Anthony Du EA, Tax Advisor Services

IRS announces tax relief for Oklahoma severe winter storm victims Updated on 03/11/21 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, the Internal Revenue Service announced today.... Following the recent disaster declaration issued by the Federal Emergency Management Agency, the IRS announced today that affected taxpayers will receive tax relief. Individuals and households affected by severe winter storms that reside or have a business in all 77 counties in Oklahoma qualify for tax relief. 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 February 8, 2021, and before June 15, 2021, are postponed through June 15, 2021. This includes 2020 individual and business returns normally due on April 15, as well as various 2020 business returns due on March 15. Taxpayers also have until June 15 to make 2020 IRAcontributions. The June 15, 2021 deadline applies to the first quarter estimated tax payment due on April 15. It also applies to the quarterly payroll and excise tax returns normally due on April 30, 2021. In addition, it applies to tax-exempt organizations, operating on a calendar-year basis, that has a 2020 return due on May 17, 2021. In addition, penalties on deposits due on or after February 8, 2021, and before February 23, 2021, will be abated as long as the tax deposits were made by February 23, 2021. If an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment, or deposit due date that falls within the postponement period, the taxpayer should call the telephone number on the notice to have the IRS abate the penalty. For information on services currently available, visit the IRS operations and services page at IRS.gov/coronavirus The IRS automatically identifies taxpayers located in the covered disaster area and applies for filing and payment relief. But affected taxpayers who reside or have a business located outside the covered disaster area should call the IRS disaster hotline at 866-562-5227 to request this tax relief.

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Tax waiver could wipe $10,200 from your 2020 tax bill In the course of discussions with Sen. Joe Manchin, the Democrat who threatened to vote against the bill, the weekly jobless payment was dropped from $300 to $400 and the length was also shortened by a few weeks to 8 September. However, the 2020 tax waiver remains. This means that taxpayers who received support during the course of 2020 will not be made to pay tax on the first $10,200 of unemployment benefits that they received. It is important to note that this is a retroactive waiver for benefits received in the 2020 tax year, not for the upcoming year's support.

Senate reaches unemployment benefits deal, ending logjam on Covid aid bill. After about a nine-hour delay following Sen. Joe Manchin's (D-W.Va.) resistance to an earlier agreement on jobless payments, party leaders announced a new accord with Manchin. The latest deal would provide $300 a week in extra unemployment benefits through Sept. 6, and up to $10,200 in tax relief for unemployed workers.