Tina Shely at Epic Taxes, Inc

BREAKING NEWS!!!!! It's official....The IRS has announced February 12th as the "start" of the tax season!! Some key points released by IRS today are below:... -February 12th, The IRS begins 2021 tax season. Individual tax returns being accepted and processing begins. -February 22nd, Projected date for the IRS.gov Where's My Refund tool being updated for those claiming EITC (Earned Income Tax Credit) and ACTC, (Additional Child Tax Credit) or AOC (American Opportunity Credit), also referred to as PATH Act returns. -First week of March. Tax Refunds begin reaching those claiming the above credits (PATH Act Returns) for those who file electronically with direct deposit and there are no issues with their tax returns. -April 15th, Deadline for filing 2020 tax returns (the tax season has not been extended as of yet). -October 15th, Deadline to file for those requesting an extension to file on their 2020 tax returns.

Beginning mid-January 2021, the IRS will allow all individuals to receive an identity protection personal identification number (IP PIN). The expanded initiativ...e is part of the Security Summit effort between the IRS, state tax agencies, and the tax perparation industry. IP PINs were originally available only to identity theft victims, and the IRS has been running a limited pilot program, allowing other taxpayer's to voluntarily receive IP PINs. An IP PIN is a six-digit number designed to prevent the misuse of Social Security numbers to submit fraudulent federal income tax returns. The online Get an IP PIN tool (https://www.irs.gov/identity/get-an-identity-protection-pin). immediately displays a taxpayer's IP PIN; however, the tool is currently down while the IRS prepares for the 2021 tax filing season. To obtain an IP PIN, beginning in mid-January 2021, taxpayers can go to the tool, which the IRS says is the preferred method, as it is the only one that immediately reveals the PIN to the taxpayer. The online tool employs Secure Access authentication, which uses several methods to verify a person's identity. The IP PIN is valid for one year. The taxpayer must obtain a newly generated IP PIN every January. Taxpayers with either a Social Security number or an Individual Tax ID number who can verify their identity are eligible for the opt-in program. Any primary taxpayer (1st on the tax return), secondary taxpayer (2nd on the tax return), or dependent may obtain an IP PIN if he or she can pass the identity proof requirements. The IRS says it plans to offer an opt-out feature to the IP PIN program in 2022 for taxpayers who find the opt-in program is not right for them. There is no change to the IP PIN programs for victims of identity theft. Taxpayers who want to voluntarily opt into the the IP PIN program do not need to filed a Form 14039, Identity Theft Affidavit. Taxpayers who cannot establish their identity online and pass Secure Access authentication can follow alternative procedures to obtain an IP PIN, though they will not receive one immediately. Taxpayers with income of $72,000 or less with access to a telephone should complete Form 15227, Application for an Identity Protection Personal Identification Number, and mail or fax it to the IRS. The IRS will call taxpayers to verify their identity by asking a series of questions. For security reasons, taxpayers who pass authentication through this process will receive an IP PIN the following tax year. Taxpayers who cannot verify their identity remotely or who are ineligible to file a Form 15227 may make an appointment to visit a Taxpayer Assistance Center, bringing two forms of picture identification to enable an in-person identity verification. An IP PIN will be mailed to the taxpayer within three weeks of the meeting. The IRS emphasized that taxpayers who obtain an IP PIN should never share it with anyone except their tax preparer. The IRS will never call a taxpayer to request an IP PIN, and taxpayers should be alert to IP PIN scams, as the ingenuity of criminals appears boundless. Remember, here at Epic Taxes we are available year-round. Give us a call at 661-941-2555.

Want to give a Big Thank You to the City of Lancaster! They provided our office with face masks, hand sanitizer dispenser and the hand sanitizer, along with paper towels! We are Standing Strong!! Together we will get through this! Please stay safe everyone!

DID YOU FILE AN EXTENSION? October 15th is almost here. That is the final day to file for most people who requested an extension for their 2019 tax return. Anyo...ne due a refund should file as soon as possible and use direct deposit to get their tax refund electronically deposited into their financial account. There is no penalty for filing a late return for taxpayers who are due a refund. The deadline to pay 2019 income tax was July 15, 2020. Therefore, you want to pay your tax balance as soon as possible. File by the deadline to avoid penalties and interest. Taxpayers should file by Thursday, October 15, 2020 to avoid a failure-to-file penalty. Remember, we at Epic Taxes, Inc. are available year-round to assist you. Give us a call at 661-941-2555.