Caffeine, Wi-fi and arranging receipts. It’s mid-February’s hat trick.

Safe Harbor ‘s receipt requirement in full effect


After President’s Day, the next official holiday does not come around for over three months. Despite this, you likely have all of the data you need to file your taxes. I’m not sure why, but for whatever reason, investment data remain embargoed until mid-February. Perhaps someone out there might be in a position to explain this annual event. In any case, filing 2019’s taxes should simply now be a matter of gathering all your data and preparing it to be sent to your State and the Feds.

2020 will be the first year for the receipt requirement for property owners accessing Safe Harbor relief. In my case, many of these receipts are stored in electronic formats: in folders for each property. Now that the large investment firms released their data, my tax software requires many of these 1099-Bs and Apex Clearing House Combined Forms to be converted from PDF (Adobe Acrobat) into a template CSV (Microsoft) file. Only the big companies send clients both formats. Does anyone out there know of alternatives? (Of course, hiring a tax professional to manually input each transaction solves this problem, but most charge a rather substantial fee.)

The good news is that the cold & dark February weather, the need to spend hours on the WI-fi and coffee oddly go together. The founders of Starbucks foresaw this certainly.
Baron sends a shout out to all of your property owners and managers facing this situation. Send me a quick comment on your 2020 tax adventures.