Reynolds Financial Services, LLC

PPP LOANS - Small businesses received some good news on Tuesday, when the House of Representatives voted to extend the Paycheck Protection Program for two months. The bill, the PPP Extension Act of 2021, passed the House on a 415-3 vote. It would extend the program to May 31, instead of the current date of March 31, and give the Small Business Administration an additional 30 days to process loans. Next, the bill goes to the Senate, where it is expected to be approved.

Identity Protection PIN Can Protect You From Tax-Related Identity Theft. The IRS has recently opened up enrollment in the IP PIN program nationwide to anyone who has an SSN or Individual Taxpayer Identification Number (ITIN). A taxpayer who is able to verify his or her identity may now voluntarily opt into the IP PIN program as a proactive way to protect against tax-related identity theft. https://www.taxpayeradvocate.irs.gov//nta-blog-identity-p/

Recovery Rebate Credit Individuals who were eligible for an Economic Impact Payment but did not receive one, or were eligible for a larger payment than they received, will be able to claim a Recovery Rebate Credit when they file their 2020 Form 1040 or 1040-SR. Their EIP will need to be reconciled with any rebate credit amount for which they are eligible on the recovery rebate worksheet on their 2020 Form 1040 or 1040-SR.

I really wish you could...but you can’t, sorry. #aftertaxseasonhumor

Good News! The IRS has issued a one-day, penalty-free extension for tax filers after suffering an all-day computer breakdown today that has prevented taxpayers from filing returns electronically. The deadline is now midnight on Wednesday, 4/18/18.

Many families will be adversely impacted by the new tax laws because the personal exemption deduction is eliminated beginning in 2018. https://www.cnbc.com//families-will-feel-the-pain-of-losin

You may see something new on your W-2 this year.

A little Tuesday humor. If we can be of assistance to you, please don't hesitate to call us.

As we approach tax season, please be aware of some new 2017 filing deadlines (2016 returns filed in 2017): - W2 and 1099-MISC (with nonemployee compensation) - due January 31st (previously due on the last day of February) - Partnership returns - due on the 15th day of the third month (previously due on the 15th day of the fourth month)... - C-Corp returns - due on the 15th day of the fourth month (previously due on the 15th day of the third month) - S-Corp returns - due on the 15th day of the third month (no change) - FinCen Form 114 - due on April 15th (previously due on June 30th) We are here to help so if you need assistance, please do not hesitate to contact us. Merry Christmas and Happy New Year!