More from Smart Tax Planning: This tax pitfall could affect millions due to Covid State tax departments set their sights on pro athletes People fled from these high-tax states in 2020 The tax implications of the CARES Act, the Consolidated Appropriations Act signed by former President Trump in late December and President Biden's as-yet-undefined $1.9 trillion relief package proposal are staggeringly complex. The complexities this year stem from the relief efforts undertaken by Congress to help individuals and businesses affected by the pandemic. (The filing deadline for partnerships and S corps, is March 15.) Taxpayers can file for a six-month extension up to the filing deadline date. Potential penalties and interest on taxes owed will begin accruing as of and April 15 for calendar year C-corp taxpayers and individuals.
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