Tax Update

Posted on March 23, 2021 by The Weekly Commentary

The IRS and the Treasury Department have extended the federal income tax filing due date for individuals for the 2020 tax year from April 15, 2021, to May 17, 2021. Many states, including Pennsylvania, are following suit, and extending their filing deadlines to match (and in some cases extended beyond May – be sure to check with the state tax agencies where you are required to file).

The change is in response to an initial delay in the tax filing season coupled with the recent tax law changes presented by the American Rescue Plan Act. The later deadline allows individuals and tax preparers more time to accurately gather, prepare and review your tax return to determine the best possible outcome.

This relief applies to individual taxpayers, including those who pay self-employment tax.

You do not have to take any action to qualify for this postponement.
This relief does not apply to estimated tax payments that are due on April 15, 2021.
The decision does not automatically change deadlines for state tax payments or payments of any other type of federal tax.

Recent changes, including those impacting unemployment and stimulus payments require software updates that present further possible delays in the preparation process. Additionally, those who qualify for additional tax benefits may still receive recommendation for an additional filing extension to October 15, 2021.

If your tax returns are prepared by our VNFA Tax Department, we ask for your patience as we manage these updates and give careful attention to each of the returns moving through our offices. Email tax@valleynationalgroup.com with any immediate questions. Otherwise, you will hear from us when we have additional updates on your return(s).

Valley National Financial Advisors, and its family of companies, has been in the Lehigh Valley since 1985. The company is independent and locally owned. As a respected and trusted organization, our relationships with many clients and their families transcend generations. We have the expertise to provide clients with financial strategies to effectively manage their existing assets and to provide for the eventual transfer of their wealth.

Our one-stop service model includes: Financial Planning – Investment Management – Estate Planning – Retirement Planning – Education Planning – Tax Planning & Preparation – Insurance Planning – Trust Services, offered as a Trust Representative Office of National Advisors Trust Company, FSB – ExecutiveEdgeTM, Personal Financial Planning for Corporate Leaders. Our services are provided by a team of objective professionals and managed by one contact person – your personal financial advisor.

Valley National Financial Advisors is proud home of the Lehigh Valley’s most CFP® – Certified Financial Planner Professionals^TM. Among other honors, Valley National has been voted Best Financial Planner in the Lehigh Valley seven times by the readers of Lehigh Valley Magazine, and ranked among FA Magazine’s Top RIAs and AdvisorOne’s Top Wealth Managers.

For more than years, our firm has been devoted to helping our clients to achieve their hopes, dreams and aspirations. This requires a delicate balance between the science of financial planning and the art of understanding the feelings and emotions of our clients and their families.

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