Tax Warrior Chronicles

2021 Individual Tax Deadline Extension – Déjà Vu All Over Again

Posted on Tue, Mar 23, 2021

By:  Drucker & Scaccetti

 

On March 17, 2021, the Treasury Department and the IRS announced the 2020 individual federal income tax filing due date will be automatically extended from April 15, 2021, to May 17, 2021. Since then, over 25 states and localities have announced similar extensions. The Tax Warriors have been patiently waiting for the additional guidance promised by the IRS, however, here we are 6 days later, with no such guidance. Today we will discuss what we know about the extensions, how they compare to last year, what is not extended (hint – Q1 2021 estimates are still due April 15) and several questions that remain.

Read More

Tips on Getting Ready Now to File 2020 Federal Income Tax Returns

Posted on Mon, Dec 14, 2020

As we put 2020 behind us on the calendar, it is still very relevant from a tax perspective. COVID-related legislation and other government changes are sure to make the upcoming tax filing season interesting, to say the least. To help, the IRS has some tips to help U.S. taxpayers take necessary actions now to help file federal tax returns timely and accurately in 2021, including special steps related to Economic Impact Payments (EIP). In today’s blog, we’ll outline the steps.

Read More

Form 1099 Filers Face a Bumpy Ride

Posted on Wed, Dec 18, 2019

By: Eric R. Elmore

 

Recent tax code changes were supposed to make filing easier. Now the IRS is reviving Form 1099-NEC, Non-employee Compensation, which has been absent since 1982. It’s aimed at reducing confusion, but does it really? Here’s how and when this latest change may affect you.

Read More

Inflation Adjustments Increase Tax Deductions for 2020

Posted on Thu, Nov 14, 2019

By: Eric R. Elmore

 

Often, “inflation’ is a bad word for economists and financial experts to utter.  But last week, the IRS announced its annual inflation adjustments for 2020 and many tax deductions have increased as a result. In today’s post, we’ll get you up to speed on the increased deductions available in 2020. Let’s get at it!

Read More