Tax Updates

Here is the latest update on the preparation processes for business and individual income tax returns and the upcoming deadlines. 2020 Individual Income Tax Return As many of you know, your 2020 Federal Individual Tax Return is due on Monday, May 17, 2021. The date was extended from t
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Tax Day for Individuals Extended to May 17: Treasury, IRS Extend Filing and Payment Deadline

The Treasury Department and Internal Revenue Service announced 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. Individual
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Congress Passes The American Rescue Plan Act (ARP Act)

Today the House passed the American Rescue Plan Act (ARP Act) of 2021 (the stimulus package) with the amendments passed by the Senate, and the Act is expected to be quickly signed by the President. Below are some highlights of the ARP Act. $1,400 per person stimulus payments for taxpa
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2021 Tax Filing Season Begins February 12 – IRS Outlines Steps to Speed Refunds During Pandemic

The Internal Revenue Service announced that the nation’s tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns. The Feb. 12 start date for individual tax return filers allows the IRS time to do additiona
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A Look at Potential Biden Tax Changes

With the 2020 election over and the two Georgia Senate seats being filled by Democrats, there could be a chance that Biden’s tax plan gets looked at in Congress. Please look at the link below to read some of the proposals in his plan. If you would like to discuss any of these po
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