Article by Michael Overstreet on “Tax Filing Season Renders Anxiety For Businesses”
In an article published on May 10, 2021 in Bloomberg Tax, Chamberlain Houston-based Senior Associate Michael Overstreet discusses the problems caused by the extended tax deadline and other tax-related challenges facing businesses and their owners as they try to get back to normal following the pandemic.
“Many aspects of 2021 seem brighter than 2020—but the 2021 tax filing season isn’t one of them,” explains Overstreet. “For a lot of businesses, the 2021 tax filing season is an anxiety-rendering rat’s nest.”
Overstreet further explains that it may be unclear how the extended filing deadlines will impact businesses. “However, most U.S. businesses consist of the self-employed or the underlying owners of entities treated as flow-through entities for tax purposes,” says Overstreet.
While businesses and their advisers struggle to meet filing and payment deadlines, there are many challenges facing this year’s tax filing season, including interpreting COVID-19 relief provisions, calculating quarterly payments of estimated taxes, handling increased deal flow and report gifts.
“As the 2021 filing season continues, companies will struggle to cope with the issues described above and many other challenges from 2020 and 2021,” said Overstreet.
To view the article on Bloomberg Tax click here.