22 Feb IRS Problems and Delays, Tax Season Updates and Deadlines!
We are staying on top of it ALL for YOU!
Due to the government and IRS disruption from COVID-19…
This year the IRS has delayed the beginning of tax return filings to 2/12/21, and they still have not completed all of the 2020 tax forms needed to prepare all tax returns yet. This creates unique challenges in filing tax returns this tax season. Communication with the IRS is difficult due to fact that much of their staff is working remotely and reduced in numbers. The IRS is also swamped with questions about last year’s tax returns, tax refunds, new economic stimulus payments, tax credits and more. Most calls to the IRS go unanswered or are put on hold for hours — See Article: Only 1 in 11 IRS calls go answered!
We appreciate your patience as we confidently navigate these unprecedented times with the IRS for YOU, our valued client.
Above: In this video, Pamela Wilson, our tax manager, explains this year’s delayed IRS fling start time of 2/12/2021, IRS problems, form delays, deadlines — and what it all means to you our valued client!
OTHER IMPORTANT TAX SEASON UPDATES:
- Tax season delayed: The IRS recently announced that the 2020 tax return filing will begin later this year, starting on February 12, 2021. It is advised that you provide us with your tax-related source documents as soon as possible, regardless of the tax filing start date. You may provide us your tax documents in your ShareFile Secure Client Portal (preferred method), by mail, or by dropping them off at our office in Tarpon Springs.
- 1040 Tax Organizers and ShareFile Secure Client Portal Set-Up: Your shortened version of the 2020 tax year 1040 tax organizer has been mailed to you recently (existing clients). The full version is in your ShareFile Secure Client Portal under “Tax Documents” for you to use. Contact us for ShareFile set up instructions, or if you have not yet received your ShareFile link to do so (also, check your spam box in your email). Existing clients have been emailed this, and mailed this information recently — to setup your ShareFile portal – it’s EASY! If you don’t have the information to do so, or you are a new client, please reach out to us soon! 727-934-7759 or firstname.lastname@example.org
- How to communicate to us to review and discuss your tax return this year: To schedule a 2020 tax return review, or for a 2021 tax planning meeting, simply contact our office. You may contact our office for these services once your tax return(s) are completed, and you have been provided with your review draft of the final tax return via email. We are able to provide these services via Zoom meetings, screen sharing technology, and/or by phone from the convenience of your home or office! You choose!
- Your ShareFile Secure Client Portal: Click on the link below for more information on the ShareFile Secure Client Portal. The link also includes brief client tutorials to make this as easy as possible for you. You may also call or email us with ANY questions! 727-934-7759 or email@example.com
IMPORTANT UPCOMING DEADLINES:
Employers that paper file:
- Paper file Form 1096 with Copy A of all Forms 1099-MISC.
- Paper file ACS Forms 1094-B, 1095-B, 1094-C or 1095-C if required.
C Corporations & LLCs: File Form 2553 to choose to be treated as an S corporation beginning on January 1, 2021.
Calendar-Year S Corporations: 2020 Form 1120S due or file Form 7004 for an automatic six-month extension. Provide shareholders with copy of Schedule K-1.
Partnerships: 2020 Form 1065 due or file Form 7004 for an automatic six-month extension. Provide partners with copy of Schedule K-1.
Employers that e-file:
- E-file Form 1096 with Copy A of all Forms 1099-MISC.
- E-file ACS Forms 1094-B, 1095-B, 1094-C or 1095-C if required.
Large food/beverage establishments that e-file: E-file Form 8027 to report 2020 tip income, reported tips, and allocated tips.
Form 1040 Individual Income Tax Returns are due.
- A six (6) month extension may be filed by our office on your behalf
- The extension is an extension of time to file your tax return, it does not extend the time allowed to pay any taxes owed with your tax return.
- If you believe that you have a tax liability due, please contact our office to speak with our tax division regarding your estimated payment for your extension. We will guide you on how to properly pay this to avoid additional late payment penalties and interest.