Update on Economic Impact Payments
The distribution of economic impact payments will begin in the next two to three weeks and will be distributed automatically, with no action required for most people. The checks will be issued in reverse order of adjusted gross income, meaning that people with the lowest income will get payments first.
Social Security Beneficiaries:
Social Security beneficiaries who are not typically required to file tax returns will not need to file to receive a payment. Instead, payments will be automatically deposited into their bank accounts.
What if the IRS doesn’t have your direct deposit information?
The IRS expects to create an online portal in late April or early May that will allow taxpayers to find out the status of their stimulus payment and update direct deposit information.
What if you haven’t filed a tax return in 2018 or 2019?
The short answer is that even if you haven’t filed a tax return for either 2018 or 2019, you can still get a stimulus check. However, it may require a bit of effort on your part:
- If you are not typically required to file a tax return (say, your income is below the threshold that requires you to do so), you’ll need to fill out a simple 2019 tax return to qualify. The form isn’t available yet, but it’s mainly intended to gather information that would determine and facilitate your stimulus payment (filing status, number of dependents, and bank information).
- If you are required to file a tax return and have simply not done so, the IRS encourages you to file as soon as possible so you can get a stimulus payment. And the IRS makes clear that the payments will be available to claim throughout 2020.
IMPORTANT NEWS REGARDING THE 2019 TAX FILING DEADLINE EXTENSION AND OUR BUSINESS OPERATION DURING THE COVID-19 SITUATION
FILING EXTENSION: The IRS has extended the deadline to file 2019 tax returns to July 15, 2020. All taxpayers will have this additional time to file and make payments without interest or penalties, but filing now is encouraged if you want your refunds sooner. The State of Idaho’s deadline is June 15, 2020.
RE: COVID-19 AND OUR BUSINESS OPERATION
At TAX40 Corp the health and safety of our office staff and clients is our top priority. With the COVID-19 virus having an increasing impact in our community, we want to let you know how our business is addressing this situation.
Currently, our office is still open for appointments. Here are the proactive steps we have put in place:
- You are encouraged to use our Secure Portal to send us files and exchange documents online. Request to receive an email link from us to set up your secure, password protected folder.
- We are currently open for appointments at our office, however we are prepared to take our teamwork virtual. Please call us at 208-202-2905 if you want to schedule a phone appointment in lieu of a face-to-face visit.
- To accommodate any concerns our clients and staff may have, we have taken the following additional steps:
- We have increased the cleaning and sanitation of our offices.
- We have added additional alcohol-based sanitizer around our office.
- We have informed our staff that if anyone is feeling ill (fever or cough), they need to stay home.
If you are experiencing flu-like symptoms and have a scheduled appointment, please let us know so that we can discuss options with you to ensure our collective well-being.
During this difficult time, we are committed to serving our clients and staff with care and consideration. We will continue to monitor the situation and take precautionary measures to promote the health and safety of all.
Thank you for being a valued client and for your continued trust as we manage through this time together. If you have any questions or need further assistance, please call us at 208-202-2905 or email us at firstname.lastname@example.org.
Welcome to Tax40 Corporation!
Our goal is to provide clients and potential clients with information concerning our firm and our unique, low-pressure approach to personal and professional services. We have an excellent client-retention rate, and we are extremely proud of the high-quality services that our firm provides.
To learn more about Tax40 Corp, please check out our video below. Our CEO Randy Rhuman, provides insightful information on how he began his journey to becoming a CPA, how Tax40 Corp was founded, and how we at Tax40 Corp can help you manage your Tax, Bookkeeping, and/or Payroll needs.