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Rental Real Estate Tax Review for Landlords

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rental real estate tax help

The below article is geared towards owning investment property and not qualifying as a real estate professional. Those regulations will be covered in different articles or you are welcome to contact our office to discuss the qualifications.

Investing in residential rental properties raises various tax issues that can be somewhat confusing, especially if you are not a real estate professional. Some of the more important issues rental property investors will want to be aware of are discussed below.

Rental Losses

Currently, the owner of a residential rental property may depreciate the building over a 27½-year period. For example, a property acquired for $200,000 could generate a depreciation deduction of as much as $7,273 per year. Additional depreciation deductions may be available for furnishings provided with the rental property. When large depreciation deductions are added to other rental expenses, it’s not uncommon for a rental activity to generate a tax loss. The question then becomes whether that loss is deductible.

$25,000 Loss Limitation

The tax law generally treats real estate rental losses as “passive” and therefore available only for offsetting any passive income an individual taxpayer may have. However, a limited exception is available where an individual holds at least a 10% ownership interest in the property and “actively participates” in the rental activity. In this situation, up to $25,000 of passive rental losses may be used to offset nonpassive income, such as wages from a job. (The $25,000 loss allowance phases out with modified adjusted gross income between $100,000 and $150,000.) Passive activity losses that are not currently deductible are carried forward to future tax years.

What constitutes active participation? The IRS describes it as “participating in making management decisions or arranging for others to provide services (such as repairs) in a significant and bona fide sense.” Examples of such management decisions provided by the IRS include approving tenants and deciding on rental terms.

Current tax law specifies regulations to determine if your rental real estate investments are applicable for the Qualified Business Income Deduction. This can be challenging to navigate, but our team of advisors are able to help you determine if your investments are able to take this additional 20% deduction.

Selling the Property

A gain realized on the sale of residential rental property held for investment is generally taxed as a capital gain. If the gain is long term, it is taxed at a favorable capital gains rate. However, the IRS requires that any allowable depreciation be “recaptured” and taxed at a 25% maximum rate rather than the 15% (or 20%) long-term capital gains rate that generally applies.

It is always recommended to consult with our team prior to selling a property. It enables us to analyze the potential gain and amount of cash you will put in your pocket after paying off the debt, taxes, etc.

Exclusion of Gain

The tax law has a generous exclusion for gain from the sale of a principal residence. Generally, taxpayers may exclude up to $250,000 ($500,000 for certain joint filers) of their gain, provided they have owned and used the property as a principal residence for two out of the five years preceding the sale.

After the exclusion was enacted, some landlords moved into their properties and established the properties as their principal residences to make use of the home sale exclusion. However, Congress subsequently changed the rules for sales completed after 2008. Under the current rules, gain will be taxable to the extent the property was not used as the taxpayer’s principal residence after 2008.

This rule can be a trap for the unwary. For example, a couple might buy a vacation home and rent the property out to help finance the purchase. Later, upon retirement, the couple may turn the vacation home into their principal residence. If the home is subsequently sold, all or part of any gain on the sale could be taxable under the above-described rule.

For real estate investments there is opportunity to rollover a gain via a 1031 exchange. This is similar to trading your four green houses for a red hotel without paying any tax upon sale. There are specific rules with these exchanges that are outside of the scope of this article. You’ll want to consult with a CPA and 1031 exchange expert to ensure it’s done properly.

Real estate is a great investment, but you’ll want to understand all the tax regulations that accompany this vehicle. Our team has extensive knowledge working in all areas of the real estate business.  If you’d like to talk to a team member please fill out our consultation form today!

Economic Stimulus Checks Under the CARES Act

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You’ve probably heard that IRS will be making millions of “economic impact payments” (also called “recovery rebates”) in the coming months to help people stay afloat during this time of economic uncertainty related to the COVID-19 crisis. Here’s what you need to know about this program.

Amount of payment. IRS has begun making payments of up to $1,200 to eligible taxpayers or up to $2,400 to married couples filing joint returns. Parents will get an additional $500 for each dependent child under age 17. Thus, the payment for a married couple with two children under 17 will be $3,400.

Who is eligible. U.S. citizens and residents are eligible for a full payment if their adjusted gross income (AGI) is under $75,000 (singles or marrieds filing separately), $122,500 (heads of household), and $150,000 (joint filers). The individual must not be the dependent of another taxpayer and must have a social security number that authorizes employment in the U.S.

Phaseout based on income. For individuals whose AGI exceeds the above thresholds, the payment amount is phased out at the rate of $5 for each $100 of income. Thus, the payment is completely phased out for single filers with AGI over $99,000 and for joint filers with no children with AGI over $198,000. For a married couple with two children, the payment will be completely phased out if their AGI exceeds $218,000.

How to get a payment.

Rebates will be paid out in the form of checks or direct deposits. Most individuals won’t have to take any action to receive a rebate, but some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment. Social Security recipients will automatically receive the stimulus payment without having to file a simple tax return. People who typically don’t file a tax return will need to file a simple tax return to receive the payment. Low-income taxpayers, senior citizens, Social Security recipients, some veterans and individuals with disabilities who are otherwise not required to file a tax return will not owe tax.

IRS will compute the rebate based on a taxpayer’s tax year 2019 return (or tax year 2018, if no 2019 return has yet been filed). If no 2018 return has been filed, IRS will use information for 2019 provided in Form SSA-1099, Social Security Benefit Statement, or Form RRB-1099, Social Security Equivalent Benefit Statement.

IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment. To speed receipt of payment, taxpayers are advised to include direct deposit banking information on the return.

In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail. IRS will post all key information on https://www.irs.gov/coronavirus.  You can also register if you were not required to file in 2018 or 2019 to receive stimulus.

Economic impact payments will be available throughout the rest of 2020.

Payments nontaxable. Economic impact payments will not be included in the recipient’s income for tax purposes.

When we know further details we’ll post it or you’re welcome to reach out to us at https://www.bgmfcpas.com/coronavirus-aid-relief.htm for additional information or questions.

Families First Coronavirus Response Act

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President Trump signed the Families First Coronavirus Response Act H.R. 6201 into law on March 18, 2020. In the coming days and weeks, there will be additional bills that will expand, modify, and clarify H.R. 6201. The following Frequently Asked Questions surrounding H.R. 6201 was devised to help answer questions you may have. Updates will be posted as new information is made available.

FAQ – What businesses are affected by the new bill?

If you have fewer than 500 employees, then this bill covers your business

FAQ – When does this bill go int effect?

The bill was signed into law on March 18, 2020 and goes into effect 15 days later and will remain into effect until the end of 2020.

FAQ – Can I opt out of the new bill?

Companies with fewer than 50 employees will be allowed to opt out of the bill provisions if it would jeopardize the viability of the business.

Companies between 50 and 500 employees cannot opt out of the bill’s provisions.

FAQ – How can I opt out if the viability of my business would be affected by this bill?

The Secretary of Labor has the authority to exempt small businesses with fewer than 50 employees from the bill’s paid leave. The Department of Labor will establish guidelines and procedures on how small businesses will be able to apply for this exemption.

FAQ – I’m a healthcare provider. Can I exclude the leave provisions of this bill?

Exception for Health Care Providers and Emergency Responders. Employers who are health care providers or emergency responders may elect to exclude their employees from the public health emergency leave provisions of the bill.

FAQ – What paid leave can my employees claim?

  1. They have been exposed to coronavirus or exhibit symptoms
  2. They are recommended to quarantine by a healthcare provider and cannot work from home
  3. They need to care for a family member who has been exposed to coronavirus or exhibits symptoms of coronavirus
  4. They need to care for a child younger than 18 years old because their school or day care is closed, or their childcare provider is unavailable.

FAQ – How much paid leave can my employees claim?

Employees under the bill are entitled to 10 weeks of paid leave (a provision of the bill has any extension beyond 10 weeks to be granted only to parents taking care of children with shuttered schools and day care centers).

The first 14 days of leave: under the bill, the first 14 days in which an employee takes emergency leave may be unpaid. An employee may elect, or an employer may require the employee, to substitute any accrued paid vacation leave, personal leave, or sick leave for unpaid leave.

Paid Leave Rate for Subsequent Days:After 14 days of unpaid leave, an employer is required to provide paid leave at an amount not less than two-thirds of an employee’s regular rate of pay up to $200 per day or $10,000 in the aggregate.

The bill also addresses hourly employees whose schedules vary to the extent than an employer cannot determine the exact number of hours the employee would have worked. For those employees, the employee’s paid leave rate should equal the average number of hours that the employee was scheduled per day over the six-month period prior to the leave. If the employee did not work in the preceding six-month period, the paid leave rate should equal the “reasonable expectation” of the employee at the time of hiring with respect to the average number of hours per day that the employee would be scheduled to work.

The following are further details:

Paid Sick Time: Full-time employees are entitled to 80 hours of paid sick leave. Part-time employees are entitled to the number of hours that the employee works, on average, over a two-week period.

For hourly employees whose schedules vary, the employee’s paid leave rate should equal the average number of hours that the employee was scheduled per day over the six-month period prior to the leave. If the employee did not work in the preceding six-month period, the paid leave rate should equal the “reasonable expectation” of the employee at the time of hiring with respect to the average number of hours per day that the employee would be scheduled to work.

Once an employee’s coronavirus-related need for using the emergency paid sick leave ends, then the employer may terminate the paid sick time. Further, paid sick time provided under H.R. 6201 shall not carry over from one year to the next.

Paid Leave Rate:Employees who take paid sick leave because they are subject to a quarantine or isolation order, have been advised by a health care provider to self-quarantine, or are experiencing coronavirus symptoms and seeking medical diagnosis are entitled to be paid at their regular pay rate or at the federal, state or local minimum wage, whichever is greater. In these circumstances, the paid sick leave rate may not exceed $511 per day, or $5,110 in aggregate.

Employees who take paid sick leave to care for another individual or child or because they are experiencing another substantially similar illness (as specified by HHS) are entitled to be paid at two-thirds their regular rate. In these circumstances, the paid sick leave rate may not exceed $200 per day, or $2,000 in aggregate.

The bill requires the Secretary of Labor to issue guidelines to assist employers in calculating paid sick time within 15 days of the bill’s enactment.

FAQ – Can I discourage my employees from taking this leave?

Employers cannot discourage or prevent eligible employers from claiming paid sick leave. If they do, it could be considered discriminatory or an obstruction of their legal rights.

Employer Notice Requirement:Employers shall post and keep posted, in conspicuous places, notice of the emergency paid sick leave requirements made available under H.R. 6201. Within seven days of the enactment of the bill, the Secretary of Labor will provide a model notice for use by employers.

FAQ – Will my business get reimbursed

Employers initially pay for the sick leave and are reimbursed by the federal government within three months through refundable tax credits that count against employers’ payroll tax.

FAQ – How does the reimbursement work?

EMPLOYER TAX CREDITS

H.R. 6201 provides for employer tax credits to offset the costs associated with the paid public health emergency leave and sick leave required for employees under Divisions C and E of the bill.

Payroll Tax Credit: The bill provides a refundable tax credit worth 100 percent of qualified public health emergency leave wages (as provided by Division C) and qualified paid sick leave wages (as provided by Division E) paid by an employer for each calendar quarter through the end of 2020. The tax credit is allowed against the tax imposed under the employer portion of Social Security and Railroad Retirement payroll taxes.

Credit Amount:The bill allows employers to take tax credits for qualified public health emergency leave wages and qualified sick leave wages:

Credit Amount for Public Health Emergency Leave Wages.The amount of qualified public health leave wages taken into account for each employee is capped at $200 per day and $10,000 for all calendar quarters.

Credit Amount for Sick Leave Wages. In instances when an employee receives paid sick leave because they are subject to a quarantine or isolation order, have been advised by a health care provider to self-quarantine, or are experiencing coronavirus symptoms and seeking medical diagnosis, the amount of qualified sick leave wages taken into account for each employee is capped at $511 per day.

n instances when an employee receives paid sick leave because they are caring for another individual or child or because they are experiencing another substantially similar illness (as specified by HHS) the amount of qualified sick leave wages taken into account for each employee is capped at $200 per day.

In determining the total amount of an employer’s qualified sick leave wages paid for a calendar quarter, the total number of days that the employer can take into account with respect to a particular employee for that quarter may not exceed 10 days minus the number of days taken into account for that employee for all previous quarters.

Credit for Health Plan Expenses. Under the bill, the public health emergency leave and paid sick leave credits would be increased to include amounts employers pay for the employee’s health plan coverage while they are on leave. Specifically, the bill allows for the credit amounts to be increased by the amount of the employer’s group health plan expenses that are “properly allocated” to the qualified emergency leave and sick leave wages. Health plan expenses are “properly allocated” to qualified wages if made on a pro-rata basis (among covered employees and periods of coverage).

FAQ – If an employee goes on leave, then what happens when they come back to work?

Generally, eligible employees who take emergency paid leave are entitled to be restored to the position they held when the leave commenced or to obtain an equivalent position with their employer. H.R. 6201 limits this rule for employers with fewer than 25 employees. In such circumstances, if an employee takes emergency leave, then the employer does not need to return the employee to their position if:

  • The position does not exist due to changes in the employer’s economic or operating condition that affect employment and were caused by the coronavirus emergency;
  • The employer makes “reasonable efforts” to restore the employee to an equivalent position; and
  • If these efforts fail, the employer makes an additional reasonable effort to contact the employee if an equivalent position becomes available. The “contact period” is the one-year window beginning on the earlier of (a) the date on which the employee no longer needs to take leave to care for the child or (b) 12 weeks after the employee’s paid leave commences.

Refundability of Excess Credit: The amount of the paid sick leave credit that is allowed for any calendar quarter cannot exceed the total employer payroll tax obligations on all wages for all employees. If the amount of the credit that would otherwise be allowed is so limited, the amount of the limitation is refundable to the employer.

Limitation on Tax Credits:Employers may not receive the tax credit if they are also receiving a credit for paid family and medical leave under the 2017 Tax Cuts and Jobs Act (P.L. 115-97). Employers would instead have to include the credit in their gross income.

FAQ – My business was shut down and I had to layoff my employees. Are they eligible for unemployment?

Unemployment Insurance: The bill provides for the Secretary of Labor to make emergency administration grants to states in the Unemployment Trust Fund. States are directed to demonstrate steps toward easing eligibility requirements and expand access to unemployment compensation for claimants directly impacted by COVID-19. The legislation also appropriates funds for states that aim to establish work-sharing programs that permit employers to reduce employee hours rather than laying them off. Under such programs, employees would receive partial unemployment benefits to offset the wage loss.

FAQ – Will this bill change?

Many new bills are being worked on that can and likely will make changes to this bill and/or clarify many of it’s provisions.

COVID-19 Relief Update

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BGMF CPAs is leading the way to help small businesses, however, we are really in a holding pattern right now until the new Stimulus Bill gets reviewed by SBA.  Procedures will then be drafted and shared with the financial organizations. BGMF is currently drafting information based on the knowledge we have to keep you up to date.  A substantial amount of information is being issued daily and we’re working diligently to understand the best course of action.

At this stage, it might be the latter part of this week or next week before we have clarity on how to proceed with applying for loans and other programs coming out to help businesses.  In the meantime, we are working on internal processes to be ready.  Rest assured, we will be on the forefront of getting this figured out and will communicate with everyone as soon as possible.  Please check back often for updates.

We are happy to talk or lend an empathetic ear, so feel free to reach out.  We don’t know much more than this right now. We recommend you to work with our team to gather and prepare your financial statements and other potential documents that will be required. An initial list of items that may be requested include:

  • 2019 Financial Statements (Balance Sheet and Income Statement)
  • 2020 First Quarter Financial Statements
  • Payroll reports
  • Personal Financial Statements
  • Tax Returns – 2018, if 2019 not prepared

We have Cash Flow templates we could provide or assist with to help you through this difficult time.  We are working daily to get tax returns prepared, financial statements issued and review all the guidance being issued.

The SBA website is also an excellent resource to check for updates and the IRS is putting out information daily.  Our team is happy to assist as needed throughout this process.

All of us at BGMF CPAs thank you and want to ensure we work through this together.

Assistance due to COVID-19

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In response to the economic impacts from the COVID-19 pandemic, the Federal government and State of Ohio have already passed legislation or made declarations designed to provide relief and aid to small and midsize businesses and their employees. As with many new pieces of legislation, initially they create more questions than they do answers.

This is certainly true with the COVID-19 related legislation that is being quickly written and rushed through the legislative process.  Often the actual legislation will appoint some other agency with the task of writing the rules, regulations, and guidance required to enforce and interpret the new legislation.

Due to the sweeping impact of some of the COVID-19 legislation, multiple government agencies are tasked with providing this guidance. We often must wait months on these agencies to provide that guidance.   However, due to the urgency of this matter, we have been told that this guidance should be coming in days and weeks rather than months.

At BGMF, we are making every effort to stay on top of and familiarize ourselves with any legislation or relief efforts that may be applicable to our clients. We are here to assist you in any way that we can. Unfortunately, due to the reasons noted above, some questions just can’t be answered at this time.

However, we are consistently monitoring our resources and the applicable government agencies for additional guidance and clarification. Below is a summary of the major legislation and assistance that is currently available. As additional legislation, assistance and guidance becomes available we will keep you updated. If you are aware of something that we have not included below that you think would be helpful to others, please contact us and let us know.

Families First Coronavirus Response Act

  • The Families First Coronavirus Response Act requires certain employers to provide employees with paid sick or family leave for specified reasons related to COVID-19.
  • Applies to most employers with less than 500 employees.
    • Health care workers and emergency responders may be excluded. (We are waiting on additional guidance related to this exclusion.)
    • Small businesses with fewer than 50 employees may be exempt from the extended family leave portion if following the requirements would jeopardize the viability of the business going forward. (We are waiting on additional guidance related to this exemption.)
  • The Act provides that employees of covered employers are eligible for:
    • Two weeks (up to 80 hours) of paid sick time at 100% the employee’s regular rate of pay (up to maximum of $511 per day) where the employee is unable to work because the employee:
      • is subject to a Federal, State or local quarantine or isolation order related to COVID-19; or
      • has been advised by a health care provider to self-quarantine related to COVID-19; or
      • is experiencing COVID-19 symptoms and is seeking a medical diagnosis; or
  • Two weeks (up to 80 hours) of paid sick time at two-thirds the employee’s regular rate of pay (up to a maximum of $200 per day) because the employee:
  • is experiencing any other substantially similar condition specified by the Secretary of Health and Human Services; or
  • is caring for an individual subject to a Federal, State, or local quarantine or isolation order related to COVID-19; or
  • is caring for an individual that has been advised by a health care provider to self-quarantine related to COVID-19; and
  • Up to an additional 10 weeks of paid family leave at two-thirds the employee’s regular rate of pay (up to a maximum of $200 per day) where an employee, who has been employed for at least 30 calendar days, is unable to work due to a bona fide need for leave to care for a child whose school or child care provider is closed or unavailable for reasons related to COVID-19.
    • Consists of 12 weeks in total. The first two weeks can be either unpaid or covered by an employee’s accrued paid time off including the paid sick time mentioned above, followed by up to 10 weeks of paid extended family and medical leave.
  • Introduces two new refundable payroll tax credits, designed to immediately and fully reimburse certain employers, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees.
  • Health Insurance premiums paid by the employer during these periods of sick time and family leave may also be reimbursable.
  • Self-Employed taxpayers are eligible and will be reimbursed through a refundable credit against their income tax.
  • Part-time employees are eligible based upon an average number of hours calculation.
  • Allows businesses to retain and access funds that they would otherwise pay to the IRS in payroll taxes. The payroll taxes that are available for retention include withheld federal income taxes, the employee and employer share of Social Security and Medicare taxes. (We are waiting on additional guidance as to how and when this can be implemented.)
    • If there are not sufficient payroll taxes to cover the cost of providing the sick pay and family leave, employers will be able to file a request for an accelerated payment from the IRS. (The IRS expects to process these requests in two weeks or less.)
  • Go to the following address for further information: https://www.dol.gov/agencies/whd/pandemic

Tax Filing Deadline and Tax Payments Automatically Postponed

  • The Internal Revenue Service issued IRS Notice 2020-18 that became effective March 20, 2020.
  • The April 15, 2020 deadline has been postponed until July 15, 2020.
  • Any individual, trust, estate, partnerships, association, company or corporation with a Federal income tax return due on April 15, 2020 is automatically postponed until July 15, 2020. In addition, any Federal income tax payments, including estimated tax payments, due from April 15, 2020 to July 15, 2020 will be disregarded in the calculation of penalty and interest.

Small Business Administration Disaster Loan Assistance

  • The SBA provides low-interest, long-term loans for physical and economic damage caused by a declared disaster.
  • The SBA can provide up to $2 million to help meet financial obligations and operating expenses that could have been met had the disaster not occurred.
  • The current interest rate is 3.75% and the term is 30 years or less.
  • Go to the following address for further information: https://disasterloan.sba.gov/ela/

Unemployment Insurance

  • An executive order issued by Governor DeWine expands flexibility for Ohioans to received unemployment benefits during Ohio’s emergency declaration period.
  • The standard waiting period for eligible Ohioans has been waived.
  • All charges during Ohio’s emergency declaration period will be mutualized.
  • The benefit is typically half of the previous wage.
  • The minimum weekly benefit is $134 and the maximum weekly benefit is $480 (could be higher depending on the number of dependents).
  • Go to the following address for further information: http://jfs.ohio.gov/ouio/CoronavirusAndUI.stm

Deferral of Insurance Premium Payments

  • Effective March 20, 2020, the Ohio Department of Insurance issued Bulletin 2020-3, Health Insurance Coverage Flexibility for Ohio Employees.
  • All insurers must give their insureds the option of deferring premium payments, interest free, for up to 60 days from each original premium due date.

Deferral of Bureau of Workers Compensation Payments

  • The Bureau of Workers Compensation announced that the insurance premiums due for March, April and May for the current policy year may be deferred until June 1, 2020.

Bank Payments

  • Many banks are currently offering assistance to their customers. For example, banks may offer interest only payments for 3-6 months or no payments for 3-6 months. (The amount would be added to the end of the loan.)

If you have questions or need additional information concerning any of these matters, please contact us online or via phone at 937-325-0623 and we will assist you in any way we can.

If you need assistance with filling out forms, putting together financial information, and other aspects of the relief packages please get in touch with us ASAP.  For updates please check this blog, sign up for our newsletter or follow us on Facebook.

Coronovirus Update at BGMF CPAs

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To all our valued clients, friends and family,

As everyone is aware, we are currently living in an unprecedented time and certainly in uncharted territory. The safety of both our employees and clients are of the upmost importance to us. However, as we are forced to alter some of our normal business practices, we do not want to lose sight of providing you, our clients with excellent client service.

The steps being taken by both the federal and state governments, while necessary and critical to the stopping and/or slowing of the spread of the coronavirus, will have negative repercussions on many of our business clients. We are here to assist you in these difficult and unusual times any way possible.  We will make every attempt to familiarize ourselves with any assistance the federal and state governments are offering businesses and individuals. If you are experiencing any negative impacts, please feel free to contact us to discuss what options are available to assist you through these difficult times.

Currently, we ask that if a face-to-face meeting is not absolutely necessary, that you consider other forms of communication for both your safety and the safety of our employees. We have several other options available including video conferencing and a secure portal where documents can be both uploaded and downloaded.

We also ask that if you are dropping off your tax information at our office, that you place it face down in a designated box in our lobby area. If you need to place it in an envelope, please ask and we will provide you with one. At the end of each day that day’s designated box will be placed in our filing room, where it will remain for 48 hours before being handled by anyone in our office. (According to most experts, the coronavirus can live on paper type surfaces for 24 hours.)

If you have any questions or concerns, please do not hesitate to contact us. We appreciate your business and are here to help.

Available Alternatives for Document Sharing and Face-to-Face Meetings

We understand that the various restrictions and guidelines being conveyed from the government and health officials related to the coronavirus crisis can result in both inconvenience and unrest. The safety and comfort of both our clients and employees are our highest priority during these unprecedented times. Included below are the major alternatives to dropping off documents at our office and face-to-face meetings that we have available:

  • SmartVault – SmartVault is a secure document sharing client portal. All documents are encrypted while in transit and while at rest using AES-256 encryption. (The same level of encryption used by banks.) It allows our clients to upload and download documents directly into and from a private file folder. We are also able to upload documents that you can then download, view, and/or print. If you are interested in utilizing SmartVault please send an email to Amy at ajcartwright@springfieldcpas.net. Amy will then send you an “invite” email with instructions on get started using SmartVault.

The most common thing SmartVault is used for is for clients to upload their tax documentation. We can then view and print these documents to prepare your tax return. We can also upload your completed tax return where you can review it and print it if necessary. You will need some type of scanner to upload your documents.

  • Video Conferencing – We have a variety of video conferencing options including Skype for business, Microsoft Teams, FaceTime, Go to Meeting, and Zoom. Video conferencing is a great alternative to face-to-face meetings. All you need is either a webcam, laptop or tablet with a built-in camera, iPad or iPhone, or a Microsoft Surface. If you would prefer to have a video conference, as opposed to a face-to-face meeting, please contact whomever your meeting will be with and they will be happy to work with you to find the most convenient and easiest solution.
  • Fax – Documents can be faxed directly to our office. Our fax number is 937-325-9476.
  • Texting – If you only need to relay a page or two and privacy and security is not a major concern, you can take a picture of the document and text it to us. We all have the capability to print documents directly from our cell phones.

Great client service is always a priority for us and that holds even more true during these unprecedented times. We truly appreciate the fact that you have chosen us to be your tax and accounting service provider.  If you have any questions or concerns, please feel free to contact us.

We appreciate your understanding in this situation,

Sincerely,

Bennett, Groeber, Mullen & Feltner – BGMF CPA