04/08/2020
A few things that have occurred since you last heard from us:
1) The Payroll Protection Program is slowly being implemented. The banks are struggling to get the applications going and small businesses are becoming very anxious. The best thing to do is to check in a couple of times a day with your banks website to see if the information has become available for filing the application. If there is anything you need from our office to assist with this, please let me know.
2) Identity Theft – IRS has warned taxpayers to watch out for emails, text messages, websites and social media attempts related to COVID-19. No one from the IRS will be reaching out to taxpayers by phone, email, mail or in persona asking for information to complete economic impact payments. Please be sure your loved ones and friends are aware of this, especially college students and elderly parents. Do not click on anything in an email that looks like it comes from the IRS or answer any phone calls that look to be from IRS. If in doubt, call us first.
3) IRS Phone assistance – is not available at the time nor are any of the face-to-face services available anywhere in the country until further notice. Paper correspondence received will be responded to only to a very limited degree.
4) IRS has unveiled its “People First Initiative” which is designed to provide immediate relief to those facing COVID-19 challenges. Things addressed in this initiative include (1) suspending installment agreement payments between 4/1/2020 and 7/15/2020 (2) stops installment agreements from going into default during this period (3) suspends certain liens and levies amongst other items. Please go to www.irs.gov and review the News Release IR 2020-59 – you can search for this on the home page of the IRS website.
5) Senior Citizens receiving social security but do not typically file tax returns do not need to do so for 2019 to receive the economic stimulus. For social security recipients who didn’t file returns in 2018 or 2019, the IRS will use information from Form SSA-1099 and RRB-1099 to generate stimulus payments that will be sent to these folks via direct deposit in the same manner their social security is received.
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