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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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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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One More Kick-Off

The Superbowl’s over but Tax Season has already kicked off and as we return the punt with our eyes on the end zone, here are some calls we’d like to make:

Holding:  If you’re only missing one or two tax documents, bring in what you have.  We can certainly get your return mostly done and then hold it until you get the final pieces.

Please know:

  • The 1099-Gs for Unemployment Compensation received from the state are only available online. Click here to access your form.
  • Some investment companies have a 1099-Consolidated form from an investment account available online and possibly only online unless you specifically requested paper copies. Log into your investment account to access these forms.
  • A 1098-T for tuition paid is now required to claim education credit. Most schools have this form available through the student’s portal, and for some schools, this is the only way to get them.
  • Estimated tax payments are important. Please provide back up showing when and what you paid for estimates for 2019.

Pass Interference:  There was a typo in one of our documents and we wanted to remind everyone that we do NOT need copies of your documents.  Bring us your originals and we will give them back to you with your completed return, no muss, no fuss.

Delay of Game:  If you have not received your refund after 21 days of your filing, click here for Federal and here for CT to check the “Where’s My Refund?” status with the taxing agencies.  You must have your tax return information with you when searching.  If you call us to check, this is the first place we’re going to look, so if you try it and run into trouble then call us for the assist.

The Direct Deposit/Direct Debit form that was in your packet (the blue one) needs to be completely filled out in order for us to finish processing your return.  This means that you’ve picked “yes” or “no” for both the deposit and the debit section, you’ve provided your bank information or a cancelled check and you’ve signed it.

Our ruling on the field stands:  We are always here to help, so call or email (or text 203.859.4317) with any questions you may have.

Break!

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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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