TAXES AND COVID-19
This is where we've posted the latest CREDIBLE information, helpful links, and answers to your FAQs.
WE'RE HERE FOR YOU
It's the same story for us in 2021 as it was in 2020... We are, and have been, working hard on not only client tax returns, but other things our clients have encountered (PPP loans, Economic Impact Payments, tax payment deadlines, and more) thanks to the unprecedented situation we're still experiencing because of COVID-19.
With information changing all the time, it's taking us time to not only sort through it all, but actually do our jobs. Thanks for your patience and understanding as we navigate another tough year. We do our best to put credible information on our site to answer your questions 24/7.
Keep reading for helpful links, tips, updated COVID information, and more.
We're getting a lot of questions about where stimulus payments are, how they're arriving, and what to do if you think you accidentally threw yours away. Even though it's all in the hands of the IRS, here's what we were able to find out and some tools that may help you keep on top of your payment.
Questions about ppp?
The US Chamber of Commerce has issued a helpful guide for businesses that received the Paycheck Protection Program loan. We're getting a lot of questions from clients about what the money can be used for, forgiveness, and more.
Download the guide by clicking below to help you understand how to spend your PPP money. As ever, we encourage you to call with questions. It's easier (and cheaper!) to avoid mistakes than clean up messes.
irs RELEASES TOOLS TO HELP TAXPAYERS
GET ECONOMIC IMPACT PAYMENTS
There are a lot of layers to the Economic Impact Payments, so our best advice is for you to read the information the IRS provides on the page linked below VERY CAREFULLY! You'll find the Get My Payment tool as well as the Non-Filer tool linked below. Be sure you understand BEFORE you fill out any forms.
THE LATEST UPDATE AS OF APRIL 10
The IRS has changed the date for estimated payments AND released a new tool to help Non-Filers get their Economic Impact Payment. Things are changing fast, but here's the latest information we have.
IF COVID-19 has impacted your income, help is likely available in the form of Unemployment benefits. There are specific days and hours when residents are asked to apply as well as limitations on eligibility. Here is the latest Unemployment Benefits Worksheet.
To stay updated on Unemployment benefits, bookmark this page.
And there is more information about when and how to file below.
THE LATEST UPDATE AS OF MARCH 20
COVID-19 is impacting a great many aspects of your taxes,
including how you get your return and when your payment is due.
We are your resource for accurate and complete information.
frequently asked questions about covid-19 and taxes
What if I don’t want to wait until July 15 to file my tax return?
Where is my refund?
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.
How will I receive my returns from your office?
When do I owe taxes?
I've already paid my taxes, can I get my money back?
What's the best source of information when it comes to taxes and COVID-19?
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.
I've been laid off due to COVID-19, now what?
First, we're sorry to hear that and hope this is nothing more than a little bump in the road of life.
I still need to get you documents, how can I do that?
We have a few options:
If I don't pay my taxes by April 15, will I incur interest and penalties?
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.
I have an Installment Agreement with the IRS, do I still have to pay right now?
This information was released from the IRS on March 25, 2020:
I'm a small business owner, is there help for me?
Here's a helpful guide: Small Business Owner's Guide to the CARES Act.
When will I get my Economic Impact Payment?
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:
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.
Businesses have also been hit hard by COVID-19. The CARES Act has been passed in an effort to help business owners gap this tough time. Everything from grants and debt relief to business counselors are available. Click the button below to access and download The Small Business Owner's Guide to the CARES Act.