April 9, 2021
Dear Friends and Clients:
Just a quick update - As many of you probably know, tax filing date was extended to May 17, 2021. This is for 1040s only. Trust returns (1041s) still have a due date of April 15. In addition, 1st quarter estimates are still due April 15. However, for those of you in that situation, you can make the same estimates you had in prior years, or just wait until May 17. While interest would apply, it's for 1/4 of your theoretical tax bill for one month. Truly small potatoes 99% of the time. My point is that it's nothing to panic over.
FYI, the extension was mainly due to a retroactive change in the tax law, whereby the first $10,200 of unemployment insurance would not be taxable (if total income under $150k). I've been told this was the first retroactive tax change EVER.
Anyway, I hope this note finds everyone safe and healthy.
IMPORTANT OFFICE UPDATE:
Due to COVID-19, I’m automating as many procedures as possible. A big step we’re taking is the creation of a client portal. Many of you have already been sending your documents via e-mail, and then I’ve often been sending your returns back the same. Going forward the client portal will do this much more efficiently. Right now, many of you send me multiple e-mails, and it is easy for us here to miss one occasionally. With the new system you will load your documents directly into your personal portal. As you get more documents you can continue to do the same, and they will be in “your” file, which I will of course have access to (and of course no one else will). Upon completion of your returns, I will place them in same portal for you to print out, or just save electronically, as many of you do now. You’ll be able to access on your own any time you need to. I’ll be putting 2019 and 2018 returns there in the next few weeks along with your 2020 client organizer (for those of you that choose to use that), and encourage everyone to log in and get a feel for it early, that way any glitches can be worked out prior to you calling me on April 14 yelling I CAN’T LOG ON! (Not that any of my clients would yell like that, but I’ve heard stories from OTHER CPA’s). When the portal is up and running you will receive an e-mail invite, at which point you will set up your own password. I will also be setting up a webcam for those of you who wish Zoom type meetings. Masks are required for all clients who come in to the office.
I wish all of you a Happy Channukah, Merry Christmas, Happy Festivus, and a very Happy New Year!
Todd Pinchevsky, CPA
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