Financial & Tax Updates

Dear valued client,

Each year we send out electronic organizers to help guide you with the information and documents our firm will need in order to prepare your return. You should receive a separate email soon with the link and password instructions for your individual organizer. Please note the following:

• We still use Sharefile for our secure client portal – your email address on file should be your username. Please continue to use this system to upload/share documents with us including all tax documents and relevant statements you receive. It’s always appreciated if you can send us an email once you believe all relevant tax season documents are added to sharefile. We understand this takes time as not all tax documents arrive quickly.
• E-Organizers are optional but recommended! We do not require that you fill this out and return to us, but it is highly recommended for the following items (and it’s easy/convenient):
  • in the GENERAL tab, you can update taxpayer info including mailing address, legal name, direct deposit bank info, add/edit dependents, as well as completing the questionnaire and sending us a note with specific questions you may have for this season. Many of the questions on the questionnaire will be asked directly by us anyways via email if not provided in the E-organizer.
  • 2021 Estimates Payments and Penalties section – please provide estimated tax payment details or email us directly with these details.
  • Income section – not required, but please provide all income docs by uploading to sharefile. If you have a new income source, you may add that as an item in the income tab to alert us of the new activity.
  • Deductions – same, not required, but a simple way to provide this information to our firm. We still request the official tax statement for items like mortgage, charitable donations, etc.
• Returning the E-Organizer – VERY SIMPLE. Once you are finished updating any details you want to share, there is a button at the bottom right labeled “return to preparer”. This option will return a secure file back to our firm to import into our software.

Please do not hesitate to reach out with questions. We are also still happy to schedule virtual tax appointments as available. Brian’s calendar link is on the home page as well as in his email signature.

We are already approaching the end of 2021! Before we get to the holidays, I wanted to send out this quick checklist for reference. We are in planning mode through December, so don’t forget to schedule some time with us if your situation requires tax/financial strategy or an estimate of tax liability.

Broken down by individual and business needs

Individual:

• 2021 Estimate of tax liability (we will need most recent pay stubs, business financials if applicable, deductions/adjustments to income) This is not required but may be a helpful exercise.
• Updates/Q&A regarding any major changes or life events that could impact your tax situation this year (there are also legislative changes potentially on the horizon, including an increase to the state/local tax itemization).
• Quick note – if you are a current client, we have added a “2021” folder in your Sharefile portal. Please use this to share documents with our firm
• Asset protection discussion

Business:

• Legislative updates/changes review for business impact
• estimate of business performance through year-end
• strategies for minimizing tax (including retirement deferral, prepaid items, bonus depreciation)
• Applicable tax credits – if applicable, does your business qualify for ERC? Did you receive SBA funding? Is R&D applicable?
• year-end filing and compliance needs (i.e. w-2, 1099s, etc) – we will need to know if our firm will be handling 1099 filings for your business prior to January
• Exit planning – if you have any intention to buy or sell a business, advanced planning is highly recommended. We also offer business valuation services.

Any questions? Please don’t hesitate to reach out! We hope you have a wonderful holiday season and prosperous end to 2021.

For taxpayers making quarterly estimated tax payments, this is just a friendly reminder of the Q3 due date (9/15). Please contact our office if you have any questions!

As we are already approaching July, I wanted to provide some helpful updates to consider. Hopefully we continue to see strides in returning to normalcy. In the mean-time, here are some things to consider for 2021:

1. Tax season 2020 – if you have not filed your return yet, please be mindful of the September business filing deadline and October individual deadline. The extension deadline will be here before you know it, and we strongly encourage focusing on it now.
2. 2021 planning – this is a GREAT time of year to do a mid-year checkup for not only your business/financial planning, but also updating your estimated tax planning. We are able to help with this, and are currently focusing on this for a lot of our clients.
3. Advanced Payments for the Child Tax Credit – this is new and possibly just a 2021 item, but for qualified taxpayers, the IRS is going to start sending monthly payments. Any received payments will reduce your tax credit claimed when we file 2021, and you DO have the option to decline the advance payments by visiting IRS.GOV.
4. Business Advisory/Planning services – a quick reminder for business-owners who are looking to grow/scale their business or looking to buy/sell a business: we offer strategic support, advanced analytics, and we also offer business valuation services.

Let us know if you need help with anything, are looking for planning services, or just have general questions. Be safe, and enjoy the summer!

-Brian P. Pry, CPA