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DEEPYIELDTAX STRATEGIES

The Free Two-Year Look-Back: What We Review and What Happens Next

Short answer: DeepYield's free two-year look-back is a review of your last two years of tax returns, done for you, then a 30-minute call to walk through what we found. It's a second set of eyes, not a replacement for your CPA. There's no cost and no obligation. When it's done, you'll know what we looked at, what questions (if any) are worth raising with your CPA, and, if a deeper review makes sense, what it would involve and cost, in writing, before any work starts.

Who the look-back is for

  • Crop and livestock operators. Farm returns carry a lot of moving parts: Schedule F income and expenses, equipment and building depreciation, livestock, and how the operation and the land are structured.
  • Ag-land buyers. If you've bought farm, ranch or pasture land in the last few years, the way the purchase was recorded shapes your depreciation for years. IRS Publication 225, chapter 6, explains how a lump-sum price is allocated.
  • High-income taxpayers. Professionals, business owners and investors with significant wage, business, rental or investment income, whose returns have more places for something to be missed.

What we review

We go looking for what's missing. In a look-back, that means a review of your last two years of tax returns, done for you, that asks how each item got there:

  • Income and how it's reported. Farm, business, rental and investment income, wages, and pass-through income from partnerships or S corporations if you have it.
  • Depreciation and asset records. The depreciation schedules behind Form 4562: what's on them, what isn't, and what recovery periods and methods were used. For farms, that includes improvements such as fences, wells, drainage tile and buildings. Publication 225, Table 7-1, lists their recovery periods.
  • Purchases and sales. How land, buildings and equipment bought or sold in those years were recorded, including how a land purchase price was split between land and improvements.
  • Deductions and credits. The ones claimed, and the ones that weren't. We look for every legitimate deduction and credit you qualify for, not just the obvious ones.
  • Structure and timing. How the operation and the land are set up; owner pay for business owners; retirement contributions, charitable giving, estimated payments and carryovers from year to year.

We don't decide whether any strategy applies to you until we've reviewed your facts.

What happens next (what you leave with)

  1. A walkthrough, not a pitch. On the 30-minute call, we walk you through what we found, in plain English.
  2. A straight answer. If something looks worth a closer look, we say so and explain why. If nothing does, we say that too. Some look-backs end with "these returns look reasonable," and that's a useful answer.
  3. Questions for your CPA. Anything we raise is for you and your tax preparer to consider together. We're glad to share our questions with your CPA directly if you'd like.
  4. A written scope before any further work. If a deeper review makes sense, we explain in writing what it would involve and what it would cost before anything starts. You decide whether to go further.

What the look-back is not

  • Not a replacement for your CPA or tax preparer.
  • Not a promise that any deduction, credit or strategy applies to you. That depends on your facts.
  • Requesting a look-back doesn't create a client relationship. Advice is provided only under a signed engagement.

Why the last two years?

Two filed years show how your situation is actually being reported, year over year. They also generally fall inside the IRS window for claiming a refund: generally 3 years from when you filed or 2 years from when you paid the tax, whichever is later, with early-filed returns treated as filed on the due date. So if you and your CPA decide something should be corrected, there is generally still time to consider it. Whether anything should change depends on your facts. Some corrections, such as certain depreciation errors, go through an accounting-method change instead of an amended return. The IRS page "Time you can claim a credit or refund" covers the rules.

How it works

  1. Request your look-back. Send the short form. We'll reach out to get what we need for your look-back. Once it's done, we'll set up a 30-minute call to walk you through what we found.
  2. Have your returns ready. Your two most recent filed federal returns, with all schedules and depreciation reports. We'll tell you how to share them before the call. If you bought or sold land, buildings or equipment in those years, bring those documents too.
  3. Meet by Microsoft Teams. We review your last two returns for you before the call, then walk you through specific tax strategies you aren't using but could.
  4. Decide what's next. With your CPA, on your timeline.

Who you'll talk to

Kyle Farmer and Shanyn Stewart are DeepYield's Principals. Shanyn is an Enrolled Agent, enrolled to practice before the Internal Revenue Service.

A Houston-based team serving clients nationwide.

Request your free two-year look-back →

Frequently asked questions

Is the two-year look-back really free?

Yes. The look-back has no cost and no obligation. If you later want us to do more, we explain the scope and fee in writing before any work starts.

Do I have to switch from my CPA?

No. The look-back is a second set of eyes, not a replacement for your CPA. Anything we raise is for you and your preparer to consider together.

What do you look at in a look-back?

Your last two years of filed federal returns, reviewed for you before the call: how income is reported, depreciation schedules, purchases and sales of land, buildings and equipment, the deductions and credits claimed and not claimed, and how your operation or business is structured.

What will I have when the look-back is done?

A plain-English walkthrough of what we reviewed, a straight answer on whether anything is worth a closer look (including when nothing is), and questions you can take to your CPA. If a deeper review makes sense, you get its scope and fee in writing first.

Why two years and not more?

Two filed years show how your situation is being reported over time, and they generally remain inside the IRS refund window: generally 3 years from filing or 2 years from paying the tax, whichever is later.

What should I have ready?

Your two most recent filed federal returns, with all schedules and depreciation reports, plus documents for any land, building or equipment purchases or sales in those years. We'll tell you how to share them before the call.

Related: Get a Second Opinion on Your Tax Return · Year-End Tax Planning for High-Income Earners · Farmland Purchase Price Allocation Explained

Sources

Results depend on your specific facts. No outcome is guaranteed. This is general information, not tax advice; advice is provided only under a signed engagement.

DeepYield LLC · 4306 Yoakum Blvd, Suite 170, Houston, TX 77006