We are well into 2021, while we had hoped things would return to normal, such things take time. Our firm is still modifying and revising our methods and processes to bring about satisfactory tax products to our clients, while managing the firm from the comfort of home – which presents it’s own set of challenges, as you may imagine.
We aren’t quite out of the woods, yet, as new information, weather disasters, and the IRS all affect us in one way or another from PPP Loans to Economic Impact Payments and even more changes on the horizon in Washington DC. The good news is, Congress has recognized the impact current events have had on us all. We have listed some changes below, but we encourage our clients to keep up to date with these changes that may affect you or someone you know, by visiting www.irs.gov.
Some things to note:
- Due to COVID-19, the IRS have extended the Federal income tax filings for individuals to May 17th.
- Due to the winter storms back in February, the IRS has extended many tax filings and payment deadlines. Affected individuals and business in Louisiana, Oklahoma, and Texas until June 15th, 2021
- To help taxpayers, the IRS announced that it will take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment. There is no need for taxpayers to file an amended return unless the calculations make the taxpayer new eligible for additional federal credits and deductions not already included on the original tax return
- The IRS also announced that there are delays in processing 104/104-X/1040 ES payments submitted by e-filing.