Missing Docs/Dollar$, Scam Slam & The New Relief Bill!
The Bottom Line:
Docs/ payments MIA? You have options!
Taxtime is Scamtime - Beware👻
American Rescue Act will impact tax filing timing
Where's my W2? Where's my stimulus? This email says to pay now or I WILL GET ARRESTED?! Are my taxes filed yet IneedthatREFUNDermehgerrrrrrd?!?!
Read on, fearless taxpayer, we got you.
Help! My info/payment ghosted me!
Employers sent 1099s late, you moved to Hawaii, somebody disenfranchised the postal service? What to do when docs no come thru:
Missing income doc: If contacting the payer yields zip - estimate wages, other info & taxes withheld. Tell your accountant, as Form 4852 might replace the missing doc.
Missing unemployment 1099s: Find the form/contact the state (PA here, NJ here, NY here). If your UI 1099-G is wrong, request an update or see here.
Missing EIP 1 or 2 (Yes, that Jan '21 stimulus counts toward '20!): Try get my payment first. You can request a payment trace but there are timeline requirements.
If new info is received post-filing, Form 1040-X or an amended return can save the day!
Remember, you can view your IRS account here.
This email from “The IRS” needs immediate action! Should I give them my bank info, blood type, cat, and firstborn asap!?
No, friend! Taxtime is lousy with criminals capitalizing on folks’ fear of penalty. Particularly for new ventures -- new LLCs, home purchase, etc -- predatory orgs seeking $$ for needless services abound. Click nothing, hang up, don't respond to that text and verify with an accountant or the interwebs *separately* from the received correspondence.
American Rescue Plan will Impact 2020 Returns: Watch & Wait
The new relief act has passed through the House & Senate and is most likely coming soon to a town near you! We have some insight into 2020 reporting implications but there are many, many layers -- a new stimulus bill, return changes, and various other subsidy enactments will likely *largely* impact the timing of tax filing. Stay tuned!
Hunting down missing docs/payments, that horrifying email from Scammy McScam the Mayor of Scamtown, and 11th-hour changes are enough to stress ANYONE out - but we’re all in this together! Look ahead, ask for help, stay wary, stay tuned, stay patient with your friendly neighborhood tax preparer and we’ll do the same - and you're sure to have a Good Day.