Tax & Accounting News

Everything You Need to Know About Due Dates for 2020 Taxes

3/30/2021

To say that the still-ongoing COVID-19 pandemic has been a challenge for all of us is, at this point, likely understating the situation a bit.

Maybe the biggest example of just how serious this all was happened in late March 2020. At that time, the Internal Revenue Service took the unprecedented step of delaying the federal tax filing deadline from its typical April date to July 15. In the wake of that, many people were wondering what would happen with the 2020 tax season. Would the due date for filing remain April 15, making it less than a year after the previous season, or would it also be extended given everything going on in the world right now?

That question has now been answered. The IRS announced that the individual (1040, 1040-SR and 1040-NR) tax return filing date has been extended from April 15, 2021 to May 17, 2021. This additionally extended the date to make 2020 IRA and HSA contributions to May 17, 2017 Also extended was due date for making refund claims for the 2017 tax year.

What this means and how it will impact your situation moving forward requires you to keep a few key things in mind.

What You Need to Know About the 2020 Tax Season

The most important thing to understand about the recent delay in tax filing is that it is totally automatic - meaning that you don't have to apply to take advantage of it. However, there is no extension in terms of the types of estimated tax payments that you may need to send to the IRS depending on your circumstances. Those are still due on April 15, 2021.

Many people have also wondered exactly how the economic impact payments they received throughout 2020 will affect their taxes this year. The good news is that all stimulus payments were a refundable tax credit, meaning that you don't actually have to include them on your tax return when you file. Additionally, the laws that generated the stimulus payments in the first place do not require you to pay back any of the money you received.

You may also be one of the millions of small business owners who received relief funds under the Paycheck Protection Program, otherwise known as the PPP. This was an effort supported by the Small Business Administration that encouraged businesses to keep employees on their payroll for as long as possible. While the PPP will officially end on May 17, 2021, you are still able to apply for loan forgiveness provided that you do so within 10 months of the period covered by your loan.

Should you get your PPP loan forgiven, you don't have to include that amount in your gross income on your business tax return. That amount will also not be counted as taxable income on your federal income taxes.

While expenses paid with PPP funds were previously not deductible, the COVID-related Tax Relief Act (COVIDTRA) of 2020 amended the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to say that “no deduction is denied, no tax attribute is reduced, and no basis increase is denied by reason of the exclusion from gross income of the forgiveness of an eligible recipient's covered loan.” However, this may not be true for state tax returns.

On the subject of tax credits, one of the most important that you should be aware of as a small business owner has to do with the Employee Retention Tax Credit. As the name suggests, this is a refundable tax credit for all organizations that either had their operations partially or totally suspended due to local or federal lockdown orders, or who had a "significant decline in revenues" that was directly caused by COVID-19.

The Employee Retention Tax Credit is equal to 50% of all qualified wages for your employees for the 2020 calendar year, up to $10,000. This means that the maximum credit you can take per employee is $5,000. As an employer, you can claim this tax credit against your share of Social Security taxes simply by not withholding those taxes. Note that you can easily claim the Employee Retention Tax Credit on your quarterly payroll tax report.

Finally, you should be aware of the fact that President Trump’s executive order allowed you to defer the employer portion of Social Security and Medicare taxes during the 2020 tax season. All deferred amounts were deducted from the FICA tax payments that you were required to make. Note that this doesn't mean that they're totally forgiven, however. You still need to report them on your quarterly wage and tax report, and you'll need to repay at least 50% by the end of 2021 and the remaining balance by the end of 2022. Self-employed individuals are also able to defer payment of Social Security taxes on their earnings from the period between March 27, 2020 and December 31, 2020 as well. The eventual repayment schedule is the same for other employers.

If you have questions about the various deadlines during this tax season, contact your tax professional.

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Sonu Shukla

Sonu Shukla is a CPA, accountant, and tax preparer based in Orlando, FL. Sonu Shukla can assist you with your tax preparation and planning needs. Sonu is more than just another accountant in Orlando, Florida; he is a small business owner himself. It is a position in life that grants him the perspective and insight to emphasize with his clients, bringing them the best service possible. A Certified Public Accountant and a Certified Financial Planner, Sonu possesses the skills, education and experience to demonstrate unerring business acumen and passionately planned financial strategies. Being proactive is key for Sonu, tailoring highly efficient tax plans for his small business clients, all in a one on one environment where he and the client can bounce ideas around until every detail is worked out.

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- Consultation with Experts: While TaxBuzz AI provides valuable insights, it is crucial to consult with legal and tax experts to ensure the advice aligns with the latest legal developments and specific nuances of a particular situation.
- Verification of Information: Users are responsible for independently verifying the information provided by TaxBuzz AI, especially in instances where the advice generated is critical to decision-making.
- Educational Purposes: TaxBuzz AI is intended for educational and informational purposes only. It is not intended to provide specific legal or tax advice tailored to individual circumstances.
- Non-Endorsement: The use of TaxBuzz AI does not constitute an endorsement or guarantee of the accuracy of the information provided. Users are encouraged to corroborate the advice with other reliable sources.
By accessing and using TaxBuzz AI, you agree to abide by these terms and acknowledge the limitations outlined herein. We reserve the right to modify these terms at any time, and your continued use of TaxBuzz AI constitutes acceptance of any such modifications. If you do not agree with these terms, please refrain from using TaxBuzz AI.

TaxBuzz.com is a service of CountingWorks, Inc., 2549 Eastbuff Drive., #448 208, Newport Beach, CA 92660

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