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Recent Tax Updates

Reminder: Filing Deadline for Individual Returns is May 17

This is a reminder that the federal filing deadline for 2020 individual tax returns is Monday, May 17, 2021.

If an individual needs more time to complete their 2020 federal return, they can request an extension until October 15, 2021 by filing Form 4868 (Application for Automatic Extension of Time to File US Individual Income Tax Return).

For e-Filed returns that are rejected on May 17, the return will be considered timely filed if it is retransmitted and accepted by May 22, 2021.

May 17, 2021 is also the deadline for the following:

  • Making a contribution to an IRA for Tax Year 2020
  • Making a contribution to a health savings account (HSA), an Archer medical savings account, or a Coverdell education savings account for Tax Year 2020
  • To file an automatic extension (Form 4868) for individual federal returns to October 15

Remember, the extension is for filing the return only. Any tax due must be paid by May 17 to avoid any penalty and interest.

For some individuals, the filing deadline is June 15, 2021. This applies to the following:

  • Victims of winter storms in Texas, Oklahoma, and Louisiana
  • US Citizens and resident aliens who live and work outside the US and Puerto Rico

For more information, see the following on the IRS website:

Mark Castro, CPA

Mark Castro, CPA

Mark has been with CrossLink Professional Tax Solutions (CPTS) since 2008, but has been in the tax industry since 1990. As the government/tax industry liaison for CPTS, Mark has been very active in working with the IRS, States, and other tax industry members to help improve communications, promote standardization, and simplification of eFile systems. Mark has also been active with industry associations as a board member of the National Association of Computerized Processors (NACTP) and the Council of Electronic Revenue Communication Advancement (CERCA) for many years. These two associations work with the IRS and States to help solve key eFile and electronic tax system issues and work to improve the operations of the State and IRS eFile systems.

Recent Tax Updates

Safeguarding Tax Professionals: Watch Out for Tax Season Scams

In today’s digital era, tax professionals are prime targets for cybercriminals. With sophisticated schemes lurking around every corner, it’s crucial for tax experts to stay alert and informed about the latest threats in their field.
Read now to learn about three prevalent scams that tax professionals should be wary of.

Read More »

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