WASHINGTON — The Treasury Department and Internal Revenue Service announced today 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. The IRS will be providing formal guidance in the coming days. “This continues to be a tough […]
Please be aware that: An extension of time to file your return does not grant you any extension of time to pay your taxes. You should estimate and pay any owed taxes by your regular deadline to help avoid possible penalties. You must file your extension request no later than the regular due date of […]
January 13, 2021 Did you mail a paper return to the IRS? Here is an update from the IRS website. The IRS is now opening mail within normal timeframes. The IRS has also made significant progress in processing returns. As of December 25, 2020, they had 6.9 million individual tax returns in the processing pipeline. […]
TPT monthly and quarterly returns are due. Taxpayers can file now and schedule payments up until the deadline. The Arizona Department of Revenue (ADOR) reminds TPT (transaction privilege tax) filers that monthly and quarterly returns are due. Filing before the due date is highly encouraged in the event assistance is required. Avoid the worry and hassle […]
Record keeping requirements for businesses. What records should your business keep, and how long should you keep them? There are several categories of records that are important to a business, some for internal purposes and some for tax returns and other government requirements. Let’s take a look at these by category. Tax records. First, consider […]
