101 E. Gray St. Suite A Norman, OK 73069

The Standard of Accounting Excellence

COVID-19 Office Protocols

Our Response

OFFICE ACCESS

To protect the health of our staff and clients, we are not holding in person meetings with clients at this time, but will be happy to set up a phone or Zoom meeting, just call or email us to make arrangements. You may drop your data off from 9:00 am – 5:00 pm Monday through Friday at our office in the entryway. Our outside door is unlocked, bring your data in and put it on the table. One of our staff will greet you through the speaker and will pick up your data when you leave. You may also drop off data anytime by using the mail drop on the Gray Street side of our building. If you would like to electronically submit or receive data or tax returns, please use our Smart Vault portal – send an email or call us for instructions.

When your tax return is ready for your signature(s), we will contact you and you may either come by our office to pick up and sign or we will be happy to mail your return to you. When you come to our office, come into the entryway and we will greet your through the speaker and show you where to sign. If you would like to speak with Kim, please let the staff know and she will either come to the window or talk with you by phone.

Office phone (405)364-0001

Office email: admin@bmtok.com

2022 Tax Filing Season for 2021 Tax Returns

Tax Filing Deadlines

2021 Partnership and S-Corporation Returns

The initial filing and extension deadline is March 15, 2022.

2021 Individual, C-Corporations and Fiduciary (Trust & Estate) Returns

The initial filing, extension and payment deadline is April 18, 2022. While April 15th is the normal due date, when a Federal or District of Columbia holiday or weekend falls on the tax deadline, the date is moved to the next business day. Emancipation Day, April 16th, is observed in DC and this year April 16th is a Saturday, so the holiday is being observed on Friday April 15th. This causes the tax deadline to be moved to the next business day which is Monday April 18th.

2021 Federal Tax Refund Status

The IRS is processing many returns and refunds in a timely manner, usually within 21 days of their receipt of electronically filed returns. Those returns which include a correction to the Recovery Rebate Credit (Stimulus Payments) or a validation of income to claim the Earned Income Tax Credit and reconciliation of the Advance Payment of the Child Tax Credit or Additional Child Tax Credit will likely be delayed. There has been no guidance from the IRS on how long these delays may last, but it probably will be more than 8 weeks. You can check the status of your Federal refund by visiting this website https://www.irs.gov/refundsYou will need your Social Security number, tax return filing status and the exact amount of your refund. If the status is “Processing” and there is not a date listed, contact our office so you can authorize a Tax Power of Attorney, and we will check with the IRS to determine what the issue might be. Call our office for more information.

2021 Individual Tax Return Special Considerations

Advance Payment of the Child Tax Credit

From July through December 2021 the IRS issued early payments of up to 50% of the estimated amount of the Child Tax Credit which may be claimed on the 2021 tax return during the 2022 filing season. The payment amounts varied depending on the number of children claimed on your 2020 tax return, their ages and your income. These payments will be reconciled on the 2021 tax return. What you will need to provide our office with your tax data:

IRS Letter 6419 for each spouse/parent included on your tax return
Confirmation of the amount you actually received during 2021
If you did not receive IRS Letter 6419 for each spouse/parent, either you need to access your IRS account and print the amount recorded by the IRS or grant us access through a Form 2848, Tax Power of Attorney, so we can verify what the IRS has recorded as paid to you in advance
Link to the IRS Advance Child Tax Credit Payments Lookup

Stimulus Payment #3

The IRS has issued three Stimulus Payments, also known as Economic Impact Payments. The first two payments were reconciled on the 2020 tax return. The third payment will be reconciled on the 2021 tax return. This payment was up to $1,400 per person (taxpayer, spouse and dependents) listed on the 2019 or 2020 tax return. These payments are not taxable, but if you did not receive the full amount you were eligible to receive, the underpayment will be a credit on your 2021 tax return. Please provide us a copy of the IRS letter stating the amount each taxpayer and spouse received or a copy of the page of your bank statement showing the "EIP#3" deposit into your bank account. If you do not have the IRS letter and cannot locate the deposit amount, we will need to check your online IRS account to determine what they have recorded as the payment amount to you.