April 7, 2020
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. Social Security recipients who are not typically required to file a tax return do not need to take an action, they should receive a payment directly to their bank account. You can find more details at:
IRS FAQ's Economic Impact Payments
Social Security Beneficiaries
Paycheck Protection Program
For businesses, including Sole Proprieterships (Schedule C's), an SBA loan program is being rolled out. The amount that can be borrowed is based on salaries of employees and earnings of the owner. Normal underwriting standards are completely relaxed. If the proceeds are used for employee compensation, some or all of the loan can be forgiven. Do not delay your application! Applications are made through SBA lenders. Your normal business bank is probably your best bet. If you have an officer at your bank, contact him/her as soon as possible. Many banks are having problems with processing, and each has its own underwriting requirements. Contact us if you need assistance or information.
Additional information can be found at the link below:
Paycheck Protection Program
Frequently Asked Questions (FAQ's): just came out 4/7 (dated 4/6):
SBA FAQ's for PPP
And this link is the actual application form:
PPP Application Form
IRS Filing and Payments Delayed 90 Days
The extension of time to file and pay Income Taxes to July 15th is official. The link below has the latest official notice (2020-18). April 15 estimated tax payments are also not due until July 15. There is no longer a limit on the amount of money that is protected by this rule. Our understanding is that this extension of time also extends the time to make IRA contributions.
State status: as we write this:
- California is delaying until July 15 most payment and filing deadlines.
- Connecticut: Individuals’ returns to follow IRS relief
- New Jersey: currently extended to June 30
- New York State has extended the deadline to July 15, 2020, the link below has the details.
IRS 90 Day payment extension
IRS Filing and Payment Deadlines FAQ
NYS Filing and Payment Deadlines
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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.
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