Mellon Tax Service

07/07/2021

IRS has set up a site to opt out of the advance child tax credit payments (if you opt out, you will receive the full amount your eligible for on your tax return next year instead). Or you can set up an account at IRS.gov & opt out in your account.
https://www.irs.gov/credits-deductions/child-tax-credit-update-portal

Unenroll if you don’t want to get advance Child Tax Credit payments or check if you’re enrolled.

05/18/2021

Thank you to everyone for another great tax season! We will be back in the office June 7th for after tax season hours:Mondays 9-12

03/22/2021

State of Indiana and Illinois have both extended the filing and payment deadline to May 17, 2021. 1st quarter estimates are still due April 15, 2021. Please drop off your return to us by May 1st in order to have adequate time to mail back to you for signatures.

Indiana Gov. Eric Holcomb has announced an extension to the 2020 Indiana individual income tax filing deadline, allowing Hoosiers more time to navigate tax situations amid the ongoing coronavirus pandemic.

03/17/2021

IRS extend tax filing and payment deadline til May 17, 2021. 1st quarter estimates are still due April 15, 2021. We do not know yet if states will also extend their deadline. As of now, Indiana & Illinois returns are due April 15, 2021.

WASHINGTON — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days.

03/17/2021

https://www.journalofaccountancy.com/news/2021/mar/tax-components-coronavirus-relief-bill.html?utm_source=mnl%3Aalerts&utm_medium=email&utm_campaign=10Mar2021&utm_content=button

The $1.9 trillion coronavirus relief bill that passed Congress contains many tax provisions, including changes to the child tax credit and many other credits, making certain unemployment benefits tax-free in 2020, and a $1,400 recovery rebate credit for many individuals.

03/11/2021

President Biden is expected to sign the American Rescue Plan Act of 2021 on Friday. Along with the 3rd stimulus, there are other provisions in the bill. One retroactive provision could affect the taxable amount of unemployment for 2020. If you're under the income threshold, up to $10,200 of unemployed benefits paid in 2020 could be tax free! (for Federal, no word yet if Indiana will follow suit). We will be waiting for guidance from IRS on how/when to proceed with returns that include unemployment. Those that have already filed with unemployment benefits will likely have to amend their returns to receive the additional refunds. We will keep you updated as we receive more information.

A third round of stimulus payments is expected to be on the way later this month.

01/15/2021

IRS has announced a late start this year (which was expected as they are still trying to issue economic impact payments aka. stimulus checks).
Once you have all your documents (W2's, 1099's, etc) you can put them in an envelope & drop them in our drop slot located to the right of our front door. Please include a copy of your driver's license (&spouse, if joint), deposit slip for where you want your refund deposited, & a phone number so we can call you.
WE CAN COMPLETE YOUR RETURN PRIOR TO THE IRS Feb 12 START DATE. That way your part is all done & once they begin accepting returns we will file it electronically for you.
If you received our covid update letter, you can still email us to register for our online portal through mid Feb.

IR-2021-16, January 15, 2021 — The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.

01/10/2021

The IRS will issue you an identity PIN to help prevent identity theft, if you like.
In the past they only generated these PIN's if you had been a victim of identity theft. Now anyone is able to get one. It's a great idea to help protect yourself!
If you get one, make sure to give your PIN to your tax preparer so they can file your return.

IR-2020-267, December 2, 2020 — As part of the Security Summit effort, the Internal Revenue Service announced today that starting in January the Identity Protection PIN Opt-In Program will be expanded to all taxpayers who can properly verify their identities.

01/06/2021

IRS continues to issue the second round of economic impact payments. If you are eligible but did not receive the first, second, or both payments you should be able to receive them with your 2020 tax return.

January 5, 20201 - IRS Statement about Second Economic Impact Payments and Get My Payment

12/28/2020

Second economic impact payment: As far as we know you don't have to do anything to receive the payment, it will be automatically sent out like the first payment if you are eligible.

The $900 billion COVID-19 relief package passed Monday provides $284 billion for a revised Paycheck Protection Program (PPP) and clarifies that businesses can claim tax deductions for expenses paid for with forgiven PPP loans.

12/10/2020

Even if you don't itemize, you can deduct up to $300 in CASH donations you have made to a non-profit organization in 2020.

IR-2020-264, November 25, 2020 — The Internal Revenue Service today reminded taxpayers of a special new provision that will allow more people to easily deduct up to $300 in donations to qualifying charities this year.

10/13/2020

https://www.marketwatch.com/story/the-irs-says-it-still-hasnt-opened-more-than-2-million-returns-this-tax-season-and-thats-an-improvement-2020-10-07

“We are hearing from our constituents right and left,” one lawmaker said at a Wednesday hearing where IRS Commissioner Charles Rettig testified.