If you make estimated tax payments (you know if you do), you may be confused about your 1Q21 payment due date (we were). Congress has a bill in progress to change that date to May 17, 2021, but as of today, your first quarter 2021 estimated tax due date is still April 15, 2021! We recommend you go ahead and make that payment now to avoid penalties (“bonus tax”).
On another note, the IRS has finally issued guidance for early season filers who had Premium Tax Credit Repayments (this is Obamacare stuff). Bottom line, you don’t need to do anything (yay!). The IRS will make the adjustment and reimburse you the difference. If you receive a letter about a missing Form 8962, you get to “disregard” it. Imagine that, the IRS telling us to ignore their own correspondence. What a year…
And a note on Stimulus 3 – The IRS has started sending out supplemental or “plus-up” checks to people who have already received their Stimulus 3 payment based on their TY2019 income but should have gotten more based on their TY2020 income.
And chaos reigns! You may well get unexpected $$ from the IRS and it is almost certainly yours (!!), but if you are unsure, give us a call.
REMINDER: Office Hours – We will be keeping slightly shorter office hours through April and then expanding them in May for the sprint to the May 17 filing deadline. Through April 15 our official office hours will be M-F 9-5, Sat 9-2. From April 16-30 we will officially be open MWF 9-4 (no Saturdays). From May 1-17 we plan to resume M-F 9-5, Sat 9-2. We expect May to be incredibly busy, so please make your appointment or get your tax documents over to us as soon as you can!
As always, feel free to call or email me with any questions.