03/26/2021
Written by one of my great CPA friends:
Clients and friends
I hope this finds you and your families healthy and in good spirits.
2021 has been a challenge for our profession, in many ways more challenging than 2020. CPA's across the country have not slowed down since the pandemic began, helping to guide our clients through the myriad of business and financial challenges and to evaluate and apply for many different stimulus programs, loans, grants and other tax incentives.
We didn't have a chance to recharge as the 2020 busy season seemed to never end. Now in 2021 we are continuing to help our clients through the ever changing government assistance programs and tax laws. In the past two weeks, the federal government has changed the filing due date for some, but not all April 15 deadlines and changed 2020 tax law related to unemployment. States have recently changed their rules regarding unemployment and days worked out of the state by non-resident taxpayers, and all taxing agencies continue to issue clarifications of the rules that impact 2020 tax returns, some of which have already been filed and need to be evaluated for amendment. The filing deadline for the Paycheck Protection Program Loans now looks like it will be extended to May 31 from March 31, but is still waiting for the President's signature. We have dedicated substantial resources in order to ensure that our clients are not left out of this valuable stimulus program. The employee retention credit has been expanded and is available to many more clients than in 2020. We are reviewing our clients' eligibility for this as well as other available Covid-related credits.
We are evaluating every business and individual return that we prepare to do our best to ensure that the new rules have been considered and optimized for each of you. The IRS is overloaded and does not respond to us in anywhere near a reasonable time frame. I am involved with the AICPA and have spoken with professionals across the country, we are all experiences similar challenges this filing season and everything that we do is taking longer. The partial extension to May 17th does not include first quarter estimates, trust returns, or business returns.
We thank you for understanding that there will be delays this year. We work with wonderful clients who have been very understanding of the challenges we are facing. We continue to do our best to respond timely to your questions and to provide excellent service. If you have questions or concerns, please continue to reach out to us, we are doing our best to respond timely and to give each client our full attention.
All the best,
