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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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American Rescue Plan Act

You’ve heard the news regarding the third round of stimulus payments, but have you heard from your tax preparer?  Don’t worry – we are okay!  We are navigating the rough seas of the changes wrought by the new tax changes, but we see the dessert island on the horizon.  (Yes, I mean dessert – it’s an island stocked with treats for after tax season).  We are awaiting guidance from the IRS and State, as well as software updates as the IRS determines the nature and scope of reporting requirements (including updated forms, schema changes and business rules).  There is also a possibility of the extension of the filing deadline.  We will keep you updated as we know more.

Here’s the upshot from the government side of things:  President Biden has signed the American Rescue Plan Act (HR1319).

A few highlights of the $1.9 Trillion Act include:

  • An exclusion of up to $10,200 of unemployment benefits received for taxpayers making less than $150,000
  • A third economic impact payment that is an advance of a 2021 tax credit
  • Changes to the child tax credit, earned income credit and dependent care credit.

Preparation and filing of 2020 tax returns has definitely been impacted for us as tax preparers and you as taxpayers.  We will be extending more returns than we ever have before due to these tax changes.

We will get through this together!  And there’s ice cream at the finish line.

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We may have moved but fret not – We’re Still Us!

We have heard through the grapevine that we have confused some of our clients.  Here are the facts:

We may have moved but fret not – We’re Still Us!

  • Our name has changed from MJW EA & Company LLC to National Tax and Financial Services
  • We have moved about two miles east from our Little Yellow House location to the same parking lot as Liberty Bank (check out our video at the bottom of our website for what to do once you get into the parking lot)
  • Our phone number remains 203.245.6175
  • Our fax number remains 203.245.5820
  • Our @maryjowalker.com emails still come to us, but we also have new @yournational.com emails, so be on the lookout for those in your inbox

And most importantly…

Though we may have merged, we remain steadfast in our commitment to providing our clients with the personal touch you have come to expect from all our staff.  And we still look forward to hearing from you!

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2020 Year-End Letter

We envision a somewhat different tax season here at the Madison office of National Tax and Finance, formerly MJW EA & Co LLC, as 2021 is rapidly approaching.

Due to COVID19, as well as advanced technology, we are encouraging our clients to use our Canopy portal to deliver their tax, financial and personal documents. It is secure and easy to use. Please contact the office at 203.245.6175 if you have any questions on how our secure portal works.  We have some easy-to-use instructions that we are happy to provide. Our aim is to go paperless over time.

 

We will not be sending out our historic tax package.

 

Instead, you will receive a package from National Tax and Finance (not from MJW) that will contain an envelope for you to gather your documents (similar to what MJW has provided in the past). This is a great place to hold the documents as you receive them online or in the mail.  When gathered, we hope you will submit them via Canopy.

  • We will be here at our new location 869 Boston Post Road Madison with our old phone number 203.245.6175 to answer questions and to provide the service that you have come to expect.
  • Our MJW website is still fully functioning and continues to provide current information and forms.
  • We expect to have our client meetings via phone or zoom as much as possible to limit the exposure to everyone. We will work with you at your comfort level.
  • We have taken safety and health precautions in the office to protect the health and safety for all.

We are now working with a financial team, Clapboard Hill Private Wealth and their private wealth advisors, who also have a presence in our office. They have been a great asset to us in the short time we have been working together and I anticipate that will continue. Kevin Looby, a Certified Financial Planner, and Walter Rich, Managing Director, can usually be found working in the office beside us.

We are hoping to eliminate any confusion regarding access to us and the services we will continue to provide. Our phones have caused stress for you and for us! As a reminder, our old number has come with us and remains 203.245.6175. We do answer the new number, but it is not as user friendly as 6175!

We look forward to working with you again as we all evolve with this new era of change and challenge.

Until we hear from you…….Be well and Happy Holidays to you and your loved ones!

The team at National Tax and Finance, Madison office (formerly MJW EA and Co LLC)

Mary, Victoriaanna, Charon, Christine, Nancy and Mary Jo

Disclosure:  “Securities offered through National Securities Corporation, member FINRA/SIPC. Advisory services provided through National Asset Management, Inc. (NAM), a SEC Registered Investment Advisor. Clapboard Hill Private Wealth is not an affiliate of NSC or NAM.

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CT Paid Family Medical Leave Act – What You Need to Know

By now, you have most likely heard of the CT Paid Family Medical Leave Act (PFMLA), which will begin on Jan 1, 2021 with .5% being deducted from employee wages by their CT employer.

There will be an impact to the EMPLOYERS and the EMPLOYEES and can involve the SELF-EMPLOYED.

CTPAIDLEAVE.ORG is an excellent site designed to answer questions for employees, employers, and self- employed.  Please take the time to visit this site. The following information is a snippet of what you need to know!

 

If you are an employer, this is what you need to know now:

If you have one or more employees, you MUST participate.

Employer registration is now open online at ctpaidleave.org.

Employee contributions begin on Jan 01, 2021 and will be run through your payroll system.

The employee deductions must be submitted quarterly to CPLA.

There are exemptions available; but, generally not for the very small businesses.

 

If you are an employee, this is what you need to know now:

You will have .5% deducted from your wages (equates to $250 yearly if you have earnings of $50,000).

The deduction is capped at wages of $142,800 for 2021.

Employees will be eligible for benefits starting in January, 2022.

This program can apply to part time employees assuming you have met certain earned-wage thresholds.

As an employee, there is nothing at this point that you need to do – just be aware that there will be a deduction in your paycheck starting the first pay in January.

 

If you are self-employed and/or a sole proprietor this is what you need to know now:

You can opt into the program if you wish, but you have to opt in for minimum of three years.

You can begin making contributions on Jan 01, 2021.

You can opt in now by registering at ctpaidleave.org.

 

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Hours of Operation:

Monday through Friday: 8.30a-5p.

We are located at 869 Boston Post Road, Madison, CT 06443.

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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 […]

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