The IRS extended the federal tax deadline to July 15 due to coronavirus concerns.
Now, state income tax deadlines have been extended in all 41 states with personal income tax.
Most of the states have new due dates in July to line up with the federal tax deadline. A few states have due dates in June; Mississippi’s new deadline is May 15.
Scroll to the bottom of this story for a state-by-state list of tax deadlines.
Recently passed tax bill denies (effective for amounts incurred after 12/31/17) the deduction for business entertainment (events, athletic events, recreation and amusement, etc.). The 50% deduction for business meals is still available assuming all the requisite requirements are maintained (documented as to who, what, when, where, and that a substantial business discussion takes place during the meal).
Comparison between the old law and new law:
Type
2017 Law
2018 Tax Reform
Employee Recreational Event
Deduct
Deduct
Entertaining Clients
50% Deductible
Only Meals 50% Deductible
Lois
50% Deductible
50% Deductible
Meals provided for convenience of employer that are not included in employee’s gross income (de minimis fringe benefits)
100% Deductible
50% Deductible
Recently passed tax bill denies (effective for amounts incurred after 12/31/17) the deduction for business entertainment (events, athletic events, recreation and amusement, etc.). The 50% deduction for business meals is still available assuming all the requisite requirements are maintained (documented as to who, what, when, where, and that a substantial business discussion takes place during the meal).
For calendar year tax returns reporting 2017 information that are due in 2018, the following due dates will apply.
Form
2018 Filing Due Date (Tax Year 2017)
Form W-2 (electronic or mail)
January 31st
Form 1065 – Partnerships
March 15th
Form 1120S – S Corporations
March 15th
Form 1040 – Individuals
April 17th
FinCEN 114 – FBAR (will be allowed to extend)
April 17th
Form 1041 – Trusts and Estates
April 17th
Form 1120 – C Corporations
April 17th
Form 990 Series – Tax Exempt Org
May 15th
Form 5500 Series – Employee Benefit Plan
July 31st
Form
Extended Due Dates
Form 1065 Extended Return
September 17th
Form 1120S Extended Return
September 17th
Form 1041 Extended Return
October 1st
Form 1120 Extended Return
October 15th
Form 1040 Extended Return
October 15th
FinCEN 114…
President Trump recently signed the tax reform bill into law, and it makes major changes to the U.S. tax code for both individuals and corporations.
1. New individual tax rates and brackets
For 2018 through 2025, the new law keeps seven tax brackets, but six are at lower rates. In 2026, the current-law rates and brackets would return. The temporary rate brackets under the new law are as follows.
Single
Joint
Head of
household
10% tax bracket
$0 – $9,525
$0 – $19,050
$0 – $13,600
Beginning of 12% bracket
$9,526
$19,051
$13,601
Beginning of 22% bracket
$38,701
$77,401
$51,801
Beginning of 24% bracket
$82,501
$165,001
$82,501
Beginning of 32% bracket
$157,501
$315,001
$157,501
Beginning of 35% bracket
$200,001
$400,001
$200,001
Beginning of 37% bracket
$500,001
$600,001
$500,001
One thing to notice from these brackets…