COVID-19 Impacts Tax Reporting

Numerous filing deadlines were extended due to Covid-19  and will impact 2020 and 2021 

Many deadlines such as the 2019 IRA contribution deadline (as well as filing date for forms 5498) were extended. RMDs were waived and a longer rollover period was provided.  

IRS clarified that generally Form 1099-C was not required for PPP loan forgivess and that although Form 1099-MISC was not required for certain SBA loan assisatnce programs, Form 1098 was required for the interest portion paid by SBA on behalf of a borrower.