- March 15th marks the first half of tax season as the deadline for business returns
- Will the IRS groundhog see an early spring on 4/15? Or two more months of tax season winter?
Today marks the completion of the first leg in 2021’s tax season relay race.
The second leg, and by far the hardest one, is the deadline for individual and trust/estate returns. Currently, the deadline is set for its usual end date of April 15th despite a strong movement amongst accountants and the AICPA to extend the deadline for the second year in a row.
Those who think they’ll require more time for their return—whether it’s due to the recent passage of the American Rescue Plan, delays caused by COVID-19, or any other needs for postponement—can file for an extension by speaking with their tax preparer.
What would an extended deadline mean for stimulus checks?
Those who wait to file their 2020 tax returns may get delayed (or no) stimulus checks.
The IRS uses tax return information to determine whether someone qualifies for a stimulus check. As such, if the IRS does not have your 2020 tax return, they will base your stimulus payment off of your 2019 information.
If you’re one of the many people who earned more 2019 than in 2020, you may be out of luck on receiving your stimulus until your 2020 return is filed. Waiting until June or July to file your 2020 return can delay payment on your stimulus.
Postponing the deadline will certainly give taxpayers more time. But more time for what? More time to wait for their refunds and stimulus payments? No, thank you!
Call our offices at 516-541-6549 and visit our website to stay up to date on all tax news.
Associate, Creative Solutions
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