Broker Check

2021 Tax Update

March 22, 2021
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Friends,

A few tax updates as we welcome Spring:

IRS has extended the 2020 tax filing and payment deadline to May 17. Here is the official announcement, though IRS will provide further guidance soon: https://www.irs.gov/newsroom/tax-day-for-individuals-extended-to-may-17-treasury-irs-extend-filing-and-payment-deadline. Note that unlike the extension provided in 2020, this extension does NOT apply to estimate tax payments, which are still due by April 15th.

Schedule K-1s for investors with non-traditional investments should be ready by end of the month, if not sooner. Like any business, investment companies must file their own tax returns by the March 15th corporate tax deadline, after which they can issue tax forms to investors.

Revised or Corrected 1099-DIVs can be issued at any time without notice. This is particularly true when an investment reports corrected numbers after tax form has already been issued. You will be sent updated documents in a timely manner, but we encourage you to register for online access through AdviceWorks (accessible through our website) for immediate notification and access to your most current tax forms and account correspondence.

If you have not yet received your expected tax forms, or cannot find them in AdviceWorks, please contact us immediately so we can get them to you or your tax professional.

As always, please remember to wait until you’ve received all tax forms and file your tax return using only final versions of these forms (not draft versions that are clearly labeled). The extra filing time this year should help alleviate any stress about filing on time.

Please let us know if you have any questions. 

Thank you and stay well!