News & Tech Tips

Lawmakers Ask IRS To Extend Tax Season

Kathleen Hargrove on February 23, 2021

Democrats on the House Ways and Means Committee are urging the IRS to again extend tax season beyond April 15 to July 15 to give taxpayers an additional three months to file.

 

Lawmakers on the tax-writing committee in Congress wrote a letter to IRS Commissioner Charles Rettig last Thursday to make the request, citing what happened last year in the early months of the COVID-19 pandemic as Congress and the IRS moved to provide relief to taxpayers to deal with the pandemic.

 

Many individuals are still coping with challenges of the pandemic, and in addition, tax provisions contained in last year’s stimulus packages including the CARES Act and the Families First Coronavirus Response Act have presented changes for filing this year.

 

The IRS delayed the start of tax season this year by about three weeks until last Friday, 2/12 in order to distribute the second round of Economic Impact Payments authorized by Congress in December.

 

The IRS has been asked to make an announcement as soon as possible to eliminate unnecessary anxiety for both taxpayers and tax practitioners.

 

We will continue to monitor this situation for any changes, and will keep you informed as soon as a decision regarding the deadline has been announced.

 

 

 

SOURCE: Accounting Today

Ohio Tax Deadline Extended

Kathleen Hargrove on March 28, 2020

The Ohio Tax Commissioner announced Friday that Ohio will be following the federal government and IRS in extending the deadline to file and pay the state income tax.
The new deadline is July 15, an extension of approximately three months from the original deadline of April 15.
The Commissioner said the extension is intended to provide some relief to taxpayers and help offset some of the economic impact of the coronavirus and the public safety measures adopted to contain its spread.
As with the IRS extension, Ohio will be waiving penalty on tax due payments made during the extension. Also, thanks to a legislative agreement between Governor Mike DeWine and the General Assembly, there will be no interest charges on payments made during the extension.
The filing extension, and waiver of penalty and interest, will be available to those filing the Ohio individual income tax, the school district income tax, the pass-through entity tax, and to those taxpayers that have opted in to have the commissioner administer the municipal net profit tax through the state’s centralized filing system.
Individuals, estates, trusts and certain businesses making quarterly estimated income tax payments, have also been granted additional time to file and pay without penalty or interest. The first and second quarterly payments, normally scheduled for April 15 and June 15 for most taxpayers, have both been extended to July 15.
Please note not all Ohio municipalities have officially introduced extended deadlines for income tax reporting. This includes the due date for submitting income tax returns, tax balances due, and estimated tax payments. Unless a taxpayer has opted in to allow the Ohio Department of Taxation administer their municipal tax, the taxpayer is required to conform with the compliance requirements set forth by their applicable municipality.
We recommend that if possible, you still file your taxes now, especially if you think you will be getting a refund.
We will continue to monitor any updates from the Department of Taxation, and will keep you updated on any changes.

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