To Our Clients and Friends:
We hope everyone is enjoying their time on the merry-go-round known as 2021. It has become quite the challenge constantly shooting at a moving target. As I’m sure most have heard they did more to muddy the waters yesterday by moving the personal (1040 only) filing deadline to May 17th. They did not, and if we are to believe the IRS Commish, and do not plan to move the due date of the 1st Q 2021 payment, which is due 4/15/21. So now we have a situation where your 2020 tax balance is due after your 1st Q 2021 is due. We also have no idea what any of the states will do.
What does this mean for you, our clients? For a number of reasons, our internal deadline remains unchanged. You must have all your documents to us by 3/26 in order for us to help ensure timely filing. We will try to prioritize those with estimates due so those are made timely. This gives us a small buffer, but given our profession, this firm, and in particular our staff have been on the train for far too long and are ready to depart, we need to keep our internal deadline the same. We will do our best to get it all done, but we have amended returns, ERTC calculations, PpP forgiveness and restaurant revitalization grants to still deal with post tax season.
Again, we have zero clue what the states will do, so the federal extension may not mean much. Too many unknowns so we are going to keep our tax season hours through 4/15 and then go back to regular hours. It’s for our sanity this must be done. We understand the government granted an extension, but for us this simply means we may not have to file as many extensions.
If you received unemployment during 2020, right now the IRS is asking not to file amended returns, we don’t know what they have up their sleeve given their computer programs are 40 years old.
As always, we appreciate your business.