Update: If you are reading this after you got my e-mail I just realized I forgot to update the subject line of the e-mail. Same name. Same website. 🙂

This post is mainly for clients to let them know what I will be working on this week in the office.

  • The window for filing amended returns for 2016 to claim a refund closes on April 15, 2020. I have one of those to prepare. These must be prepared for paper filing, signed, and mailed so they are time consuming and must be done with a great deal of care. That’s what I’m working on today.
  • To date the #taxpro community has not received guidance on an automatic deadline extension (to July 15, 2020) for Form 8938. This form is required if your foreign bank account balances meet certain thresholds. To protect the rights of my clients who may meet those thresholds (basically any client who files an FBAR) I will be filing Form 4868 (Request for Automatic Extension) to ensure that if you are required to file Form 8938 you have until October 15, 2020 to do so. I will be filing those forms this week (hopefully today, but we’ll see).
  • I have a client who needs some prior year returns filed to avoid having to file a Tax Court Petition (expensive process). I will be working on those.
  • I will be working on returns that have been in my office, mostly completed, for over a month. This includes some returns with multiple state returns, returns with complicated Schedule As (Itemized Deductions), and one estate return that whose extended deadline occurs in May. So if your return came in towards the end of February, or earlier, and you’ve been wondering where it is, it’s being worked on this week and early next week.
  • I will be filing returns for those of you who have signed your e-filing authorizations and doing the office paperwork that closes out your return processing.
  • I will be doing review & signature appointments for some of you.
  • I hope to, by the end of the week (time has been blocked out on Friday), be preparing NM GRT returns for myself and applicable clients.
  • I will be doing blog posts to keep you all updated on the Economic Impact Payments (stimulus checks); new rules for RMDs and retirement account distributions; NM State unemployment (plus a little bit for neighboring states in which I have clients); and what’s going on with the new Small Business Administration loans (hot mess) and a new tax credit that could be a better option. The short version is that for most of my Sch C clients your help won’t start until at least this Friday because most of you don’t have W2 employees—it’s just you.
  • I have a standing meeting on Tuesday morning and another 2-hour class on the new law Tuesday at noon.

As you can see from this list there’s not a lot of time available for processing “regular” returns. Once the really old, really complex ones are finished, I will be getting back to what is still in the office. The earliest date on those is 3/6. The latest came in around 3/20. A couple may have come in later. If you are reading this, you may have also read the e-mail that says that I work much more slowly without Cat in the office helping. She is doing what she can from her home office and as this situation evolves I am working on processes that allow her to do even more while still maintaining the necessary security precautions.

I am doing my best to continue processing returns on a first-in, first-out basis. I want to thank all of you who have let me know it is OK to extend your returns through October 15th and I will be filing those extensions probably in May (we have until July 15th).

#fullambo out #stayfrosty