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.

Safer at Home and signatures........

With the enhanced “Safer at Home” order, we are strongly encouraging clients to sign their income tax returns electronically if possible to limit contact and help “flatten the curve.”

There are several options for signing returns:

  • Email, print, sign, scan and return

  • Email, print, sign, fax

  • Fax, sign, return by fax

  • Electronically sign by email (no scanning required)

  • Regular mail, sign, return by regular mail

    We will work with each client to determine the best option for them.

  • Payments for tax return preparation can be made by Visa, Master Card, VENMO, cash or check.