Tax Season Update (3/17/2021): Change in Individual Tax Filing Deadline, Nontaxable Unemployment Income, and Small Business Grant Deadlines

Change in Tax Filing Deadline The IRS is expected to change the individual filing date to the middle of May. We anticipate this will result in a 17-May filing deadline for individuals filing 1040s. We are awaiting additional guidance as to whether this change will impact filing deadlines for Corporations and/or nonprofits. We will continue…

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Coronavirus Relief 1/1/2021 Update: Second Stimulus Checks, Extension of Unemployment Supplements, and PPP2 Loans (Forgivable) Applications Available Soon!

The Consolidated Appropriation Act was signed into law on December 27. The Act includes provisions for a second round of PPP loans, 2021 stimulus checks, extended unemployment benefits, and addresses the taxation of forgiven PPP loans (first draw). PPP2: Requirements for 1st Draw and 2nd Draw Applicants The Act included provisions for a 2nd round…

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Update: IRS Formally Extends April 15th Tax Filing Deadline to July 15th

Tax Filing Deadline Update: Late this evening, the Department of Treasury added the extension of the tax filing deadline to its Coronavirus relief efforts. The department had already extended the tax payment deadline for both corporations and individual taxpayers from April 15th to July 15th (see notice here ). Tonight’s action also extends the federal income tax return filing deadline from…

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