ROCHESTER, N.Y. (WROC) — Taxpayers will have a few additional days to get their documents together after the IRS announced a delay to the start of tax season.
The IRS will begin accepting tax returns on February 12. CPA Garrett Wagner discussed the delay Thursday during News 8 at Sunrise.
“It always takes the IRS some time to get their software ready and lined up,” said Wagner. “This is a little later than we expected but – hey – 2020 was a crazy year unlike any other. In terms of filers, the good news for all of the filers out there is that you can still get your stuff into your CPA as soon as you have it and the CPA can have your return done. You can know how much you’ll get back, and then they can just let you know on February 12 I can finally push that final button. As a taxpayer, you don’t need to wait until February 12.”
As of now, all tax returns are due April 15.
A new round of federal stimulus funding is now available through the Paycheck Protection Program. “It’s here to help small businesses like all of those here in Rochester stay afloat through this tremendous, crazy life we’re living in a pandemic world,” Wagner said. “This is a vastly confusing program. For qualifiers what I say – as soon as this airs – may change. But for now, there are two options in the latest round. If you didn’t get money before, you can get a first-round draw which is equal to average monthly payroll times 2.5 to get your draw amount. It’s a good amount. You can use it for payroll, rent, and other expenses. If you got the loan last year you can get a second draw as well as long as your revenue in 2020 decreased in one quarter by 25% from 2019.”
Wagner said business owners should consult with their accountant, advisor, and/or banker to determine how best to maximize the PPP assistance.