Due to their status as pass-through entities that affect their shareholders' returns, the increased percentage of returns in progress compared to 1120-C returns makes complete sense. There is a more significant year-over-year filing pace gap in returns not started (3.7%) than with 1120-C returns. However, this early in the filing season, this gap could be a matter of only having 16 filing days rather than 32 (the 2020 tax filing season for 2019 taxes started on Jan 27).
Tips for a Successful Filing Season - *FREE* Tax Resource Center
As I mentioned earlier, every tax season is different, but 2021 – much like 2020 – is shaping up to be a doozy. Between the CARES Act, ongoing PPP loan extensions, employee retention credit changes, and pending legislative changes, an easy button sure would be nice.
And while that easy button may not exist, the right tools and technology solutions can help make the burden lighter. To help streamline your busy season and hopefully take some of that weight off, Wolters Kluwer put together a Tax Season Resource Center with analysis, quick reference guides, and complimentary access to CCH® AnswerConnect through Apr 15.
In the Tax Season Resource Center, you have access to:
- 2020 Tax Year in Review Tax Briefing
- Free Access to CCH AnswerConnect through Apr 15
- Free Registration to One CPE-Accredited Webinar
- PPP Resources Library
- PPP Estimator (Powered by Paychex)
- 2021 Federal Tax Key Facts and Figures Card
- 2021 Depreciation Key Facts and Figures Card
- Prewritten Client Letters on Critical Topics
Click here to check out the Tax Season Resource Center.
16 days into the 2021 filing season is a little early to make generalizations about how the filing pace for 2020 taxes will go. One thing is clear, though – the coronavirus's effects are still being felt today, more than a year after the first case of COVID-19 was reported in the US. And with many of us still working in a remote or hybrid environment, communication and collaboration tools will continue to help firms be more successful – but more on that next time.
I look forward to updating you on 03/25 with the tax filing pace as of 03/15. Until then, stay safe, healthy, and productive.
Looking for the next installment? Read the 03/15 update for the 2021 tax filing season.