Another COVID challenge requiring patience: Filing income tax returns!
Friday, April 9, 2021 – The Federal tax filing and payment deadline has been extended to May 17, 2021; Maryland to July 15, 2021.
Although tax filing deadlines have been extended, Maryland has not released a number of forms, preventing tax preparers from completing tax returns–even when everything else is done!
Impacted tax reporting areas:
- Unemployment income;
- Pass-through entities, such as profitable partnerships and S-corporations;
- Anyone receiving state or county grants, including C-corporations.
While we appreciate the challenges faced by the State’s Revenue department and computer programmers (adapting their systems with rapidly changing laws and stimulus benefits), we tax preparers are in a holding pattern until we get approved forms from the State and have an opportunity to verify the accuracy of the outcomes for our clients.
It is a good time to remember that remitting taxes and filing tax returns are related, but different. Remitting tax payments will assure there are no penalty or interest charges. Filing the return is a reconciliation of the tax due and the taxes remitted.
At LSWG, filing an accurate tax return for our clients is our top priority, and we will do so as soon as possible after the forms become available. We encourage you to reach deep in the well of patience again and stand by!
As soon as additional information is available, we will update our blog and keep you posted.