TAX SEASON 2020 – Updated Information and Office Procedures in a COVID19 Environment

As tax season draws near, I would like to take this opportunity to provide you with some year-end tax planning assistance.  We appreciate you choosing us to trust with your tax matters and have been diligent in studying the tax law changes in preparation of the upcoming filing season. 

As a friendly reminder, please remember to confirm payment of all estimated tax payments with us and to return your signed 8879 promptly after receiving your return, so there are no delays in your electronic filing. 

SCHEDULING: We have had to make some changes to provide both staff and our clients a safe environment. To do this, we will need to limit the office appointments. This year we are strongly recommending that our clients implement our Link Organizer portal which allows you to answer pertinent tax questions, upload tax documents, receive information/copies, and notify us of any life changes that may affect your tax filing quickly and securely. We will provide continuous support to all clients who wish to sign up for our Link Portal. We would request that you contact Carolyne at or call the office 609-601-2670, provide us with an email and have your Link Portal accounts set up no later than 1/1/2021. We will also have our drop off box located directly outside of our interior door for those of you who choose. We would request that drop off and pickups be coordinated with Carolyne. Please DO NOT leave items in mailbox during off hours. For those of you who will be mailing your documents, please attempt to open all mailings, discard excess (envelopes), and do not staple. We will be scheduling for telephone appointments to review and complete tax returns.  

All clients are requested to complete a tax organizer, which is found in the link portal or can be provided by contacting our office. We cannot stress the importance of getting your tax documents to us early. Please note, fees outstanding over 45 days must be resolved prior to scheduling. 

Form 1040 (Individual) – Make sure to monitor federal withholdings, as the charts and exemptions have changed.  Additionally, be mindful that income tax due on unemployment earnings is not always withheld and therefore may increase your balance due at filing. 

The IRS due date is April 15, 2021.  Like last year, due to changes in the IRS filing dates, we will not be accepting appointments after March 30, 2021, however you may send in your tax information to our office with all the required documents by April 5, 2021. If your tax information is not received by this time, your return may be put on extension. 

Businesses – Based on Current IRS Guidelines, taxpayers cannot claim a deduction for any otherwise deductible expense if the payment of the expense results in forgiveness of a Paycheck Protection Program (PPP) loan.  This may result in increased taxable profit for 2020. 

1099 Forms issued by business clients must be filed by January 31, 2021, requiring us to have your information for issuance in our office no later than January 10, 2020.  If you are providing bank statements for preparation of your business taxes, please submit your year-to-date bank statements to the office as soon as possible. 

Form 1065 (Partnership) & Form 1120S (S Corporations) – The IRS due date is March 16, 2021.  Please do your best to have your books closed and information to us by February 28, 2021.  Please note, no changes (except further closing adjustments we provide) should be made to your books after submitting them to us for completion of your tax returns.  After your return is completed, please contact us if you need assistance in closing your books so that no changes are made to prior years. 

Form 1120 (C Corporations) – The IRS due date is April 15, 2021.  Please do your best to have your books closed and information to us by March 30, 2021. 

               To find out more about how these changes will materially affect you and how to strategize for them, please contact us for a dedicated planning session or to address any other questions or concerns you may have. We are grateful for the opportunity to serve you.