Category Archives: Tax Return Preparers

Oct. 15 deadline approaches for taxpayers who requested extensions to file 2020 tax returns

The Internal Revenue Service reminds taxpayers about the upcoming October 15 due date to file 2020 tax returns. People who asked for an extension should file on or before the extension deadline to avoid the penalty for filing late. Electronic filing options, such as IRS Free File, are still available.

Although October 15 is the last day for most people to file, some taxpayers may have more time. They include:

  • Members of the military and others serving in a combat zone. They typically have 180 days after they leave the combat zone to file returns and pay any taxes due.
  • Taxpayers in federally declared disaster areas who already had valid extensions. For details, see the disaster relief page on IRS.gov.

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What someone should do if they missed the May 17 deadline to file and pay taxes

The federal income tax deadline has passed for most individual taxpayers. However, some haven’t filed their 2020 tax returns or paid their tax due.

If an individual taxpayer is owed a refund, there’s no penalty for filing late. On the other hand, tax owed and not paid by May 17, 2021 is subject to penalties and interest.

Anyone who didn’t file and owes tax should file a return as soon as they can and pay as much as they can to reduce penalties and interest. Electronic filing options, including IRS Free File, are still available on IRS.gov through October 15, 2021, to prepare and file returns electronically.

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The IRS has announced tax exemption for citizens of those states that have been impacted by storms, straight-line storms, tornadoes, and flooding.

Tax Relief Definition

Following the recent disaster declaration issued by the Federal Emergency Management Agency, the IRS announced that affected taxpayers in certain areas will receive tax relief. 

Tennessee – Individuals and households affected by severe storms, straight-line winds, tornadoes, and flooding that reside or have a business in Campbell, Cannon, Cheatham, Claiborne, Clay, Davidson, Decatur, Fentress, Grainger, Hardeman, Henderson, Hickman, Jackson, Madison, Maury, McNairy, Moore, Overton, Scott, Smith, Wayne, Williamson, and Wilson counties qualify for tax relief. The declaration permits the IRS to postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after March 25, 2021, and before August 2, 2021 are postponed through August 2, 2021.

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TODAY, April 15, is the deadline for Form 7004 extension of time for Form 1120 C-corp. Now is the time to file electronically!

There is a pressing need to act quickly because there isn’t much time left to file the C-corporation Form 1120 income tax return or an Extension Form 7004 for C-corporation 1120 to seek a filing extension. It’s not unfair to choose to save your hard-earned money for as long as possible, so you can make sure that you register and pay your taxes on or before the deadline to avoid IRS fines and interest. Keep one step ahead of the IRS by e-filing for an automatic 6-month extension of time to file the income tax returns. The deadline to file your C-corporation income tax returns (IRS Form 1120) is TODAY, April 15, 2021. The deadline to apply for a Form 7004 extension, which is an automatic extension of time for Form 1120, is also TODAY, April 15.

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IRS reminds taxpayers to make April 15 estimated tax payment

The Internal Revenue Service today reminded self-employed individuals, retirees, investors, businesses, corporations and others who pay their taxes quarterly that the payment for the first quarter of 2021 is due Thursday, April 15, 2021.

The extension to May 17, 2021 for individuals to file their 2020 federal income taxes does not apply to estimated tax payments. The 2021 Form 1040-ES, Estimated Tax for Individuals, can help taxpayers estimate their first quarterly tax payment.

Extension Tax Efiling
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