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 6/10/21)


 

IRS sending letters to 36+ million families who may qualify for monthly Child Tax Credit. Read more here

 

Texas and several other states such as parts of Tennessee get extended filing deadlines. See details including how to handle returns impacted by federally declared disaster zones here.

 

IRS guidance provides that amounts attributable to carryovers or an extended period for incurring claims on dependent care assistance programs for 2021 and 2022, are not taxable. Read more here

 

Tax credits available to small employers to provide paid leave to employees receiving COVID-19 vaccines. Read more here

 

State conformity to federal COVID-19-related tax provisions. 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 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. Read more here. Many state tax deadlines are also changing. Deadlines to make contributions to IRA’s and health savings accounts were also announced. See details here

 

Get essential insights on the American Rescue Plan for individuals here, and get them for businesses here.

 

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

 


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