Cole & Waxman Tax – Engagement Letter & Terms of Service

Cole & Waxman Tax Services (“we,” “us,” “our”) appreciates the opportunity to assist you with your U.S. tax compliance needs. Please read these Terms of Service carefully. By engaging us, you (“Client,” “you,” “your”) agree to all terms outlined below.

Scope of Engagement

You hereby engage Cole & Waxman Tax Services to prepare and file your U.S. federal, state, and local tax returns, and—where applicable—related compliance filings, including but not limited to:

FinCEN Form 114 (FBAR)

IRS Forms 3520 / 3520-A

PFIC reporting (Form 8621)

International information returns, or any other forms required for IRS or FinCEN compliance

Unless explicitly agreed in writing, this engagement does not include representation before the IRS, tax authorities, or financial institutions, nor does it include audit support, notices, appeals, or follow-up with governmental agencies.

Such services, if requested, will require a separate engagement and fee arrangement.

Time frame for Preparation

Preparation will begin only after all required documents, questionnaires, source records, and clarifications have been received in complete and usable form. Time required to complete an engagement depends on complexity, volume of records, international reporting requirements, client responsiveness, multi-year issues, and matters beyond our control including government processing delays and system outages.

We do not guarantee any specific preparation timeframe, but 45 business days is the standard expectation for turn-around time. Any estimates provided orally or in writing are non-binding and informational only. For engagements involving late-filed returns, amended filings, multi-year cleanup, disaster-relief matters, international compliance, or prior-year corrections, preparation may require a substantially longer period of time.

Cole & Waxman Tax Services bears no responsibility for penalties, interest, or other consequences arising from preparation timing, regardless of cause, unless such penalties arise solely from our gross negligence or willful misconduct.

Any delay caused by missing documents, unclear information, discovery of additional issues, or client non-responsiveness automatically extends preparation time without notice.

Accelerated or rush service—if available—may incur additional fees.

Filing Extensions

To request the filing of a tax extension, the following conditions apply:

A retainer fee must be paid according to the current fee schedule.

You must agree to these Terms of Service.

As a courtesy, we may file extensions for active clients; however:

Such courtesy filings are not guaranteed,

They do not create any obligation or expectation, and

We assume no liability if an extension request is rejected, delayed, or not processed by the IRS or any relevant authority.

Client Responsibilities

You agree that:

Review of Returns

You will carefully review all prepared tax filings before signing and authorizing submission.
You agree to notify us promptly of any discrepancies, including but not limited to:

Name spelling

Current address

Bank routing/ account details for direct deposit or withdrawal

Filing status

Income or deduction accuracy

Your approval constitutes confirmation that all submitted information is true, complete, and accurate to the best of your knowledge.

Annual Intake & Status Changes

You agree to truthfully and fully complete our annual intake form, including reporting any changes in:

Family composition

Marital status

Residency or citizenship

Occupation or employer

Business, investment, rental, or foreign activities

Financial accounts or ownership interests

Failure to disclose changes may result in incomplete or incorrect filings, for which we bear no responsibility.

Data Handling, Privacy & Authorization

You grant Cole & Waxman Tax permission to:

Securely store your tax and financial documents,

Contact and communicate with relevant third parties (e.g., financial institutions, payroll providers, prior accountants) at our discretion when necessary for tax preparation,

Use secure digital systems for document exchange and storage.

Your information will be handled in accordance with industry best practices, though we cannot guarantee absolute data security against all possible risks.

Fees & Payment Terms

You agree to the current fee schedule, which is incorporated into this engagement by reference.

Payment terms:

Retainers (when applicable) are non-refundable once the engagement begins.

Final invoices must be paid before filing unless alternative arrangements are agreed in writing.

Disengagement Policy

We reserve the right to disengage from an engagement for non-payment, non-responsiveness, incomplete information, abusive conduct, or conflicts of interest.

If you choose to disengage:

Before submitting documents & before work has begun:

Loss of retainer fee (if any).

After submitting documents or after work has begun:

You are liable for 100% of applicable fees, even if returns are not filed.

Upon disengagement, no returns will be filed, and no further work will be performed.

Limitation of Liability

To the maximum extent permitted by law:

Cole & Waxman Tax Services shall not be liable for penalties, interest, identity theft issues, IRS processing delays, IRS or state errors, rejected filings, or damages exceeding the total fees paid for the specific engagement.

No warranty is expressed or implied regarding the acceptance of any filing by tax authorities.

You acknowledge that tax preparation inherently involves professional judgment, and outcomes may vary.

Acceptance of Terms

By signing below, submitting documents, paying an invoice or retainer, or otherwise engaging our services, you acknowledge that:

You have read and understood these Terms of Service,

You agree to all conditions herein, and

These terms apply to all future tax years unless superseded by an updated agreement.