Cover & Rossiter is committed to being part of a positive effort to help others manage the impact of the COVID-19 event in their businesses and lives. We will post changes and/or updates to this page as the situation warrants.
TAX DAY FOR INDIVIDUALS EXTENDED TO MAY 17, 2021
Update 03-20-21 The Treasury Department and Internal Revenue Service announced yesterday that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days.
What this means to individual taxpayers? Even with the deadline, we encourage our clients to consider filing as soon as possible, especially if you are owed a refund. Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed.
NOTE 1: The filing due date extension does NOT apply to 1st quarter estimated taxes for the 2021 tax year which remain due on 4/15/21 and cannot be extended.
NOTE 2: The filing deadline for Corporate or Fiduciary tax returns remains 4/15/21.
STATES THAT HAVE EXTENDED THEIR DEADLINES FOR 1040 INDIVIDUAL RETURNS TO MAY 17, 2021 WITHOUT PENALTIES OR INTEREST. *NOTE: This does NOT impact 1st quarter estimated payments for the 2021 tax year:
(Click on state to be taken to announcement. If a state is not listed, check with their website for the latest information.)
THE FOLLOWING STATES HAVE EXTENDED THEIR DEADLINES DIFFERENT FROM THE FEDERAL EXTENSION:
Maryland - All individual, corporate, pass-through entity, and fiduciary income tax returns that otherwise would have been due on varying dates between January 1, 2021 and July 15, 2021, inclusive, are now due on or before July 15, 2021.
Texas - The IRS extended the April 15 federal income tax filing and payment deadline to June 15 for all Texas residents and businesses.
WHAT YOU NEED TO KNOW ABOUT THE GOVERNMENT STIMULUS PACKAGES (CARES Act, PPP, Heroes Act, HEAL Act, American Rescue Plan Act of 2021)
Update 04-21-21 The IRS and Treasury Department announced today further details of tax credits available under the American Rescue Plan to help small businesses, including providing paid leave for employees receiving COVID-19 vaccinations. Eligible employers can receive a tax credit for providing paid time off for each employee receiving the vaccine and for any time needed to recover from the vaccine. CLICK HERE to read more.
Update 03-18-21 The American Rescue Plan Act of 2021 (ARPA), which Congress passed and President Biden signed into law on March 11, 2021, grants relief to taxpayers and extends and/or modifies certain relief measures initially enacted in prior bills. CLICK HERE to read a summary of the tax provision sections of the ARPA that are likely to affect you and/or your business.
Update 12-31-20 Congress finalized the details of a nearly $900 billion relieve package that is expected to be signed by the President in the next few days. A major focus of the legislation is to provide assistance to struggling businesses. Click on PANDEMIC RELIEF ACT Bulletin #CR-06 below for a summary of what is included for continuing the Paycheck Protection Program.
Update 8-3-20 On July 27, the HEALS act, the next round of stimulus to help dampen the economic impacts of the spread of COVID-19 was proposed by the Senate. The Senate's proposed $1 trillion package could be a second stimulus check for qualifying individuals, an extension of unemployment assistance, and money dedicated to safely reopening schools given the lingering virus threat. The House of Representatives is challenging the Senate's bill seeking to protect the enhanced unemployment benefit and earmarking more stimulus measures aimed at keeping the economy afloat during this difficult time. The act is currently undergoing bipartisan negotiations in the Senate. For information on the CARES vs. Heroes vs. HEALS acts, click here.
Update 6-10-20 On June 5, 2020, President Trump signed the Paycheck Protection Program Flexibility Act of 2020. Click on CARES ACT Bulletin #CR-05 below for all the details. If you have questions, contact your Cover & Rossiter partner.
Update 3-27-20 In addition to the summary of IRS actions and earlier-enacted federal tax legislation we previously communicated to you, here's an update on the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, Congress's gigantic economic stimulus package that the President signed into law on March 27, 2020. If you have any questions, contact your Cover & Rossiter partner.
- PANDEMIC RELIEF ACT BULLETIN #CR-06 (12-31-20) - RELIEF FOR SMALL BUSINESSES AND PAYCHECK PROTECTION PROGRAM ROUND 2
- CARES ACT BULLETIN #CR-05 (06-10-20) - RELIEF FOR PPP PARTICIPANTS
- CARES ACT BULLETIN #CR-04 (04-27-20) - PAYCHECK PROTECTION PROGRAM LOANS FAQs
- CARES ACT BULLETIN #CR-03 (04-12-20) - TECHNICAL CORRECTION RE: INTERIOR BUILDING IMPROVEMENTS
- CARES ACT BULLETIN #CR-02 (04-12-20)- EMPLOYEE RETENTION CREDIT
- CARES ACT BULLETIN #CR-01 (04-05-20) - SBA FUNDING OPTIONS
GET THE LATEST NEWS FROM IRS.GOV
- (03-17-21) The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. CLICK TO READ
- (12/30/20) Treasure and IRS begin delivering second round of Economic Impact Payments to millions of Americans. The initial direct deposit payments may begin arriving as early as 12/29/20 for some and will continue into next week. Paper checks will begin to be mailed today, Wednesday December 30. CLICK TO READ
- (12/16/20) New things taxpayers should consider as they get ready to file taxes in 2021. There are some key things you should consider when filing your 2020 tax return -- (1) Recovery rebate credit; (2) Refund interest payment; and, (3) New charitable deduction allowance. CLICK TO READ
- (12/08/20) IRS warns people about COVID-related text messages scam. CLICK TO READ
OUR OFFICE - UPDATE AS OF 03/09/2021
Cover & Rossiter is open for business, with some staff continuing to work remotely. While we hope our clients take advantage of our digital capabilities (see below), you can visit our offices. ***Masks must be worn when entering our building and office.***
DIGITAL SUBMISSION OF TAX DOCUMENTS
We strongly encourage you submit your documents via one of our secure file submission platforms, TaxCaddy or ShareFile. CLICK TO LEARN MORE
REVIEWING / SIGNING YOUR TAX RETURN ELECTRONICALLY
We have two secure options for your to review/sign your tax return electronically. Your Cover & Rossiter administrative specialist will explain both options to you once your return is ready.
Henry Kissinger once said, “A diamond is a chunk of coal that did well under pressure.” We remain confident that, on the other side of all of this, we will be stronger and better for having gone through it.