Extended Tax Deadline
Updated: Jan 24
UPCOMING TAX DEADLINES FOR EXTENDED FILERS
Partnership ~ Form 1065
S-Corporation ~ Form 1120-S
*Q3 2021 estimated income tax payments are also due*
Corporation ~ Form 1120
Individual ~ Form 1040
We would like to thank all of our clients, new and old, for your continued support, understanding, and patience as we continue to push through the extended tax season. With the many Covid relief bills passed by Congress and the States, the accounting industry, as a whole, has experienced several delays due to tax law and form changes during the processing season and the ever-changing guidance from various agencies such as the SBA and IRS. Despite the hold ups, we are happy to know that you have stuck by us through it all. But, most importantly, that we were able to assist SEVERAL clients with receiving stimulus payments, business grants and loans, and loan forgiveness in such trying times. As we approach the above-mentioned deadlines, we encourage our extended filers to submit all tax documentation via the portal (instructions noted below) AS SOON AS POSSIBLE to ensure timely filing. For those that have already submitted documentation, please note that your returns are already in process, so be on the lookout for a follow up communication (many have already been sent and are awaiting a response). If you are unsure if you have access to the portal, please follow the steps below:
Check your inbox and spam for an invite from Client Axcess.
If you confirmed that you did not receive the invite, please log in via our website - https://www.shcpasolutions.com/ - by clicking on "Portal Login" at the top then "Forgot Password." Instructions will be sent to your email address.
If you are still having trouble logging in, please send an email to firstname.lastname@example.org to request access or assistance.
As always, please feel free to contact us with any questions or concerns.
Check out the HOT tax topics below!
Employee Retention Credit Changes
The IRS issued guidance on the employee retention credit, including guidance for employers who pay qualified wages after June 30, 2021 and before Jan. 1, 2022, and issues that apply to the employee retention credit in both 2020 and 2021. This payroll tax credit is available to employers whose operations is fully or partially suspended due to orders from a governmental authority limiting commerce, travel, or group meetings due to COVID-19, that experiences a significant decline in gross receipts (varies depending on the quarter), or is a recovery startup business.
Advance Child Tax Credit
For 2021, in accordance to The American Rescue Plan Act (i.e., the coronavirus stimulus package that took effect in March), the total child care credit for eligible families is as much as $3,600 for each child under 6 years old and up to $3,000 for each child 6 to 17 years old. There are income and child-related stipulations, but, if you qualify for the credit, the IRS will automatically enroll you for advance payments for 50% of this credit ($250-$300 monthly payments).
Click here to determine eligibility, unenroll, or update your banking information.
IRS Processing Delays
The IRS is one of many agencies experiencing an extremely high level of processing delays since returning to operations. Between playing catch up on processing delay stemming back to January 2020, processing stimulus payments, tax law changes, form changes, and system limitations, we will continue to see delays. For context, as of May 2021, the IRS had more than 35 million returns on backlog for manual review; most held in order to reconcile return data to their system.