Horne Financial Services

California will also extend the state tax filing and payment deadline for individuals to May 17th, 2021. The extension does not apply to estimated tax payments due on April 15, 2021. An FTB spokesperson has informed us that it will issue a formal announcement and provide additional information in the near future.

Consistent with the IRS, California will also extend the state tax filing and payment deadline for individuals to May 17th, 2021. The extension does not apply to estimated tax payments due on April 15, 2021. An FTB spokesperson has informed us that it will issue a formal announcement and provide additional information in the near future.

IRS News: Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline IR-2021-59, March 17, 2021...Continue reading

The IRS Stakeholder Liaison asked us to share the following message. Important Alert The IRS is reviewing implementation plans for the newly enacted American Rescue Plan Act of 2021. Additional information about a new round of Economic Impact Payments, the expanded Child Tax Credit, including advance payments of the Child Tax Credit, and other tax provisions will be made available as soon as possible on IRS.gov. The IRS strongly urges taxpayers to not file amended returns rel...ated to the new legislative provisions or take other unnecessary steps at this time. The IRS will provide taxpayers with additional guidance on those provisions that could affect their 2020 tax return, including the retroactive provision that makes the first $10,200 of 2020 unemployment benefits nontaxable. For those who haven't filed yet, the IRS will provide a worksheet for paper filers and work with software industry to update current tax software so that taxpayers can determine how to report their unemployment income on their 2020 tax return. For those who received unemployment benefits last year and have already filed their 2020 tax return, the IRS emphasizes they should not file an amended return at this time, until the IRS issues additional guidance.

Check out and follow our new company page on linked in!

Make tax time easier with these tips for income taxpayers. https://taxavail.taxwisemobile.com/