Hey ,

The IRS released Notice 2023-21, which pertains to the lookback period based on returns that were postponed due to the COVID-19 pandemic.

Earlier notices, specifically Notice 2020-23 and 2021-21, postponed the filing dates for returns, but they did not extend the lookback period for refunds or credits for those returns. 

However, the newly released Notice 2023-21 has now extended the lookback period for the affected returns and aligned it with the postponed filing dates.

For taxpayers with due dates postponed by Notice 2020-23, the IRS will now disregard the period from April 15, 2020, to July 15, 2020, when determining the beginning of the lookback period for considering the amount of credit or refund.

Similarly, for Notice 2021-21, the IRS will disregard the period from April 15, 2021, to May 17, 2021.

If you have any concerns or questions or need a trusted tax pro to help you file returns this season and also claim the said refunds and credits in retrospect, please do not hesitate to contact my team at +1 202-618-1297.

I would be happy to discuss your options and help you make the best decision for your business.

Thank you for considering me for your tax return filing needs. I look forward to working with you.

Hey Entrepreneur! I am Folasade Ayegbusi. I am an Enrolled Agent, Accountant, Ex-insurance Broker, Speaker, and Small Business Growth Strategist. Additionally, I am a Mother, and Entrepreneur.

I have helped entrepreneurs and small business owners save over $25 million dollars in lost revenue, tax assessments, penalties, and interests over the last 12 months. I am confident that I can assist you with all of your accounting needs.