Music CPA

Returning Clients Tax Info

**Texas Residents, The Deadline to File Your Taxes has been extended to June, 15th. Read more here.**

2020 Quarter 4 Estimated Tax Payment

The deadline to pay your 4th Quarter 2020 Estimated Tax Payments is January 15th. Go to IRS Direct Pay and have the payment debited directly from your bank account if you owe money and don’t want to send a check to the IRS via snail mail, risking the extra time that might entail. If you have access to your client portal and we completed your 2019 Return that included Estimated Payment Vouchers (1040 ES), you may access that return and those vouchers through your portal.

YEAR END PAYROLL (W-2, 1099NEC)

2020 1099’s will be very different this year. Your contractors will be given a 1099NEC from now on. The IRS has changed the way 1099s are reported. Additionally, our firm will no longer accept e-mail submission information. It is legally imperative that you submit sensitive information securely to your portal.

You will upload your completed information to your client portal no later than 5 p.m. on January 26th, 2021. If you submit W-9’s, they must be legible and must include an email address. Your contractors will receive their 1099NEC via email, please make sure their information is accurate.

Fee for filing payroll is $235 for up to 10 contractors. Additional forms filing will be $25/ea.

Submissions after January 20th will be completed at a Rush Fee of an Additional Cost of $150.

PARTNERSHIP (1065) DEADLINE

Please use your client portal to submit your partnership financials into your client portal no later than February 12th to ensure a timely filing by March 15th, 2021. May 1st for Texas clients to file by June 15th (April 15th in order to file on time by May 15th for out of state clients).

Your submissions should include:

  • Income/Expenses
  • 2020 PPP Loans, grants, or other disaster relief documentation related to COVID-19
  • Balance Sheet
  • Payroll reports
  • Fixed asset additions
  • Changes to partners
  • Assets Depreciation
  • Your QUICKBOOKS .qbw file (2017 – 2021) can be uploaded ​here
  • General Ledger, Transactions, or Bank Statements (if we do general bookkeeping for you)

S CORPORATION (1120-S) DEADLINE

Please use your client portal to submit your partnership financials into your client portal no later than February 12th to ensure a timely filing by March 15th, 2021. May 1st for Texas clients to file by June 15th (April 15th in order to file on time by May 15th for out of state clients).

Your submissions should include:

  • Income/Expenses
  • 2020 PPP Loans, grants, or other disaster relief documentation related to COVID-19
  • Balance Sheet
  • Payroll reports
  • Fixed asset additions
  • Changes to shareholders
  • Assets Depreciation
  • Your QUICKBOOKS .qbw file (2017 – 2021) can be uploaded ​here
  • General Ledger, Transactions, or Bank Statements (if we do general bookkeeping for you)

C CORPORATION (1120) DEADLINE

Please use your client portal to submit your partnership financials into your client portal no later than February 26th to ensure a timely filing by April 15th, 2021. May 1st for Texas clients to file by June 15th (April 15th in order to file on time by May 15th for out of state clients).

Your submissions should include:

  • Income/Expenses
  • 2020 PPP Loans, grants, or other disaster relief documentation related to COVID-19
  • Balance Sheet
  • Payroll reports
  • Fixed asset additions
  • Changes to shareholders
  • Assets Depreciation
  • Your QUICKBOOKS .qbw file (2017 – 2021) can be uploaded ​here
  • General Ledger, Transactions, or Bank Statements (if we do general bookkeeping for you)

PERSONAL 1040 DEADLINE

If you’d like your return to be filed prior to April 15th June 15th for Texas Residents (especially if you will owe money to the IRS), the deadline for submitting your *completed* tax organizer, questionnaire, and engagement letter, ALONG WITH all of the tax documents within your client portal will be Monday, March 1st, 2021. April 15th. If you are married filing jointly, we will need an accurate email for both of you in order to complete your e-filing signatures.

TAX DOCUMENTS TO SUBMIT (if applicable):

  • Income Documentation (W-2s, K-1s, 1099-MISCs, 1099-Gs, 1099-DIV/INT, SA- 1099s, etc.) this includes any 401k payouts, life insurance, and/or inheritance income
  • Forms related to PPP Loans, Emergency Grants, Government Economic Impact Payments, State Unemployment or other assistance income due to the pandemic
  • 1098 – Mortgage Interest, 1098-B Student Loan Interest, and/or 1098 – other loan interest
  • 1095- A, B, or C Healthcare Coverage
  • Non-reimbursed business expenses: mileage, equipment, travel (airfare, hotel, per diem)
  • Other Deductions/receipts: major medical expenses, home or car purchases, child care expenses, charitable donations, home office, disaster repairs, home repairs, SEP deposits
  • Those who have a sole proprietorship LLCs, will also need income/expense statements, Asset depreciation, balance sheet and transaction summaries, W-3s/1099 contractor payment documentation.
  • Your QUICKBOOKS .qbw file (2017 – 2021) can be uploaded ​here
  • Any other income and expense related documentation – including income from other states
  • If you have an LLC and normally file a TFT- you’ll need to make sure we have an XT number for your Texas Franchise Tax
  • If you’re a new client this year, we will require the prior 3 years of completed tax returns.

Keep in mind, that if you have a transaction summary, income and expense detail, etc. that you submit to us – you do not have to upload your all of your receipts for fuel, travel, meals, etc.

We also ask that you let us know what has changed for you in the NOTES to CPA section of your Web Organizer (gaining children or a spouse, selling or buying property, etc.). If you have any questions about your organizer and portal, please shoot a quick email to info@musiccpa.com.

EXTENSION DEADLINES

Those clients who miss our submission deadlines for the above returns, will automatically be extended at a cost of $25, unless we hear from you ahead of time that you will not be using us for 2020.

Those clients who are extended will need to submit their documentation to us through your client portal by the following dates to ensure on-time filing and avoid IRS late-filing penalties:

  • Partnership (1065) and Corporate returns (1120, 1120S, 1120-A) – July 1st
  • Personal 1040 returns – August 16th

Please Note:

  • We will no longer paper file client’s returns or e-file returns between November 15th through January 15th as our systems will be undergoing annual updates during this time.
  • We will no longer be providing paper copies of returns. It is your responsibility to save your returns from your client portal to your computer or thumb drive.
  • Physical documents submitted to us for payroll or tax returns filing is highly discouraged and will result in additional administrative fees for processing
  • If you do not already have access to your 2017 and 2018 tax returns within your client portal, please email us.