What Does Tax Season Look Like for You and Your Accountant?

As we enter the one-year anniversary period of the pandemic, business as usual continues to be no such thing right now.

Following the 2019 tax season, which required the most significant changes to our tax laws since 1986, tax preparers were met during the 2020 tax season with a pandemic and resulting economic crisis. As the economic relief rolled out all year long, accountants waded through the complexities of new laws and sometimes weekly and even daily law changes all the while continuing tax season and juggling the similarities of other businesses – protecting employees, protecting clients, forced technology upgrades and learning curves, quarantines, and parents helping their children through virtual learning. 

In the last year, just some of the new legislation includes:

  • Setting Every Community Up for Retirement Enhancement Act (SECURE Act)
  • Families First Coronavirus Response Act (FFCRA)
  • Coronavirus Aid, Relief, and Economic Security Act (CARES Act)
  • Paycheck Protection Program
  • 2021 Consolidated Appropriations Act

We enter the 2021 tax season with many tax preparers saying the intense work compression of a tax season lasted all of last year. We also enter the 2021 tax season with many unanswered questions about how all of those 2020 law changes will affect your books and tax returns now due to be finalized. The accounting community has advocated and continues to advocate for answers, clarification, simplicity, and taxpayer favorable outcomes. So if we say that 2021 is going to be another long year, it is, but we want to get things right for you. If we feel that getting an extension is the best way for you to get the best tax advice and treatment, please understand we are doing it for you.