Hello Clients and Friends
Thank you for your patience while I worked through the latest tax changes.
Here’s an update for you:
Both the IRS and CA Franchise Tax Board have extended the tax deadline to May 17th. If you OWE taxes, you now have until May 17th to pay them.
I am now able to process tax returns for people who received Unemployment Insurance income and exclude up to $10,200 from your taxable income. This is good news for YOU!
We are not yet able to amend tax returns that were already filed with Unemployment Insurance income, but the IRS says they “BELIEVE” they can make the adjustments without us needing to file an amendment. This may or may not be a good thing. We will see as they reveal more of their plan
If you have children age 17 and under, and are within certain income levels, you’ll start receiving small payments for them around July 2021. Therefore, we can go ahead and file your 2020 taxes as is.
Lastly, The IRS says they are running 2-10 weeks behind in processing tax refunds; so, if you’re due a refund please do not expect it in the normal turnaround time.