Santa Clarita-based accountant, Matt Denny, provided some context to the impact the delayed 2021 tax day could have on Santa Clarita.
Wednesday, the Internal Revenue Service (IRS) announced the deadline for filing taxes would be pushed back from the usual April 15 to May 17 in 2021. The delay would allow those who are financially impacted by the ongoing coronavirus pandemic and related unemployment to have more time to file.
“What it means is that for the federal tax returns, we have an auto 30-day extension,” Denny said. “For the first $10,200 is not taxable federally. Many folks who have already filed will need to re-file their federal taxes.”
The announcement from the IRS was still fresh when Denny remarked that the state of California had not yet aligned itself with the automatic 30-day extension on federal taxes.
“People who filed beforehand may need to amend their file, Denny said. “We don’t have to wait on (state taxes) because they don’t tax on unemployment. If (residents) filed before this week, they may need to amend later in the year,” when the IRS announces it is time to amend.
Another reason to file for an extension is those who are able to access health care through the Affordable Care Act may not repay the same amount they would before the president ratified the $1.9 trillion COVID-19 relief package, according to Denny.
“When Congress passes a law, a statute, the IRS has to write rules for implementing it,” Denny added. “We don’t know the rules yet, that’s the reason the IRS extended everything…”
Some local businesses are also recommended to file for an extension on their taxes, as it is unclear as of Wednesday afternoon whether or not the Paycheck Protection Program will be affected by new rules to come, according to Denny.
“It is unclear whether or not California legislature is to align themselves with the federal rules,” Denny said, “I can’t imagine California would penalize taxpayers for going along with the federal deadline, but it’s not impossible.”
Do you have a news tip? Call us at (661) 298-1220, or send an email to newstip@hometownstation.com. Don’t miss a thing. Get breaking KHTS Santa Clarita News Alerts delivered right to your inbox. Report a typo or error, email Corrections@hometownstation.com
KHTS FM 98.1 and AM 1220 is Santa Clarita’s only local radio station. KHTS mixes in a combination of news, traffic, sports, and features along with your favorite adult contemporary hits. Santa Clarita news and features are delivered throughout the day over our airwaves, on our website and through a variety of social media platforms. Our KHTS national award-winning daily news briefs are now read daily by 34,000+ residents. A vibrant member of the Santa Clarita community, the KHTS broadcast signal reaches all of the Santa Clarita Valley and parts of the high desert communities located in the Antelope Valley. The station streams its talk shows over the web, reaching a potentially worldwide audience. Follow @KHTSRadio on Facebook, Twitter, and Instagram.
No comments:
Post a Comment