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State tax returns. The federal tax filing deadline postponement to May 17, 2021, only applies to individual federal income returns and tax (including tax on self-employment income) payments otherwise due April 15, 2021, not state tax payments or deposits or payments of any other type of federal tax.
2 days ago · Tax filing is a little more complicated this year. The deadline to file a 2020 individual federal return and pay any tax owed has been extended to May 17, about a month later than the typical ...
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Apr. 10—The federal and state government approved a delay for the filing and payment of 2020 income taxes, but without action from the Pennsylvania General Assembly, local tax returns are still ...
Mar 23, 2021 · File a 2020 calendar year return (Form 355) and pay any tax, interest, and penalties due. This due date applies only if you have a valid extension of time to file the return. Otherwise, see April 15. Form 355 SC: Due on or before October 15, 2021
April 1, 2020, and before July 15, 2020, will not accrue interest or penalties until August 15, 2020. This applies to all persons whose original or extended federal income tax return filing deadline is extended as a
Thirty-five states have major tax changes taking effect on January 1, 2020.Arkansas, Tennessee, and Massachusetts will each see reductions in their individual income tax rates.Five states (Iowa, Kansas, Maine, North Carolina, and Ohio) will see notable changes to their individual income tax bases.Corporate income, capital stock, franchise, or similar taxes on businesses or financial institutions will decrease or be eliminated in seven states (Connecticut, Florida, Illinois, Indiana, Missour...
- Key Findings
To say that 2018 and 2019 were “big years” in state tax policy would be quite the understatement. With a major overhaul of federal individual and corporate income tax systems in December 2017, followed by the U.S. Supreme Court’s South Dakota v. Wayfairdecision impacting interstate sales tax collections the following June, states have spent the past two years reacting to major federal policy changes, in addition to enacting many of their own state-specific reforms. While many state responses to the 2017 Tax Cuts and Jobs Act (TCJA) and the 2018 Wayfairdecision have already taken effect, a number of additional policy changes, whether reactions to federal law or otherwise, are slated to take effect as we ring in the new year on January 1, 2020. Altogether, 34 states have major tax changes taking effect at the start of the new calendar year. The individual and corporate income tax rate changes are shown in the table below.
Arizona adopted an Internal Revenue Code (IRC) conformity bill, House Bill 2757, in May 2019, which also included adjustments to the state’s Wayfair response. While several of this law’s provisions were retroactive and have already taken effect, a change in the safe harbor for small remote sellers will take effect on January 1, 2020. Specifically, the de minimisexemption for remote sellers will drop from $200,000 to $150,000. Remote sellers exceeding this amount in direct sales into Arizona for the current or previous calendar year are required to collect the transaction privilege tax (TPT), Arizona’s unique sales tax. This safe harbor is scheduled to drop even further, to $100,000, in 2021.
Arkansas recently enacted a series of tax reforms that will continue phasing in in the new year. Arkansas is unique among states in that it has three entirely different individual income tax rate schedules depending on total taxable income. As taxpayers’ income rises, they not only face higher marginal rates but also shift into an entirely different rate schedule. In the new year, Arkansas’s individual income tax rate schedule for high earners, which currently has six marginal income brackets, will be consolidated into four brackets, and the top marginal rate will drop from 6.9 to 6.6 percent. In 2021, this top rate will be reduced even further, to 5.9 percent. For those subject to the middle rate schedule, the top rate will decrease from 6.0 to 5.9 percent this January.On the corporate tax front, the net operating loss (NOL) carryforward period will increase from five to eight years in 2020 and to 10 years in 2021.
In October 2017, former Connecticut Governor Dannel Malloy (D) approved a budget that phased in an increase to the state’s estate and gift tax exemption, with the intent of conforming to the federal estate tax exemption by 2020. However, the TCJA, enacted in December 2017, nearly doubled the federal estate tax exemption, bringing it to $10 million (indexed for inflation). As a result, in May 2018, Connecticut enacted a law to extend its own exemption phase-in, such that it will reach $5.1 million in 2020 and will match the federal exemption in 2023.Connecticut In addition, Connecticut’s budget for fiscal years (FYs) 2020-21, which Gov. Ned Lamont (D) signed into law in June, includes several tax changes that will take effect on January 1st. One such change is that Connecticut will no longer levy a Business Entity Tax (BET). Previously, owners of S corporations, limited liability companies (LLCs), and partnerships paid this tax every other year in the amount of $250. Further, effecti...
In March 2018, legislation was enacted in Florida to trigger corporate income and franchise tax rate reductions for the 2019 tax year in the event that Florida’s FY 2019 tax collections exceeded adjusted forecasted collections by at least 7 percent.In June 2019, legislation was enacted to extend the trigger to also be available in tax years 2020 and 2021. As a result, in September, the Department of Revenue announced that the corporate income and franchise tax rates would indeed be reduced, from 5.5 to 4.458 percent, retroactive to January 1, 2019, and effective for tax years 2020 and 2021. Further reductions for 2020 and 2021 are possible depending on actual collections for those years. In addition, effective January 1st, the commercial lease tax, a special sales tax remitted by commercial real estate owners but paid by their tenants, will drop from 5.7 to 5.5 percent.
House Bill 182, signed into law in April 2019, reduced Georgia’s de minimisexemption for small remote sellers from $250,000 to $100,000, effective January 1, 2020.
As of the first of the year, Hawaii will require marketplace facilitators to collect and remit its General Excise Tax (the state sales tax) when those marketplace facilitators have $100,000 or more in income sourced to Hawaii or at least 200 transactions in the state. Hawaii also became the first state to align its income tax economic standards with its Wayfair safe harbor. Senate Bill 495, enacted in July 2019, requires income tax filing for any individual, estate, or business with 200 or more transactions or more than $100,000 in sales into Hawaii. In addition, Act 3, signed into law in April, created a new estate tax bracket, taxing estates valued above $10 million at a rate of 20 percent. This new rate applies to decedents dying in 2020.
Illinois has several tax changes taking effect in January, including a marketplace facilitator sales tax collection law, a marijuana excise tax, a parking excise tax, new and increased vehicle registration fees, the imposition of the sales tax on vehicle trade-ins, and the phaseout of the franchise tax. As of the first of the year, marketplace facilitators will be required to collect Illinois’ sales tax when those facilitators have $100,000 or more in sales or at least 200 transactions in the state. Public Act 101-0027, signed into law in June, creates a legal market for recreational marijuana and imposes various excise taxes. These taxes include a 7 percent tax on wholesale sales made to dispensaries, as well as retail excise taxes of 10 percent, 20 percent, or 25 percent depending on tetrahydrocannabinol (THC) content or product type. A local option tax of up to 3 percent will not take effect until July 2020. The new excise tax on parking services will be paid by drivers for the p...
Indiana’s financial institutions tax rate will fall from 6.25 to 6.0 percent in 2020 under a phasedown that will reduce the rate to 4.9 percent by 2023.The state’s corporate income tax rate is on a similar phasedown schedule, but rates change each July, not in January.
2 days ago · Apr. 9—Residents waiting to file 2020 income tax return paperwork will have more time to do so this year. Wisconsin will follow the IRS due date extensions, so residents have until May 17 to file for a return. Former President Donald Trump issued an emergency declaration in March 2020 which allowed the secretary of the U.S. Treasury "to provide relief from tax deadlines to Americans who have ...
Please indicate if the contribution should apply to the 2020 or the 2021 tax year. Form 5498 will be sent by the end of May to investors who made 2020 IRA contributions. As a reminder, Form 5498 is not required to be attached to income tax returns. More information about federal tax deadlines is available on the IRS website. Even with the ...
First quarter estimated tax payments are still due on April 15th; Kansas allows for an automatic 6 month extension to file an Alabama return when the IRS extends the federal filing date. Alabama filers do not need to request an extension to file the state return without incurring a late filing penalty if filed by the federal deadline of May 17th.
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