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Here Are Your Articles for Wednesday, March 24, 2021
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The filing date for individual federal income tax returns has been postponed until May 17. The IRS has announced that individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed.
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Many taxpayers received unemployment compensation during 2020 due to layoffs and furloughs caused by the Coronavirus Pandemic.
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The American Rescue Plan has expanded on the Child Tax Credit and the Child and Dependent Care Credit creating major tax benefits for taxpayers with dependent children.
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Because of the pandemic, the IRS is offering accommodations on flexible spending accounts and dependent care assistance programs. Click through to find out how employees can take advantage of the relaxed rules.
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Many taxpayers are receiving Form 1099-G this year, which government agencies use to report unemployment income. But this form could be fraudulent! Click through for IRS guidance on how to protect yourself.
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| Coulter & Justus, PC
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| (865) 637-4161
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| 9717 Cogdill Rd, Suite 201
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| Knoxville, TN 37932
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| Our firm provides the information in this e-newsletter for general guidance only,
and does not constitute the provision of legal advice, tax advice, accounting services,
investment advice, or professional consulting of any kind. The information provided herein should not be
used as a substitute for consultation with professional tax, accounting, legal, or other competent
advisers. Before making any decision or taking any action, you should consult a professional adviser who
has been provided with all pertinent facts relevant to your particular situation. Tax articles in this
e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of
avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided
"as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information,
and without warranty of any kind, express or implied, including but not limited to warranties of
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