We are writing this letter to notify you of the recent developments concerning 2020 taxes. Below is an explanation of changes that affect you immediately. Please do not delay in sending your 2020 tax information in, if you haven’t already. We have a drop box out front for your convenience which is checked several times a day. We will work up your return as quickly as possible and notify you any balance due or refund is and what estimates, if any, you need to pay for tax year 2021.
The new deadline for filing tax returns has been extended until June 15th, 2021. What this means:
Ardmore CPA’s, PLLC
Please review the information below regarding important IRS and OTC changes to this year’s filing season:
OK-2021-01, February 25, 2021
OKLAHOMA — Victims of winter storms that began February 8, 2021 now have until June 15, 2021, to file various individual and business tax returns and make tax payments of balances due with the 2020 tax returns.
Following the recent disaster declaration issued by the Federal Emergency Management Agency, the IRS announced today that affected taxpayers in all 77 counties will receive tax relief. This includes Individuals and households affected by Severe Winter Storms that reside or have a business in any of these counties.
The declaration permits the IRS to postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after Feb. 8, 2021, and before June 15, 2021 are postponed through June 15, 2021. This includes 2020 business returns, normally due on March 15 and individual and business returns normally due on April 15. It also includes the estimated tax payments due April 15th. You now have until June 15th to make both the 1st and 2nd quarter estimates if you choose. Taxpayers also have until June 15 to make 2020 IRA contributions.
The Oklahoma Tax Commission is following the IRS guidelines applying the automatic extension to June 15 for both income tax filings and payments. This also applies to the 1st quarter estimates as well. All filings and payments are now due June 15th, 2021.
If you have any questions regarding the due dates or the filing of these returns, please contact our office at 223-1772.
Copyright by Ardmore CPAS 2021. All right reserved.