Baer Tax Group, Inc

https://www.cnbc.com//irs-pushes-april-15-us-tax-deadline-

Information for the unemployment wages and the newly enacted American Rescue Plan Act of 2021 during the week of March 8th 2021 is as follows: Additional information about a new round of Economic Impact Payments, the expanded Child Tax Credit, including advance payments of the Child Tax Credit, and other tax provisions will be made available as soon as possible on IRS.gov. Also, the IRS will be providing additional guidance on the provision that makes the first $10.200 of 202...0 unemployment benefits nontaxable for Federal income tax. For those that have not filed yet, the IRS will be providing updates to the software systems so that reporting will be accurate. For those that have filed, the IRS emphasizes that amended returns should NOT be filed at this time, the IRS will be issuing additional guidance on this soon. Currently, unemployment benefits are taxable wages for New York State. This would only change if the State Legislature enacted changes to include the exemption. This currently applies to MA unemployment benefits as well.

If you collected unemployment in 2020 it now may not be taxable according to this news article. Here is the process: Politician's speak and there is proposed legislation Senate approves It then gets a final pass with more details... IRS then has to approve it IRS then has to try and implement this change into the tax forms Software engineers then have to get our tax prep software to accept the change Then we have to have your information and then we can work on the tax return In my opinion, the IRS, tax preparers and our software providers time crunch is so strained right now, this is something you are not going to see implemented til Summer. What are your choices as a taxpayer? File an amended return if you filed already but of course you have to wait til this is all approved Or do an extension and wait. In my opinion its best to wait so you won't have to pay us as preparers twice to have your taxes prepared. If we have filed already for you then we will have to file an amended return for you. Please contact us after 4-15-2021 to assist you with this amendment. And if you have received unemployment in 2020 please let us know so we can file an extension for you. https://www.cnbc.com//unemployment-benefits-deal-to-waive-

Sue was mentioned in business insider https://www.businessinsider.com//didnt-pay-taxes-unemploym She also made a video about unemployment benefits on our YouTube channel https://youtu.be/uF5-xR3C3qQ

Hi and welcome to tax season 2021! Here are some helpful tips to get your information to us this year: Do not email your tax documents! They have your social security number on them and if your email is ever hacked your identity can be stolen by the hacker by simply going to your sent box and taking your information or intercepting your email to us.... We need all your tax info and the annual packet to process your return and it can hold up your filing if there is missing information. Here are ways to avoid that delay: Email us for your personalized check list! You can either ask for it to be put in your portal or to be emailed, we can mail it to you as well if requested (there are no social security numbers on it). Once you have the check list, cross off what is no longer relevant and add what is new. Then put your documents in the order of the check list and double check that they are all there. Scan them and put them on the portal or you can drop them off between 8am and 4pm, you can also use our secure drop box outside of the office. Please visit the BTG website and select an appropriate tax packet. This is now required and should accompany your documents. Link here: https://baertaxgroup.com/information-needed, the packets are also on our portal and can even be filled in by your phone, we can mail you one as well if requested. Report to us the amounts you received for a stimulus payment Check out our YouTube channel and watch this helpful video Sue made to help you gather your information for what we need here: https://youtu.be/3VV-Z7ZaFks Don't forget to subscribe to our YouTube channel for more helpful videos!

We now have a YouTube channel. Here are the videos that answer some frequently asked questions about taxes. And helpful tips on office in home, deducting your auto, homeownership credits and what is deductible and more Check them out https://youtube.com/channel/UCG_LIY5NWsMjPnOhFWA203w