Terms and Conditions for Tax Preparation Services with Wayfare Accounting LLC
Please read these terms carefully because it is important to both our firm and you that you understand what you can and cannot expect from our work.
These terms represent the entire agreement regarding the services described herein and supersedes all prior negotiations, proposals, representations or agreements, written or oral, regarding these services. It shall be binding on the heirs, successors and assigns of you and us.
We will not audit, review, compile or otherwise verify the data you submit although we may ask you to clarify some of the information. We are not responsible for returns prepared by other preparers.
If you have taxable activity in a state or locality other than your resident state or locality you are responsible for providing our firm with all information necessary to prepare any additional applicable state(s)or local income tax returns as well as informing us of the applicable states. We will prepare only those state returns specifically listed.
We are responsible for preparing only the specific income tax forms explicitly requested, via writing or electonic form, from Wayfare Accounting LLC prior to filing. Any other required services, forms, or other actions require a separate engagement. In the absence of written communications from us documenting such services, our services will be limited and governed by these terms.
Wayfare Accounting LLC reserves the right to share your information with third parties, both foreign and/or domestic, under contract with us to prepare your return. By agreeing to these terms, you are providing your consent to transmit that information. Wayfare Accounting will only disclose information necessary to perform this engagement. We still maintain responsibility for personal information in our possession or custody, including information that has been transferred to a third party.
If you do not provide our firm with information regarding any interest you may have in a foreign account, we will not be able to prepare any of the required Income Tax related forms and penalties may be due, for which we have no responsibility. In the absence of such information being provided we will presume you do not have any foreign assets or financial interests and will not file any applicable disclosure forms without separate written authorization.
In addition, currently the Internal Revenue Service, under IRC §6038 and §6046, requires information reporting if you are an officer, director or shareholder with respect to certain foreign corporations (Form 5471); foreign-owned U.S. corporation or foreign corporation engaged in a U.S. trade or business (Form 5472); U.S. transferor of property to a foreign corporation (Form 926) ); and, for taxable years beginning after March 18, 2010, if you hold foreign financial assets with an aggregate value exceeding $50,000 (Form 8938). You accept responsibility for informing us if you believe that you fall into one of the above categories and you agree to provide us with the information necessary to prepare the appropriate form(s). We assume no liability for penalties associated with the failure to file or untimely filing of any of these forms.
Our fee does not include responding to inquires or examination by taxing authorities or third parties, for which you will be separately billed for time and expenses involved. You agree to immediately notify us upon the receipt of any correspondence from any agency covered by these terms.
It is your responsibility to maintain, in your records, the documentation necessary to support the data used in preparing your tax returns for three years from the filing date. If you have any questions as to the type of records required, please ask us for advice in that regard. It is also your responsibility to carefully examine and approve your completed tax returns before signing and delivering them to the tax authorities.
We must receive your information by March 31 in order to complete your return in a timely manner and information received after that date may cause your return to be completed after the April 15 due date. We will adopt whatever position you request on your return so long as it is consistent with the codes, regulations, and interpretations that have been promulgated. If the Internal Revenue Service should later contest the position taken, there may be an assessment of additional tax plus interest and penalties. We assume no liability for any such additional penalties or assessments.
If we are asked to disclose any privileged communication, unless we are required to disclose the communication by law, we will not provide such disclosure until you have had an opportunity to argue that the communication is privileged. You agree to pay any and all reasonable expenses that we incur, including legal fees, that are a result of attempts to protect any communication as privileged.
It is our policy to keep records related to this engagement for three years after which they are destroyed. However, we do not keep any original client records, so we will return those to you at the completion of the services rendered under this engagement. It is your responsibility to retain and protect your records for three years for possible future use, including potential examination by any government or regulatory agencies.
Billings become delinquent if not paid within 30 days of the invoice date. If billings are not paid within 60 days of the invoice date, at our election, we may stop all work at our discretion until your account is brought current, or we may withdraw from this engagement. You acknowledge and agree that we are not required to continue work in the event of your failure to pay on a timely basis for services rendered as required by these terms. You further acknowledge and agree that in the event we stop work or withdraw from this engagement as a result of your failure to pay on a timely basis for services rendered as required by these terms. We shall not be liable to you forany damages that occur as a result of our ceasing to render services.
You agree, to the fullest extent permitted by law, to limit the liability of the accounting firm to the client for any and all claims, losses, costs, and damages of any nature whatsoever, so that the total aggregate liability of the accounting firm to the client shall not exceed the accounting firm’s total fee for services rendered under this agreement. The client and the accounting firm agree that this limitation apply to any and all liability or cause of action against the accounting firm, however alleged, unless otherwise prohibited by law. Both parties agree that there is a one-year limitation period to bring a claim against us for errors and omissions. The one-year period will begin upon the date of you (the client) agreeing to these terms.
It is our policy to initiate services after we receive these executed terms. If any provision of this agreement is declared invalid or unenforceable, no other provision of this agreement is affected and all other provisions remain in full force and effect.