Tax Filing Updates
By Michael Mazza, CPA, MST, Shareholder
Tax Filing Deadline Extended
The IRS, PA Department of Revenue and local tax authorities have extended the filing deadline for personal income tax returns to May 17, 2021 for 2020 tax returns. This extension is automatic.
As of March 19, 2021, the IRS, PA Department of Revenue and local authorities have not extended the due date of 2021 estimated payments. This means that first quarter 2021 estimates are still due on April 15, 2021.
We will continue to monitor and update if this changes
IRS to Automatically Process Refunds for Non-Taxable Unemployment Payments
The IRS announced that they will automatically process refunds for taxpayers who paid taxes on their unemployment benefits prior to Congress passing a law to make the first $10,200 of unemployment benefits tax free for certain taxpayers.
Up to $10,200 of unemployment benefits per taxpayer were deemed to be tax free for 2020 if the taxpayer(s) has modified adjusted gross income of $150,000 or less. All returns filed prior to the law being enacted will not need to file an amended return.
If you have any questions please contact Detweiler, Hershey & Associates, P.C.Filed in: Client News, News