Business Tax Deadline Extended: What You Need to Know

Was business tax deadline extended?
The Treasury Department and the Internal Revenue Service are providing special tax filing and payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for tax returns has been extended from April 15 to.

Tax deadlines are just one example of how the COVID-19 pandemic has significantly altered how people operate and do business. The Internal Revenue Service (IRS) has adjusted its policies in reaction to the pandemic in order to assist businesses in overcoming its financial effects. The lengthening of the deadline for filing business taxes is one of the most important developments.

The IRS formally declared in March 2021 that the due date for business federal income tax filings had been moved from March 15 to May 17, 2021. All businesses, including corporations, partnerships, and sole proprietorships, are included by this extension. As a result, company owners now have an extra two months to file their federal income tax returns.

Are quarterly taxes delayed until 2021 in relation to this? No, is the response. The delay solely applies to business federal income tax returns; quarterly taxes are not included. The first payment for 2021, if you make projected quarterly tax payments, was still due on April 15, 2021. On June 15, 2021, the subsequent payment is due.

Are tax refunds being delayed this year, one may also inquire? It is definitely conceivable. The epidemic has seriously disrupted the IRS’s operations, and it has had to work with a smaller staff. Refunds on taxes may therefore be postponed for some taxpayers. The IRS hasn’t made any official statements about this, though.

Are taxes payable on a certain day? Taxes do indeed have a deadline. Typically, April 15 is the due date for federal income tax returns. However, as was previously mentioned, the IRS has extended the deadline for businesses to May 17, 2021. The deadline for filing your tax return will be extended to October 15, 2021, if you request an extension.

In conclusion, the IRS has extended the deadline for filing business taxes from March 15 to May 17, 2021, providing businesses an extra two months to do so. However, quarterly taxes are still payable on the scheduled dates and are not subject to this delay. This year’s tax refunds might also be delayed as a result of the pandemic’s effects on the IRS’s operations. Taxes still have a due date, and you can ask for an extension until October 15, 2021, if you need extra time to file your return.

Does MN charge tax on shoes?

Yes, most types of shoes are subject to sales tax in Minnesota. Although Minnesota’s current sales tax rate is 6.875%, it might change based on the city or county where the purchase is made.

Do taxes have a due date?

Taxes do indeed have a deadline. The tax filing date for businesses in the US is normally the 15th of March for corporations and the 15th of April for sole proprietors, partnerships, and LLCs. The COVID-19 pandemic has caused some extensions to the corporate tax deadlines, nevertheless. To prevent fines and interest costs, it’s critical to stay current on any changes to tax deadlines.