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Tax Update 03/12/2021

 

The American Rescue Plan Act (ARPA), which was signed into law on March 11th, 2021 provides many benefits to Americans, but complicates getting your taxes filed for 2020.

This Makes it Complicated

This legislation is one of the first to change tax rules retroactively during filing season. It will impact many tax returns that we file and have already filed. IRS is in the process of updating forms and the e-filing system. To prevent further complications for our clients including amending tax returns, we have decided to pause processing individual tax returns until updates are finalized by IRS.

 

Your Taxes

We ask that you continue to bring in your tax information but understand that with all these changes extensions may be necessary. If we already have your information, be assured that we will work on your return as quickly as possible.

 

Your Stimulus

IRS will determine eligibility of your $1,400 stimulus payment based on your 2020 tax return if processed by March 11, 2021. If not, IRS will use your 2019 tax return to determine your eligibility and payment amount.

 

Please be Understanding

The changes made in the American Rescue Plan Act (ARPA) will require our staff additional time to analyze the full extent of changes to the income tax returns prepared. Our staff works many long hours during a normal tax season and with these changes the period of long hours will be greatly prolonged. Please extend them your grace as they work on your tax returns.

 

Thank you. We appreciate your business.