Tax filing season is in full swing and although the coronavirus pandemic continues, expectations are the Internal Revenue Service (IRS) will be sticking with the traditional filing deadlines this year. In 2020, initial submission dates were automatically extended from mid-April until July in response to the virus and uncertainty about the immediate future. These automatic extensions were put in place for individuals without the need to file a request.
As millions of returns are filed each season
, the IRS’s ability to process, collect, and submit refunds in a somewhat timely manner is rather impressive - especially as deadlines approach. However, when filing your return, missing the cutoff date could cost you money. For this reason, marking your calendar now and planning ahead is the best way to ensure that your refund is filed on time this year.
S-Corp and Partnerships
Those filing S-Corp and Partnership returns have their first deadline fast approaching. One month before the well recognized date of April 15 for individual taxpayers - these returns must be submitted on or before March 15, 2021. Extension requests must also be filed by this date allowing for six additional months (September 15, 2021) to submit paperwork if accepted.
Businesses recognized as C-Corporations now have until April 15 in order to submit their returns. Understanding the filing category and type of your business is critical as this is not the case for S-Corp counterparts whose returns are due a month earlier.
Individual/Married/Head of Household
The infamous April 15 deadline returns for a vast majority of filers this season. After a brief reprieve last year, taxpayers must return to a more normalized schedule for processing their 2020 returns. Make plans to gather all necessary information, set appointments, and avoid any potential issues which could cause a last minute delay.
In the event you’re unable to file a return on time or do not wish to be rushed, extensions do exist and are available. However, please note that these are not extensions to pay, only to submit a return. If you know some amount will be owed once the return is complete, a payment must accompany the extension request. If not, penalties and interest on the amount, once determined, could be applied.
If you are in need of filing assistance for your business or personal returns then let the tax and accounting experts at Bloch Rothman and Associates
assist you today. In addition, they can also take care of multiple other issues dealing with paying or owing back taxes, required audits from other entities besides the IRS, or any other personal or corporate wealth management issues. Along with providing a quality tax service, our group can also complete tax returns or answer any other factors associated with financial issues or concerns you may have. Serving in Denver and all of the surrounding areas for 35 years, our firm has an extensive history in helping clients with any and all of their tax issues or dealings with the Internal Revenue Service. If you have questions about your personal, business, estate or any other filings, don’t hesitate to contact us
today. Available for all of your tax needs and filings, there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and serving whatever your needs may be soon!