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Read Pam's newsletter below!

January 30, 2022

Dear Client,

Yes, it’s true … it’s 2022! And now – once again – it is tax time in Tinseltown.

       Since March of 2020, everything has been upside down – the tax world is definitely no exception to that. We’ve seen extended due dates, stimulus payments, unemployment exclusion (we are told ,so far, unemployment received in 2021 will be 100% taxable), Advance Child Tax Credits, and corona-virus-related pension distributions. While most of these are gone for the 2021 tax return, last year’s payments may be reflected on the 2021 returns. You will receive letters that tell the amount of your third stimulus payment (IRS Notice 1444-C or Letter 6475) which, while not taxable, needs to be reported. Also, those who received the Advance Child Tax Credit will get a letter (IRS Letter 6419) showing the amount received. In this case, you may be required to repay some of those benefits. Be sure to send those letters to us.

 This year will be our second year of virtual tax appointments. It goes like this:

  1. We will give you an appointment time. Basically, it means your return will be done on that day, hopefully at or around that time. You don’t need to sit by the phone. Sometimes we have no questions and are just calling to go over the results. If we don’t get you, we will call again or email you.
  2. You should send your documents at least 2 weeks ahead to give us time to get a jump on input. Send everything at one time directly to the portal in one PDF. If this is somehow beyond you, we will accept emails, drop-offs, and mail-ins. In those cases, do not send originals – copies only. We cannot return originals.
  3. If you choose to do a conventional mail-in, without an appointment, send your materials ASAP. We can’t give you a date by which we need to receive it to have it by the due date. It is unlikely that you will get it if we receive it after March 15th, but that doesn’t mean we can necessarily complete all returns received by the 15th. It all depends on how many we get.

What’s new at the office? Alice and Joyce will be “manning” the office. Jen will still be supervising the office and preparing some mail-in returns. Sadly … very sadly… Suzi will not be with us this season. She’s on a medical leave, and will be greatly missed by us and many of you. It’s taking two people to replace her. Some of you know Mary Cota. She and I have worked together on corporate returns for years, and Marcos Sauri, EA, who comes highly recommended.

Here’s one: Representative Judy Chu has introduced a bill to curb the impact of the 2017 Tax Cuts and Jobs Act which robbed actors and others in the industry of deducting business expenses. It’s still before the House Ways and Means Committee at this point.

The new worksheets are on the website. Please use them. They are in the order we need and prevent you from omitting important information.

 Pam

Remember, there're only two things certain in life - death & taxes. We can help you with one of 'em.