September 2021 Tax & Accounting Insight

Message from President Josh Shilts

Time is running short for taxpayers who requested an extra six months to file their 2020 tax return. As a reminder, Friday, October 15, 2021, is the extension deadline for most taxpayers. Taxpayers who owe tax – even those who did not request an extension – and have yet to file a 2020 tax return can generally avoid additional penalties and interest by filing the return as soon as possible and paying any balance due.

Taxpayers with relatively simple returns should keep the following items in mind regarding the extension deadline and taxes:

1. Taxpayers can still e-file returns. Filing electronically is the easiest, safest, and most accurate way to file taxes.
2. For taxpayers owed a refund, the fastest way to get it is to combine direct deposit and e-file.
3. Taxpayers who owe taxes should consider using IRS Direct Pay, a simple, quick, and free way to pay from a checking or savings account using a computer or mobile device. There are also other online payment options. Please call the office if you need details about other payment options.
4. Members of the military and those serving in a combat zone generally get more time to file. Military members typically have until at least 180 days after leaving a combat zone to both file returns and pay any tax due.
5. Taxpayers should always keep a copy of tax returns for their records. Keeping copies of tax returns can help taxpayers prepare future tax returns or assist with amending a prior year’s return.

Taxpayers with complicated tax returns should contact the office immediately for assistance. Many tax preparers and accounting professionals are extremely busy due to the complexity of tax regulations brought about by the COVID-19 pandemic.

Finally, on behalf of myself and our Tax Team here at Shilts CPA, we hope you enjoy this month’s newsletter content!

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

Featured Articles

• Tax Due Dates
• Tax Relief for Those Affected by Natural Disasters
• Tax Rules for Divorce and Alimony Payments
• Six Things To Know Before You Start a Business

QuickBooks Tips

• How to Track Inventory in Quickbooks

Other Articles of Interest

• Reminder: Protect Yourself From Scammers
• Gross Receipts Safe Harbor for Employers Claiming ERC
• How To Get an Identity Protection Pin
• Tax Planning: Facts About Credits and Deductions
• Verifying Your Identity When Calling the IRS
• What Is a Designated Roth Account?

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.