Taxes R Us, Inc.

2021 BUSINESS FEDERAL INCOME TAX RETURN DEADLINE

The big “tax day” is April 15, 2021. This is when you have to file your taxes, but not pay!

The IRS has announced it is giving victims of the Texas winter storms until June 15th, 2021 to file and pay business returns normally due on March 15th and April 15th. More information can be found on the IRS website.

IRS Tax Deadlines 2021
• Jan 15 Final estimated tax payment for 2020 due
• Jan 15 IRS Free File service opens to prepare 2020 returns
• Jan 19 Free MilTax service for military opens to prepare 2020 returns
• Feb 12 IRS begins processing 2020 returns
• April 15 Deadline to file 2020 tax return
• April 15 First estimated tax payment for 2021 due
• June 15 Second estimated tax payment for 2021 due
• Sept 15 Third estimated tax payment for 2021 due
• Oct 15 Extended deadline to file 2020 tax return

IF YOU THINK YOU WILL NOT MEET THE DEADLINE, FILE AN EXTENSION (FORM 7004) TO AVOID IRS LATE FEES AND PENALTIES!

If Your Business Received A PPP Loan Maybe You Should Not Be In A Rush To Pay It Back. See How Long Have Before Deciding To Pay or Seek PPP Forgiveness. Read Below.

PPP forgiveness: No need to rush, and other tips Borrowers and their CPA advisers may be eager to move ahead with the Paycheck Protection Program forgiveness process, but there are still many unsettled issues to consider.

IRS Gives Hurricane Harvey Area Business Owners and Individuals Until January 31, 2018 To File 2016 Tax Returns!! (18 Texas Counties)

Hurricane Harvey victims in parts of Texas have until Jan. 31, 2018, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced August 28, 2017.

This includes an additional filing extension for taxpayers with valid extensions that run out on Oct. 16, 2017 and businesses with extensions that run out on Sept. 15, 2017.

Currently, the following Texas 18 counties are eligible for relief: Aransas, Bee, Brazoria, Calhoun, Chambers, Fort Bend, Galveston, Goliad, Harris, Jackson, Kleberg, Liberty, Matagorda, Nueces, Refugio, San Patricio, Victoria and Wharton.

The IRS will also expanded the relief to any disaster area designated by the Federal Emergency Management Agency (FEMA), as qualifying for individual assistance and will automatically receive the same filing and payment relief.
The tax relief postpones various tax filing and payment deadlines that occurred starting on Aug. 23, 2017. As a result, affected individuals and businesses will have until Jan. 31, 2018, to file returns and pay any taxes that were originally due during this period. This includes the Sept. 15, 2017 and Jan. 16, 2018 deadlines for making quarterly estimated tax payments. For individual tax filers, it also includes 2016 income tax returns that received a tax-filing extension until Oct. 16, 2017.

A variety of business tax deadlines are also affected including the Oct. 31 deadline for quarterly payroll and excise tax returns. In addition, the IRS is waiving late-deposit penalties for federal payroll and excise tax deposits normally due on or after Aug. 23 and before Sept. 7, if the deposits are made by Sept. 7, 2017. Details on available relief can be found on the disaster relief page on IRS.gov.

The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area. Thus, taxpayers need not contact the IRS to get this relief. However, if an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date falling within the postponement period, the taxpayer should call the number on the notice to have the penalty abated.

In addition, the IRS will work with any taxpayer who lives outside the disaster area but whose records necessary to meet a deadline occurring during the postponement period are located in the affected area. Taxpayers qualifying for relief who live outside the disaster area need to contact the IRS at 866-562-5227. This also includes workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization.

Individuals and businesses who suffered uninsured or unreimbursed disaster-related losses can choose to claim them on either the return for the year the loss occurred (in this instance, the 2017 return normally filed next year), or the return for the prior year (2016). See Publication 547 for details.