A few weeks ago, the IRS extended the federal income tax filing due date for individuals for the 2020 tax year from April 15, 2021, to May 17, 2021. Individuals can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalty and interest.
This legislation is expected to benefit the majority of taxpayers through stimulus payments, unemployment benefits, and child tax credits.
This delay in filing and payment applies to all taxpayers who reside or have a business in any of the 254 Texas counties and is automatic, meaning that taxpayers do not need to file any forms to qualify.
The federal tax implications of PPP loan forgiveness are straightforward: businesses that have received PPP loan forgiveness can now exclude the forgiven amounts from income and deduct all the expenses paid using the PPP loan.
Recent legislative and executive actions have created new ways to help small and mid-sized employers with delivering more effective and efficient retirement plan solutions for their employees.
Taxpayers have a great deal of questions on how those payments will impact their tax return and what will happen if they have not received them yet.
Taxpayers can take advantage of a program to help ensure tax returns fraudulently filed using their social security number are not processed.
In continuing with our look at the Consolidated Appropriations Act (CAA) that was passed the other week, we wanted to bring attention to another area that may be relevant to many taxpayers.
The new COVID-19 relief bill contains provisions that incentivize businesses in the coming year to spend on business meals.
Although the PPP Loan Forgiveness is a huge subsidy for many businesses during this hard time, it does come with a few downsides.