As part of its COVID-19 (coronavirus) tax relief program, the IRS will begin mailing Economic Impact Payments to many US taxpayers by the end of April. If you filed a 2018 or 2019 tax return, your payment will be sent automatically – no action is required on your part.
Senior citizens, recipients of social security disability benefits, and railroad retirees who are not required to file tax returns will also receive their payments automatically. The IRS will use the information on the Form SSA-1099 or Form RRB-1099 to generate Economic Impact Payments to those recipients who are not required to file a tax return and did not file a return for 2018 or 2019.
Individuals with an adjusted gross income (AGI) of up to $75,000 will receive payments of $1,200, while joint filers with a combined AGI of up to $150,000 will receive $2,400. Many taxpayers will also receive a payment of $500 for each qualifying dependent child. Payment amounts decrease for taxpayers with higher incomes; taxpayers without children who have AGIs above $99,000 ($198,000 for joint filers) are not eligible to receive Economic Impact Payments.
If you included bank account information for direct deposit on your most recent tax return, you will receive your payment by direct deposit. Otherwise, a check will be mailed to the address shown on your 2019 return, or your 2018 return if you have not yet filed for tax year 2019. The US Treasury also plans to open an online portal to allow taxpayers who have not previously provided direct deposit information to the IRS to do so if they wish.
If you are required to file tax returns and have not yet filed for 2018 or 2019, you must file at least one of these returns in order to receive your payment. If you are concerned about exposure to COVID-19, these Economic Impact Payments will be available throughout the rest of 2020. A tax advisor may also be able to provide remote assistance so you can file your return from home.
How can I help you?
If you are a small business that is looking for help to navigate the process to get funding I can help you with the best route to pursue to take advantage of the relief programs. I am not a lender agent working with a bank. I provide fixed fee consulting to:
• Explain each product & advise you on what products are most advantageous for you
• Help you calculate an estimate of the loan amount for which you’d qualify and how much could be forgiven
• Tell you what amount to include in payroll for a Schedule C filer versus a Partnership versus a Corporation
• Assist you in gathering the information necessary for completing the loan application(s)
• Determine if your business needs a combination of the relief programs and loans offered
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My practice is in Severn, MD.
I specialize in the following services for both businesses and individuals:
Tax Preparation & Tax Planning
Accounting & Bookkeeping Services:
Outsourced Accounting and Bookkeeping
QuickBooks Set up and Support Services
We have special expertise in serving the following industries:
Contact me for any help needed at:
Lisa D Church, CPA, EA, NTPI Fellow, MBA
7865 Clark Station Rd
Severn, MD 21144
email:lisa@waterfronttax.com
website: https://waterfronttax.com
877-727-6577 to talk to office support 24/7 to schedule appointments
Or Schedule a free consultation at: https://waterfronttax.setmore.com/
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