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October Newsletter

Important Updates and Reminders

IRS Delays:

The level of service at the IRS is at its lowest in history. As of October 5th, the IRS still had 9.5 million paper returns to process - 5.5 million 1040 returns and 4 million business returns. Therefore, we anticipate that the delays will continue into the 2021 filing season. In addition, the IRS is now estimating a delay of 120 days or more for returns filed with errors, which is why you must provide us with accurate information. Otherwise, your return will be delayed

Learn more >

September Child Tax Credit Delays:

If you were expecting a Child Tax Credit payment on September 15th and did not receive it, you are not alone. The IRS issued the following statement on September 18th:

"This week, the IRS successfully delivered a third monthly round of approximately 35 million child tax credits with a total value of about 15 billion dollars," the IRS said. "We are aware of instances where some individuals have not yet received their September payments, although they received payments in July and August. These individuals may not yet be able to receive a current status on the Update Portal. The IRS is currently looking into this situation, and we will share more information as soon as possible."

Instances like this make keeping track of your payments even more critical. We will need accurate records to ensure your 2021 return is filed with correct information. See below for information on creating an account to access your CTC records online.

Extension Deadline:

If you filed an extension, your 1040 return is due on Friday, October 15th.

IRS Online Accounts for Individuals

The IRS online accounts for individuals will be an essential tool to make the 2021 filing season easier. The online accounts allow taxpayers to view their stimulus payments and child tax credit pre-payments, which is information that you must report to us with your tax documentation. Therefore, we highly encourage all of our clients to create their accounts before the 2021 filing season to ensure that the information you provide to us is correct. Any incorrect information reported on your return will delay any potential refund that you are entitled to.

In addition, the account allows taxpayers to request instant online access to transcripts of prior year tax returns, W-2s, 1099s, and more; this makes it an excellent tool for any taxpayer looking to provide income verification, apply for a mortgage, or apply for a small business loan. 

Creating the account is simple. Unlike the Child Tax Credit portal, you do not need to sign up for facial recognition to access your information. Here is what you'll need:

  • Email address
  • Social Security Number (SSN) or Individual Tax Identification Number (ITIN)
  • Tax filing status and mailing address**
  • One financial account number linked to your name:
  • Credit card
  • Student loan
  • Mortgage or home equity loan or
  • Home equity line of credit (HELOC) or
  • Auto loan
  • A mobile phone linked to your name

Create an account >

Covid's Impact on IRS Penalties

The Association of International Certified Professional Accountant's (AICPA) is urging the IRS to consider specific penalty relief for taxpayers impacted by the pandemic. This relief would be similar to first-time abatement (FTA) relief, and would provide certain taxpayers with "reasonable cause relief."

The AICPA is urging taxpayers to become engaged in this campaign by:

  • Calling for penalty relief
  • Encouraging people to share their stories of pandemic-related hardships that have caused IRS penalties
  • Hashtag #COVIDpenaltyRelief
  • Tag AICPA on posts:
  • Twitter: @AICPA
  • Facebook: @AICPA
  • Linkedin: @AICPA
  • Instagram: @theaicpa

Learn more >

We hope everyone has a fun and safe Halloween!

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