NEWSLETTER | NOVEMBER 2021
November is a time to give thanks, and we're thankful for you...our clients! Have a wonderful November.
Here's what to pay attention to this month...
This newsletter will cover:
Save the Date! Our Christmas Party is Back
IRS Tax Return Processing Delays
Taxable Unemployment Policies
Personal Tax Return Due Date October 15th
Updated Office Hours Mon - Thurs: 9am - 4pm Friday: 9:30am - 1:30pm A drop slot to the left of our Beyond Accounting plaque has been installed for after hour drop-offs. Hours will be updated in 2022 for tax season.
Delay of Tax Return Processing from the IRS
Because of the pandemic, returns are taking longer than usual for taxpayers as the IRS faces a massive backlog. Refunds that normally take 21 days are sometimes taking 120 days. You can use the IRS tracker tools to find the status of your refund. If any new information comes out about the delays, we will be sure to let you know.
2nd Round PPP Forgiveness | Reminder
Just another reminder, if you haven't already, we encourage you to forward us your PPP loan information and documentation ASAP. We cannot process the forgiveness unless we have all of the information from your bank. This includes any and all communication you have received from your bank. Bank communications contain unique links that we will have to click to fill out the information on your behalf. You can forward any emails to our team. Portals for the 2nd round of PPP should be open, and the Small Business Administration says to file forgiveness through your bank, but it does depend on which bank. We know this is a complicated subject, so please know that we are here to help you. We want to make sure everything is filed correctly for you so that deadlines are met and forgiveness can be achieved. Any questions, please let us know, we are happy to help.
Refunds are being issued to millions of taxpayers due to changes in the tax law which excluded $10,200 in taxable income when it came from unemployment compensation. However, many of these refunds are currently stuck in the IRS' error resolution system and are under manual review. We believe that as they continue to sort this out, refunds will be processed. If you have any questions, please let us know.