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You are here: Home / Archives for Seasonal Information

June 1, 2021 Leave a Comment

Second Quarter Estimated Taxes

As the Second Quarter of 2021 winds to a close, we wanted to remind you that estimated taxes are due on or before June 15, 2021.

If we prepared and included pre-addressed envelopes and vouchers with the amounts due in your tax return packet, please be sure to use those when mailing in your estimates (although we do strongly recommend paying these electronically – see below for instructions).  Please also be sure to write the correct Quarter, Year and your Social Security Number in the memo line so that the estimate gets applied to the right year.

*  We cannot stress enough that keeping accurate records of your estimates will prevent confusion when it comes time to prepare your return.  We provided you with an envelope to help keep track, so even if you pay online, print out the receipt showing the date and amount you paid and record it on the envelope or throw it in there for safe keeping.  99.9% of Post Filing Notices that are received are as a result of inaccurately reported estimate payments.

If we pay your estimates from our office, we will be calling shortly to remind you of the amount and the withdrawal date we will be processing them.  This is your time to inform us of any change in your employment or income which may affect your estimated tax due amount.

Again, you have the option to use EFTPS or IRS DirectPay for Federal estimated tax payments and TSC for the State.  Click here to be brought to the Federal site.  Click here to make CT online payments.

Federal estimates should be sent to:

Internal Revenue Service
P.O. Box 931100
Louisville, KY 40293-1100

CT Estimates should be sent to:

Department of Revenue Services
P.O. Box 5053
Hartford, CT 06102-5053

As always, we are here to answer any questions you may have.

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Filed Under: Featured Information, News, Personal Finance, Seasonal Information Tagged With: estimated taxes, estimates, Q2, quarterlies

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

December 14, 2020 Leave a Comment

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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Filed Under: COVID-19 Related News and Updates, Featured Information, News, Seasonal Information, Tax Preparation Tagged With: 2020, Canopy, change, client letter, new office, year-end letter

November 25, 2020 Leave a Comment

Thanksgiving closure

We at National Tax & Financial Services (formerly MJW EA & Company LLC) are thankful for our clients EVERY day!

In observance of the Thanksgiving Day holiday, our Madison office will be closed Thursday, November 26th.

We will re-open Friday, November 27th, 2020.

Stay safe and healthy, everyone!

Filed Under: Seasonal Information Tagged With: closed, thankgiving

May 29, 2020 Leave a Comment

Duck…duck…whoosh!

It’s time for Bare Necessities’ annual (modified for social distancing) Ducky event – you’d be quackers not to participate!

The Ducky Dip will be held on June 20 (flyer attached) and streamed live via Facebook.  If you are interested in purchasing tickets, they are $5 per ticket and tickets can be delivered to you once payment is received.  Contact cnocera@maryjowalker.com to coordinate!  Tickets will also be sold at Bill’s (get it?  Bill?) Seafood Restaurant (548 Boston Post Rd, Westbrook) this Saturday and Sunday, May 30 and 31st, in the parking lot.

No crying fowl if you don’t win – all proceeds go to an amazing cause:

MJW EA & Company is a proud and dedicated supporter of Bare Necessities, a local non-profit whose purpose is to collect and distribute diapers and other toiletries to families in need.  Now more than ever, families need our help.

We have added the link to their home page on our main menu so you can visit their site and see all the good they’ve done and continue to do.  You can also donate via their site.

So let’s celebrate duck season (not wabbit season) and hope this event really takes off for Bare Necessities and all the families they serve.

Thank you!

2020 Ducky Dip Flyer

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Filed Under: Featured Information, News, Seasonal Information Tagged With: bare necessities, charity, diapers, Ducky Dip, event, fundraisers

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Recent Posts

  • Name Change
  • Child Tax Credit
  • Second Quarter Estimated Taxes
  • Mid-Season Tax Check-In
  • American Rescue Plan Act
  • We may have moved but fret not – We’re Still Us!

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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Updating Client Contact Information

203.245.6175

We look forward to working with you!

Hours of Operation:

Monday through Friday: 8.30a-4p.

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

~ Flag Series by Photographer Jeff Allen Nantucket, MA

 

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

Recent Posts

  • Name Change
  • Child Tax Credit
  • Second Quarter Estimated Taxes
  • Mid-Season Tax Check-In
  • American Rescue Plan Act
  • Home
  • About Us
  • Services
  • FAQ
  • Contact Us
  • Blog/News
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