Gregg Jaffe, Tax Accountant

For those who have collected Unemployment in 2020. New York State has not been mailing out 1099-G this year. They are expecting you to go online and print it out yourself. If you prepare your taxes without including your unemployment income you can have a problem later on. Since they are not sending out 1099's some people will not include this in there tax returns which could lead to a big penalty later on. Also, if you withheld taxes from your unemployment check this could lead to less of a refund than you are entitled to.

The Internal Revenue Service (IRS) has announced that tax season will open on Friday, February 12, 2021. This is the date the IRS will begin accepting paper and electronic tax returns. Just about all my returns I prepare will be filed electrically. This date is about two weeks later than last year.

Today is Small Business Saturday, please support your favorite small business as you do your holiday shopping. With everything going on with Corona Virus, I'm sure big companies like Target, Walmart, & Amazon will be just fine. Please support local businesses as they need you more than ever. Thanks.

The 2019 tax deadline for your tax returns was extended to July 15, 2020 due to COVID 19. Make sure you file your tax returns by July 15, 2020 or file an extension. Anyone looking for help should give me a call at (516) 770-5305. Also, your April 15 and the June 15th estimated tax payments are due as well.

The IRS income tax payment deadlines for individual returns, with a due date of April 15, 2020, are being automatically extended to July 15, 2020. This relief also includes estimated tax payments for tax year 2020 that are due on April 15, 2020. Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. If you file your tax return or request an extension of time to file by April 15, 2020, you will automatically avoid interest and penalties on the taxes paid by July 15th. Stay well, stay healthy. I implore you to practice social distancing. We will get through this.

I am constantly getting calls from my clients saying that they were contacted by someone claiming to be the IRS or from another agency. Tax fraud continues to be on the rise. Remember the IRS will never call you and demand payment without first sending you a bill in the mail, allowing you to question or appeal the amount owed. They will never demand that you pay a certain way, ask for credit or debit card information over the phone and threaten police action against you. Never give out your social security number or other personal information over the phone especially if they called you. In addition, do not respond to e-mails if you are not sure who sent them to you. Should you decide to file your own tax return, make sure you do not file on an open Wi-Fi or public Wi-Fi that is unprotected. Lastly, check your credit report annually.

The Internal Revenue Service is reminding business owners that January 31st is the deadline for filing all W-2's and 1099-Misc. Failure to file these forms correctly and timely may result in penalties. They are claiming that in an effort to fight tax fraud they are taking this deadline seriously.

The Internal Revenue Service successfully opened the 2020 tax filing season today as the agency begins accepting and processing federal tax returns for year 2019. The deadline to file a 2019 tax return and pay any tax owed is Wednesday, April 15, 2020.