March 17, 2021
The New York Times just released that IRS has extended the federal income tax deadline to May 15, according a congressional aide briefed on the decision. The extra time is intended to ease the burden on filers dealing with the economic upheaval caused by the pandemic, which has put millions out of work or cut back their hours. The news was reported earlier today by Bloomberg News.
Taxpayers are getting another break. The American Rescue Plan Act included a provision that for 2020 only, the first $10,200 of benefits tax-free for people with incomes of less than $150,000.
New Jersey has also extended its tax deadline to May 15.
Feel free to contact any member of our team at (610) 828-1900 (PA) or (732) 341-3893 (NJ) with questions. Rich Higgins, CPA, managing principal – New Jersey office can be contacted at Richard.Higgins@McCarthy.CPA. I can be reached at Marty.McCarthy@McCarthy.CPA As always, we are happy to help.
Stay safe,
Marty McCarthy, CPA, CCIFP
Managing Partner
McCarthy & Company
Disclaimer: This alert is for informational purposes only and does not constitute professional advice. Information contained in this communication is not intended or written to be used as tax advice, and cannot be used by the recipient to avoid penalties that may be imposed under the Internal Revenue Code. We strongly advise you to seek professional assistance with respect to your specific issue(s).
