Main Street Practitioner Blog

 View Only

NSA’s Federal Taxation Committee Provides List of Tax Tips

  
NSA’s Federal Taxation Committee, consisting of volunteer members who are tax pros just like yourself, have put together the following tax tips as the May 17 deadline nears closer:

  1. It’s been a long haul this tax season! Go easy on yourself as you wind through the last week of the filing season.
  2. When in doubt, file an extension. Many tax preparers are exhausted at this time. It is better to let clients know that it might be best to do their return when you are rested.
  3. Remind clients that processing and refunds are taking longer this year. Everyone needs to be patient.
  4. Secure the correct stimulus payments from clients to avoid processing delays
  5. Unemployment and EIP issues – if you are debating having a client go from MFJ to MFS, be sure to handle it by May 17. When in doubt, submit MFS extensions; you can always file MFJ later.
  6. Identify state filing differences: Paycheck Protection Program forgivable loans are not taxable at the Federal level but could be taxed by the applicable state. If you file MFS for Federal does that bind you for the state?
  7. Disaster areas -- If you need additional time to file beyond the extended deadline (June 15, 2021), you need to file a Form 4868 by May 17, 2021, to obtain a filing extension up to October 15, 2021.

Additionally, take a look at some of the tips the IRS has put together here.

We know it has been a tough filing season (let’s be honest – year) for everyone. Your hard work does not go unnoticed.

 

0 comments
37 views
Return to Blog List

Featured Blogs

Log in to see this information

Either the content you're seeking doesn't exist or it requires proper authentication before viewing.

Permalink