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2021 Tax Filing Deadline Extended

(posted: March 24th, 2021)

You have probably heard that your personal income tax returns and any balance due for 2020 are now due May 17, 2021 without interest or penalties.

However, as of today, your 2021 first quarter estimates are still due April 15, 2021. Therefore, in order to prepare your estimates, we will need your tax information (or an estimate of your income and withholding, if any) by April 1, 2021.

If you want to file your tax returns by May 17, 2021, please provide your income tax records by April 1, 2021 so we have time to prepare your tax returns. If you have already sent us your information, please disregard this email.

If you, your partnership, or your S Corporation received a PPP loan in 2020, please be advised that your personal tax returns as well as your business returns will be on extension. For Federal purposes the amount of your loan that has been forgiven is not taxable and you will be able to deduct the expenses associated with the PPP loan. For California purposes, the state had proposed allowing taxpayers to deduct expenses associated with the forgiveness up to a maximum of $150,000. Any forgiveness above that amount would be taxable for California purposes. Unfortunately, the California PPP bill is on hold for now.

If you have already submitted your tax information, you may disregard this email as noted above.

Please Contact Us with questions or concerns.

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