Gray & Harasym
Dear Clients:nnHappy New Year!nnThe IRS will be sending out 2 letters to taxpayers this month. Letter 6419 will show advanced child tax credits that have been paid to you and Letter 6475 will show economic impact payments you have received. If you get these letters, PLEASE include them in the tax documentation you provide us. It is important that we have the correct information when preparing your tax returns. Any errors will cause delays in tax return processing. We saw this situation happen this past year where it took over 4 months for the IRS to issue some refunds.nnAs a reminder, 1099s are due to recipients at the end of the month. As a general rule, if your business paid a non-employee $600 or more for services, they may need to receive a 1099 from you. Please let us know if you need assistance.nnCongress failed to pass the infrastructure bill before the end of the year, so we are still a little bit in limbo regarding any potential tax changes for the 2021 tax year. We’ll have to see what happens in the next few weeks, but there is still the possibility of some retroactive changes to the tax code.nnOur engagement letters and organizers will be going out in the mail the next couple of weeks. We understand the paperwork can be a little intimidating, but please try to complete the forms as much as possible. The more information we get from you, the better services we can provide.nnAs always, if you have any questions, please do not hesitate to contact us. We are here to help.nnCeleste & Mark...
