Pace Accounting & Tax Services, Inc.

The new tax law includes major updates for business owners.

The One Big Beautiful Bill introduces important changes to depreciation, reporting thresholds, deductions, and more. Key updates include:

• 100% bonus depreciation made permanent
• Section 179 increased to $2.5 million
• Expanded QBI deduction rules
• New reporting thresholds for 1099s and 1099-Ks
• Energy credits set to expire soon
• Adjustments to R&D expensing and charitable deductions
• Updated capital gain exclusions for Qualified Small Business Stock

We’ve outlined what you need to know in our latest blog post.

Read the full breakdown here: https://www.paceaccounting.com/post/the-one-big-beautiful-bill-what-it-means-for-businesses

If your business is making capital investments or strategic plans for 2025, now is the time to get ahead of these changes.

Big changes are coming to your taxes.

The One Big Beautiful Bill, just signed into law, makes the Trump tax cuts permanent and introduces new benefits for individuals and families. Some of the highlights include:

• A larger standard deduction
• A new Senior Deduction
• A higher SALT cap
• Tax-free tips and overtime for qualifying workers
• The return of PMI deductibility
• An increased child tax credit

We’ve broken it all down in a clear, easy-to-follow blog post.

Read the full breakdown here: https://www.paceaccounting.com/post/the-one-big-beautiful-bill-what-it-means-for-you-individuals

Everyone at Pace Accounting wishes you a joyful Easter and a fresh, hopeful Spring!

Again, thank you for making this a successful tax season. Now that tax season is over, we have updated our office hours. ​

Monday through Friday – 10 AM to 5 PM​

We are back to regular business. Any clients who have submitted tax documents for preparation that are still in process can expect a response between May 1 and October 15. If you filed an extension, please submit the rest of your tax documents as soon as possible. All returns are processed using the order received.

📢 Friendly Reminder: Tax Extension Requests Due Soon! ⏳

Hey Pace Accounting clients! Just a week left to request an extension to file your taxes! 📆

🚨 Deadline: Tuesday, April 1 🚨
📩 Submit your request in writing to [email protected] or contact your accountant.

🔹 Extensions Are NOT Automatic – You must request one!
🔹 This is an Extension to File, NOT to Pay – Taxes owed must still be paid by the deadline to avoid penalties.
🔹 Send Us Your Tax Docs – We’ll estimate your tax liability based on the documents you provide.

💰 Extension Filing Fee: $170
🗓️ Extended Filing Window: May 1 – October 15

⏳ Need to File by April 15?
If you missed the March 15 document deadline, a Rush Fee of $300 (plus standard filing fees) applies. Payment and signatures must be completed by noon on April 15—no exceptions.

📩 Request Your Extension Now: [email protected]

Time is running out! Don’t wait until the last minute. ⏳📊

🚨 Need a Tax Extension? Act Now! 🚨

Hey Pace Accounting clients! If you need an extension to file your taxes, you must request it in writing by Tuesday, April 1. Email [email protected] or contact your accountant directly.

🔹 Extensions Are NOT Automatic – You must submit a request.
🔹 It’s an Extension to File, NOT to Pay – Any taxes owed must be paid by the deadline to avoid penalties.
🔹 Required Information – We’ll estimate your tax liability based on the documents you provide. Send us everything you have!

📌 Extension Filing Fee: $170
📌 Extended Filing Window – Returns will be prepared in order received between May 1 – October 15.

⏳ Need to File by April 15?
If you missed the March 15 document deadline, a Rush Fee of $300 (plus standard filing fees) applies. Payment and signatures must be completed by noon on April 15—no exceptions. If you’re filing last-minute, be ready to respond immediately to any requests. Rush Fees are non-refundable.

📩 Submit Your Request Now: [email protected]

Timely submissions = a smoother process. Let’s get this done! 💼💰

We need your tax documents as soon as possible. Usually, by March 15, we are running a four-week lead time. This is a friendly reminder to submit your tax documents to us by Saturday, March 15 to ensure your return is filed by the April 15 deadline.​ Submissions received after March 15 may require an extension and will be completed between May 1 and October 15.

We need your tax documents as soon as possible. Usually, by March 15, we are running a four-week lead time. If you have already submitted your documents, thank you!​

​This is a friendly reminder to submit your tax documents to us by Saturday, March 15 to ensure your return is filed by the April 15 deadline.​

​Submissions received after March 15 may require an extension and will be completed between May 1 and October 15.​ Thank you for your prompt attention.

To ensure we can file your taxes by the Tuesday, April 15th deadline, we kindly request that you submit your tax documents no later than Saturday, March 15, as we are usually running a four-week lead time by mid-March.

If you have already submitted your documents, thank you!​

If you submit your tax documnts for preparation after March 15, we cannot guarantee that we will be able to prepare your tax return by the deadline and an extension might be needed.​

​BEST TIME TO SUBMIT DOCUMENTS: EARLY FEBRUARY
Submissions in early February can guarantee a quick turnaround. Mid- and Late February submissions will have a slower turnaround time. March 1 to March 14 submissions will have a four-week turnaround. Documents submitted after March 15 will most likely need an extension.​

​EXTENSIONS ARE NOT AUTOMATIC: Must Request in Writing​
Clients are not placed on automatic extensions; you must request one by April 1. Extensions are only to file, not to pay—taxes owed must still be paid by the deadline to avoid penalties. If you expect a refund, an extension is not required, but if you owe, filing an extension is necessary to avoid late-filing penalties. The fee for an extension to file is $170. Email your requests to [email protected].​

​We appreciate your cooperation in helping us manage this busy season effectively.

As tax season progresses, here’s everything you need to know about tax refunds and payments to ensure a smooth experience:​

​TAX REFUNDS
• Timing: Most refunds are issued within 21 days of the IRS accepting your return. However, factors like additional reviews or errors may cause delays.​
• Tracking: You can check the status of your refund by visiting our tracking tools here: https://www.paceaccounting.com/track-my-refund​

TAX PAYMENTS
• Due Dates: Any taxes owed must be paid by April 15th, even if you’ve requested an extension to file.​
• Payment Methods:​
>> IRS Direct Pay: Securely pay directly from your bank account.​
>> Debit or Credit Card: Visit the IRS website for approved payment processors.​
>> Installment Plans: The IRS offers payment plans for eligible taxpayers if you can't pay in full.​

HELPFUL TIPS
• Avoid Penalties: Late payments may incur interest and penalties, so pay promptly to avoid additional costs.​
• Retain Records: Always keep proof of payment and refund details for your records.

Dear Valued Client!
Receiving a letter or notice from the IRS or a state tax authority can be stressful, but it’s important to remember that most issues can be resolved with the right approach.

Here’s what to do if you receive one:

STEPS TO TAKE
1. Don’t Panic: Many notices are simply informational or request additional documentation.
2. Read Carefully: Understand the reason for the letter and any deadlines. Look for details on what is being requested or corrected.
3. Contact Us Immediately: Send a copy of the notice to our office so we can review it and determine the appropriate response. Please avoid responding directly to the IRS or state authority without consulting us first.

COMMON REASONS FOR NOTICES
• Missing Information: The IRS may need additional documents to process your return.
• Math Errors: Minor mistakes in calculations can prompt a notice.
Underpayment or Overpayment: The IRS may indicate a discrepancy in the amount owed or refunded.
• Audit Notifications: These require immediate attention and a formal response.

TIPS TO AVOID ISSUES
• Always keep copies of your tax documents and records.
• Double-check your tax returns for accuracy before filing.
• Ensure your tax payments and filings are made on time.

If you receive a tax notice or letter, please contact us as soon as possible so we can help resolve the matter quickly and effectively. We require a copy to review.

To ensure a smooth and timely e-filing process for your tax return, once your tax return has been prepared, we kindly ask for your prompt attention to the following:​

SIGNED AUTHORIZATION FORMS
• E-File Authorization: This signature confirms you have reviewed and approved your tax return, allowing us to e-file on your behalf.​
• Client Engagement Form: A signed form must also be on file for all clients.​

​PAYMENT FOR SERVICES
All outstanding invoices for tax preparation services must be settled before we can proceed with e-filing.​ Delays in returning signed forms or making payments may result in:​
• Refund Delays​
• Missed Tax Deadlines​
• Potential Penalties​

We appreciate your prompt attention to these items to help us file your return on time and ensure you receive your refund without delay.