Tax Reminders for April 15
- IRS Reminder on Filing Annual FBAR Still Due on April 15
- AICPA Article on Q1 Estimated Payments and Form 709 Extensions
- Senate Finance Committee Hearing Today – April 13, 10 a.m.
- IRS Notice on Added Clarification on What is Extended and What Isn’t (Estimated 1st Quarter Payments)
- Time to make contributions to IRAs and health savings accounts extended to May 17.
- This postpones the time for reporting and payment of the 10% additional tax on all amounts included in gross income from 2020 distributions from IRAs or workplace-based retirement plans to May 17, 2021.
- Notice 2021-21 also postpones the due date for Form 5498 series returns related to these accounts to June 30, 2021.
- 2017 unclaimed refunds – deadline extended to May 17.
- Additionally, foreign trusts and estates with federal income tax filing or payment obligations, which file Form 1040-NR, now have until May 17, 2021.
- 2021 AFSP deadline postponed to May 17.
- Tax preparers interested in voluntarily participating in the Annual Filing Season Program (AFSP) for the calendar year 2021 now have until May 17, 2021, instead of April 15, to file their application with the IRS.
- Estimated tax payment due April 15.
- IRS Notice on Face Masks and PPE as a Deductible Medical Expense
- Clarification on Georgia’s Treatment of Unemployment Income
The Internal Revenue Service (IRS) reminds U.S. citizens, resident aliens and any domestic legal entity that the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is still April 15, 2021.
The extension of the federal income tax filing due date and other tax deadlines for individuals to May 17, 2021, does not affect the FBAR requirement.
This article includes some of the politics in terms of what is happening behind the scenes.
AICPA recommendations on Q1 estimates and 2020 Form 709 extensions - Journal of Accountancy
United States Senate Committee on Finance – Full Committee Hearing April 13 – “The 2021 Filing Season and 21st Century IRS.”
Hearing | Hearings | The United States Senate Committee on Finance
The above hearing is starting at 10 a.m. on April 13, 2021. It could include a conversation on why the IRS is not extending the first quarter estimated tax payment deadline to May 17.
RELIEF FOR FORM 1040 FILERS AFFECTED BY ONGOING CORONAVIRUS DISEASE 2019 PANDEMIC Notice 2021-21
The Internal Revenue Service announced on March 29, 2021, that individuals have until May 17, 2021, to meet certain deadlines that would typically fall on April 15, such as making IRA contributions and filing specific claims for refunds.
This follows a March 17 announcement from the IRS noting the federal income tax filing due date for individuals for the 2020 tax year was extended from April 15, 2021, to May 17, 2021. Notice 2021-21 provides details on the additional tax deadlines, which have been postponed until May 17.
Included are:
Face masks and other personal protective equipment to prevent the spread of COVID-19 are tax-deductible.
Georgia does not conform to the federal treatment of unemployment income.
The Georgia General Assembly annually considers updating certain state tax law provisions in response to federal changes to the Internal Revenue Code (IRC). This year’s IRC update bill (House Bill 265) was signed into law by Governor Kemp on February 24, 2021.
The American Rescue Plan Act (ARPA), which included temporary changes to the taxability of unemployment income at the federal level in addition to a host of other measures, was signed into law on March 11, 2021.
The provisions of ARPA have not been adopted, and unemployment income remains taxable at the state level. It must be included in a taxpayer’s income on his or her Georgia return. Any unemployment income excluded on the taxpayer’s federal return should be added back on Georgia Form 500, Schedule 1, line 5.
Income Tax Federal Tax Changes | Georgia Department of Revenue