News and Alerts

ALERT 3/25/2022

THERE IS CURRENTLY A VERIZON SERVICE OUTAGE IN OUR AREA, WHICH IS AFFECTING OUR TELEPHONE AND INTERNET SERVICE IN OUR OFFICE. WE ARE PATIENTLY WAITING FOR THE SERVICE TO BE RESTORED. IN THE MEANTIME YOU CAN REACH YOUR ACCOUNTANT AS FOLLOWS:

ANTHONY IMPERATO:  (718) 753-3450

DAVID KATZ: (347) 869-0301

JOHN DE MATTIA: (516) 510-3090

KATIA SACA : (646) 535-8510

LISA IMPERATO: (646) 302-3404

LYNNE IMPERATO: (516) 695-5275

STEPHEN KATZ: (516) 695-0053

CONFIRMATIONS OF E-MAILS AND FAXES RECEIVED WILL BE DELAYED

WE ARE SORRY FOR THE INCONVIENENCE, AND THANK YOU FOR YOUR PATIENCE!

 

 

 

Dear Clients, Family, and Friends

Tax season is officially underway! Like many businesses, we have continually adjusted our business processes amid the COVID-19 pandemic. We have put a strong emphasis on the health and safety of you, our clients, as well as our staff, so that we can remain fully operational throughout this pandemic.

Over the last 2 years, our industry, like many others, has rapidly evolved through the advancement of technology and remote work. These advancements have allowed us to provide you with the same level of service you have been accustomed to, without you having to leave the comfort of your home.

For this current tax year, we are going to follow the same simple and straightforward process (detailed later) as we did last year. There will be no in-office appointments. All appointments will be conducted via telephone. There’s no need to call and schedule your appointment in advance, we ask that you submit your documentation to us first. That way we can ensure that we have everything we need to get your return drafted, and then we will schedule a time with you to finalize.

Important Tax Updates for Tax year 2021:

Advanced Child Tax Credit: Many of you had received advance payments during the year of your child tax credit. This credit is normally calculated as part of your tax return. As part of your 2021 tax return filing, we need to reconcile the amounts you received in advance vs the credit you are entitled to based on your 2021 income. You may have already received or will receive IRS Letter 6419 this month detailing the amounts you received in advance. If you file a joint return with your spouse, both you and your spouse will receive separate letters detailing yours and their portion of the advance credit. We need you to submit these letters as part of your tax documentation in order for us reconcile the credit. We need to report the exact amounts you received, or else the IRS will delay processing your return and delay issuing any additional refund you would be entitled to. If you received the advance payments and either did not receive or have misplaced IRS Letter 6419, you (and your spouse if applicable) can create an online account with the IRS Here to view your history of payments received.

Stimulus(Economic Impact Payment): During 2021, a third stimulus payment was authorized for a maximum amount of $1,400 per person (including dependents). This payment was issued in March 2021. For individuals who received this payment, the IRS is mailing IRS Letter 6475. If you file jointly with your spouse, both you and your spouse will receive this letter reflecting your portion of the total payment. As part of your 2021, we will reconcile this payment to what you were entitled to. If you received less than the maximum amount, but your 2021 income would entitle you to the maximum, you would get the additional stimulus as part of your refund. Alternatively, if you received the max and your 2021 income did not allow for the max, the IRS does not want any of those funds back, they are yours to keep. If you received this payment, but did not receive or have misplaced IRS Letter 6475 you can create an online account with the IRS Here to view your history of payments received.

Crypto/Virtual Currency/NFT’s: As many of you know there has been an immense jump in popularity of investing in Crypto currencies, as well as the increased attention it has received from the governing bodies of banking and taxation. For those of you who have invested and transacted in cryptocurrency, it needs to be disclosed on your 2021 tax return. For those of you who have either sold virtual currency, NFT’s or exchanged one virtual currency for another, we need to report those transactions as sales, and determine a gain or loss on that transaction. Currently the exchanges aren’t required to prepare a summary tax form for you which unfortunately means that we need to manually figure out the gain/loss realized for the year.

Unemployment: In 2020 there unfortunately was a sharp increase in individuals out of work and forced to claim unemployment insurance benefits, as well as pandemic unemployment benefits. Much of that spilled into 2021. If you had received unemployment insurance benefits during 2021, you will receive a form 1099-G reporting both regular unemployment as well as pandemic unemployment benefits received. However, many states opted out of mailing these forms and instead are delivering them electronically. Check your e-mail, or log in to your state unemployment portal to locate your tax form for 2021.

Ready to get your 2021 tax return prepared? Follow the steps below.

a.       Assemble your tax documentation.  We advise sending a note to your preparer detailing any updates, changes, significant events, or any other items you want to highlight from last year. If you choose to mail or drop your documents off at our office, we suggest that you drop off copies of the documents, so you can retain the originals.

b.       Fill out a client information sheet: Located Here

c.       Get your documentation to us, including completed client information sheet:

1.       Sharefile Secure Upload: Click Here

2.       Mail via USPS: Imperato Tax Services Inc P.O Box 780047 Maspeth NY 11378

3.       Fax: 347-679-6335

4.       Drop off at our office: 66-66 Grand Ave, Maspeth NY 11378

d.        E-mail your preparer to let them know you have submitted all your documentation:

1.       Anthony Imperato III: anthony@imperato.com

2.       Lisa Imperato: lisa@imperato.com

3.       Lynne Imperato: lynne@imperato.com

4.       John De Mattia: john@imperato.com

5.       David Katz: david@imperato.com

6.       Stephen Katz: stephen@imperato.com

e.       Our preparers and staff will then directly correspond with you to get the return finalized as well as schedule any necessary appointments.

As always, our staff is here and available to help you. Effective January 31st, our office will be open Monday through Saturday from 10am-6pm for telephone assistance, document drop off, or document pick up. We kindly ask that you call ahead before picking up so that we can ensure everything is ready for you when you arrive.

Feel free to give us a call if you have any questions (718) 672-2500

To speak with a tax professional now about your Business or Personal tax concerns

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