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COVID-19 TAX UPDATES

COVID-19 Tax  Updates:

New Bill introduced: to give Americans $2,000 per month

New Bill introduced: to give Americans $2,000 per month

WASHINGTON. Two House Democrats have introduced legislation to give millions of Americans $2,000 per month during the coronavirus pandemic.

Every American age 16 and older making less than $130,000 annually would receive at least $2,000 per month. Married couples earning less than $260,000 would receive $4,000 per month. Families with children would get $500 per child per month for up to three children. Those who are unemployed would be eligible. The money would not be counted as income. That would allow people on income-based government assistance programs to remain on those. Read more...

Stimulus Check if You Don't File Tax Returns

Stimulus Check if You Don't File Your 2019 Tax Return

Newsweek, 04/18/2020

Stimulus Check if You Don't File

In order to get a refund, the federal agency released a website that allows those who have not filed a return or have not provided banking information to the IRS to enter information in order to receive their check

Individuals who need to utilize the website can access it by visiting the IRS website, and clicking a link on that page for 'non-filers.' From there, users will be sent to a Free Fillable Forms website. To use this website, users must a U.S. citizen or permanent resident with a gross income below $12,000 ($24,000 for married couples) and were not required to file a federal income tax return.

On the Free Fillable Forms site, users will be prompted to enter personal and financial information. The first step is to make an account using an email address, and a phone number. It will also require the user to create a username and password.

How to track the status of your stimulus check

What is the Status of your stimulus check?

Status of your stimulus check

The IRS is committed to helping you get your Economic Impact Payment as soon as possible. The payments, also referred to by some as stimulus payments, are automatic for most taxpayers. No further action is needed by taxpayers who filed tax returns in 2018 and 2019 and most seniors and retirees.

2018 Filers: If you need to change your account information or mailing address, file your 2019 taxes electronically as soon as possible. That is the only way to let us know your new information.

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SBA Disaster Assistance in Response to the Coronavirus

SBA stop accepting applications for EIDL and PPP...

SBA stop accepting applications for EIDL and PPP...

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application. This loan advance will not have to be repaid.

This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19.

Who Gets a Federal COVID-19 Stimulus Check?

Who Gets a Federal COVID-19 Stimulus Check?

Who Gets a Federal COVID-19 Stimulus Check?

Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible. Social Security recipients and railroad retirees who are otherwise not required to file a tax return are also eligible and will not be required to file a return.

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IRS extend filing deadline and federal tax payments

Tax deadline and federal tax payments extended

Washington D.C.    03/21/2020

Tax deadline and federal tax payments extended

The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.

Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.

Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief. Individual taxpayers who need additional time to file beyond the July 15 deadline, can request a filing extension.