March 18, 2021
The IRS has extended the federal tax filing deadline to May 17, 2021. Tax payments for 2020 originally due on April 15th will be considered timely if made by May 17th and will not incur penalties or interest. However, the IRS did NOT change the April 15 due date for first quarter federal estimated tax payments for 2021.
Based on this, Boyd will take a "business as usual" approach and have returns completed by April 15th for those clients who provide their complete information by tomorrow, March 19. For those that provide their complete information by April 8th, we will prepare an extension and quarterly estimates (if necessary) so that the first quarter estimates can be made timely. For all other clients, we will expect to receive your information well before the May 17 deadline so we can prepare your extension.
January 25, 2021 #2
If you received a stimulus check(s), you should have received IRS Notice 1444 for the first Economic Impact Payment, and you should receive Notice 1444-B for the second Economic Impact Payment. We must have these Notices when completing your 2020 tax return in order to calculate your credit amount.
Please provide these Notices to us when you submit your tax information to Boyd.
January 25, 2021 #1
Under the new CARES Act, those taxpayers that do NOT itemize can still deduct up to $300 for gifts made to public charities. The gifts must be by cash, credit or check and you must have an acknowledgement from the organization. In-kind donations do not qualify for this deduction.
So, please provide this information even if you do not expect to itemize deductions for 2020.