Fall 2021 Tax Deadlines and IRS News

Taxpayers should mark their calendars and consult with their CPA and advisors on the following deadlines.

Upcoming Deadlines:

September 15

-Third quarter individual estimated tax payments for 2021 are due.
-Filing deadline for extended 2020 S-corporation and partnership returns.

October 15

-Filing deadline for extended 2020 individual tax returns and calendar-year C-corporation returns.

During November

-Estimate your 2021 income tax liability and review your options for minimizing your 2021 taxes. Call to schedule a tax planning review

Note: Deadlines extended for Hurricane Ida victims in several states

The IRS has announced federal tax filing and payment due dates originally due September 1, 2021-October 15, 2021 are postponed until January 3, 2022 for victims of Hurricane Ida. This includes the entire state of Louisiana, certain counties in New Jersey and New York, and other areas and localities deemed devastated by FEMA. Click here for more information.

More IRS News and Updates:

Guidance To Employers Claiming The Employee Retention Tax Credit

Details on updates to the employee retention credit for the third and fourth quarters of 2021 are now available. Among the changes: the credit is available to eligible employers that pay qualified wages after June 30, 2021, and before January 1, 2022, expanding eligible employers to include “recovery startup businesses,” and modifying the definition of qualified wages for “severely financially distressed employers.” Details can be found on the Coronavirus page of IRS.gov.

Identity Protection PIN Available

You can now prevent someone else from filing a tax return with your Social Security number by getting an Identity Protection PIN (IP PIN). The IP PIN is a six-digit number known only to the taxpayer and the IRS, and is valid for one calendar year. To get an IP PIN for 2021, go to the IRS website and the Get an IP PIN page.

Interest Rates Remain The Same For Third Quarter

There is no change to interest rates for the calendar quarter that began July 1, 2021. The rates remain:

• 3% for overpayments (2% in the case of a corporation),
• 0% for the portion of a corporate overpayment exceeding $10,000,
• 3% for underpayments and
• 5% for large corporate underpayments.

New Jersey Changes Remote Worker Taxation

Starting on October 1, 2021, the New Jersey Division of Taxation will end the temporary relief period regarding employers withholding tax for teleworking employees. That means employers should focus on where the work is being performed, not where the employee lives and withhold New Jersey Gross Income Tax from wages. Other temporary rules for the corporate-business tax and for sales-tax purposes will also be lifted on October 1.