While the IRS extended the filing deadline for 2020 income tax returns for individuals, it did not extend the deadline for calendar year C corporations. Corporations can obtain a 6-month filing extension by submitting Form 7004 today. Also, the first installment of estimated tax for 2021 for individuals and C corporations is due today. Check with your state to determine whether the filing deadline for its income tax returns has been extended too. #Ideaoftheday
Important: The deadline for applying for a PPP loan runs through May 31, 2021.
