Happy 2020! We look forward to seeing and hearing from you all over the next few months. This year SHOULD be less of a shocker to most clients. Last year was a rough season with many conversations delivering bad tax news. My hope is that the changes we recommended were implemented, and this season will require fewer of those conversations.
While there are fewer dramatic differences than last year, there are still a few things to bring to your attention:
The IRS now requires taxpayers to declare whether they received, sold or in any way acquired any cryptocurrency in 2019. Basically, it will be a check box on one of the return forms indicating that you engaged in any crypto transactions. Compliance here will be vital, as there are potential penalties for failure to comply. Please make us aware of any transactions, even if you don’t think there are any current tax implications.
Not much has changed on the due dates of the returns. A listing of all relevant due dates can be referenced here: Due Dates. We have also put together a similar listing of other key dates (estimated tax, MD Personal Property Tax, etc) here: Other Due Dates. As always, we urge you to get us your materials as early as possible. Our deadline for assuring that we will complete your individual return remains April 1, 2020. If we get your tax materials after that date, we will likely have to put your return on extension.
2019 & 2020 Tax Reference Guide
Our goal, as always, is for our clients to have accurate, easy-to-digest tax information available at the push of a button. Thus, we have put together a 2019 and 2020 Tax reference PDF, available on our Resources page. If you have any questions about the information within these guides, do not hesitate to reach out to us.
New Year’s Resolution: Follow Us on Social Media!
For those of you who don’t already know, Woods Financial Services, LLC is on Facebook and LinkedIn. I encourage you to follow us on both of these platforms so you can stay up-to-date on the latest tax, accounting and financial planning news and updates.
We continue to be amazed by the high quality referrals from our clients. We truly appreciate the trust you all put in us and believe these referrals are an indication that what we do is resonating with clients. If a friend, family member or co-worker is looking for help with their financial affairs, please don’t hesitate to provide them our contact information. We would be happy to help.
File Sharing Portal
To maintain the integrity of your personal information, please DO NOT send un-encrypted documents over email. Instead, use our secure file sharing portal. You may log into your account at: http://my.smartvault.com. If you have never used the portal before, please reach out to Olivia to establish an account or better understand its usage at [email protected]
That should do it. I look forward to seeing you all over the next few months.