January 2021 Tax & Accounting Insight

Message from President Josh Shilts

Happy Holidays! 2020 came and went by so quickly as we close in on the end of the year! We would like this opportunity to wish you a prosperous 2021! Our Firm had a great 2020 and we would like to share with you some highlights that we are especially proud of.

• Our new website at www.ShiltsCPA.com officially launched! If you haven’t visited, we encourage you to do so as it offers clients and visitors a richer experience through expanded services, relevant content, and a user-friendly experience.
• We expanded our service offerings! While on the website, please check out the array of services we offer. With such a variety of services, we are able to provide each of our clients with solutions that meet their specific needs.
• We grew in both our Tax & Accounting and Forensic & Valuation service clientele.

As we head in to 2021, so begins the 2020 tax season. This week you should be receiving notification that your individual and/or business tax organizers has been uploaded to your OfficeTools Client Portal. This document requires action in order to assure that you 2020 return is completed by the original filing due date.

Your tax team consists of Elaine Ubertaccio (Admin), Judith Distler (Associate/CPA), Christina Ives (Principal/EA), and Josh Shilts (President/CPA). If you at any time have questions on the status of your return, feel free to email them directly at Tax@ShiltsCPA.com.

Josh Shilts, CPA/ABV/CFF/CGMA, CFE

Featured Articles

• COVID-Related Tax Relief Act of 2020 – The Consolidated Appropriations Act, 2021, H.R. 133 included funding for the government, extensions for expiring tax extenders, COVID tax relief under the COVID-related Tax Relief Act of 2020, and many more items.
• Important Tax Changes for Individuals and Businesses – Every year, it’s a sure bet that there will be changes to current tax law and this year is no different.
• Employee Business Expense Deductions: Who Qualifies? – Prior to tax reform, an employee was able to deduct unreimbursed job expenses, along with certain other miscellaneous expenses, that was…
• Identity Protection Pin Available to All Taxpayers – Starting in January 2021, the IRS Identity Protection PIN Opt-In Program will be expanded to all taxpayers who can properly verify their identity.
• Credit Reports: What You Should Know – Creditors keep their evaluation standards secret, making it difficult to know just how to improve your credit rating. Nonetheless, it is still…

Quickbooks Tips

• New to QuickBooks? Try These Five Activities

Other Articles of Interest

• Standard Mileage Rates for 2021
• Understanding the Excise Tax
• Protecting Business Taxpayers From Identity Theft
• BVR Monthly U.S. Economy Update

Tax Due Dates

Missing tax deadlines can result in heavy penalties. Click here to view all tax due dates and ensure you are to-date on what is due this month.

Shilts Speaks

Our President, Josh Shilts, is passionate about sharing his expertise. We would like to encourage you to join us at his next event.  Click here to view all events.

Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.