PPP Loan Deadline Extended Through May 31
The PPP Loan law also gives the Small Business Administration (SBA) an additional 30 days after the May 31 deadline to review and process loan applications.
Federal Tax Deadline Extended To May 17
The federal income tax filing due date for individual taxpayers, including individuals who pay self-employment tax, has been extended to Monday, May 17, 2021, for the 2020 tax year. There is no need to file any forms to qualify for this automatic federal tax filing and payment relief.
There’s Still Time To Make an IRA Contribution for 2020
If you haven’t contributed funds to an Individual Retirement Account (IRA) for the tax year 2020, or if you’ve put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until April 15, 2021, due date, not including extensions.
Avoiding an IRS Tax Audit
Just 0.45 percent of taxpayers were audited in the fiscal year 2019. Still, with taxes becoming more complicated every year, there is an even greater possibility of confusion turning into a tax mistake and an IRS audit. Avoiding “red flags” like the ones listed below could help.
What’s New for 2020 Tax Returns
As always, taxpayers should be aware of several key items involving credits, deductions, and refunds when filing their tax returns. Let’s take a look:
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