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| e-News for Small Business Issue 2021-03Inside This Issue
1. Victims of Texas winter storms get deadline extensions and other tax relief Victims of this month's winter storms in Texas will have until June 15, 2021, to file various individual and business tax returns and make tax payments, the IRS announced. Taxpayers in other states impacted by these winter storms that receive similar FEMA disaster declarations will automatically receive the same filing and payment relief. Go to the announcement for more details, including:
2. New law provides additional flexibility for health FSAs and dependent care assistance programs The IRS recently announced greater flexibility, due to the pandemic, to employee benefit plans offering health flexible spending arrangements (FSAs) or dependent care assistance programs. Employers now have flexibility in the following areas related to health FSAs and dependent care assistance programs:
See the health FSAs and dependent care assistance programs news release for more information. 3. IRS reminds farmers and fishers of March 1 tax deadline The IRS reminds those with income from a farming or fishing business that they can avoid making any estimated tax payments by filing and paying their entire tax due on or before March 1. 4. Helpful tools and tips for 2021 filing season The IRS officially opened the filing season on February 12, 2021. Get ready for tax season using IRS Online Account The IRS reminds taxpayers they can securely access their IRS account information through their individual online account. For example, people can now check the amounts of their Economic Impact Payments (EIPs) to help them accurately calculate any Recovery Rebate Credit they may be eligible for on their 2020 tax return. They can also:
Avoid pandemic paper delays: Use e-file with direct deposit for faster refunds The IRS urges taxpayers to take some simple steps to help ensure they file accurate tax returns and speed their tax refunds to avoid a variety of pandemic-related issues. Taxpayers have until Thursday, April 15, 2021, to file their 2020 tax return and pay any tax owed. 5. A Closer Look: Protecting taxpayers from tax-related identity theft; Delivering the 2021 filing season Read the latest posts from the IRS executive column, "A Closer Look." How the IRS protects taxpayers from tax-related identity theft This column features Mike Beebe, Director, Return Integrity and Compliance Services, discussing the Security Summit and its collaborative work to combat identity theft. Read the full post in English or in Spanish. Please help spread the word about "A Closer Look" and, in particular, this new post highlighting how the IRS protects taxpayers from tax-related identity theft. It's another great way for people to get to know the IRS, its people and the issues that affect taxpayers. Preparing for and delivering the 2021 filing season This column features Commissioner, Wage & Investment and Chief Taxpayer Experience Officer Ken Corbin discussing how the IRS prepares to process more than 150 million tax returns and issue more than $400 billion in refunds to taxpayers each year. Read the full post in English or in Spanish. "A Closer Look" is a column from IRS executives that covers a variety of timely issues of interest to taxpayers and the tax community. It also provides a detailed look at key issues affecting everything from IRS operations and employees to issues involving taxpayers and tax professionals. Check out prior posts and new updates. 6. As required by law, all first and second Economic Impact Payments issued; eligible people can claim Recovery Rebate Credit The IRS announced that, as required by law, all legally permitted first and second round of Economic Impact Payments have been issued and the IRS now turns its full attention to the 2021 filing season. If individuals didn't receive a payment – or if they didn't receive the full amounts – they may be eligible to claim the Recovery Rebate Credit and must file a 2020 tax return. Find more information in the Economic Impact Payments and Recovery Rebate Credit news release.
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