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You are here: Home / Featured Information / Mid-Season Tax Check-In

April 7, 2021 Leave a Comment

Mid-Season Tax Check-In

No, this is not an Indiana Jones movie; it’s Tax Season, 2021.

2021 is proving to be a labyrinth of obstacles – with congressional changes in the middle of tax season, an ongoing unprecedented backlog at the IRS, ongoing COVID related issues, software changes and updates done on the fly.  It is a credit to us all – clients and preparers alike -that we have not taken our toys and gone home.  With all these goings on, we’re still here to get through it!  We’re with you, traversing this booby-trapped maze together.  Here’s what we’re looking at from our side:

  • Recent IRS changes resulting from the newly passed American Cares Act has delayed refunds, forced software updates and set normal processing times back for both the IRS and our office
  • The due date for individuals (not businesses or trusts/estates) has changed to May 17th, 2021. This means that you can file and pay up to 5/17/21 as part of the normal tax season without filing an extension
  • The due date for estimated tax payments is still 4/15/21 for the 1st Quarter
  • If you had unemployment and have already filed your taxes, there is no need to amend to take advantage of the $10,200 unemployment credit the IRS and Congress passed. The IRS has issued guidance that they will be processing the changes internally and refunds will begin to go out late spring, early summer
  • If you have unemployment and haven’t filed your taxes, returns have to be analyzed more carefully to extract the most beneficial outcome
  • We are about two weeks behind processing returns. We are working our hardest to get to your returns and process them, while simultaneously learning new tax laws and waiting for software updates.

I’m 97% sure that David Bowie did NOT have this in mind when he was penning “Changes” however, I’m 100% sure that these obstacles can’t keep us down and we will be “Heroes” on Tax Day.

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Filed Under: Featured Information, News, Seasonal Information, Tax Preparation Tagged With: American Cares Act, changes, COVID, tax season, unemployment

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COVID-19 Related News and Updates

Check here for the most recent updates we have gathered regarding the impact of COVID-19 and taxes, personal finance and planning.

We are also going to be providing – and updating – links to get you the most up-to-date information on changes.

 

Regarding the PPP (Paycheck Protection Program), please note: 

Because we are not “authorized agents” for purposes of completing loan applications, we are not able to complete the actual loan applications for our clients. At this point, there is limited and unclear guidance available for the loan process. We will do our best to provide information and/or documentation requested by the lenders that we have access to as your bookkeepers/accountants and/or tax preparers, but we are unable to assist with the actual loan application or loan amount requests. There are severe penalties for misrepresentation. These documents must be signed under penalty of perjury and we take that responsibility very seriously.

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Get My Payment (Economic Impact Payment) status checking tool:  https://www.irs.gov/coronavirus/get-my-payment

Senator Chris Murphy’s Page:  https://www.murphy.senate.gov/coronavirus

From the IRS, those who would have had to take an RMD have been given relief for 2020.  Official policy can be found here:  https://www.irs.gov/pub/irs-drop/n-20-06.pdf

For those with student loans, check out this site for FAQs on relief in 2020:  https://studentaid.gov/announcements-events/coronavirus and https://patch.com/connecticut/across-ct/ct-coronavirus-payment-relief-student-loan-borrowers-lamont

SBA Loan Info:  https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

CT Department of Labor

CT DMV is extending license renewals:  https://portal.ct.gov/DMV/Easy-Answers/Easy-Answers-Webpages/How-to-Renew-Your-Drivers-License

IRS FAQs on the stimulus payments:  https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know

Employee Retention Credit:  https://www.irs.gov/newsroom/faqs-employee-retention-credit-under-the-cares-act

CT Program for minority and female-owned businesses (It’s a 0% line of credit with forgiveness if used for certain types of expenses within 3 months):  https://www.hedcoinc.com/state-of-ct-hedco-decd-covid-19

The IRS has suspended their collections process during COVID-19.  Click here to read the updates:  https://www.taxprotoday.com/news/irs-hits-the-brakes-on-collections-in-response-to-the-coronavirus

 

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Name Change

We have just finished with the 2020 tax season! We are thrilled that we made it intact! It was a brutal one; but for the most part all of us – taxpayers included – came out unscathed in the world of taxation. Now we plan for the next tax season. After almost two years of […]

  • Child Tax Credit
  • Second Quarter Estimated Taxes
  • Mid-Season Tax Check-In

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  • Child Tax Credit
  • Second Quarter Estimated Taxes
  • Mid-Season Tax Check-In
  • American Rescue Plan Act
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  • Contact Us
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