Newsletters

Tax Filing Reminders – March 2021 – UPDATED

April 15th
May 15th
June 15th

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TWO WEEKS FOR SMALL BUSINESSES TO APPLY FOR PPP WITH SBA

Posted March 2021

On Monday, February 22, President Biden and the U.S. Small Business Administration (SBA) announced changes to the Paycheck Protection Program (PPP) to assist small businesses. The SBA established a 14-day loan application period exclusively for businesses and nonprofits with fewer than 20 employees. It is anticipated that larger PPP-eligible businesses will still have plenty of time to apply for and receive support before the program expires on March 31.

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CASUALTY LOSSES IN FEMA DISASTER AREA

Posted March 2021

Tax relief is part of a coordinated federal response to the damage caused by winter storms in February 2021 and is based on local damage assessments by FEMA. Individuals and businesses in a federally declared disaster area who suffered uninsured or unreimbursed disaster-related losses may be able to deduct a casualty loss, choosing to claim the loss on either the return for the year the loss occurred (in this instance, the 2021 return normally filed next year) or the return for the prior year. This means that taxpayers can, if they choose, claim these losses on the 2020 return they are preparing this tax season.

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VICTIMS OF WINTER STORMS GET DEADLINE EXTENSIONS

Posted March 2021

Due to the February winter storms, residents and businesses in Oklahoma and Texas now have until June 15, 2021, to file their individual and business tax returns and make tax payments. The FEMA disaster declaration permits the IRS to postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area, which includes all 77 counties in Oklahoma and the entire state of Texas.

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