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2021 Blog Articles Archive

File your 2020 Taxes Even if You Can't Pay

May 2021

Don’t let the fear of paying owed taxes stop you from filing your 2020 tax return. Tax Day is Monday, May 17, and it’s important to timely file your tax return even if you can’t afford to pay the full amount of taxes due. Read more.

Proposed Tax Changes of the American Families Plan

May 2021

The American Families Plan, introduced in late April by President Biden, prioritizes education, childcare and paid leave for workers. It is expected that this plan will evolve and change over time, but here are some of the tax changes currently being proposed. Read more.

Six Tax Changes Under the American Rescue Plan Act of 2021

April 2021

Congress and the Biden Administration recently provided Americans with trillions of dollars in economic relief through the American Rescue Plan Act (ARPA) of 2021. The legislation includes assistance and support in response to the ongoing COVID-19 pandemic and tax provisions to help fight child poverty. Read more.

Reporting Tax Breaks on Your 2020 Tax Returns

March 2021

In 2020, many different tax breaks were created to stimulate the economy and help businesses and individuals experiencing financial hardships due to the COVID-19 pandemic. Now that Americans are filing their business and personal taxes for last year, it’s important to know how to properly report these tax breaks. Read more.

Photo from CBS News.

2019 Tax Delinquency Letters Generated During IRS Backlog

February 2021

The Internal Revenue Service (IRS) like many government agencies is experiencing a backlog due to the pandemic. I’m hearing about North Carolinians who paid their federal 2019 taxes but are getting letters from the IRS saying the taxes have not been paid. Read more.

Payroll Protection Program Loans and How They Affect Your Taxes

February 2021

Many different forms of financial aid were developed to help taxpayers and business owners during the pandemic. One of the most popular forms of relief, is the Paycheck Protection Program (PPP), which is a loan program offered by the Small Business Administration (SBA) meant to help employers retain and pay their employees. Read more.

2021 Tax Filing Season Begins Feb. 12, Tax Returns Still Due April 15

February 2021

The start date to file individual tax returns is later than usual this year. The Internal Revenue Service (IRS) announced it will start accepting and processing 2020 returns beginning Friday, Feb. 12, 2021. Read more.

12 Tax Changes for 2021

January 2021

January 2021 is not only the start of a new year, but it also means it’s officially tax season! Hoffmaster CPA is expecting another busy year, especially due to the federal COVID-19 Economic Relief Bill passed by Congress in December 2020 and the new tax laws planned for 2021. Read more.