IRS Tax Deadline Extensions and American Rescue Plan Act

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We hope you are well and have recovered from the severe February winter storms. 

We are reaching out to share some good news. Here is the shortlist. Please scroll down for additional details and links to full news releases.

  • IRS has extended tax deadlines to June 15, 2021, for Texas businesses and individuals due to the severe winter storms.
  • The American Rescue Plan Act of 2021, a 1.9 trillion dollar relief package, was signed into law by President Biden yesterday. 
  • Texas Workforce Commission (TWC) has postponed tax payment due dates and rate adjustments for Texas employers.
  • We welcome your referrals and have openings for new bookkeeping client work.
  • Our team is available to answer your questions and support your business needs during these ever-changing times.

The IRS is extending tax deadlines for victims of Texas winter storms.

Automatic filing and penalty relief are granted to any taxpayer with an IRS address of record located in the state of Texas. Taxpayers do not need to contact the IRS. 

Eligible taxpayers impacted by the severe winter storms have until Tuesday, June 15, 2021, to file individual tax returns, business tax returns, quarterly estimated tax payments, quarterly payroll and excise tax returns.

Additionally, 2020 IRA contributions have been extended to Tuesday, June 15, 2021. 

Details on other returns, payments, and tax-related actions that qualify for extensions can be found here: IRS Disaster Relief Page.

Individuals and businesses in a federally declared disaster area who suffered uninsured or unreimbursed disaster-related losses (example: the February 2021 ice storm) may claim them on either:

a) the return for the year the loss occurred (i.e. on the 2021 tax return filed in 2022)

OR

b) claim these losses on the 2020 tax return this tax season.**

**Include FEMA declaration number – 4586 – on any return claiming a loss. See Publication 547 for details. 

For more information on disaster recovery, visit DisasterAssistance.com. 

See the original IRS publication for full details.  

The American Rescue Plan Act of 2021 was signed into law yesterday after being passed by the U.S. House and Senate earlier in the week. 

The 1.9 trillion dollar relief package was signed into law by President Biden yesterday, Thursday, March 11, 2021.

There are a number of small business provisions in the plan, including PPP funding, restaurant support, and targeted Economic Injury Disaster Loan (EIDL) advances. You can read an overview of the bill here, and more details about the tax components of the plan here.

The Texas Workforce Commission (TWC) has postponed tax due dates and the annual rate adjustment for Texas employers. 

New Texas unemployment tax rates will be issued in late June 2021. 

Due dates for first and second quarter Texas unemployment tax payments have also been extended, however, report due dates remain the same. 

Read the full news release from TWC and check your email for additional notices directly from TWC.

Wages Paid

Quarter Ends

Report Due (No Change)

Payment Due

1Q21

Mar 31

Apr 30, 2021

Aug 2, 2021

2Q21

Jun 30

Aug 2, 2021

Sept 30, 2021

We have a few openings for new bookkeeping clients and welcome your referrals.  

If you know a small business in need of assistance, please share this information with them. It would be greatly appreciated.  We thank you for your trust in us!

Our team is available to answer your questions and demystify the new federal and state small business opportunities and guidance during these ever-changing times.

We know that this rapidly changing environment can be challenging for small businesses. We urge you to reach out to your current DMR bookkeeper or CPA, to assist in navigating these changes. 

Additionally, our Virtual Client Services Coordinator, Carrie Jareed, is available to answer your account questions and onboard potential new clients. Please do not hesitate to contact her at csc@dmraccounting.com, or reach out to us via our DMR Client Online Solutions Box.

We are here for you and are happy to help!

DMR Accounting & Consulting – Our Purpose and Values

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