2020 Tax Deadline Extended/cutoff date stays the same......

The cutoff date to bring tax information to our office will remain at Friday, March 26.

Below are excerpts taken directly from the IRS website regarding the deadline extension for the 2020 tax filing year. To read the entire article you can follow this link.

“The Treasury Department and Internal Revenue Service announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days.

This relief does not apply to estimated tax payments that are due on April 15, 2021. These payments are still due on April 15. Taxes must be paid as taxpayers earn or receive income during the year, either through withholding or estimated tax payments. In general, estimated tax payments are made quarterly to the IRS by people whose income isn't subject to income tax withholding, including self-employment income, interest, dividends, alimony or rental income. Most taxpayers automatically have their taxes withheld from their paychecks and submitted to the IRS by their employer.”

Deadlines are approaching.......

Just to remind everyone-the cut off date for information to be received is Friday, March 26.

Information that is brought on or before this date ensures that your tax return will be complete, ready for signature and transmitted by the April 15 deadline.

Returns are placed in the order in which information is received.

Important Reminder: Amounts for ALL stimulus checks that you received should be included with your information. These amounts must be reported on your return or it could cause your return to be rejected. (This amount is not taxable but must be reported)

To find the amounts you received:·       

  • Go through your bank statements- generally these were received in early 2020 and between December 2020 & January 2021. We must know amounts for both of these payments to ensure your tax return is not rejected causing delays and possible additional fees.·      

  • Go to irs.gov/payments/view-your-tax-account. You will click on Create or View Your Account then either log into your existing account or create an account. For security you will be asked questions that only you should be able to answer.

  • ·Call the IRS-The IRS IMPACT PAYMENT PHONE NUMBER is 800-919-9835. You will be able to speak to a live representative about your stimulus check.

How do I find the amounts I received as Stimulus Payments??????

That is a really good question and one that we get numerous times daily now.

  • Go through your bank statements- generally these were received in early 2020 and between December 2020 & January 2021. We must know amounts for both of these payments to ensure your tax return is not rejected causing delays and possible additional fees.

  • Go to irs.gov/payments/view-your-tax-account. You will click on Create or View Your Account then either log into your existing account or create an account. For security you will be asked questions that only you should be able to answer.

  • Call the IRS-The IRS IMPACT PAYMENT PHONE NUMBER is 800-919-9835. You will be able to speak to a live representative about your stimulus check.

New Information for 2020 Tax Year concerning Stimulus payments

We have just been informed that ALL stimulus information will be required for the 2020 Tax Filing year. What that means is that you will need to report both the early Stimulus payment that was generally received in early 2020 and the latest payment that was received between December 2020 and January 2021. (We are scratching our heads too..)

The 2020 Tax Information Worksheet has been revised and is available under the “Useful Information” tab.

If you have questions contact our office.

Happy Monday!

Tax season 2020 is here!

2020 has definitely been a trying year! (That is an understatement)

We wanted to send friendly reminders about your tax returns.

All information to prepare returns should be received by below dates to ensure your return will be completed and transmitted by April 15, 2021 without filing an extension.  Please note that interest and penalties could accrue past April 15, 2021 if extensions are filed and any taxes due the IRS are not paid.  We understand the final version of many year-end brokerage statements may not be available until the end of March and as always, we accommodate our clients affected by this reporting delay.

·        Tuesday, March 2, 2021 – Partnerships or Corporations

·        Friday, March 26, 2021  - Individuals

We ask all clients to complete the attached 2020 Tax Information Worksheet and send with your tax information to keep our records updated and to ensure all information is up to date. This worksheet also aids in possibly reminding of forgotten information that might alleviate the necessity of amending the tax return, thus saving headache and additional cost.   Please let us know If you would like a copy of your Tax Organizer, or a list of documents needed according to previous year, and we will be glad to email you or print for pick up at your convenience. 

Beginning January 1, 2021, our office will enact two new policies for tax services:

·        Payment for invoices should be made before transmissions will be filed.  We believe this policy will alleviate any unnecessary balance due collections.

·        Starting January 1, 2021, credit/debit card payments will have a 3% processing fee added to balance due.

Economic Impact Payment Information.......

The IRS has launched a tool to provide the status of your Economic Impact Payment including the date it is scheduled to be deposited or mailed. Click the link below to be directed to the Internal Revenue Service website.

www.irs.gov/eip

EXTREMELY IMPORTANT********The IRS urges taxpayers to be on the lookout for scam artists trying to use the economic impact payments as cover for schemes to steal personal information and money. Remember, the IRS will not call , text you, email you or contact you on social media  asking for personal or bank account information – even related to the economic impact payments. Also, watch out for emails with attachments or links claiming to have special information about economic impact payments or refunds.