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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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Go Go Government Extenders!

Yet another year end tax bill signed by the President on December 20, 2019. This provides full-year government funding through September 30, 2019.

Significant Retirement Plan Changes

  • The bill increases the age for required minimum distributions (RMD)from individual retirement accounts to 72 (from 70½). This applies to distributions required to be made after December 31, 2019, with respect to individuals who attain age 70 ½ after such date.
  • It would allow part-time workers to participate in 401(k) plans.
  • It eliminates the so-called “stretch IRA”which allowed beneficiaries of IRAs and qualified plans to withdraw all money from inherited accounts over their lifetime, but now, distributions must be taken within ten years.
  • It allows new parents to take early distributions from a 401(k), IRA or another qualified retirement plan within a year after a birth or adoption without incurring early withdrawal penalties (limited to $5,000).
  • No age limit on IRA contributions although taxpayers may still be subject to other limitations (earned income and coverage by another retirement plan).

Other Sections of Note:

  • The new kiddie tax included in the Tax Cuts and Jobs Act is repealed (old kiddie tax law is still in place).
  • Qualified Expenses for Section 529 Plan distributions is the repayment of an education loan up to $10,000 maximum. Tracking of the expenses will be important.

Extenders through 2020 (retroactive to January 1, 2018)

  • Excludes from gross income the discharge of qualified principal residence indebtedness income.
  • The medical base remains at 7.5% instead of 10%.
  • Deduction for mortgage insurance premiums as qualified residence interest.
  • Deduction for tuition and related expenses.
  • Non-business Energy Property Credit (i.e., insulation, storm windows, etc.)

 

MJW Editorial Comment: Although some of these extenders may help some taxpayers, and there are many, many more not listed above, we feel Congress and the President acted irresponsibly in retroactively extending many of the “extenders.”  But this is not to say that there aren’t some beneficial changes with the “Further Consolidated Appropriations Act of 2020”.  The purpose of many of these “extenders” is to give taxpayers a tax incentive to do something.  Our concern is that by reinstating extenders retroactively to January 1, 2018, it doesn’t seem like a great way to “incentivize” anyone to do something in 2018 or most of 2019. It gives the illusion of providing tax benefits without the ability for taxpayers to take action of “tax breaks.”

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Fourth Quarter Estimated Taxes

As the Fourth Quarter of 2019 winds to a close, we wanted to remind you that estimated taxes are due on or before January 15, 2020.

If you are required to pay estimates, we prepared and included pre-addressed envelopes and vouchers with the amounts due in the tax return packet we provided

If we keep your envelopes and vouchers here in our office, please make sure you come in with your checks prior to the due date so we can mail your estimates out before the deadline.

You also 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 37007

Hartford, CT 06176-0007

 

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

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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 […]

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