Remember to mark your calendars for these upcoming deadlines...
-Third quarter individual estimated tax payments for 2021 are due. -Filing deadline for extended 2020 S-corporation and partnership returns.
-Filing deadline for extended 2020 individual tax returns and calendar-year C-corporation returns.
-Estimate your 2021 income tax liability and review your options for minimizing your 2021 taxes. Call to schedule a tax planning review
Guidance To Employers Claiming The Employee Retention Tax Credit
Details on updates to the employee retention credit for the third and fourth quarters of 2021 are now available. Among the changes: the credit is available to eligible employers that pay qualified wages after June 30, 2021, and before January 1, 2022, expanding eligible employers to include “recovery startup businesses,” and modifying the definition of qualified wages for “severely financially distressed employers.” Details can be found on the Coronavirus page of IRS.gov.
Identity Protection PIN Available
You can now prevent someone else from filing a tax return with your Social Security number by getting an Identity Protection PIN (IP PIN). The IP PIN is a six-digit number known only to the taxpayer and the IRS, and is valid for one calendar year. To get an IP PIN for 2021, go to the IRS website.