Tax Season is Here
Tax season is again upon us, and we have more exciting news to share with clients. Effective January 1st, 2021, we have merged practices with Steve Mahoney CPA, P.C. Steve has been practicing accounting in the Columbus area for over 30 years. He has extensive experience in tax preparation, financial statement creation, and small business consulting. We look forward to working together with Steve and his team to provide even more services and capabilities to our clients going forward.
We are now taking appointments for this tax season. Please give us a call to schedule your appointment; we are meeting with clients both in person and through virtual sessions. All in person meetings must be scheduled in advance so we can take all necessary precautions. We also have the ability to exchange all information via secure file sharing. You can complete the entire process without leaving your house if you choose.
Similar to prior years, the basic tax forms have changed, again. The look of the forms will be different this year, as they have the past two years. These are IRS mandated changes. Also, as you will notice on the form, there is a line for the Economic Assistance Payments ( stimulus pay out's ). There are a lot of misperceptions regarding the taxability of these payments. These payments are NOT taxable to the recipient; they do however have to be reported via the tax preparation cycle. This reporting will determine if you received all of the payments you should have; if not, you will get the payment added to your refund. Please ask us questions if you are unsure about this.
We are still actively monitoring the number of local cases of COVID-19 in our community and the guidance of our local and state officials. Should the number of positive cases begin to rise and the virus beginning spreading quickly again, it may be necessary for us to shut our doors to the public again temporarily. Should we make that determination, we'll be sure to post that information here.
2020 Tax Deadline and Payments
The IRS has stated they will begin to accept returns on February 12th, 2021. As of February 1st, 2021, the IRS has still not given final approval for multiple forms, and this might slow down processing of returns even more. Also, as of February 1st, 2021, the IRS deadlines for all returns are the same as pre-Covid years, meaning the Form 1040 Individual Return is due April 15th, 2021. If this deadline changes, we will let all clients know.
Please remember, individuals and businesses can still file an extension as normal if they need additional time to file. If you have any questions regarding filing or payment deadlines and the various options available, please contact our office.
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