Wood CPA

Preparing for Tax Season 2022: What Your CPA Needs From You and What To Expect

This blog was originally published on January 25th, 2022 but has been updated on January 18th, 2023.

Tax season is upon us, which means it’s time to start preparations for your 2022 tax return.

Whether this is your first or your fiftieth year filing taxes, preparing for tax season can be stressful and often frustrating as you try to gather the information needed to file your taxes (or even remember where you put all of that information!). But we’re here as your friendly neighborhood CPA to help make that process a little less stressful for you.

Here is a quick checklist of what we will need from you to file your taxes and what to expect when we handle your tax preparation services this year.  

The first thing you need to do is contact us so we can send out your engagement letter.

Sign and Return Your Engagement Letter

The engagement letter is essentially a contract that lays out the specific services we are providing for you, as well as the fees, terms of service, and responsibilities of each party. A signed engagement letter is needed before we can start your return. 

This year, the engagement letters have been sent out electronically through our new software, Ignition. Once you sign the engagement letter, a tax organizer will be sent to you. 

Get a Tax Organizer From Us

A tax organizer is a form we use to collect the information needed to prepare your return. This not only helps us gather the basic details we’ll need to file your return, it also helps us see any big changes you have had this year that will affect your taxes.

When you receive the tax organizer by mail, we’ll also provide a checklist of the documents you will need to gather for your return.

Gather All Documents and Submit at Least 3 Weeks Before Deadline

Compile all of the documents listed on the checklist we gave you with the tax organizer, and submit them no later than three weeks before the tax filing deadline. The earlier your documents are turned in, the shorter the processing time will be.

The documents you need to provide will vary slightly depending on your situation, but may include:

Identification documents

  • A copy of your most recent tax return (if we didn’t file for you last year) 
  • Wage statements (such as W-2s or 1099s)
  • Additional income statements (for unemployment income, interest and dividend income, social security income, and so on)
  • Documents for any real estate holdings
  • Proof of losses, such as insurance claims
  • Receipts, invoices, or other proof of expenses 

If you are missing any of these documents, don’t worry. There are ways to obtain copies of them if you can’t find them. 

For wage statements, such as W-2s or 1099s, contact your employer. They are required by law to store copies of these forms for at least four years. You can also contact the IRS to request copies. However, it may take some time to receive them, so plan ahead and start this process sooner rather than later. 

For other documents, contact the business or organization you received the original documents from to ask if they can send you a copy.

PLEASE NOTE: If your financial advisor has your tax documents, please reach out to them in advance and ask them to send Wood CPA your documents within the given timeframe. Clients may also turn in their own documents. 

What’s New for the 2022 Tax Season

For the 2022 tax season, there may be additional pieces of information we will need from you: 

  • Be aware of a new Form 1099-K that may be issued through online platforms, apps, or payment card processors (Venmo, Zelle, etc.). The threshold for this reporting has been lowered to $600. 

This is a new law that caused a lot of concern, so the IRS has pushed off enforcement of this for one more year. However, some companies have already updated their systems to generate these forms, so you may receive them this year. 

What To Expect Next

After we receive your tax organizer, engagement letter, and all necessary documents, we will contact you within three weeks to give you a status update and ask any questions we may have.  

Once your return is complete, we will upload a copy of the return to our online portal. Then you will need to:

  • Sign Form 8879, authorizing us to e-file your return for you
  • Pay your invoice (we require full payment before your return will be filed)

When these items have been completed, we will e-file your return. Once your return is filed, you will get an email notification that it has been filed successfully.

How To Check the Status of Your Refund

You can check the status of your 2022 federal refund on the IRS website. Allow 36 hours for your information to appear after filing, and 3 weeks to get your refund.

To check the status of your 2022 state refund, visit the Minnesota Department of Revenue website

What Additional Questions Do You Have About the 2022 Tax Season? 

Tax season doesn’t have to be stressful! The team at Wood CPA is here to help you navigate the tax filing process. We provide tax planning and tax preparation services for individuals, corporations, partnerships, trusts, estates, and nonprofits, and we would love to work with you to file your taxes this year.

Contact us to start preparing for tax season today!