The Treasury Department and Internal Revenue Service announced the federal income tax filing due date for individuals for the 2020 tax year has been pushed to May 17.
The IRS will be providing formal guidance in the coming days. However, individual taxpayers do not need to file any forms or call the IRS to qualify for the new federal tax filing and payment deadline.
The American Institute of Certified Public Accountants recently asked Congress to extend the Paycheck Protection Program’s March 31 application deadline at least 60 days. Additionally, the AICPA also asked the IRS and the Department of the Treasury to extend the April 15 tax filing and payment deadline to June 15.
The IRS has released the retirement contribution limits for the 2021 tax year. The new limits are adjusted based on increases in the cost of living.
Often times, clients will scan over important documents and email them to use.
While this approach works well with a good scanner, some people do not have a scanner at their house.
The good news is, you can use your cell phone to scan documents.
For several years, Zinner & Co. employees have used the CamScanner-PDF Scanner App to convert important documents into PDFs.
Ohioans should be on the lookout for signs of identity theft as they begin to receive their tax documents in the mail.
The second round of Paycheck Protection Program funding has been open for two weeks and it appears funds are going to the intended recipients.
The Employee Retention Credit is part of the reconstituted Paycheck Protection Program and is designed to help businesses who have been adversely affected by the COVID-19 pandemic retain their employees.
Many businesses who received Ohio Bureau of Worker Compensation rebate or dividend checks during 2020 recently received a letter from the Ohio Bureau of Workers Compensation requesting that they provide the BWC a completed Form W-9 to provide the information needed to complete the IRS tax statement Form 1099-G, which reports taxable Government Payments. This action also indicates that these rebate payments could potentially be subject to both Ohio state income tax and Commercial Activity Tax.
The PATH Act accelerated the due date for filing Form 1099 that includes nonemployee compensation (NEC) from February 28 to January 31 and eliminated the automatic 30-day extension for forms that include NEC. Starting with tax year 2020, taxpayers should use Form 1099-NEC to report nonemployee compensation.
Form 1099-NEC replaces the use of box 7 on Form 1099-MISC from previous years. Other uses of 1099-MISC have not changed and will continue to be used for common payments such as rent and payments to an attorney.
Just over $1.3 billion in Ohio Bureau of Worker Compensation rebates will be mailed out in late October.
The news comes as many businesses are struggling to recover from the coronavirus pandemic and the related shutdown issued by Ohio Gov. Mike DeWine earlier this year.
