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    Month: March 2021

    No Extension for Estates, Trusts and Corporations

    The Commissioner of the IRS announced on March 18, 2021 that the extension of the due date for 2020 individual income tax returns and related payments from April 15, 2021 to May 17, 2021 does not apply for the 2020 income tax returns of estates, trusts and corporations, so the due date for those returns remains April 15, 2021.  He also reiterated that estimated tax payments for the first quarte...

    Federal Filing Due Date Moved

    The IRS indicated that the filing due date for individual tax returns and the due date for making tax payments due for the 2020 tax year is being automatically extended from April 15, 2021 to May 17, 2021.  This announcement was contained in IRS New Release IR-2021-59, issued on March 17, 2021.  The IRS has indicated that it will provide formal guidance in the coming days. The news release als...

    Reporting the Unemployment Exclusion

    As discussed in our post on March 11, 2021, the American Rescue Plan, which was enacted on March 11, 2021 provides a retroactive exclusion for unemployment benefits received during 2020 (up to $10,200 per taxpayer). The exclusion is available for taxpayers with adjusted gross income of under $150,000.  When computing income for the purpose of this threshold, include all unemployment benefits re...

    Key Provisions in the New Tax Law

    On March 10, 2021, the House of Representatives passed the American Rescue Plan Act of 2021, which had previously been passed by the Senate on March 6, 2021.  The President is expected to sign it into law.  Retroactive Exclusion of Certain Unemployment Benefits: As discussed in our post on March 9, 2021, the Act contains a provision that retroactively excludes up to $10,200 of unemployment ben...