Newsletters

Season's Greetings from the Beverly & Bucker Team!

     We hope that everyone meets this season with good health. This year has been a tough one, but we are so thankful for our wonder clients and staff who came together during this difficult time. As a company, we are continually surprised by the empathy and kindness our clients display. In light of this, we would like to give a special thank you to our friends who brought in gifts or have sent us cards this year. We greatly appreciate your support.

     Our letter has gone digital! We apologize to any of our clients who have been checking their mailboxes for our letter this year. We decided, with the influx of online ordering and the recent budget cuts that have been made to the Post Office, that it would be best to give them a break and distribute our letter digitally. It will be available on our website (beverlytax.com) or on our Facebook page.

     This year is going to look very different. We realize that there may be a number of financial changes to your family this year depending on how you were affected by the pandemic so we may need information that you have not had to provide in years prior. We have provided a list below of possible information and/or documents we will need in order to prepare your 2020 Tax Return.

        Early retirement distributions

        Wage statements from unemployment

        Small business loan, PPP loan, or EIDL grant

        Deferred RMDs

All clients must provide the amount of Stimulus (Economic Impact Payment) received. If you did not receive a stimulus check, there is a reconciliation on the 2020 Tax Return that will allow you to claim the payment if you qualify. A letter was sent out with each payment. You are welcome to bring this letter in with your Tax Documents or please refer to your bank statements and have an exact number ready at the time of your Appointment or Drop Off.

     As far as appointments go, the 2020 Tax Season will more than likely look very similar to last year. Beverly & Bucker will continue to do our part to minimize face-to-face interactions as much as possible in order to keep our staff and clients safe while we wait for a vaccine to be nationally available. These are unique circumstances. However, our team will implement the knowledge we have gained from the prior tax year in order to provide you with the same level of service you have come to expect from us.

     To keep our staff and clients safe, we ask that any clients who do not require a face-to-face appointment to please Drop Off your Tax Documents with our front desk staff. The Tax Return will be prepared in your absence and our staff will contact you when it has been completed. Many of our clients find that this is a faster, more stress-free method. If you are dropping off your Tax Return but would still like to discuss your concerns with a Tax Preparer, a Phone Appointment option is now available! To schedule a Phone Appointment, please contact our office or select the Phone Appointment option on our website. Due to IRS guidelines, we are not able to use online phone call platforms such as Zoom, FaceTime, Google Chats, or Signal. These third-party calling platforms do not provide the level of security required for discussing sensitive personal information.

     For our clients who necessitate a face-to-face appointment, please schedule either through our website or by phone. This does not guarantee that we will be able to meet in person. As stated before, we are required to adhere to state and federal Covid-19 guidelines. What we can guarantee is that as soon as we know there is a change in protocol, we will inform our clients and work hard to accommodate your needs. A mask is required to be worn during the appointment. Our front desk staff will have extras available. For clients who are able to Drop Off Tax Documents, we would like to make sure you are aware of our variety of Drop Off methods.

     As always, Tax Documents can be mailed to our office, dropped off with our staff during our office hours, or dropped off after hours via the mail slot beside our front door. But with these challenging times, we wanted to make sure our clients know how to use our Contact-Free method. Did you know we can accept Drop Offs virtually? Please do not email sensitive documents to our office or submit them via Facebook. These are not secure options to submit sensitive information. If you would like to virtually submit your documents, please contact our office via phone or email to request a link to our secure, Document Sharing Portal. Upon request, a link will be sent to you via email. This link will be randomly generated and, for your security, should not be shared. Once you have received the link, you will be able to upload your documents to our secure portal, at which point our staff will be notified and will be able to view your documents to prepare your Tax Return. If you have any questions concerning our Contact-Free Drop Off method, please let us know.

     No matter how you Drop Off this year, please include your Name, Phone Number, Address, and a list of any changes in family structure such as Marriage or changes in the number of Dependents. If you have questions concerning what documents should be included when dropping off, our staff will be more than happy to help.

     Client Organizers are available! These are helpful tools that list what documents we will require to prepare your Tax Return. Client Organizers are based off of the information you provided to our office for the prior Tax Year, so they will not include any information that has changed since we last saw you. If you are new to our office this year, Welcome! We have blank Client Organizers available for you. While they will not have a list of documents that you have used for prior Tax Returns, they will have a summation of documents you may need to bring in depending on your needs. If you would like a Client Organizer, please contact our office via phone or email. Blank Client Organizers are also available on our website.

     I would like to, once again, thank our amazing clients. Our team is excited help navigate this unprecedented tax year. We hope everyone has a great New Year and we look forward to working together in 2021!

Ryan Beverly E.A.

Full content and downloadable PDF available below

2020 Beverly & Bucker Holiday Letter.pdf

Tax Alerts
Tax Briefing(s)

The IRS has issued the luxury car depreciation limits for business vehicles placed in service in 2021 and the lease inclusion amounts for business vehicles first leased in 2021.


The IRS has issued guidance for employers claiming the employee retention credit under Code Sec. 3134, enacted by section 9651 of the American Rescue Plan Act of 2021 (ARP), P.L. 117-2, which provides a credit for wages paid after June 30, 2021, and before January 1, 2022. The guidance amplifies previous notices which addressed the employee retention credit under section 2301 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), P.L. 116-136, as amended by sections 206 and 207 of the Taxpayer Certainty and Disaster Tax Relief Act of 2020, P.L. 116-260.


The Treasury and IRS have provided an optional safe harbor allowing employers to exclude the following amounts from their gross receipts solely for determining eligibility for the employee retention credit.


The IRS issued transition relief for certain employers claiming the Work Opportunity Tax Credit (WOTC) under Code Sec. 51. This would apply for certain employees beginning work after December 31, 2020, in response to legislation permitting the designation of an Empowerment Zone under Code Sec. 1393(b) to be extended from December 31, 2020, through December 31, 2025. Specifically, section IV of this notice provides transition relief by extending the 28-day deadline for employers to request certification from a designated local agency that an individual who begins work on or after January 1, 2021, and before October 9, 2021, is a member of the Designated Community Resident targeted group or the Qualified Summer Youth Employee targeted group.


The U.S. Small Business Administration ( SBA) is launching a streamlined application portal to allow certain borrowers to apply for Paycheck Protection Program (PPP) Loan forgiveness directly through the SBA. The SBA also is explaining why it discontinued use of Loan Necessity Questionnaires for PPP borrowers.


The IRS stated that families should use the Child Tax Credit (CTC) Update Portal to confirm their eligibility for the payments. If eligible, the tool also indicates whether taxpayers are enrolled to receive their payments by direct deposit. More information can be found at https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021.


The IRS provided additional guidance on the application of the American Rescue Plan Act of 2021 (ARP) ( P.L. 117-2) relating to temporary premium assistance for Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) continuation coverage. This notice supplements Notice 2021-31, I.R.B. 2021-23, and addresses additional issues.


The foreign tax credit did not apply against the net investment income tax (NIIT). The structure of the Internal Revenue Code made the credit inapplicable to the NIIT, and tax treaties did not override that fact.


A missing or unknown federal gift tax return could constitute reasonable cause for the late filing of an estate tax return.


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