Today is Sunday February 9th and the Weather seems like Spring
Although our tax filings are progressing very well, the hold-up for many is the delay in receiving 1099 forms from their investments.
| Investment Firm | Forms 1099-DIV / 1099-INT Deadline | Form 1099-B Deadline (if basis info required) |
|---|---|---|
| Vanguard | January 31, 2025 | February 15, 2025 |
| Fidelity Investments | January 31, 2025 | February 15, 2025 |
| Charles Schwab | January 31, 2025 | February 15, 2025 |
| TD Ameritrade | January 31, 2025 | February 15, 2025 |
| E*TRADE | January 31, 2025 | February 15, 2025 |
| Merrill Edge | January 31, 2025 | February 15, 2025 |
| Robinhood | January 31, 2025 | February 15, 2025 |
| Interactive Brokers | January 31, 2025 | February 15, 2025 |
This morning I checked with Charles Schwab to see when tax reporting documents would be available, and I found that Schwab says February 28 and in a FAQ section they stated the following:
Isn’t Schwab required to send out Form 1099 Composites by January 31?
No. Per the IRS, the due date to make 1099 forms available to clients is February 15 (or the next business day). Broker-dealers can request a 30-day extension of time when they have reason to believe they will not have all the information needed in time to produce an accurate form.
Schwab’s priority is ensuring that clients’ 1099 forms are delivered as quickly as possible—and more importantly, accurately. To limit corrections, Schwab takes advantage of the 30-day extension so we can capture the majority of mutual fund and REIT income reclassifications before sending you your form(s).
We Encourage Everyone to Upload your other Tax Documents to us Now, so that we will be able to complete your Tax Filing once your 1099 Arrives
The Parking Lot Project is in the Final Stages
While we are buzzing with activity inside the office, there has been a lot of activity outside. The concrete was poured this week, and we anticipate that our new parking lot will be available for use about the same time that the investment houses release their 1099 forms.
TELEPHONE TRAFFIC THIS WEEK
This past week, we experienced 841 telephone calls at the office, of which, 409 were incoming calls and 432 were outgoing calls. As a reminder, please use our online appointment scheduler if you need to schedule an in-office visit.
New Point of Sale System
We have a new credit card processing and check reader system that has created some additional work for us so please be patient with the staff as we learn and implement these new processes. One downfall to the new system is that we can no longer accept American Express cards. I apologize for any inconvenience this may cause anyone. I know that I have been using my American Express card since 1981 (sure makes me feel old).