The PPP program has been changed AGAIN. The 8 week spend period has been expanded to 24 weeks. We will review the changes and keep you updated...
CALT.IASTATE.EDU
Congress Revises Paycheck Protection Program to Assist Borrowers
Some of our Iowa clients have already received their cards.
FORBES.COM
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Why we Electronically File all eligible returns....
CNN.COM
The IRS is holding mail in trailers amid the pandemic
Economic Impact Payment Q&A
Q.) How large will the payments be?
A.) Most adults will get $1,200. For each qualifying child 16 or under, the payment will be an additional $500.
Q.) Do college students get anything?
A.) Not if anyone claims them as a dependent on a tax return. You can’t get a payment if someone claims you as a dependent, even if you’re an adult.
Q.) Will most people who are receiving Social Security payments each month also get a stimulus payment?
A.) Yes.
Q.) How do I know if I will get the full amount?
A.) It depends on your income. Single adults earning $75,000 or less will get the full amount. Married couples with no children earning $150,000 or less will receive a total of $2,400. Taxpayers filing as head of household will get the full payment if they earned $112,500 or less.
Q.) What if I earned more?
A.) Above those income figures, the payment decreases until it stops altogether for single people earning $99,000 or married people who have no children and earn $198,000. A couple with two children will see no payments if their income surpassed $218,000.
Q.) What year’s income should I be looking at?
A.) 2019. If you haven’t prepared a tax return yet, you can use your 2018 return.
Q.) What if my recent income made me ineligible, but I anticipate being eligible because of a loss of income in 2020?
A.) The plan does not help people in that circumstance now, but you may benefit once you file your 2020 taxes. That’s because the payment is technically an advance on a tax credit that is available for the entire year.
Q.) When will the payment arrive?
A.) Treasury Secretary Mnuchin has said he expected most people to get their payments by April 17. The I.R.S. has not said when those receiving paper checks would get them.
Q.) What if my direct deposit information has changed or I want to add it for the first time?
A.) On March 30, the I.R.S. said on its website that it would build a portal where people can update their information “in the coming weeks.”
Q.) If my payment doesn’t come soon, how can I be sure that it wasn’t misdirected?
A.) You will get a paper notice in the mail no later than a few weeks after your payment has been disbursed. That notice will contain information about where the payment ended up and in what form it was made. If you couldn’t locate the payment at that point, it would be time to contact the I.R.S. using the information on the notice.
Q.) Do I have to pay income taxes on the amount of my payment?
A.) No.
Q.) If my income tax refunds are currently being garnished because of a student loan default, will this payment be garnished as well?
A.) No. In fact, the bill temporarily suspends nearly all efforts to garnish tax refunds to repay debts, including those to the I.R.S. itself. But this waiver may not apply to people who are behind on child support.
Q.) I need to file a tax return. How long are the economic impact payments available?
A.) For those concerned about visiting us in person to get help with a tax return, these economic impact payments will be available throughout the rest of 2020.
We regret any inconvenience, but the health and safety of our team and clients is our top priority.
It’s Official: IRS Delays Tax Filing Deadline To July 15.
Treasury Secretary Steven Mnuchin tweeted on Friday that the IRS will move the income tax filing deadline from April 15, 2020, to July 15, 2020.
Mnuchin says the move—the latest in a series of extraordinary policy interventions aimed at blunting the economic impact of the coronavirus outbreak—was directed by President Trump.
“At @realDonaldTrump’s direction, we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties,” he tweeted. He followed the announcement by encouraging taxpayers who may be entitled to refunds to file as soon as possible: “I encourage all taxpayers who may have tax refunds to file now to get your money,” he wrote.
Did you receive Unemployment Benefits this year? If so, your tax situation may have changed. Contact us with questions.
Here we go again...
CONNECT.NSACCT.ORG
Treasury, IRS to Begin Sending Second Round of Economic Impact Payments
National Society of Accountants (NSA)
23 hrs ·
Treasury and the IRS are set to begin sending a second round of Economic Impact Payments (EIPs) as established under the recently enacted Consolidated Appropriations Act, 2021. President Trump signed the fiscal year 2021 appropriations and economic relief measure into law, which includes the Coronavirus Response and Relief Supplemental Appropriations Act of 2021, on December 27.
National Society of Accountants (NSA)
23 hrs ·
Treasury and the IRS are set to begin sending a second round of Economic Impact Payments (EIPs) as established under the recently enacted Consolidated Appropriations Act, 2021. President Trump signed the fiscal year 2021 appropriations and economic relief measure into law, which includes the Coronavirus Response and Relief Supplemental Appropriations Act of 2021, on December 27.
Individual tax returns and payments will now be due May 17th, 2021.
IRS.GOV
Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline | Internal Revenue Service
