NEWS & UPDATES
Helpful Tips and Updates
PREPARING FOR 2020 TAX FILING
January 5, 2021
Make your tax filing hassle free with these quick tips:
Gather all income documents
Keep records of all receipts for deductions
Contact a tax advisor with any questions
File electronically for the quickest refunds.
Check IRS.gov for the latest tax information, including the latest on Economic Impact Payments. There is no need to call.
April 15. Deadline for filing 2020 tax returns.
Oct. 15. Deadline to file for those requesting an extension on their 2020 tax returns
FIRST DAY FOR TAX FILING
January 19, 2021
IRS information release-
The Internal Revenue Service announced that the nation's tax season will start on Friday, Feb. 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.
The Feb. 12 start date for individual tax return filers allows the IRS time to do additional programming and testing of IRS systems following the Dec. 27 tax law changes that provided a second round of Economic Impact Payments and other benefits.
To speed refunds during the pandemic, the IRS urges taxpayers to file electronically with direct deposit as soon as they have the information they need. People can begin filing their tax returns immediately with tax software companies, including IRS Free File partners. These groups are starting to accept tax returns now, and the returns will be transmitted to the IRS starting Feb. 12.
Under the PATH Act, the IRS cannot issue a refund involving the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) before mid-February. The law provides this additional time to help the IRS stop fraudulent refunds and claims from being issued, including to identity thieves.
The IRS anticipates a first week of March refund for many EITC and ACTC taxpayers if they file electronically with direct deposit and there are no issues with their tax returns. This would be the same experience for taxpayers if the filing season opened in late January. Taxpayers will need to check Where’s My Refund for their personalized refund date.
Remember, advance stimulus payments received separately are not taxable, and they do not reduce the taxpayer’s refund when they file in 2021.
TAX DEADLINE HAS BEEN EXTENDED
March 22, 2021
The tax filing deadline has been extended from April 15th to May 17th, giving tax payers more time to file their 2020 returns. Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed. It is still highly recommend to file early if you are due a refund to receive refunds as soon as possible. Refunds generally take 21days to be received from the date the return has been accepted by the IRS.
TAX SEASON IS HERE!
What documents do I need to be prepared for filing?
Your social security number or tax ID number
Your spouse’s full name, social security number or tax ID number, and date of birth
Information about your stimulus payment — also known as an economic impact payment (EIP) — if applicable — you may have IRS Notice 1444 or other records showing your EIP amount
Personal information of all dependents
Childcare records (including the provider's tax ID number) if applicable
Income documents-W2, 1099, 1099G, 1099R, Social Security Income, Rental Income
Interest, dividend income (1099-INT, 1099-OID, 1099-DIV)
Records of all expenses — check registers or credit card statements, and receipts