Armour Associates

01/03/2022

We are now accepting appointments for the 2021 tax preparation season. Feel free to call the office to set up an in person appointment or Zoom appointment. As always, you can also drop off or mail tax documents to us as well.

Also, remember that if you are a business and need to issue any 1099 forms to vendors/contract workers, they are due January 31st.

01/03/2022

The IRS will be sending out two tax forms/letters during January that will be important to keep and provide with your 2021 tax documents if they apply to you.

The first is Form 1444-C which will note the exact amount of the 3rd stimulus payment you received from the IRS during spring/summer 2021.

The second is Letter 6419 which will note the exact amount of prepayment of the child tax credit was received between July 2021-December 2021.

If you receive either of these letters/forms, please do not throw them away, but put with your other tax documents for the 2021 tax year.

11/08/2021

Our office will be closed Monday November 8th.

We will be back to normal business hours Tuesday November 9th.

We are sorry for any inconvenience this may cause.

07/24/2021

If you want to opt-out of the pre payment of the child tax credit, and file married filing joint, both spouses will need to opt-out separately in order to stop receiving monthly payments.

06/22/2021

The IRS has now posted their tool in order to opt-out of the advanced Child Tax Credit on their website: www.irs.gov/childtaxcredit2021.

Opting out does not change the amount of credit you receive, but changes when you receive it (certain amount per month between July-December), or when you file your 2021 tax return. Please consult your tax advisor to determine if you should opt-out.

Please note that once you opt-out you cannot opt back in.

Find details about the advance Child Tax Credit payments, including how to get them or stop getting them.

06/16/2021

The American Rescue Plan, passed in March 2021, increased the Child Tax Credit (CTC) for certain taxpayers as well as paying out half of the taxpayer's eligible amount of credit between July-December 2021 (in monthly installments).

If you want to receive the monthly installments, you do not need to do anything (other than keep track of what you receive as it will be needed when filing your 2021 tax return).

If you prefer to not receive payments during 2021, and want all of your credit to be taken into account when filing your 2021 tax return, you will need to unenroll on the IRS website (www.irs.gov/childtaxcredit2021). The IRS has said that unenrollment instructions will be available by the end of June.

Please note, that either option will give you the full amount of credit you are eligible for.

Find details about the advance Child Tax Credit payments, including how to get them or stop getting them.

03/18/2021

The IRS has extended tax season until May 17th for individual tax filers. What this means is that you have until May 17th to make payments due with 2020 tax returns, and either file or extend your tax return.

If you make estimated tax payments, 1st quarter estimates are still due by April 15th.

Corporate, partnership, and non profit tax returns are still due by regular due dates.

01/20/2021

We are now accepting appointments for the 2020 tax preparation season. Feel free to call the office to set up an in person appointment (COVID safety will be discussed when making the appointment), or Zoom appointment. As always, you can also drop off or mail tax documents to us as well.

Also, remember that if you are a business and need to issue any 1099 forms to vendors/contract workers, they are due January 31st.

01/11/2021

2nd Round of PPP Loans opened today. Make sure to talk with your banker to determine if you qualify for either your first PPP loan, or if you qualify for a 2nd PPP loan.

12/22/2020

Small Businesses got great news from the new bill passed by congress to help with additional COVID-19 Relief.

The new bill contains a new round of PPP funds (which certain businesses will be able to get even if they received money in the first round as well).

Also, the biggest impact for businesses that have received PPP funds already, is the clarification that expenses paid with the PPP funds will be fully tax deductible, therefore making the PPP Funds not taxable.