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Tax Day for individuals extended to May 17th: Treasury, IRS extend filing and payment deadline.
The 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.
The postponement applies to individual taxpayers, including individuals who pay self-employment tax.
Penalties, interest and additions to tax will begin to accrue on any remaining unpaid balances as of May 17, 2021.
The postponement does not apply to estimated tax payments that are due on April 15, 2021. These payments are still due on April 15th.
In addition, earlier this year, the IRS announced relief for victims of the February winter storms in Texas, Oklahoma and Louisiana. These states have until June 15, 2021, to file various individual and business tax returns and make tax payments. This extension to May 17th does not affect the June deadline.
We are wanting to share that at this time our office remains open for phone calls and phone appointments only. To get your tax documentation to us, we are asking that you either mail or email them to our office. As a third option, you may call ahead and drop off outside our door during normal business hours or put them in the drop box that is attached to our door. We will be mailing back your original documents as well as the hard copies of your tax returns. If you have any questions, please let us know at (608) 630-8917.
While we would prefer to continue to conduct business virtually as much as possible, we are wanting to share that starting Monday, June 22, 2020 we will be taking appointments in office. Please call ahead if you would like to schedule an in person meeting. We are practicing safe guidelines and will have hand sanitizer and masks available for use as well as sanitizing our conference room before and after every meeting . If you may have any questions, please give us a call at (608) 630-8917.
Please follow link: https://content.govdelivery.com/accounts/WIGOV/bulletins/28c2d0c to read about the We’re All In Program.
In a Notice, the IRS has clarified that no deduction is allowed for an expense that is otherwise deductible if both (1) the payment of the expense results in forgiveness of a loan made under the Paycheck Protection Program and (2) the income associated with the forgiveness is excluded from gross income pursuant to Coronavirus Aid, Relief, and Economic Security Act.
If you have any questions, please feel free to give our office a call.