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March 2021 Client Bulletin

Dates to Remember

March 15, 2021 - due date of 2020 tax returns, Form-1065 - U.S. Partnerships and Form-1120S -U.S. S-Corporations for calendar year and calendar year foreign corporations with offices in the United States.

Virtual Tax Meetings

Because of the on-going Pandemic, we are strongly encouraging our Tax Advisors to hold virtual meetings with our clients during this tax season. The firm does have a “Zoom” account for clients that do not have “Teams”. We can also hold phone conference calls if neither of these meeting apps will work. Remember, it’s never too early to schedule an appointment. Our accountants are ready and eager to meet with you now to help you file a timely return. Please call Christina at (215) 368-5755 at your earliest convenience to schedule an appointment or contact your Advisor directly. Thank you for your understanding and patience during these trying times.

Drop Box Available

For those clients who would prefer to hand deliver their tax information to the office, we now have a Drop Box available outside of our main entrance. As you enter the main doors to our building, to the left of our doorway is where you can leave your information. Once you put your documents in the slot, they will be dropped to a secure location within our office. Please be sure to place your name and the name of the Baum, Smith & Clemens employee who you would like to have the material given to on the outside of the envelope. The building doors open at 6 am (7 am on weekends) and lock at 6 pm in the evenings.

No Plans to Extend Tax Season Beyond April 15

Internal Revenue Service Commissioner Charles Rettig recently said that the IRS is not planning to extend the April 15th deadline despite requests from several House Democrats, the AICPA and AARP. A final decision has not yet been made but the Commissioner noted that “extending the filing season creates confusion for taxpayers while backing up the IRS”. The COVID-19 pandemic turned the tax season upside down last year, and even now millions of people are still dealing with the aftermath in 2021. The Internal Revenue Service said in mid-February that it had yet to process 6.7 million individual income tax returns for 2019, based on data through Jan. 30. Stay tuned for further developments.

Link to March 2021 Client Line