IRS Announces New Extended Tax Deadline for Individuals

March 17, 2021- The Treasury Department and Internal Revenue Service announced today 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. Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed. This postponement applies to individual taxpayers, including individuals who pay self-employment tax. Penalties, interest, and additions to tax will begin to accrue on any remaining unpaid balances as

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Maryland Extends State Income Tax Filing Deadline to July 15th

Maryland Comptroller Peter Franchot today announced that he is extending the state income tax filing deadline until July 15, 2021. No interest or penalties will be assessed if returns are filed and taxes are paid by the new deadline. The extension, which applies to individual, pass-through entity, fiduciary, and corporate income tax returns with due dates between January 1 and July 15, 2021, inclusive, including first and second quarter estimated payments, is due to recent and pending legislation at the state and federal levels that impact 2020 tax filings and provide economic relief for taxpayers harmed by the COVID19

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Business Education Series: PPP Round Two – What You Need to Know

PPP Round Two – What You Need to Know MillerMusmarCPAs is a proud sponsor of the Business Education Series. The Small Business Association (SBA), in consultation with the U.S. Treasury Department, reopened the Paycheck Protection Program (PPP) for loans in January.  The program will now provide loans to both first-time borrowers as well as businesses that already received a PPP loan. There is still time to submit your application! David Hincapie, Economic Development Specialist at, Small Business Administration (SBA), will present timely information for applying for this round of funding. We will also be joined by Dayana Villanueva, Vice President, M&T Bank, and Joey Musmar,

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SBA Issues Extensive Final Rule Revising Several Small Business Contracting Regulations

On October 16, 2020, the SBA issued an extensive final rule that makes numerous revisions and clarifications to the small business procurement regulations.  This article provides a high-level overview of some of the most significant changes implemented by the new rule, and we will provide further analysis of these changes over the coming weeks. Most provisions of this final rule will take effect on November 16, 2020.   Changes to the SBA’s Mentor-Protégé Program Merged the 8(a) Mentor-Protégé Program into the All Small Mentor-Protégé Program. This resulted in the update or removal of references to the former 8(a) Mentor-Protégé

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2020 depreciation limits for cars and trucks are issued

The IRS on Wednesday issued the limitations on depreciation deductions for passenger automobiles first placed in service in 2020 and the amounts of income inclusion for lessees of passenger automobiles first leased during 2020 (Rev. Proc. 2020-37). For these purposes, passenger automobiles include trucks and vans. The amounts in the revenue procedure are inflation-adjusted as required by Sec. 280F(d)(7), using the automobile component of the chained consumer price index for all urban consumers (C-CPI-U). For passenger automobiles to which the Sec. 168(k) additional (bonus) first-year depreciation deduction applies and that are acquired after Sept. 27, 2017, and placed in

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IRS Won’t Extend Deadline Again! Tax Returns ARE Due by July 15

The Department of the Treasury and IRS have announced the tax filing and payment deadline of July 15 will not be postponed. Individual taxpayers unable to meet the July 15 due date can request an automatic extension of time to file until Oct. 15. Due to COVID-19, the original filing deadline and tax payment due date for 2019 was postponed from April 15 to July 15. The IRS reminds taxpayers filing Form 1040 series returns that they must file Form 4868 by July 15 to obtain the automatic extension to Oct. 15. The extension provides additional time to file

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IRS announces Form 1040-X electronic filing options coming this summer; major milestone reached for electronic returns

The Internal Revenue Service announced that later this summer taxpayers will for the first time be able to file their Form 1040-X, Amended U.S Individual Income Tax Return, electronically using available tax software products. Making the 1040-X an electronically filed form has been a goal of the IRS for a number of years. It’s also been an ongoing request from the nation’s tax professional community and has been a continuing recommendation from the Internal Revenue Service Advisory Council (IRSAC) and Electronic Tax Administration Advisory Committee (ETAAC). Currently, taxpayers must mail a completed Form 1040-X to the IRS for processing.

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FAQs About COBRA Insurance Coverage

  If you’ve recently lost your job, it doesn’t necessarily mean you’ve lost your insurance. You may qualify for COBRA. At this point, you may be asking how a snake is going to help you with health insurance as you’re feeling the painful bite of unemployment. You’ve also lost your health insurance coverage that you had through that employer. That’s perfect timing — you can’t simply buy a new individual health insurance policy because you can’t afford the premiums since you’re without a job. It’s not as though you could pay for any medical fees out of pocket without

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Federal Income Tax Filing Date postponed to July 15

On March 20th, Secretary-Treasurer Steven Mnuchin announced that the April 15 tax filing deadline will be postponed to July 15 to better align with the IRS 90-day deferment of the tax payment deadline. State tax jurisdictions are playing catch up to the announcement, but early indications are many will be setting their own deadline rather than aligning with the federal deadline. The Treasury Department and the IRS have announced special payment relief in response to the COVID-19 pandemic. This information is contained in Notices 2020-17 and 2020-18. Key details are as follows: Tax payment deadlines postponed 90 days. All

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Attention Local Workers Whose Job Has Been Affected by the Coronavirus

If you are a worker who has been totally or partially separated from your job due to Coronavirus, please note that no claim for unemployment insurance may be filed or processed until an actual lay off from employment has occurred, or until there has been an actual reduction in hours.  When filing your claim for unemployment benefits, please be sure to check the reason for separation as Lack of Work/Lay off.  If you will be filing because of a reduction in hours, you will not receive benefits unless your gross earnings are less than your weekly benefit amount.  Currently,

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