04/04/2020
Greetings!!!
We would like to give an update to our wonderful supporters/clients about changes being made by the IRS:
* Tax day is no longer April 15, 2020, but is now July 15, 2020. Taxpayers will have until this deadline to file and pay their taxes due with no penalty.
* Stimulus Payments are as follows:
- $1,200 for individuals
-$2,400 for Married Filing Joint
-$500 for Each Qualifying child
*Full Payment: AGI up to $75,000 for individuals
*Full Payment: AGI up to $150,000 for Married Filing Joint
*No payments: AGI greater than $99,000 for individuals
*No Payments: AGI greater than $198,000 for Married Joint
*If you have not filled a 2019 tax return, the IRS will go by your 2018 tax return, so you need to complete one ASAP if you want to receive the stimulus check this year.
*As of now, there will be another stimulus check that can be received when you file your 2020 tax return if you have not completed or will not complete a 2018 or 2019 tax return.
*This is a tax-free stimulus payment that will begin to be disbursed between April 4 through April 13 or directly deposited if you have your account number on your 2018 or 2019.
*If you did not have an account number attached and you want direct deposit, The IRS is currently working on a portal for taxpayers to enter their information to receive a direct deposit.
*If you receive social security or a pension and you did not file a return, the IRS will still be providing citizens with a stimulus check.
*Please check back for more updates as we will be posting more information about resources for Small Businesses and Self-Employed individuals in regard to the various loans available to maintain your business during this time.
*For more information please check out the following websites as well as message us for additional questions/concerns.
https://www.irs.gov/newsroom/irs-unveils-new-people-first-initiative-covid-19-effort-temporarily-adjusts-suspends-key-compliance-program
https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know
IR-2020-59, March 25, 2020 — To help people facing the challenges of COVID-19 issues, the Internal Revenue Service announced today a sweeping series of steps to assist taxpayers by providing relief on a variety of issues ranging from easing payment guidelines to postponing compliance actions.