Preparing for Tax Season: Resources from KPMG

Tax season is right around the corner. The Internal Revenue Service announced that the nation’s tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.

This year, FACC Member KPMG has graciously gathered a list of resources to help our international community based in the U.S. get started.

KPMG provides audit, tax and advisory services and industry insight to help organizations meet challenges, respond to opportunities and negotiate risks in today's dynamic and globally challenging environments.

Clickable Resources:

1. US Taxation of Foreign Citizens
2. FBAR Form - Report of Foreign Bank Accounts
3. Economic Impact Payment Information Center (IRS $1,200 Rebate Checks)
4. State Tax Issues - Telecommuting Information
5. IRS Refund Status Information
6. NYC Refund Status Information 

Important Dates to Remember:

• January 15: IRS Free File opens. Taxpayers are able to begin filing returns through Free File partners; tax returns will be transmitted to the IRS starting Feb. 12. Tax software companies also are accepting tax filings in advance.
   
• January 29: Earned Income Tax Credit Awareness Day to raise awareness of valuable tax credits available to many people – including the option to use prior-year income to qualify.
   
• February 12: IRS begins 2021 tax season. Individual tax returns begin being accepted and processing begins.
   
• February 22: Projected date for the IRS.gov Where’s My Refund tool being updated for those claiming EITC and ACTC, also referred to as PATH Act returns.
   
• First week of March: Tax refunds begin reaching those claiming EITC and ACTC (PATH Act returns) for those who file electronically with direct deposit and there are no issues with their tax returns.
   
• April 15: Deadline for filing 2020 tax returns.
   
• October 15: Deadline to file for those requesting an extension on their 2020 tax returns.

Need guidance this tax season? Feel free to reach out to KPMG team members in the new MemberPortal.

Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation.