Dear Valued Clients
Everyone here at Red Fern Advisors & CPA’s is hard at work preparing taxes for the upcoming April 15, 2021 deadline. This tax season is unprecedented with the effects of COVID-19 and the recent changes in the tax laws. Never before has Congress passes major legislation that effects tax returns to be filed for the prior year with only one month left in the filing deadline for those returns.
The American Rescue Plan Act (ARPA) was signed into law Thursday, March 11. This law includes multiple changes that effects the 2020 tax laws and impacts 2020 tax filings. Some states like Kentucky and Ohio are in the process of adopting their own legislation which will also impact 2020 tax returns. We also must wait for our tax software vendor to update their software for the changes in the tax laws due to the passage of the ARPA. This will cause us further delays in our ability to prepare and file tax returns.
Our major concern is that we provide our clients excellent service and that their returns are completed correctly and promptly. Due to the above reasons and COVID-19 considerations some tax returns may not be completed as quickly as in previous years. Our standard of excellence for our work combined with our consideration for our team members' health may require extensions.
If you have not provided your 2020 tax information as of today, it is likely we will have to file an extension for your 2020 tax returns. We ask for your support in promptly sharing tax documentation with us so we may limit delays during this tax season and if necessary, prepare the 2020 tax extensions.
If you have any questions or concerns about the timeline of your tax return, please reach out directly to John and Anna.
Thank you for your continued support,
John and Anna