360 CPA Solutions
712 N. Main St.
Newcastle, OK 73065
(405) 381-6012
main@360cpasolutions.com

Tax Day for Oklahoma residents has been extended to: June 15, 2021.

***IF you have been a resident in another state other then Oklahoma in the last year OR you will not be able to file by the new deadline for Oklahoma residents, you will need to file an extension on May 17, 2021 if you have not already filed.***

The IRS announced on February 25, 2021 that they would be extending the due date of 2020 Tax Returns for various Oklahoma residents and businesses from May 17, 2021 to June 15, 2021. Individual taxpayers can also postpone federal income tax payments for the 2020 tax year from May 17, 2021 to June 15, 2021. Individual taxpayers will automatically avoid interest and penalties on taxes that are paid by June 15, 2021.

Anyone who will need additional time may request the filing of an extension by May 17, 2021. This extension allows for extra time on the preparation of the return, but not extra time if any money is owed.

The IRS is still urging taxpayers to file as soon as possible, especially if you are predicting a refund. Most tax refunds that are being e-filed are issued within 21 days.

More information can be found here.

If you are in need of an extension, please call us at our office number: (405) 381-6012!

360 CPA Solutions
712 N. Main St.
Newcastle, OK 73065
(405) 381-6012
main@360cpasolutions.com

Tax Day for individuals has been extended to: May 17, 2021. 

The IRS announced on March 17, 2021 that they would be extending the due date of 2020 Tax Returns for individuals from April 15, 2021 to May 17, 2021. Individual taxpayers can also postpone federal income tax payments for the 2020 tax year from April 15, 2021 to May 17, 2021. Individual taxpayers will automatically avoid interest and penalties on taxes that are paid by May 17, 2021.

Anyone who will need additional time may request the filing of an extension until October 15, 2021. This extension allows for extra time on the preparation of the return, but not extra time if any money is owed.

The IRS is still urging taxpayers to file as soon as possible, especially if you are predicting a refund. Most tax refunds that are being e-filed are issued within 21 days.

More information can be found here.

If any of our clients have any questions, please don’t hesitate to reach out to us at our office number: (405) 381-6012.

360 CPA Solutions
712 N. Main St.
Newcastle, OK 73065
(405) 381-6012
main@360cpasolutions.com

As of 3/6/2021, the third Economic Impact Payment has passed through the Senate. This means the Internal Revenue Service and the Treasury Department will soon be delivering a third round of Economic Impact Payments.

What we know as of right now:

1. Eligibility for Payment: Eligible individuals will automatically receive an Economic Impact Payment of up to $1,400 for individuals or $2,800 for married couples and up to $1,400 for each qualifying child.  Generally, if you have adjusted gross income for 2019/2020 (depending upon your most recent tax return filing) of up to $75,000 for individuals and up to $150,000 for married couples filing joint returns and surviving spouses, you will receive the full amount of the third payment. For filers with income above those amounts, the payment amount is reduced. Filers who individually make above $80,000 or married couples making above $160,000, will be fully phased out from receiving any of the Economic Impact Payment.
2. Child Tax Credit: The child tax credit for 2021 has been increased from $2,000 to $3,000.
3. Unemployment Benefits have been extended.

As we navigate through these recent changes we will continue to keep you updated with the latest information. Please continue to follow us on Facebook and check back throughout the coming weeks as we learn more information!

If any of our clients have any questions, please don’t hesitate to give our office a call at (405) 381-6012.

360 CPA Solutions
712 N. Main St.
Newcastle, OK 73065
(405) 381-6012
main@360cpasolutions.com

As of 12/29/2020, the Internal Revenue Service and the Treasury Department will begin delivering a second round of Economic Impact Payments. The following information has been pulled directly from the IRS.

What we know as of right now:

1. Direct Deposit: The direct deposit payments have began as of 12/29/20 and will continue into next week. Most recipients will receive payment this way.
2. Social Security via Direct Express: For Social Security and other beneficiaries who received the first round of payments via Direct Express, they will receive this second payment the same way.
3. NOT Direct Deposit: Anyone who received the first round of payments earlier this year but doesn’t receive a payment via direct deposit will generally receive a check or, in some instances, a debit card. For those in this category, the payments will conclude in January.
4. Haven’t Received Payment: Eligible individuals who did not receive an Economic Impact Payment this year – either the first or the second payment – will be able to claim it when they file their 2020 taxes in 2021.
5. Eligibility for Payment: Eligible individuals will automatically receive an Economic Impact Payment of up to $600 for individuals or $1,200 for married couples and up to $600 for each qualifying child.  Generally, if you have adjusted gross income for 2019 up to $75,000 for individuals and up to $150,000 for married couples filing joint returns and surviving spouses, you will receive the full amount of the second payment. For filers with income above those amounts, the payment amount is reduced.
6. Check Status of Payment: The Get My Payment tool is currently down, but it is anticipated by the IRS to be back up and running in the coming days. Once up, people will be able to check the status of both their first and second payments.

To continue reading about the Second Economic Impact Payment, please visit: IRS: Second Economic Impact Payment.

If any of our clients have any questions, please don’t hesitate to give our office a call at (405) 381-6012.

360 CPA Solutions
712 N. Main St.
Newcastle, OK 73065
(405) 381-6012
main@360cpasolutions.com

As of 8/8/2020, President Trump has placed many Executive Orders into place that we feel our clients should be aware of. These Executive Orders could be subject to changing, therefore please continue to follow us in order to stay updated.

1. Unemployment: has been extended, but the extra amount has been decreased.
2. Payroll Tax Holiday: The Secretary of the Treasury is hereby deferring withholding, deposit, and payment of the tax imposed on wages or compensation. 
3. Assistance to Renters and Homeowners: An extension has been made for foreclosed/eviction properties. 
4. Student Loan Payment Relief: An extension has been made for student loan payments as well as the waiver of all interest. 

If any of our clients have questions about the Executive Orders above, please do not hesitate to reach out to us via phone or email. We would be more than happy to assist you any way we can!