What if you miss the cutoff date????

Nothing major really. The cutoff date is our deadline for information to be brought or sent into our office. The date for the 2020 tax filing year was March 26. For information that is brought or sent into our office by or before this date, we ensure that the return will be completed and electronically filed by the tax deadline.

We work diligently to complete as many returns as possible before the tax deadline and generally complete many that are received after the cutoff date. For those that are not finished before the deadline, we will file for an extension of time. This is why we work on returns in the order they were received.

We invite you to read “What is the status of my tax return” to get an overview of our process.

What is the status of my tax return........

With the latest stimulus bill there were several tax laws that were passed in the last week or two retroactively to 2020 and impacted returns. We slowed on completing returns so that our tax software could be properly updated to keep our clients from having to deal with amending returns and possibly slowing the issuance of refunds.

We receive numerous calls daily asking what is the status of my tax return. The answer is complex and simple at the same time as each persons return goes through many stages before actually being filed with the IRS.

  1. Information comes into our office via email, mail or physically being brought in.

  2. Files are pulled, information placed into the file and this is logged into a spreadsheet indicating when it was received. This is important because we work on each return in the order that it comes into our office.

  3. Information is checked, entered into spreadsheets and totaled if needed.

  4. Tax information is scanned into our secure system so that it is accessible if and when it is needed in the future. We advise clients to keep these records for at least 7 years.

  5. Returns go into Royce’s office for him to complete using the most up to date tax software and his years of experience to ensure that each client receives the most benefit from their individual deductions. (Fun fact- Royce completes each and every tax return)

  6. Completed returns are moved to our finishing area where individual letters are written, labels and covers are made.

  7. Returns are reviewed to ensure accuracy and are assembled. All information that is brought is placed in an envelope to be returned to the client. (These should be kept in a safe, accessible place in case they are needed for reference or audit)

  8. Assembled returns are once again reviewed.

  9. Clients are called or emailed letting them know that their return is complete and ready for signature. (We must have signed pages prior to any return being transmitted)

  10. Returns are electronically transmitted to the IRS and any state agency that is required. Some returns do still have to be sent in the mail, but these are the exception.

  11. Notification is received stating that the return is either accepted or rejected. (Rejected returns are reviewed once again to determine why they have been rejected, then are transmitted again after any necessary changes are made)

  12. Accepted returns are placed back in there respective file cabinets until the next tax year.

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.