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.
Maryland RELIEF Act for Individuals and Businesses
Gov. Larry Hogan has signed the Recovery for the Economy, Livelihoods, Industries, Entrepreneurs, and Families (RELIEF) Act of 2021 into law. The RELIEF Act will now provide more than $1 billion in direct stimulus and tax relief for Maryland working families, small businesses, and those who have lost their jobs due to the COVID-19 pandemic.
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.
What’s in the Relief Portion of the American Rescue Plan Act
The American Rescue Plan Act of 2021 includes expanded unemployment benefits, increased child tax credits, additional small business relief, and sundry initiatives with tax implications for both individuals and businesses.
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.
