Diversity in Dermatology has partnered with companies that can assist our members with key elements that may affect their financial and professional success. Tax season is upon us and it is important as professionals that we are keeping up to date with tax changes. Please take the time to apply for a Personal Protection PIN through the IRS. I was personally affected by a someone who filed taxes under my social security number, and it took an entire year to fix the issue. The IRS had both my husband and I set up a Personal Protection PIN to give us a bit more security. So, take the time, read this informational blog, and if you need further assistance call your accountant or reach out to the DID partner CPA Solutions.
Information is Power.
Risha Bellomo, MPAS, PA-C
Organizational Chair
2021 Tax Tips
Key filing season dates
- February 12:IRS begins 2021 tax season. Individual tax returns begin being accepted and processing begins.
- 1st week of March: Tax refunds begin reaching those who file electronically with direct deposit and there are no issues with their tax returns.
- April 15: Deadline for filing 2020 tax returns.
- October 15:Deadline to file for those requesting an extension on their 2020 tax returns.
Latest Economic Impact Payments are automatic for eligible taxpayers
- This month, the Treasury Department and the IRS are sending the second round of Economic Impact Payments as part of the implementation of the Coronavirus Response and Relief Supplemental Appropriations Act.
- Taxpayers don’t need to take any action to receive these payments. Economic Impact Payments are automatic for eligible taxpayers who filed a 2019 tax.
- Eligible individuals who did not receive an Economic Impact Payment – either the first or the second payment – can claim a Recovery Rebate Credit when they file their 2020 taxes this year.
- Eligible individuals who didn’t receive the full amount of both Economic Impact Payments should claim the missing amount as a credit.
- Anyone who did receive the full amount for both Economic Impact Payments should not include any information about their payment when they file their taxes.
All taxpayers now eligible for Identity Protection PINs
- The Internal Revenue Service today expanded the Identity Protection PIN Opt-In Program to all taxpayers who can verify their identities.
- The Identity Protection PIN (IP PIN) is a six-digit code known only to the taxpayer and to the IRS. It helps prevent identity thieves from filing fraudulent tax returns using a taxpayers’ personally identifiable information.
- IP PIN will, in essence, lock your tax account, and the IP PIN serves as the key to opening that account. Electronic returns that do not contain the correct IP PIN will be rejected, and paper returns will go through additional scrutiny for fraud.
- Taxpayers who want an IP PIN for 2021 should go to gov/IPPINand use the Get an IP PIN tool. This online process will require taxpayers to verify their identities using the Secure Access authentication process if they do not already have an IRS account. See IRS.gov/SecureAccess for what information you need to be successful.
CPA Solutions
Orlando, Florida
407.650.9088
www.mycpasolutions.com
