Yesterday the Internal Revenue Service announced that the deadline for federal income tax filings and payments has been extended to May 17, 2021. The normal deadline is April 15.
On March 11, 2021, Maryland Comptroller Peter Franchot extended the state’s income tax filing deadline by three months to July 15, 2021. Taxpayers will not face interest or penalties if they file returns and pay taxes owed by the new deadline. This change will apply to individual, pass-through, fiduciary and corporate income tax returns, including first and second quarter estimated payments.
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There’s a win-win for business taxpayers and restaurants in the latest round of stimulus legislation, known as the Consolidated Appropriations Act, 2021. Under the new legislation, business meals provided by restaurants in 2021 and 2022 are now 100% deductible. Previously, the deduction of food and beverage expenses associated with operating a business was limited to 50%. The new 100% deduction applies to meals in a restaurant, and takeout and delivery meals provided by a restaurant. Let’s dig into the specifics.
The Maryland State Department of Assessments and Taxation has confirmed that the deadline to submit Maryland Annual Reports and Personal Property Tax Returns will be July 15, 2020. This deadline will be in effect regardless of whether an extension request was filed.
When the Tax Cuts and Jobs Act (TCJA) passed in December 2017, many taxpayers couldn’t foresee the implications of the legislation on their individual withholding for the coming year.
The last few years were filled with uncertainty regarding the future of estate and gift taxes. There was a flurry of activity as people made gifts to take advantage of relatively favorable tax laws, which were due to revert to significantly less friendly provisions starting January 1, 2013.