SEMO CPA Company

Happy snow day! Our new mascot wants to remind you that W2s and 1099s are due this weekend! Let us know if you need any help

Waiting on his tax refund at SEMO CPA!

Please be aware that the IRS will not begin accepting tax returns until February 12, 2021 and refunds that include earned income credit or additional child tax credits will not be paid until the first week of March 2021. There are several important dates taxpayers should keep in mind for this year's filing season: January 15. IRS Free File opens. Taxpayers can begin filing returns through Free File partners; tax returns will be transmitted to the IRS starting ... Feb. 12. Tax software companies also are accepting tax filings in advance. January 29. Earned Income Tax Credit Awareness Day to raise awareness of valuable tax credits available to many people including the option to use prior-year income to qualify. February 12. IRS begins 2021 tax season. Individual tax returns begin being accepted and processing begins. February 22. Projected date for the IRS.gov Where's My Refund tool being updated for those claiming EITC and ACTC, also referred to as PATH Act returns. First week of March. Tax refunds begin reaching those claiming EITC and ACTC (PATH Act returns) for those who file electronically with direct deposit and there are no issues with their tax returns. April 15. Deadline for filing 2020 tax returns. October 15. Deadline to file for those requesting an extension on their 2020 tax returns https://www.irs.gov//2021-tax-filing-season-begins-feb-12-

Thank you so much Fresh Healthy Cafe for providing SEMO CPA Company lunch today!! It was amazing

February 1 is the deadline for employers to issue and file wage statements Employers must file Form W-2 and other wage statements by Monday, February 1, 2021. This is also the date Form W-2s are due to employees. By law, employers are required to file copies of their Form W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax Statements, with the Social Security Administration by January 31. However, since January 31 falls on a Sunday in 2021, the deadline is ...the next business day, Monday, February 1. Form 1099-MISC, Miscellaneous Income and Form 1099-NEC, Nonemployee Compensation, are also due to recipients on February 1, 2021, with some exceptions. Other due dates related to Form 1099 are listed in the instructions for these forms. Timely filing helps prevent fraud. Filing wage statements on time and without errors is beneficial to employers and the IRS. The employer avoids penalties, and the IRS has time to verify income taxpayers report on their tax returns, which helps prevent fraud. E-file is the quickest, most accurate and convenient way to file these forms. The law requires certain filers who file 250 or more information returns for any calendar year to file electronically. Employers should plan and prepare early. Good preparation now can help employers avoid problems later. For instance, employers can start by verifying or updating employee information, such as: Names Addresses Social Security numbers Individual Taxpayer Identification Numbers Employers should be sure their account information is current and active with the Social Security Administration as soon as possible. Lastly, employers should order paper Form W-2s, if needed. Automatic extensions of time to file Form W-2s are not available. The IRS will only grant extensions for very specific reasons. For details, employers should read the instructions for Form 8809, Application for Extension of Time to File Information Returns.

1. IRS Statement: Update on Economic Impact Payments ________________________________________ IRS and Treasury continue to work closely with our partners in the tax and financial industry to do everything possible to get the second round of Economic Impact Payments (EIPs) to the American people as quickly as possible. Over 100 million EIPs have been direct deposited into eligible recipients' accounts. Some recipients may have had their payment directed to a temporary bank ac...count established when their 2019 tax return was filed. The IRS and tax industry partners are taking immediate steps to redirect stimulus payments to the correct account for those affected. The IRS anticipates many additional taxpayers will receive payments following this effort. For individuals who checked Get My Payment and received a response indicating a direct deposit was to be sent to an account they do not recognize, the IRS advises them to continue to monitor their bank accounts for deposits. The IRS emphasizes that the information taxpayers see in the Get My Payment tool, including account numbers and potential deposit dates, may not display an accurate account number as we continue to work through updates. No action is necessary for taxpayers as this work continues; they do not need to call the IRS, their tax provider or their financial institution.