Tax Organizer Timelines
First week of January | Last week of January |
1120s Business Tax Return Organizer sent out. | 1040 Individual Tax Return Organizer sent out. |
Process
Tax season is upon us and we launched a tax tracker to keep you in the loop of where your return is every step of the way.
If your business is an S Corp, its activity is reported on the 1120S Business Tax Return.
If your business is/was not an S Corp for the entire year, its activity is reported on Schedule C of the 1040 Individual Tax Return.
In this article, we will be reviewing the process for the 1120s Business Tax Return, 1040 Individual Tax Return, and their respective special use cases.
Please note: If you are filing an 1120S Business Tax Return, then the return must be finalized (Form 1120S must be accepted by the IRS) before you can start the preparation of your individual (Form 1040) Tax Returns. Learn more about the differences between the 1120S and the Form 1040.
1120s Business Tax Return
Let us know if you do not require Collective to prepare your tax returns by selecting "Opt out here" in your dashboard. Otherwise, we will assume that you would like Collective to prepare the return.
We have issued your tax organizer and it is time for you to complete the questionnaire and upload any necessary documents.
Hooray! We received your documents and will be reviewing them before we start preparing your Business Tax Return. Now, our accounting team will review your year-end information and will notify the tax team that your financials are ready for the tax returns to be prepared. We will reach out to you if we have any questions.
We hit a roadblock and need some additional information from you. You’ll get an email from us, so make sure you reply ASAP! :)
It’s in the works! Our tax team reviewed your information and is currently working on your tax return. We will reach out to you if we have any questions.
We’re almost there... We’re making sure all the T’s are crossed and I’s are dotted before we send the return to you for review.
Get your electronic pen ready, we’ve completed your return! Please review the return and look over the draft that has been provided to you in your dashboard and let us know if you have any questions. If everything looks good, we’ll need your signature.
You've reviewed your returns and have no questions, so you are ready to sign the return to authorize Collective to e-file your Business Tax Return.
We have received your signed forms and will be e-filing your return shortly.
We did it! Give yourself a pat on the back and sit back and relax until next tax season.
1120S Business Tax Return - Special Cases
If for any reason the initial tax return deadline cannot be met, we’ll submit a tax return extension on your behalf. This gives us until 9/15 to complete your tax return. (Learn more about extensions here.)
We have received your tax organizer but we require a call to clarify some of the information you provided.
Our team is working on your books to be closed for the year. Once this is done, we can continue the preparation of your business tax return.
1040 Individual Tax Return
Let us know if you do not require Collective to prepare your tax returns by selecting "Opt out here" in your dashboard.
We have issued your tax organizer and it is time for you to complete the questionnaire and upload any necessary documents.
We have received your documents and will do a preliminary review and reach out to you with any questions.
We hit a roadblock and need some additional information from you. You’ll get an email from us, so make sure you reply ASAP! :)
It’s in the works! Our tax team reviewed your information and is currently working on your tax return. We will reach out to you if we have any questions.
We’re almost there... We’re making sure all the T’s are crossed and I’s are dotted before we send the return to you for review.
Get your electronic pen ready, we’ve completed your return! Please review the return and if everything looks good, we’ll need your signature. Look over the draft that has been provided to you in your dashboard and let us know if you have any questions.
We submitted your return and are waiting to hear back from the tax authorities.
We did it! Give yourself a pat on the back and sit back and relax until next tax season!
1040 Individual Tax Return - Special Cases
We must complete your Business Tax Return before we can proceed with your Individual Tax Return.
If for any reason the initial tax return deadline cannot be met, we’ll submit a tax return extension on your behalf. This gives us until 10/15 to complete your tax return.
Collective will not be preparing an Individual Tax Return on your behalf.
This tax season, we will be using the following metrics and standards:
We will be working on a first in, first out basis for tax returns (read here: the earlier you provide your organizer and complete information to us, the sooner you get your tax return)