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Dave Koohy
Coastal Financial Group & Island Tax Associates
(401) 846-4290

Tax Updates & Reminders

Many of you have called for appointments or have met with me to close out your 2020 tax year.  If you haven't, call us at (401) 846-4290 at your earliest convenience. You may choose to meet in-person at my office, which is constantly being disinfected per Covid 19 requirements, or by a Zoom video meeting. 

Go to our website for the list of what you need to bring to your meeting.
Important Dates:

MARCH 15th is the deadline for small business filing.

APRIL 15th is the deadline for personal tax returns



Tax News Around and About

There are a number of changes this season and the following articles will help explain some of them.

Tax Season 2021: What To Know Before Filing In Rhode Island
by Rachel Nunes, The Patch

The 2021 tax season in Rhode Island is well underway, as filers gather their W-2s and other documents for their returns for the 2020 tax year.

In the first tax year since the coronavirus began to affect life and work in the United States, millions of Americans are filing returns that look quite different from in years past.

Here are five things to know about this tax season in Rhode Island.

Read it here

Taxes 2021: Everything New This Year Including Stimulus Payments, Unemployment and More 
Alison DeNisco Rayome, C-net

There are more reasons than ever to get started now on your taxes. The IRS will start processing 2020 returns on Feb. 12 -- while still slogging through last year's paperwork in an effort to work through stimulus payments. But stimulus checks aren't the only thing that may shake up your return this year. The IRS has adjusted individual income tax brackets for inflation and, with last year's CARES Act, changed many rules concerning charitable deductions, IRA and 401(k) plans, and student loans. You're going to have to navigate them all to hit that April 15 tax return deadline.

Read it here
Interest Rates Remain the Same for the Second Quarter of 2021
The IRS News

WASHINGTON — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning April 1, 2021. The rates will be: 3% for overpayments (2% in the case of a corporation); 0.5% for the portion of a corporate overpayment exceeding $10,000; 3% for underpayments; and 5% for large corporate underpayments. Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points.

I hope you and yours are staying safe and healthy. If you have any questions or concerns, please feel free to email me at or call at (401) 846-4290.

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Island Tax Associates
575 East Main Road
Wyatt Square
Middletown, RI 02842-7273

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