February 12, 2021 is the first day the IRS will start accepting and processing federal income tax forms for the 2020 tax year. The 2021 tax season is just around the corner, but the IRS still has unopened tax returns from last year. Now let’s go ahead and start with the first deadline. You might remember that there was an extended tax filing deadline last year, due to COVID-19, that allowed taxpayers to file their tax return by July 15, without needing to file an extension with the IRS. So, here’s a look at some ways the federal tax return you will file in 2021 will differ from your prior return: 1. The coronavirus pandemic and multiple pandemic-related relief packages passed last year will make this tax season unique. Tax surprises -- the one sure thing you can count on 2021 bringing. The 2021 tax season will be filled with many questions from taxpayers and tax professionals as the … The last deadline we just want to friendly remind you of is that if you applied for the PPP Loan, you should also apply for PPP Loan Forgiveness. The closing dates / SARS deadlines for Tax Season are as follows: 31 October 2021 for branch filing. Now a wage statement is simply something like a W2 form or 1099 miscellaneous form that you give to your employees. The main thing you need to have is your bookkeeping done. But don't worry, we're here to help! All Content© Company Bug 2020 | Content protected by Copyscape | Terms of Use | Here are all the dates you need to keep in mind and in your diary for 2021. The CRA extended tax deadlines for the year 2020. In mid-January, the IRS said it would begin accepting returns on Feb. 12 — a later date than usual. Exact refund dates are based on IRS processing times and can be found in IRS Publication 2043 and IRS Topic 152 for both e-filed and mailed returns. 2020, a year that many of us would just as soon forget, will end in just more than two months. February 1 is the deadline for the following forms: Final day to furnish W-2s to your employees (you meet the Furnish requirement if the form is properly addressed and mailed on or before the due date) https://www.companybug.com/tax-2021-relevant-dates-tax-deadlines If you have not already received it, over the next week, you will be receivi The following sections outline important dates to be aware of for year-end processing. We hope this post was helpful as our team is looking forward to helping as many businesses as we can this tax season. You need to know in 2020, what your revenue was, what your expenses were, and current assets or liabilities you have. The 2021 tax filing season is on the horizon and kicks off on February 22, 2021. Required fields are marked *, And if you have been adhering to our suggestions or taken advantage of the, Regardless of where you are our team at, LYFE Accounting specializes in, Tax Season 2021: 6 Very Important Dates to Know, If you have any employees or contractors (making at least $600) then you are required to, Now a wage statement is simply something like a, The next important date coming up is February 12, 2021, which is when the, After sending your tax returns, we should, Free eBook: Accounting Hacks to Scale Your Business, Firstly, after you file your partnership, LLC, or, Since these entities are passed through, you’re going to get a dividend statement or K1 statement reporting how much income you made or loss. Now as we discussed if you have a business, the most important thing you need to have done so bookkeeping. Given the number of missing government payments around the COVID relief economic stimulus payments and especially the dependent child stimulus payment, I expect there to a keen interest in the upcoming tax season. By Eric Bronnenkant Head of Tax, Betterment Published Dec. 30, 2020 Published Dec. 30, 2020 4 min read. Once your return is accepted by the IRS, the IRS processes your refund based on the IRS E-file Refund Cycle Chart. For example, ITINs not used on a federal tax return at least once in the last three years will expire on Dec. 31, 2020. It’s important to be aware of all the 2021 tax dates and deadlines, especially those that will affect your small business. So just get it done. The IRS hasn’t announced a start date for the 2021 tax filing season. That is because March 15th is the deadline for businesses who are incorporated as a partnership, LLC, or S Corporation to file their taxes. The table below shows key 2021 deadline dates for filing 2020 tax returns and/or requesting temporary extensions. If you have a business and need a great accountant please don’t hesitate to reach out to us this season. It’s important to review your year for life changes that could cause tax implications. Compare Death In Service Insurance / Drewberry™ Tax efficient life insurance for you and your employees. Jan. 11, 2021: Deadline for employees who earned more than $20 in tip income in December 2020 to report this income to their employers on Form 4070 Jan. 15, 2021: Deadline to pay the fourth-quarter estimated tax payment for tax year 2020 Feb. 1, 2021: Deadline for employers to mail out W-2 Forms to their employees and for businesses to furnish 1099 Forms reporting non … Freelancer FinancialsCompany Director? We recommend that by March 1, 2021, you have everything in place to actually file your taxes. The continuing COVID-19 chaos, plus an extended 2020 filing season for those coping with this year's natural disaster onslaught, could create more challenges in 2021 for taxpayers and the Internal Revenue Service. This federal tax filing season, … Key Dates for 2021 Australian Tax Year. But you still can do bookkeeping on your own if you can’t work with a company like ours, so let us share with you what you need. When you go to H & R Block to file your taxes, they will offer you a free tax and health care review. Tax season in Canada starts early, with forms and publications for the 2020 tax year available to view, download and order from the CRA website as of January 18, 2021. Important Year End Dates. All instructions need to be submitted by 14:00 on Friday, 26 February 2021, and must be accompanied with the … Here are some resources to help you make your way through to the other side. February 1. If you did not select the electronic deposit option, getting a paper check mailed to you add… Sign up for the Personal Finance newsletter. 2021 IRS Refund Schedule for your 2020 Tax Return. As of Dec. 25, 2020, it had 6.9 million individual tax … Last-minute changes to our tax laws forced the Internal Revenue Service to push back the start date of tax filing season, which means your refund could be delayed, too. Refunds for EITC and ACTC: Find out what a limited company accountant could do for you. In January 2021, the IRS will send Form 1099-INT to anyone who received interest totaling $10 or more. Last May, the AICPA's Tax Executive Committee polled CPAs about how the pandemic-prolonged 2020 filing season was going for them, and most indicated they'd rather get it over with on July 15 as scheduled than to draw it out still longer (see "July 15 Filing Date — Not to Move," AICPA Insights, June 23, 2020).. April 15, 2021 is also the deadline for people who own a sole proprietorship or shareholder of a C-Corporation to file their taxes. Do I need an accountant for my limited company? The 2021 tax season will be a messy one for taxpayers, the IRS, and state tax authorities because of the tax changes made over the past year and the logistical challenges due to the ongoing pandemic. It just means the completed returns will not be able to be E-filed until Friday, February 12, 2021. Waived RMDs. If Tax Day falls on a Saturday, Sunday or holiday the deadline to file taxes will be extended to the next working day. So in this post, we want to go over 5-6 very important dates that you need to know about because they are coming up very fast. If you have any employees or contractors (making at least $600) then you are required to send an employer wage statement by February 1, 2021. Been a busy year, the tax-filing deadline was pushed off … 01/22/2021 12:40pm EST | updated 5... 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