February 4, 2021 Update

Dear Clients,

Due to changes in the federal tax code at the end of December of 2020, the Virginia General Assembly must decide whether or not to conform Virginia’s tax code to the Federal code. To date, the General Assembly has not passed legislation to conform to the federal tax code. While we wait for this decision, we are unable to finalize any tax returns for business clients until said legislation is signed into law and our software vendor makes any software changes, if applicable. This is only affecting business clients at this time. We are continuing to work on tax returns as they are being delivered and will release them for review and signing once they are finalized.

For our individual tax return clients, the Internal Revenue Service announced in January of 2021 that they will begin to accept tax returns for electronic filing on February 12, 2021. Please continue to bring in your information once you have completed gathering it. As a friendly reminder, your tax return will not be started until all information has been submitted.

If you have any questions, please contact our office at 540-463-7121 or cpa@raetzandhawkins.com. Thank you!