Monthly Archives: March 2021

Tax Deadline & Updates

You may have heard that the IRS extended the individual tax deadline by one month to May 17th, but there are important updates to know as follows:

  1. The deadline to file corporate taxes has not been extended and is still April 15th
  2. States are expected to extend their deadline, but we’ll have to wait and see
  3. Tax payments for the year 2020 are now due on May 17th
  4. The extension does not apply to first quarter 2021 estimated tax payments, which are still due on April 15th

 

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PPP Deadline Approaching

The deadline for the PPP loan is March 31st, so do not wait to apply if you qualify. Some tips are as follows:

  1. Apply through your existing bank
  2. You must have 300 or fewer employees
  3. Have already used or plan to use your original PPP funds
  4. Can demonstrate at least a 25% reduction in revenue during a least one quarter of 2020 when compared to 2019.

Is there a possibility of extension? Possibly, but if you qualify, why take the chance?

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Possible Extensions

There have been major challenges with being able to file tax returns, especially business returns, which are due soon on March 15th for s-corporations and partnerships. This relates to new tax laws, loan forgiveness, and delays with states approving tax forms and software. Additionally, New Jersey has new complexities with its new BAIT (Business Alternative Income Tax) forms.

We may have to file extensions for your business and possibly individual returns due to these delays.

 

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