The IRS has now pushed the deadline for tax filing and payments to May 17. This is for individual returns only, NOT S-Corp or Partnerships. Regardless of these & the Texas deadline changes, our firm has filed the typical 3/15 extensions to 9/15 for our entire business client base. This will allow time for further guidance expected from the IRS as it relates to basis and the PPP loan situation, which will delay K-1 documents.
TEXAS, OKLAHOMA AND LOUISIANA – Individual AND Business filing and payment deadlines remain extended until June 15 due to THE winter storms in February.
For full IRS article, click here
Texas residents: If you have unreimbursed losses as a result of the winter storm, please make sure you share that information with us so we can do some tax planning. These losses will be eligible to be taken on your tax return since the Texas storm was considered a federal disaster.
Non-Texas residents: While you have until May 17 to pay your 2020 tax bill, the deadline to make your first quarterly payment remains April 15. We can help you to assess that payment amount if needed. Just let us know.