Question 1

I still need to get you documents, how can I do that?"

Accepted Answer

We have a few options: 1. Deliver them to our office and put them in the mail slot. It's right next to our front door. If your packet won't fit and it's during regular business hours, ring the door bell and we'll get your paperwork from you.   2. You can upload your documents to our client portal, SmartVault. If you are not already signed up, you will need to email Amy at aashman@cowestcpa.com to get started. You can also visit our CLIENT PORTAL page which has a video with more details and instructions.   3. Email us your documents. These need to be password-protected, but you'll need to give us a hint as to what the password is. The standard is using the last four digits of a Social Security number - just be sure to tell us whose SSN you're using. If you need instructions on how to apply a password to your documents, check out this helpful article.

Question 2

What if I don’t want to wait until July 15 to file my tax return?

Accepted Answer

If we believe you'll receive a refund, we have moved your return to the front of the line. That being said, it's still a long line and we are working as fast as we can. Thank you for your patience. We, too, are being expected to make drastic changes to our office for the safety of our staff and having to change everything about our work flow is hugely disrupting the actual process of getting work done. We know you rely on us, we are relying on your patience.   If you are expected to owe tax this year, you have until July 15 to both file and pay. We will get to your return as soon as we can. We won't actually be ‘extending’ anyone due to the later filing/payment deadline.   One way to get your return more quickly is that if we call/email you with questions, please get back to us as soon as you can so we can move forward with preparing your return.

Question 3

Where is my refund?

Accepted Answer

Once your e-file authorization form has been returned to our office, we officially file your return with the IRS. That usually happens within 24 hours. You can visit https://www.irs.gov/refunds to check the status of your refund.   HINT: A direct deposit is a much faster way to get your money. Let us know your bank account info so we can set that up for you.

Question 4

How will I receive my returns from your office?

Accepted Answer

For the time being, we are mailing returns (and your tax documents) back to clients. We’ll notify you via phone or email that it’s on its way. We’re including a cover sheet with specific directions as well as a checklist so you can find the important paperwork you need to get back to us. We’ve also created a video you can watch while you unpack your return so you’re sure not to miss anything. If you expect to owe this year, you can skip ahead to the 6:24 mark if you want to - but there's good information throughout.

Question 5

When do I owe taxes?

Accepted Answer

The IRS has extended the filing and payment deadline to July 15 (as of March 24.) That means the IRS isn't expecting your check until then, so hang on to your money if you want to.   When it comes to potential to the dates, we'll be updating you on Facebook, in your inbox, and right here on this page.

Question 6

I've already paid my taxes, can I get my money back?"

Accepted Answer

Sadly, no. The IRS is not going to issue you a refund. However, there are resources available if you're in a financial bind.   First, go to https://www.benefits.gov/ for help filing for unemployment, etc.   There are also COVID-19 Economic Impact Payments available to most taxpayers. First, the payments will be based on 2018 numbers, not 2019, so don't panic if you haven't filed your 2019 tax return. Second, visit this site for more information about the payments, who is eligible, and how to get yours if you're eligible.

Question 7

What's the best source of information when it comes to taxes and COVID-19?

Accepted Answer

Right here. We are not going to repost the latest headlines (which may be wrong) or leap to conclusions. As you know, we are methodical and logical, and both are important in this time of over-information. Stay tuned to our Facebook page, this site, and your inbox. When we know what's really going on, we will communicate it with you. (That doesn't mean it won't change the next day, of course.) Our best advice, don't believe everything you read about how COVID-19 is impacting this tax season unless it came from us.

Question 8

I've been laid off due to COVID-19, now what?"

Accepted Answer

First, we're sorry to hear that and hope this is nothing more than a little bump in the road of life.   You can go to the website below and be sure to say you "are part of a job attached lay-off due to COVID 19" as you go through the process. https://www.colorado.gov/pacific/cdle/eligibility   And here is a helpful document about what benefits you may or may not be eligible for.

Question 9

If I don't pay my taxes by April 15, will I incur interest and penalties?"

Accepted Answer

Nope. Since the IRS has officially extended the deadline to both file AND pay, there will be no interest or penalty if you don't pay by April 15. This year, thanks to COVID, April 15 is no longer a date you need to worry about. The new deadline was officially changed (on 3/20/2020) to July 15, 2020.

Question 10

I have an Installment Agreement with the IRS, do I still have to pay right now?"

Accepted Answer

This information was released from the IRS on March 25, 2020: Existing Installment Agreements - For taxpayers under an existing Installment Agreement, payments due between April 1 and July 15, 2020 are suspended. Taxpayers who are currently unable to comply with the terms of an Installment Payment Agreement, including a Direct Debit Installment Agreement, may suspend payments during this period if they prefer. Furthermore, the IRS will not default any Installment Agreements during this period. By law, interest will continue to accrue on any unpaid balances.

Question 11

I'm a small business owner, is there help for me?"

Accepted Answer

Here's a helpful guide: Small Business Owner's Guide to the CARES Act.

Question 12

When will I get my Economic Impact Payment?

Accepted Answer

All we can do to help with this question is share the information we've been given. We don't cut the checks, we don't really know anything about the checks... except what's below, which we received on April 23, 2020:   Latest estimated timing from the IRS on economic impact checks is as follows: The IRS will make about 60 million payments to Americans through DIRECT DEPOSIT in mid-April (likely, the week of Apri 13th). The IRS has direct deposit information for these individuals from their 2018 OR 2019 tax returns. About 3 weeks after those deposits are made (the week of May 4th) the IRS will begin issuing paper checks to individuals. The paper checks will be issued at a rate of about 5 million per week, which could take up to 20 weeks to get all the checks out. The checks will be issued in reverse 'adjusted gross income' order - starting with people with the lowest income first.

contact certified public accountant grand junction co mark ashman cpa

Mark K. Ashman, CPA, PC Accounting Firm
1112 BELFORD AVENUE GRAND JUNCTION, CO 81501

www.MarkAshmanCPA.com

Tel 970.245.5435

To us, you're a person, not a tax return.

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