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.
IRS extends filing and payment deadline – Tax Day for individuals is extended to May 17, 2021
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 state income tax filing deadline has been extended to July 15 due to COVID-related changes to tax code
Maryland residents now have three extra months to file state income taxes this year because of Coronavirus pandemic-related changes to the tax code.
Employee Retention Tax Credit Covers More Businesses and Wages Under the Consolidated Appropriations Act, 2021
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.
State Tax Filing Deadlines Pushed Back by MD Comptroller
The Comptroller of Maryland has announced a new extension for filing and paying taxes and quarterly estimates.
IRS Issues Form 1099-NEC for Reporting 2020 Nonemployee Compensation
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.
