents are uploaded, you will receive a confirmation email from
Sharefile.
e. Our
preparers and staff will then directly correspond with you to get the return
finalized as well as schedule any necessary appointments.
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Contact your preparer
by using one of the following corresponding email addresses:
1. Anthony
Imperato III: anthony@imperato.com
2. Lisa
Imperato: lisa@imperato.com
3. Lynne
Imperato: lynne@imperato.com
4. John De
Mattia: john@imperato.com
5. David Katz: david@imperato.com
6. Stephen Katz: stephen@imperato.com
As always, our staff is here and available to
help you. Effective February 2nd, our office will be open Monday
through Saturday from 10am-6pm for telephone assistance, document drop off, or
document pick up. We kindly ask that you call ahead before picking up so that
we can ensure everything is ready for you when you arrive.
Feel free to give us a call if you have any
questions (718) 672-2500
Sincerely,
The Imperato Family & Staff