Missouri Extended the Individual Tax Filing and Payment Deadline to May 17, 2021

2021-03-31 Press Release, Missouri Gov. Michael L. Parson, March 19, 2021. Missouri extended the 2020 state individual tax filing and payment deadline to May 17, 2021. Taxpayers that file their return and pay the tax due by May 17, 2021, will avoid late filing and payment penalties, and interest. The relief is automatic, and individuals do not need to take any action to qualify. Taxpayers may still ask for an…

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“E-BIKE Act” Proposes Tax Credit for E-Bike purchases

2021-03-18 “Electric Bicycle Incentive Kickstart for the Environment Act” or The E-BIKE Act, H. R. 1019, was introduced on 2/11/2021 to amend the Internal Revenue Code to provide a credit for the purchase of certain new electric bicycles. The credit would be up to 30% of the cost of any qualified electric bicycle placed in service during the taxable year, up to a maximum of 1 bicycle and $1,500 for…

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Treasury, IRS extend filing and payment deadline to May 17, 2021

2021-03-18 The Treasury Department and Internal Revenue Service announced March 18 that 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 be providing formal guidance in the coming days. IR-2021-59, March 17, 2021. Individual taxpayers do not need to file any forms or call the IRS to qualify for this…

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The IRS eliminated Taxpayer Assistance Center walk-in service

2021-02-12 Appointments are required for non-cash payments, dropping off current year Form 1040 series tax returns, or obtaining forms. Taxpayers who do not have a pre-scheduled appointment are advised that service is by appointment, and to call the toll-free number, 844-545-5640. Taxpayers wil also be told of alternative services available for their issue. Information regarding appointment times was updated to state that time will be provided to clean workstations between…

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IRS mail delay update

2021-02-04 Although the IRS has publicized that it has "opened" the mail, it has apparently only managed to "process" the mail that has been opened through April 15, 2020.

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Parking lot tax refunds available to nonprofits

2021-01-15 The Taxpayer Certainty and Disaster Tax Relief Act of 2019 retroactively repealed Internal Revenue Code (IRC) Section 512(a)(7), implemented by the Tax Cuts and Jobs Act of 2017 (TCJA), Pub. L 115-97, which increased unrelated business taxable income (UBTI) by amounts paid or incurred for qualified transportation fringes. Congress had previously enacted this provision for amounts paid or incurred after December 31, 2017. To claim a refund or credit…

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Relief for Automobile Lease Valuation Rule Users

2021-01-13 Notice 2021-7 (Jan. 4, 2021) Due to the COVID-19 pandemic, certain employers and employees who use the automobile lease valuation rule to determine the value of an employee’s personal use of an employer-provided automobile may switch to the vehicle cents-per-mile method. If an employer provides an employee with an automobile that is available to the employee for personal use, the value of the personal use must be included in…

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Change by Congress allows employers to obtain both a PPP loan and an Employee Retention Tax Credit (ERTC)

2021-01-06 Under the original CARES Act an employer could not receive both a PPP loan and an Employee Retention Tax Credit (ERTC, up to $5,000 per employee). Congress changed that so that you can obtain both. Up to $10,000 wages (including certain health plan costs) for each employee can be counted to determine the amount of the ERTC credit. This credit can apply to  wages paid after March 12, 2020.…

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IRS On-Line EIN Service Planned Outage

2020-12-22 The IRS on-line EIN service will be unavailable from approximately 5 p.m. Eastern time on Wednesday, Dec 23, 2020, until approximately 7 a.m. Eastern time on Monday, January 4, 2021, due to planned maintenance.

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Temporary Exception to Early Withdrawal Penalty on Retirement Plans

2020-12-19 The CARES Act added a new, temporary exception to the early distribution penalty onretirement plans that is very narrowly construed to COVID illness and business disruptions. The previously existing exceptions to early distribution penalties for IRA’s and/or other qualified retirement plans were not affected and are still available under existing law.

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