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News

Filing Deadline for Individual Taxpayers Extended

3/24/2021

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The filing deadline for individual income tax returns has been extended from April 15 to May 17, 2021 for the 2020 tax year. The state of West Virginia has also extended the filing deadline to May 17, 2021. It is important to note that this extension applies to filing and payment of 2020 tax due, but does not extend the due date for quarterly estimated tax payments due April 15, 2021 (first quarter 2021). In 2020 the filing deadline extension did extend the deadline for first quarter estimated tax payments, but that will not be the case for 2021.
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Unemployment Compensation Exclusion

3/24/2021

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The Internal Revenue Service has announced preliminary guidance for the exclusion of up to $10,200 of unemployment compensation benefits per individual for the tax year 2020. Phase out limits do apply, but for the majority of taxpayers receiving unemployment compensation benefits this exclusion will greatly reduce their tax burden. Those who have already filed their tax return should wait to file an amended return. IRS believes they will be able to adjust the returns which were filed prior to the exclusion being enacted, meaning that an amended tax return may not be necessary.

States are not bound by the $10,200 exclusion. Governor Justice (WV) has stated that West Virginia will follow the federal exclusion, but that bill has not been passed into law as of this date.
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