Barry Schuyler & Company
Certified Public Accountants
Dear Clients and Friends,
We are changing our office hours for the remainder of tax season.
We will no longer have office hours on Saturdays, beginning March 27, 2021.
If you wish to drop off papers, the mail slot on the east side of our building is available and secure.
During the work week we will continue to be open from 9 am to 6 pm.
Thank you again for your continued understanding and cooperation during this unprecedented time.
If you wish to discuss this or any matter with me, please call or send an email to Barry@BarrySchuyler.com
Barry Schuyler & Company is a Newburgh NY firm working with individuals and businesses throughout the Hudson Valley. Our staff have a combined 90 years’ experience in taxation, accounting, and business consulting. We also provide bookkeeping and QuickBooks assistance, and would very much appreciate the opportunity to help you.
We work with individuals and with companies, of any size, and are confident we are the right accounting firm for you.
March 26, 2021
Second PPP Loan Due Date for Application Extended to May 31, 2021
The Government has extended the due date, good news.
If you think your business has decreased by 25% in gross revenue for any quarter of 2020 you qualify for another loan.
If you have any interest in this, and think you might qualify, contact me at Barry@BarrySchuyler.com
Tax-free unemployment income. If you received unemployment compensation in 2020, here’s what you need to know:
► If you’ve already filed your 2020 tax return: Wait for further instructions. Lawmakers are currently asking the IRS if it’s possible to automatically make adjustments and issue a refund if you’ve already filed your 2020 return. Issuing an automatic refund will avoid the need to file an amended tax return. So there is no need to call, we can only wait for clarification.
► If you HAVE NOT filed your 2020 tax return: Filing your tax return will be delayed until guidance is received from the IRS and it is deployed into tax filing software. The IRS is changing one of its schedules and then providing the information to software companies. Once this guidance is received, delayed tax filings can proceed. In the meantime, DO NOT delay turning in your tax information as returns can still be prepared and be ready to be filed once IRS guidance is received.
While this legislation is creating chaos in preparing tax returns, rest assured every effort will be made to get your tax return filed as soon as possible. So, if you have not already done so, please continue to send in your information so your return can be filed as soon as is possible.
It has been a different and difficult year for us all. We have so far survived covid, and are continuing to be careful to avoid. We sincerely appreciate your consideration of the changes we’ve made.
The government has made changes too, as I am sure you have read and are aware.
· The tax filing and paying deadline has been moved to May 15, 2021. We are grateful for the change, but will continue to get returns as quickly as we can.
· The government made a change, a welcome one, to the taxability of unemployment benefits. They are excluding from taxation the first $10,200. I have long thought that taxing unemployment was an unfortunate tax rule, akin to penalizing people when they are down, so this is a step in the right direction. For those of you who have filed and paid taxes on all unemployment insurance, please contact the office and we will amend your returns.
· The government and tax software providers have indicated they will be able to process these changes beginning on or after March 28, 2021, so there may be a delay in us getting your taxes to you.
I am pleased to answer any questions you have about these changes.
Barry Schuyler CPA
We are prepared for this tax filing season, seminars completed and tax software ready to go, and look forward to being of service to you. The IRS reported last week that filing season begins on February 15 this year. This is later than usual; they won’t accept electronically filed returns until then.
The news on the covid front is not good, with virus cases and deaths rising startlingly. And now we have news that a covid strain has reached New York that is, they say, different and more easily contagious.
Given this news, and in an effort to minimize risk to us all, our clients and all families, I have decided to modify the procedures related to preparing and filing your income taxes for 2020 now in 2021.
We are sending tax organizers to all clients. If you have not received one by the last week of January, call the office. The organizer shows all amounts and tax activities from 2019 and can serve as a guide for the data we will need to prepare your taxes. There are five pages of questions in the first section of the organizer. I strongly recommend you look through them.
- A blank organizer can be found in the Resources section of our website, barryschuyler.com.
- Once you think you have all data, sign the organizer, and return it with all source documents to us. You can drop the package off, either at the front desk or in the mail slot on the east side of our building, email it to us, or upload it to our portal.
- We will prepare your returns, ask any questions or for additional data as necessary. We will send you a copy of your tax return, and we ask that you review it carefully. then contact you for a telephone or google meeting to discuss the results.
- We will not file your return until we have your written authorization to do so. If you agree with the return, sign the e file authorizations, and return to us, we will then transmit your returns to the Governments. Alternatively, we email an electronic document signature form. Signing electronically gets a copy to us and gives permission to transmit.
If your return contains new or complex matters, get us your data, we will set up a telephone meeting to discuss.
We had experience with this process last year and are confident we can manage tax filing season very well. Any questions, please call or write.