COVID-19 resources for accountants and tax professionals

Navigate the road ahead for your clients and business with the most recent and relevant COVID-19 news.

Latest updates (as of 4/12/21)


 

Section 9662 of the American Rescue Plan Act suspends the excess Advanced Premium Tax Credit (APTC) repayment requirement for 2020. Read more here

 

Unemployment compensation: If you have already filed Form 1040 or 1040-SR for 2020, you may not need to file an amended return (Form 1040-X) to figure the amount of unemployment compensation to exclude. Depending on your clients situation though, filing an amended return may still be a consideration. The IRS stated they will begin recalculating returns starting in May. Read more here

 

The Paycheck Protection Program application deadline has been extended to May 31, 2021. Read more here

 

IRS extends additional tax deadlines for individuals to May 17. This includes time to make contributions to IRAs, health savings accounts and more. Read more here

 

The IRS has announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. Many state tax deadlines are also changing. Read more here

 

What you need to know about the American Rescue Plan and what it means for your clients.

 

The IRS provides guidance on the Employee Retention Credit for employers claiming the employee retention credit under the CARES Act and Relief Act. Read about first two calendar quarters for 2021 here. Learn about calendar quarters for 2020 here.

 

For more info on tax law & news visit the Tax Pro Center.

 


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