Appointments – We are currently scheduling in-person, teleconference, and Zoom meetings for 2022 tax return preparation. If you would like to schedule a meeting, please call MJ at 503.244.8844.

Document Delivery to P&G – We tried to provide enough options this year, so documents can be sent via Liscio, mailed to us, or dropped off at our office. For in-person drop-off of documents, we would prefer you drop-off M-F between 8:30 am and 5 pm. If we have been holding your 2021 tax documents, please be sure to pick them up when dropping off the 2022 documents.

Delivery of Completed Returns – Tax returns can be delivered by Liscio, mailed to you, or picked up M-F between 8:30 am and 5 pm.  

Phone: 503.244.8844
Email: admin@pandgcpa.com

Please do not send in your tax information until you have received the majority of the documents that we will need to prepare your tax returns. For example, if you receive Consolidated 1099 forms, wait until you receive your 1099 forms before you send in your tax information. Unfortunately, many 1099 forms are not available until after March 15th. If this is the case with your consolidated 1099 forms, please be aware that we will not be able to complete your tax returns before the April 18th tax filing deadline and will need to file an extension for you.

Liscio Document Submission:

Liscio allows you to send us a secure message with all your files attached, so you can add comments, questions, and let us know if there is anything missing in the batch of documents you are submitting. 

• Please send us all your files in one message rather than sending them individually. Liscio allows you to easily attach multiple files in a message, and given our volume at this point in tax season, this saves us a considerable amount of time in getting your return checked-in.
• The Liscio app has a built-in document scanner that will capture paper documents and convert them to pdfs for us. Please use this feature rather than taking pictures and sending us image files. Sending images will result in added cost, as they require conversion.   
• Do not worry about adding tags to files. The system will tag them automatically as “client uploads”. We will add tags as necessary.
• When sending QuickBooks files, please include the password and version in the message. 
• If you think you have uploaded everything for the 2022 tax return, please put a note in the message to this effect so that we can get your return checked-in and prepared.

   

Liscio is also a secure messaging platform, so feel free to message us directly through Liscio rather than sending emails. The main advantage of sending Liscio messages is that our entire client service team can view and respond to your message, whereas emails to a partner get siloed in their crowded inbox.

If we need additional documents or information, we will either message you or prepare an Information Request task in Liscio.  

Standard Information Needed – Individual Tax Returns

Below is an overview of the tax documents & information that we need for the 2022 tax year:

• W-2 Forms – in addition to providing all W-2s from your employer(s), we also need a breakdown of where you physically worked in 2022. With new local income taxes and work-from-home arrangements creating state tax reporting issues, it is crucial that we have this information. State agencies may also request a letter from your employer.
• 1099 Forms – we need all 1099s for interest, dividends, retirement, miscellaneous income, unemployment compensation, nonemployee compensation, Social Security, state or local refunds, gambling winnings, etc.
• Consolidated Brokerage 1099s – please provide all pages of any consolidated 1099 packages. These arrive as late as March or April, and it is common for brokers to issue corrected 1099 packages, so be watching for mailings or electronic notifications, as corrections not forwarded to us will likely result in the preparation of amended tax returns.
• Cryptocurrency Income & Capital Gains – since 1099s are rarely issued for crypto transactions, please provide us with 8949 format summaries of gains and losses that we can attach to your efiled tax returns, as well as information on any ordinary income received.
• K-1s – if you are an owner of an entity taxed as a partnership or S-Corporation or a trust or estate beneficiary, please provide all pages of the K-1 packages you receive.
• Education – statements and receipts supporting qualified educational expenses, deductions or Please include any Forms 1098-T, 1098-E, 1099-Q, or 529 statements.
• Healthcare – please provide any 1095 series forms (A, B, and/or C), any 1099-SA & 5498-SA forms related to HSA accounts, and any 1099-QA forms related to ABLE accounts.
• 1098 Forms – for all mortgages that had a balance in 2022, please provide the 1098. If you refinanced in 2022, you will have multiple forms, and we also need the closing statement.
• Donations – you must have a written acknowledgment from any charity that you gave greater than $250 of cash or check, and if less than $250, you must have an acknowledgment statement, canceled check, or receipt. For non-cash donations, please provide a description of what was donated and the value you wish to deduct. Unfortunately, we are not allowed to determine the value for you.
• Closing statements – for any purchase, sale, or refinance transactions.
• Tax notices – please provide all notices from the IRS or other tax authorities.
• Foreign Accounts – we need information regarding foreign bank and investment accounts that had a balance of $10k or more during 2022.
• Federal and state estimated tax payments – please provide the amounts and dates paid. Do not include extension payments.
• IRS PIN – if you receive an Identity Protection PIN each year, please provide us with the letter or six-digit PIN for 2022.

If you have a Schedule C business or rental activities reported on Schedule E, please use the organizer pages provided to input your income and expenses, or send us an Excel file with the data.

Unlike 2021, we do not have Advance Child Tax Credit or Stimulus (EIP) payments to reconcile for the 2022 tax returns, but the new OR PTE-E tax will add complication for those of you who are shareholders or partners in a pass-through entity. Additionally, we have the new local income taxes for Multnomah County and the Metro Region that started in 2021.

Standard Information Needed – Business Tax Returns

Some CPA firms simply input client accounting data into a tax return without any reconciliations or verifications, and it is very unfortunate, as this can result in returns with a number of large errors. Quality is important to us, so we take the balance sheet approach with every business tax return and verify all balance sheet accounts to third-party documents or reconciliations. In addition to your accounting data, below are the typical documents we need:

• December 2022 bank statements,
• Credit card statements with billing cycles that include 12/31/22,
• Payroll tax reports and data,
• Loan statements including the 12/31/22 balance,
• Vehicle purchase documents, and 
• Sales data for Oregon, Metro, Mult/Portland, and any other states you have nexus in.

   

We have clients that use a wide variety of accounting platforms – so whether you are using QuickBooks Online, Xero, Wave, Bench, or Less Accounting – typically you will be able to provide us with access. We also have payroll accounts with Gusto, ADP, and Paychex, and all of these platforms allow for accountant access.

BUSINESS & CORPORATIONS

Planning and Preparation
Good tax planning starts with choosing the proper form of business. Choices include corporations, limited partnerships, general partnerships, LLC, LLP, and the sole proprietorship. Every business is different and what is good for the business next door may not be the right choice for you. Once your form of business has been established we can advise you on ways to keep more of the dollars you earn and take advantage of the laws Congress has passed.

Recordkeeping & Reports
Few things can be as bad as a company with poor accounting records. Many times companies just don’t want to pay for the records they need. However, the money saved is usually lost in additional accounting fees, late payment of tax penalties and interest, and unknown lost vendor discounts. Additionally, without current records, the CPA can only guess at what may be the appropriate year-end plan for lessening the tax burden. Whether you are a new business or someone who has “made do” the last few years we can help you set up recordkeeping and accounting systems to provide the information you need. We can prepare or assist you in preparing payroll reports, journals, and general ledgers. We can design accounting systems that will provide safeguards to detour employee dishonesty. Of course, providing financial statements and cost projections to obtain outside financing is a primary service.

Consulting Services
Have you wondered why your business seems to be growing but it never seems to have enough cash? Or why do the company sales keep growing but the profit does not seem to increase? Maybe you worry about the security of your business assets. Are they safe from employee fraud?

Many successful business owners need outside expertise from time to time to help them understand and develop a strategy to solve a financial problem facing their company. We have provided consulting advice on various projects including the timing of plant expansion and relocation, cash flow projections for line of credit requirements, and point out areas to monitor during economic downturns. We do not profess to know your business better than you, but with 30 years of experience with more than 200 businesses, we are able to analyze your financial statements to see if your business is running efficiently.

INDIVIDUALS

Tax Planning and Preparation
We will prepare your returns to assure you pay no more tax than necessary. At your request, we will review your income and deductions during the year and recommend changes in estimate payments or tax-saving strategies. We can help you evaluate when would be the appropriate time to exercise employer-provided stock options. We will be there for you in case the Internal Revenue Service has questions regarding your return.

Audit Representation
In an effort to close the tax gap, the IRS has been increasing audits in recent years and is continuing to hire more and more auditors. In the unfortunate event that you are selected for audit, we can assist you in presenting your case and documents to the IRS. Complicated tax matters often come up in audits and it can be a very frustrating experience. We will help you understand exactly what the IRS is requesting, why, and also how you can avoid problems in the future. With many years of experience in dealing with the IRS and state agencies, we can help minimize your liability as well as your stress.

Retirement Planning
What do CPAs have to do with planning for retirement? Actually a lot. Though we are not in the business of making recommendations for specific investments, how you withdraw money from your retirement plans has everything to do with our business. We can help you determine if you have enough assets to retire and can suggest which assets to use first. And though the rules for the required withdrawals from retirement plans have been simplified, owners of retirement plans and their heirs still need to be aware of the options available.

Estate Planning & Tax Preparation
Have you taken a close look at your estate lately? Now may be the time to make some changes. Though many people think their estates are not large enough to be subject to the inheritance tax, increases in real property values, underestimating of the value of a closely held business, and the past gains in the stock markets may have made your estate larger than you realized. We have the knowledge to help you explore where you are and can suggest ways to arrange your assets to help those you desire. Maybe you would like to leave most of your assets to charity, or maybe you would like your family members to benefit from your estate. We can make suggestions to lessen, and in some cases eliminate, the tax liability and bring your wishes to reality.

With the various types and purposes of estates and trusts, the personal representatives and the trustees have a varying degree of tax reporting obligations to fulfill. Unfortunately, the legal profession is geared towards the legal aspects of the process. Sometimes the “how to’s” are not communicated to the responsible party. Quite often the fiduciary has never been involved in closing an estate. Our firm has stepped in and guided the personal representative or the trustee in developing the accounting records they need. We have also helped them piece together the information needed to make complete and accurate tax filings. We prepare all the required tax returns including the decedent’s final personal return, the fiduciary (estate or trust) tax returns, and the inheritance tax return.

Mil Hamilton and Ed Hoffmaster established our firm in 1954. From humble beginnings, in a small office in West Slope, the firm has grown to three partners, four professional staff, and a client service team. From the handful of accounts Mil and Ed purchased from a tax practitioner, the firm has grown to serve approximately eight hundred businesses and individuals. Our clientele live and work throughout the Greater Portland Metro area and beyond.

As you know, our current tax system is constantly changing and ever more complex. In addition to tax changes, there are always increasing and changing accounting requirements. With the combined level of expertise required in the two fields, we have found it impossible to know everything about everything. To meet this challenge, each partner has become responsible for certain areas of practice. We each have a solid knowledge of tax codes and accounting requirements but rely on each other’s expertise in situations outside our own specialties. We believe this enhances every service we provide to our clients by providing the combined experience of three professionals.

NICK PARSONS

Bachelor of Science, Accounting, University of Idaho, 1977
Member of the American Institute of CPAs, Oregon Society of CPAs

Nick joined the firm in 1981 after working for a large regional firm for five years. Nick specializes in working with businesses including preparation of financial statements, tax returns and consulting in areas that help a business to operate efficiently and profitably. Nick also works with businesses in succession planning both within the family structure and with an independent buyer. With over 30 years of experience with various types of businesses, Nick continues to provide clients with current ideas to improve their business and plan for the future.

BRIAN GERMER

Bachelor of Science, Business Admin/Accounting, Portland State University, 1999

Brian joined the firm in January of 2009. Brian has over 20 years of experience in public accounting and previously worked for an Eastside Portland CPA firm where he was the Technical Director. Brian has worked closely with small businesses in providing tax and financial statement services, as well as QuickBooks consulting, accounting system design, audit representation, and tax planning. Brian wrote a book that was published in October of 2012 by Allworth Press entitled “The Pocket Small Business Owner’s Guide to Taxes”. Brian is a CPA licensed in the State of Oregon.

SEAN KELLY

Bachelor of Science, Accounting, Portland State University, 1997
Member of the Oregon Society of CPAs

Sean joined the firm in October of 2012. After graduating, Sean held a variety of positions in the financial industry including branch manager of a bank and a financial advisor. He completed the CPA exam in 2010 and earned his license in 2011. He then returned to public accounting and went to work for another local firm in Beaverton where he mainly worked on individual taxes as well as privately held businesses.

If you did not receive a Liscio invite, or your invite has expired, please contact MJ at mjohnson@pandgcpa.com or call her at 503.244.8844.  We can send you a new invite and assist you with activating your account.

To learn more about Liscio – please watch this client overview video.

The last few years have been extremely challenging for our industry and firm. The AICPA estimates that almost 75% of the CPA workforce met the retirement age in 2020, and we see this firsthand daily, as almost every service request we receive is due to a retired CPA or a larger CPA firm that no longer offers individual tax preparation services. Unfortunately, this mass exodus of experienced CPAs comes at a time when state and local jurisdictions are adding new income and gross receipt taxes at a record pace, and federal changes and IRS backlog continue to complicate tax preparation.

Unfortunately, we are not onboarding any new clients at this point in tax season. If you were referred to us and need tax preparation services, we would be happy to take your information and talk with you after the 4/18/23 tax deadline.  

If you need us to prepare a 2022 tax return, an extension will be needed.