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Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline [UPDATE]

IR-2021-59, March 17, 2021

WASHINGTON — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days.

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The American Rescue Plan of 2021

The following is a summary of a few of the key provisions in the American Rescue Plan that was signed by President Biden on March 11, 2021. Check back for updates as we learn more...

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As required by law, all first and second Economic Impact Payments issued

WASHINGTON – The IRS announced today that, as required by law, all legally permitted first and second round of Economic Impact Payments have been issued and the IRS now turns its full attention to the 2021 filing season.

Beginning in April 2020, the IRS and Treasury Department began delivering the first round of Economic Impact Payments within two weeks of the legislation. The IRS issued more than 160 million EIPs to taxpayers across the country totaling over $270 billion, while simultaneously managing an extended filing season. In addition, since Congress enacted the COVID-related Tax Relief Act of 2020, the IRS has delivered more than 147 million EIPs in the second-round totaling over $142 billion.

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Announcements

IRS Online Account can help taxpayers get ready to file their tax return

Taxpayers  can securely access and view their IRS tax information anytime through their individual online account. They can see important information when preparing to file their tax return or following up on balances or notices. This includes:

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Educators can now deduct out-of-pocket expenses for COVID-19 protective items

WASHINGTON – Eligible educators can deduct unreimbursed expenses for COVID-19 protective items to stop the spread of COVID-19 in the classroom. COVID-19 protective items include, but are not limited to: 

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2021 tax filing season begins Feb. 12; IRS outlines steps to speed refunds during pandemic

WASHINGTON ― The Internal Revenue Service announced that the nation's tax season will start on Friday, Feb. 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.

The Feb. 12 start date for individual tax return filers allows the IRS time to do additional programming and testing of IRS systems following the Dec. 27 tax law changes that provided a second round of Economic Impact Payments and other benefits.

This programming work is critical to ensuring IRS systems run smoothly. If filing season were opened without the correct programming in place, then there could be a delay in issuing refunds to taxpayers. These changes ensure that eligible people will receive any remaining stimulus money as a Recovery Rebate Credit when they file their 2020 tax return.

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Businesses have Feb. 1 deadline to provide Forms 1099-MISC and 1099-NEC to recipients

WASHINGTON − The Internal Revenue Service today reminded businesses and other payors that the revised Form 1099-MISC, Miscellaneous Income, and the new Form 1099-NEC, Nonemployee Compensation, must be furnished to most recipients by Feb. 1, 2021.

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How to Receive our Monthly Newsletter

Do you like our "Weekly Tax Tips" would you like to receive our monthly e-mail newsletter distributed on the first Friday of each month. The newsletter covers a broad array of tax and financial information.

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News

Answers to Common Tax Questions

With the April 15 tax filing deadline right around the corner, here are answers to some common tax questions.

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Your Turn! New and Classic Board Games

Board games are making a comeback during the pandemic as everyone looks to stay engaged during more stay-at-home time. Here are four of the most popular board games of all time and a corresponding board game similar to the classic game that you and your family may enjoy trying.

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The New World of Bank Reconciliations

Here’s a look at the new world of bank reconciliations and some ideas to use to ensure your bank account is accurate.

The bank reconciliation purpose

In a nutshell, a bank reconciliation ensures your account is accurate. This is done by comparing all your activity with what the bank is reporting.

The importance of timely bank reconciliations

There are several reasons for conducting these account reviews on a timely basis:

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Get Your Contractor or Employee Classification Right!

Tax challenges can be VERY expensive

As a small business owner, you may face the issue of whether to classify workers as employees or as independent contractors.

Classifying your workers as independent contractors generally saves you money. That’s because you avoid paying employment taxes and benefits on their behalf.

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4 Ways to Make Sure Your Tax Return Doesn't Get Stuck

Here are four ways to make sure the preparation of your tax return keeps humming along until it gets filed.

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Be Prepared For These Pandemic-Related Tax Surprises

Don’t get shocked by a high tax bill! Be prepared for these pandemic-related tax surprises when you file your 2020 tax return.

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Organized Business Records Save Time and Money

Here are some suggestions to help you master the art of documenting and organizing your business now and in the future.

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Wednesday, 14th April 2021
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Weekly Tax Tip

14 April 2021

Weekly tips to help you better understand tax and financial situations.