Daphne A. Grimes, CPA

04/06/2020

Another Update:
1. If you filed a 2018 or 2019 tax return, the stimulus check will be directly deposited into the bank account that was on the return. Direct deposits of these funds should begin mid-April.
2. If you didn’t use a bank, they will send you a check to the last address on file. The RS is expecting this to take at least five weeks if not months. They are developing a web tool for people to provide their bank accounts. BE WARY OF ANY SOLICITATION TO HELP YOU WITH THIS. ONLY USE IRS.GOV
3. If you are on Social Security and get SSA-1099, that information will be used to get you your stimulus check.
4. If you weren’t otherwise required to file a return, file a simple return for 2019. Some programs may require some reported income. That could be as little as $5 interest income.
5. Once your payment is processed, the IRS plans to mail a letter with a telephone number on it within 15 days of the payment to make sure you received your funds; if not, you are to call that number.
6. If you are older than 70 ½ and are required to take minimum distribution from your retirement funds, good news, that has been suspended for 2020. (Please discuss this with the administrator of your account!)
7. If you are younger than 59 ½ and want to take money out of your retirement account, the 10% penalty if being waived for 2020. (Please discuss this with the administrator of your account!)

04/02/2020

More information.

04/02/2020

Please remember that there will be scams out there trying to Help you get loans for your business. If they ask for money up front, IT IS NOT A LEGITIMATE COMPANY. The SBA will charge fees, but they will take them out of your loan proceeds. You do not have to pay to get a loan.

04/01/2020

Some More information

04/01/2020

Below is a link to the SBA to apply for disaster assistance for your business.

The SBA provides low-interest disaster loans to help businesses and homeowners recover from declared disasters.

03/28/2020

UPDATE: If you didn’t need to file a 2018 or 2019 Tax Return and want the stimulus check it is my understanding you can file a return with zero income and this is supposed to get you in the queue for the check. Again. Please go to a reputable tax preparer. Not someone knocking at or door or calling you.

03/28/2020

UPDATE: If you have lost income due to COVID-19, go ahead and file for unemployment whether you were an employee or self-employed. I understand Texas Workforce Commission’s Website is overwhelmed but keep trying.

03/27/2020

With so many things changing lately due to COVID-19, you may have seen on the news or heard that the government will be offering assistance to people in amounts of $1200. I’m sure as many of you have families, small businesses, and bills to pay, the idea of the government writing and sending checks to you is exciting. However, there are some things you need to watch out for to make sure that you and your family are staying safe:

**No government agency will call you on the phone to distribute theses funds.
If someone calls you claiming to be a govt agency and wants to talk about this, HANG UP.

**No government agency will show up and knock on your door to distribute these funds
If someone claiming to be from a govt agency shows up at your door wanting to talk to you about this, SHUT THE DOOR.

Regarding emergency business loans:

I am in contact with the SBA (Small Business Administration) to learn how to help my business clients with these loans. I will keep you updated with any new information I find out.

09/16/2011

Do your CPA a favor! Start a tax file asap!