With the normal date for tax filing being on April 15, 2021 – the Treasury Department and IRS have agreed that they will postpone the April 15 tax filing to a May 17, 2021 deadline. The conclusion to both sides making this decision is for the fact that the economy is still slowly getting back to what it once used to be before the pandemic, and many people are still in need of financial help. In 2020, the tax deadline was pushed to July 2020. The reasoning why it was a shorter extension than the previous extension was for the fact that businesses across the nation have been opening up slowly and restrictions have been decreasing.
The extended deadline is for federal income returns and taxes. The extension will help all Americans as it will give them time as well as a stimulus package. In these unprecedented times, the only way is to have more time in order to file and pay for taxes. Although some tax experts are still not satisfied with the extension, it is surely much better than the April 15 deadline. The IRS has indicated that more details will be released as soon as they figure out a consistent plan to get everyone through tax season. Most accounting and financial firms are still waiting to hear back from the IRS, as there are several key items that need instruction from the IRS in order to move forward with processing tax filings.
Since there have been another two COVID-19 relief bills been put in place, it is extremely important to file taxes this year in order to receive the stimulus payment. Many Americans received the first stimulus payment in 2020, and those same people did not receive the first round or second round of stimulus payments that were just signed in 2021. Although the deadline has been pushed to May 17, all tax officials and experts are urging that it is important to file as soon as possible in order to receive your owed refund and the stimulus payments. For those who are waiting for either the first or second round of stimulus packages for 2021, it is highly recommended to file your taxes right away in order to receive payment.
The IRS has received way fewer tax returns than the previous year. Many have speculated that this comes from the pressure that COVID-19 brought upon all taxpayers last year, which has carried onto this year. Filing for taxes this year can be a complicated process, but a process that has been researched and tried through MBA Financial & Accounting Solutions. The tax professionals at MBAFAS have been working closely to make sure that when you file for taxes, you are maximizing your tax refund and doing it properly. We understand the financial difficulty that almost every American has gone through that COVID-19 brought. The California tax deadline for 2021 is May 17, 2021. As information from the IRS is given to us, the more we will be able to share with you on how to file your taxes, maximize your refund, and get your stimulus payments. Call us today at (800) 576-5746 for more information!