March 2021 - Tax2efile Blog

1099 Late Filing Penalty: What happens if 1099 is mailed late?

March 31, 2021

IRS 1099 Late Filing and Late Payments Penalties

The IRS Form 1099 are a type of information returns form that is not part of the Income-tax returns. These forms should be filed with the IRS if the receiver has received at least $600 or an equivalent benefit from the provider during the tax year. There are many varieties of Form 1099 and the most common of these Forms are, Form 1099-MISC for miscellaneous payments Form 1099- INT for interest payments Form 1099 G for unemployment...

1099 Deadline 2021 | E-filing Form 1099 Due Dates (E-filing 1099-MISC, 1099-INT, and 1099-K)

March 26, 2021

The Internal revenue service reminds businesses and other payers that the deadline for filing Form 1099 is February 1, 2021. There are many different types of the 1099 Forms, such as 1099- MISC, 1099-INT, 1099-K, etc, and the due dates for E-filing of these forms vary and are given by the IRS. The deadlines set by IRS for 1099-Forms helps in easy fraud detection and helps in verifying the income that is reported by the individuals on...

1040 Federal Income Tax Form Due Date Extended From April 15 to May 17, 2021

March 20, 2021

The 1040 tax form is used for personal federal income tax returns filed by US citizens and also helps to determine the total taxable income of the taxpayer and find out how much is to be refunded by the government. The IRS reported the individual federal income tax filing deadline is extended from April 15, 2021, to May 17, 2021, for the 2020 tax year due to pandemic. Individual taxpayers can also reschedule federal income tax payments...

IRS Form 7004 – Automatic Extension to file Business Tax Return

March 12, 2021

Business people face some complications or battle the financial records at times. Hence, they need an extension at times to set things right. The tax deadline is approaching, and those not ready for tax filing should know about IRS form 7004. Here are a few insights about IRS form 7004 for business tax extensions. What is IRS 7004? The IRS form 7004 helps in extending the time for filing business income tax returns. It is an application...

IRS Federal Income Tax Brackets and Rates for 2021 Tax Year

March 6, 2021

With due dates approaching, tax filing is at a high peak. Before moving into tax filing, are you aware of federal income tax brackets and rates? Do you have an idea of how taxes imposed? Take a look at few details regarding tax brackets and rates. About Tax Rates and Brackets The US follows progressive rates for imposing an income tax. The tax liability for any individual heightens as the income rises. For 2021, there are nearly...

What to Expect During the 2021 Tax Season

March 1, 2021

It’s time to file your 2020 taxes. All of you must be teeming about 2021 tax filing as the due date is approaching. The COVID pandemic and special pandemic relief play a role in your tax filing 2021. All these aspects would be unique, and tax filing 2021 would be a new experience for taxpayers. Let us through a few facts about what to expect during the 2021 tax season. There were multiple tax policy changes by...