Tax Highlighter: Delayed Tax Filing Start Date, Employee Retention Credit Update and more
January 22, 2021
January 22, 2021
Our tax advisors are working hard to stay up-to-date on tax legislation and to help you understand how certain tax laws may impact your individual, business, estate, or gift taxes. Below are some recent highlights to be aware of.
New Tax Laws Delay Tax Season Start
Due to tax law changes, the IRS has delayed the beginning of tax season to February 12, 2021. Although tax seasons frequently begin in late January, did you know that there have been five instances since 2007 when filing seasons did not start for some taxpayers until February due to tax law changes made just before the start of tax time? You can get more information on this delay, as well as other important tax dates on the notice the IRS posted on their website.
Expanded Opportunities for PPP and the Employee Retention Credit
The COVID Tax Relief Act (COVIDTRA) that was passed late December made drastic changes to the Paycheck Protection Program (PPP) and the Employee Retention Credit (ERC) for both 2020 and 2021. There are several critical planning considerations to discuss with your tax advisor to maximize your credit eligibility and avoid missing out on significant funding. Find out more.
PPP/ERC Strategy Tool
The tax advisors at AEM have developed a series of questions to work alongside a proprietary tool to calculate options your organization has when applying for the ERC credit and PPP funds. Reach out to an AEM advisor to learn more and to make sure you aren’t missing out on significant credit opportunities.
Form 1099 Deadline is Approaching
The February 1st deadline is fast approaching to deliver 1099’s to recipients. The IRS recommends e-file as the quickest, most accurate and convenient way to file these forms. You can find more about this form on the IRS website.
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If you have any questions about these or any other tax topics, please contact your AEM Tax Advisor.
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