The Internal revenue Service (IRS) is mailing letters to some taxpayers who had claimed the 2020 Recovery Rebate Credit (RRC) and may be getting a different amount than they expected.
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 provide formal guidance on this matter in the next few days.
Maryland residents now have three extra months to file state income taxes this year because of Coronavirus pandemic-related changes to the tax code.
The Consolidated Appropriations Act, 2021 (the Act), signed into law on Dec 27, 2020, extends and enhances several aspects of the employee retention tax credit initially enacted under the CARES Act in 2020.
The Comptroller of Maryland has announced a new extension for filing and paying taxes and quarterly estimates.
Starting with the 2020 tax year, business taxpayers must report nonemployee compensation of more than $600 on new Form 1099-NEC instead of Form 1099-MISC.