What has 2021 brought?
COVID-19 continues to affect the economy while Congress has passed a number of laws and is debating others now.
Up to $10,200 of unemployment benefits in 2020 may be non taxable depending on your income. If you already filed your tax return and reported those payments, the IRS will recalculate it for you. There is no need to amend your return.
Other developments include changes to tax deadlines due to extreme weather events in Texas and elsewhere - not all states have announced if they will follow those changes. Stay tuned and check with us for the current list of those change
Scammers continue to request sensitive personal and banking information. IRS will NOT initially contact you by phone, e-mail, texts or personal visits. Use normal precautions and don't provide sensitive information to anyone you don't know or who threatens you.
These developments have overshadowed recent court decisions and legislative developments including changes to the factors states are using to require more companies to file sales and use tax and, in some cases, income taxes if they have internet sales to that state's residents even if the company isn't physically in the state.
Re-evaluating your tax planning is even more important now. We can review those plans with you in light of the numerous law changes already in place and possible future changes.