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June, 2020

IRS Filing and Payments Delayed until July 15

The date to file and pay Income Taxes is now July 15th.  April 15 and June 15 estimated tax payments are also not due until July 15.  There is no need to file an extension or any other paperwork until July 15.  This extension of time also extends the time to make IRA contributions. 

New York estimated tax payment due on June 15 will be considered as the 1st Quarter payment and estimated tax payment due on July 15 will be considered as the 2nd Quarter payment. NYS Estimated taxes

New Jersey has delayed their 1st Quarter estimated tax payment due date to July 15, but have maintained June 15 for the 2nd Quarter estimated tax payment.

Beware of Malicious Emails

We have become aware of malicious emails being sent by scammers imitating Chase Bank and other lenders, related to Paycheck Protection Program Loans, and potentially other stimulus loans as well.

Even though you may be expecting emails from your lender, do not be fooled. DO NOT OPEN THE EMAIL nor CLICK ON ANY LINK OR ATTACHMENT IN THE EMAIL without first speaking with a known person at the lender (don’t use the phone number in the email; call only a number that you know to be legitimate) to confirm that the email is authentic by verifying the exact sender and time stamp on the email.

Economic Impact Payments

The IRS has announced details about the $1,200 payments. In general, this is for filers with income up to $75,000 (Single) or $150,000 (Married Joint).  Most people need take no action.  If you have not yet filed your 2019 return, they will use your 2018 return.  People who don't file tax returns can provide information to the IRS to ensure you get your payment. Also, you can use the IRS's "Get My Payment" Application to enter bank account information for Direct Deposit.  Some people are now receiving Debit Cards from the IRS for these payments.  If you receive one, access the link below for information.

Debit Card FAQ's

Get My Payment

IRS FAQ's Economic Impact Payments

Paycheck Protection Program

For businesses, including Sole Proprieterships (Schedule C's), an SBA loan program has being rolled out.  The amount that can be borrowed is based on salaries of employees and earnings of the owner.  Under certain cirucumstances, some or all of the loan can be forgiven.  Both the House and Senate are considering legislation that would change these programs, and particularly the rules regarding forgiveness.  We will update when we have information.

Additional information can be found at the link below:

Paycheck Protection Program

Loan Forgiveness Application and Guidance

Frequently Asked Questions (FAQ's):

SBA FAQ's for PPP

And this link is the actual application form:

PPP Application Form


At Baum & Baum Certified Public Accountants, P.C. we work tirelessly at maintaining the high standards and ethics clients should expect in a certified public accounting firm. To augment the personalized, professional service our clients have come to depend on, we now offer an online community and resource to keep up with the growing need for simplified and efficient online services.

Click here for Fast Support

Click here for Drop Box

 

Tax Refund Status:

You can check on the status of your IRS tax refund here.

You can check on the status of your NYS tax refund here.

You can check on the status of your CT tax refund here.

You can check on the status of your NJ tax refund here.


Please check our Alerts page for information on scams you should be aware of.


 

 

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ShareFile by Citrix

Through the ShareFile Login box above you can access a secure platform through which you can upload files to and download files from us. ShareFile has critical advantages:

  • Access to vital documents immediately from any location with internet access via a secure, private repository.
  • Easily upload documents of all sizes.
  • The portal is a convenient electronic storage space in which files  can be downloaded and uploaded, while maximizing the security of sensitive information
  • Can be used with both PC’s and MAC’s (running an Intel-based processor).

 Many clients like to have a “pdf” version of their tax return available in their portal; it is readily available if needed for refinancing, etc.  Others have started to use their portal to upload documents or QuickBooks files to us, rather than mailing them.

If you don’t yet have a Sharefile user account, please email  Alanna@baumtax.com to request one.  If you have any questions, please call.  Alanna is our firm expert, but we are all familiar with it.

 




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