Letter to Clients and Friends
Dear Clients and Friends:
B & R Tax Accounting Service would like to wish all of you a very safe, happy and healthy Holiday season!! We always appreciate your business and continue to strive to help you in any way we can. Below are some items that are more pertinent issues from the ARPA Act Changes.
- The standard mileage rate for 2021 was 56 cents per mile.
- Charitable contribution deduction without itemizing is allowed up to $300 (Others) and $600 (MFJ).
- Retirement Changes:
- For Individuals: The RMD rules no longer waived.
- Retirement plan early distributions: Income attributable to these distributions may or may not be taxed depending on the choice of paying it back or not paying it back. The payback amount is needed to report on the tax return.
- For tax year 2021 ALL W-2’s and 1099-NEC’s MUST be filed with the government and sent to the employees and subcontractors by January 31, 2022.
- 2021 Tax Due Dates:
March 15, 2022 – Partnership, LLC and S-Corporation tax returns
April 18, 2022 – Personal tax returns, Sch. C sole proprietor and C-Corporation
Our world is still changed in abundant ways, no one has been untouched by the manners we shop, work, socialize or hold a meeting. So here at B&R Tax, we have adapted with a few procedures and changes to help keep our VIP Clients “you” and our staff as safe as possible while still providing much needed services and answers to your questions, etc.
- We have reduced in-person sit down appointments available and continue to encourage you to drop off your documents or utilize SecureFilePro Portal* to safely upload your documents for tax processing. Please feel free to write down any questions for the tax preparer, therefore, when your returns are being processed, the answers and concerns can be addressed and communicated with you via phone call or email with review of completed tax return.
- * SecureFilePro Portal – integrated with our tax preparation software is a safe, encrypted, and convenient way to upload and send or receive sensitive documents, messages, access pdf copies of historical tax returns from 2019 and forward. Clients can upload pdf documents and send messages to the tax preparer. The tax preparer will be able to in turn send tax returns, messages, collect E-signatures, etc. If you wish to participate, we will need your email address to send you an invitation sign up email with a Username and Pin for your access. More information is available on our website.
- When entering our office, a mask is required. We have hand sanitizer and clean pens available at the entry table. Documents dropped off will be quarantined for 2 days before processing.
- In an effort to streamline client information for accurate tax preparation, we are asking that all clients complete a Client Information Data sheet available on our website or in office. Having all the proper information upfront with all documents will help to ensure accurate and proper processing of your tax return each year. The Client Data Sheet will include Stimulus #3 (April 2021) money received and the Advanced Child Tax Credit money received. As well as, taxpayer filing status, dependents to be claimed, whether added or removed, ie did you have a new baby or adopt or a grown child that is no longer eligible to be claimed?
- Real Estate Tax Bills for your personal residence with Property PIN will be a required document you need to provide to ensure proper credit of IL Property Tax Credit on Schedule ICR. The State of IL is checking on the PIN # match and taxes paid to the county. If they cannot be verified, the credit is withheld by the state until proper documentation is provided.
It is our sincere hope that you will continue to put your trust in B&R Tax Accounting allowing us to handle your tax preparation needs. We remain a full-service tax and accounting firm in the same location as always. Please pass a copy of this letter along to your family or friends, as B & R Tax will be happy to assist them in the preparation of their tax returns.
Best wishes to you all for a healthy, successful and Happy New Year in 2022! Go to www.bandrtax.com for more information other current tax updates, forms and reminders.
B & R TAX ACCOUNTING SERVICES