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Tax Season News

Posted by Admin Posted on Feb 09 2021

Tax Season News - Due to the complexity of incorporating the changes from the various COVID relief programs, the IRS won't be ready to accept individual tax return filings for the 2020 tax year until 2/12/21. One of the primary changes impacting almost all taxpayers is the reconciliation of the economic impact payments, which eligible taxpayers should have received in 2020, and then again in early 2021.  The good news for those who didn’t receive their anticipated payments is the ability to file for a tax credit on your 2020 tax return, for payments not received directly. 

For those taxpayers concerned with identity fraud the IRS now offers anyone the opportunity to sign up for an identity protection PIN.  If you are interested in learning more about this opportunity and the requirements please follow this link -  identity protection PIN.

As a reminder, with the start of the new calendar year it's a very good time to update your income tax withholding from wages with your employer, which can be done by completing a Form W-4.  The IRS offers a useful "withholding calculator" tool, for your use in determining how much withholding to have taken out of your wages or retirement benefits.  Finally, please note that we have updated our firm's website for tax and payroll related resources and links, and certainly contact us, if we can answer your questions, or if you'd like to schedule a remote income tax appointment with our firm.  We also offer a free monthly e-newsletter, which you can sign up for on our firm’s home page.  Thank you!  Mike, Kristy, Victoria, Maria and Heather