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Archive for the ‘2021 Tax Season’ Category.

IRS and Treasury Department Announce U.S. Tax Day Deadline Extended From April 15 to May 17, 2021

The awaited IRS Formal Guidance, re. the March 17, 2021 IR-2021-59 to delay the late filing and late payment deadline for the 2020 tax season from April 15 to May 17, 2021 has arrived.   Protax Consulting Services Inc (PCSI) Firm Statement # 2 Tax Season 2020- (dated April 3, 2021)...

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Tax Provisions In The Year-End Coronavirus Relief Act

An Executive Summary and refresher on The Consolidated Appropriations Act, 2021 signed into law on December 27, 2020 just in time before we tackle the American Rescue Plan Act of March 11, 2021. Executive Summary The omnibus spending and coronavirus relief legislation enacted in Decem...

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Tax Time Guide: Get Credit For IRA Contributions Made By April 15 On 2020 Tax Returns

IRS reminds us that we have until April 15, 2021 of this 2020 tax year to make a $6,000 (with catchup for age 50 to $7,000) IRA contributions- Traditional or ROTH IRA for the 2019 tax year, don’t be late! The Internal Revenue Service notes that taxpayers of all ages may be able to claim...

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House Gives Final Approval To $1.9 Trillion Pandemic Aid Bill

The American Rescue Plan Act, H.R. 1319. Includes many none tax provisions including an extension of Federal unemployment benefits, $50 billion in small business funding, money for health care entities, vaccine distributions, Covid-19 testing, K-12 and college and university assistance, f...

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IRS and Treasury Department Announce U.S. Tax Day Deadline Extended From April 15 to May 17, 2021

On Wednesday March 17, 2021, through IR-2021-59- the IRS and Treasury Department Announce U.S. Tax Day Deadline Extended From April 15 to May 17, 2021. Dear Clients and Colleagues: We waited to issue a Firm Statement pending IRS Formal Guidance, which has to date not been forthcoming as ...

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American Rescue Plan Act Passes With Many Tax Components

The American Rescue Plan Act, H.R. 1319. Among the act’s many provisions are several tax items. Most of the tax provisions that were in the House version of the bill were unchanged in the Senate’s version, but the tax treatment of 2020 unemployment benefits, the phaseout ranges for ec...

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AICPA Requests Tax Deadline Postponements Until June 15

Thursday March 4, 2021 the American Institute of Certified Public Accountants (AICPA) sends a follow-up urgent letter to the IRS Commissioner Charles Rettig and Acting Assistant Secretary Mark Mazur re-requesting a an extension of the April 15, 2021 deadline to file and pay 2020 income tax...

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AICPA Seeks Certainty On Filing Deadline And Relief For 2020 Tax Year

The American Institute of Certified Public Accountants (AICPA) writes to the Treasury and the IRS to urge an extension of the April 15, 2021 deadline to file and pay income tax to June 15, 2021 and to release guidance by March 1, 2021. In a recent letter to Treasury and the IRS, the AIC...

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New PPP guidance issued by SBA, Treasury

Additional guidance on the Consolidated Appropriations Act, 2021 including the Interim Final Rules (IFR’s) for first and second draw PPP loans. Friday January 8, 2021 the SBA and Treasury announced that the new PPP will re-open the week of Jan. 11 with community financial institutions ex...

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2021 tax filing season begins Feb. 12; IRS outlines steps to speed refunds during pandemic

Hear Ye Hear Ye read all about it----With the tweaking on the IRS platform form the upcoming 2021 tax season for the 2020 US tax year about to come to a close, the IRS reminds us that tax season will officially kick off February 12., 2021!  Anchors away. The Internal Revenue Service anno...

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Eligible Paycheck Protection Program expenses now deductible

As part of the Consolidated Appropriations Act, 2021 signed into law on Sunday December 27, 2020 by the President and passed by Congress on December 21, 2020 amended the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to say that no deduction is denied, no tax attribute is r...

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Many tax provisions appear in year-end coronavirus relief bill

The Consolidated Appropriations Act, 2021 includes many tax provisions, including the extension of various expiring provisions, extensions and expansions of certain earlier pandemic tax relief provisions, and much more. The Consolidated Appropriations Act, 2021, H.R. 133, passed both house...

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February 1 is the deadline for employers to issue and file wage statements

The IRS announces that since January 31, 2021 falls on a Sunday, employers have until Monday February 1, 2021 to issue and files Form W-2 wage statements with the IRS and to employees. Due same date are Form 1099-MISC and 1099-NEC. Employers must file Form W-2 and other wage statements by...

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COVID-19 relief bill addresses key PPP issues

President Trump signed into law on Sunday December 27, 2020 passed by Congress on December 21, 2020. The Consolidated Appropriations Act, 2021 just after unemployment benefits expired and hours before the Federal government was due to shut down now funded until September 2021. It adds $300...

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What Can You Do To Minimize Your Tax Burdens?

Some pre-tax planning messages for the upcoming 2021 tax season re the 2020 US income tax filings. Paying taxes is something you want to do religiously. Of course, you would not want to incur penalties and any other consequences that may come when you ignore your taxes. But like everybody...

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Income Ranges For Determining IRA Eligibility Change For 2021

As is usual this time of the year the IRS advises the tax practitioner community and taxpayers of the upcoming 2021 Pension Plan limitations as pertains to ORC Sec 401(k) and the NPO corresponding 403(b), traditional and ROTH IRA's, Cat-up's and Defined Contribution Plans. The Internal Re...

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IRS Provides Tax Inflation Adjustments For Tax Year 2021

As is usual this time of the year the IRS advises the tax practitioner community and taxpayers of the upcoming 2021 inflation increases to such items as tax rate brackets, Standard Deductions and Exemptions and applicable phase out ranges for each, IRC Sec 911 Foreign Earned Income Exclusi...

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Taxpayers Should Renew Expiring ITINs Early To Avoid A Refund Delay Next Year

As we have warned in the past ITIN’s not used at least once every 3 years and 5 years after issuance now expire, the following applies to the 2020 tax year for returns filed in 2021. The later requirement will affect ITINs with middle digits of 88, 90, 91, 92, 94, 95, 96, 97, 98 or 99, i...

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How COVID-19 Affects Foreign Income and Housing Exclusions

As first reported on April 27. 2020 in light of the Covid-19 epidemic the IRS released Revenue Procedure (Rev Proc) 2020-27.  Rev Proc 2020-27 Affects U.S. persons living and working outside the U.S. Rev Proc 2020-27 invokes IRC Sec 911(d)(4)- Waiver of Time Requirements- with respect to...

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HSA contribution limits increase for 2021

As is usual this time of the year the IRS advises the tax practitioner community and taxpayers of the upcoming 2019 H.S.A. Contribution limits for the upcoming 2020 (done in 2021) tax year. The IRS in Rev. Proc. 2020-32 announced the annual inflation-adjusted limits on deductions for co...

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Relief for tax residency impacts of COVID-19 travel disruptions

In light of the Covoid-19 epidemic the IRS released Revenue Procedure (Rev Proc) 2020-20 and 2020-27.  Rev Proc 2020-20 Affects Foreign Nationals living and working in the U.S. and Rev Proc 2020-27 Affects U.S. persons living and working outside the U.S. Rev Proc 2020-20 allows foreign n...

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