A quick update regarding the COVID-19 Coronavirus:
First of all, we understand your concerns and will work with you to prepare your returns. Also, yes, we’re open and we will remain open throughout the tax filing season (now extended to July 15). And we are still making appointments for anyone who needs one. We are also still available for you to drop off your information to us for tax preparation.
If you have an appointment scheduled, we will proceed as normal. If you are not feeling up to making it out to us, you can always send us your information. Just give us a call beforehand so we know it’s coming.
[update as of 4/20/20] If you receive any emails saying you can check your stimulus payment or SBA loan status if you just “click here,” DO NOT CLICK. There are many scams going around right now trying to get your personal information, from emails to phone calls, even through the mail. Delete the emails, block the phone numbers and move on. You can find most all the information you need, including your payment status, at the IRS website, here:
[update as of 4/6/20] The IRS has provided some information regarding the stimulus payments, though there is still no word on exactly when the payments will be sent.
[update as of 4/2/20] The U.S. Department of the Treasury and the Internal Revenue Service today announced that Social Security beneficiaries who are not typically required to file tax returns will not need to file an abbreviated tax return to receive an Economic Impact Payment. Instead, payments will be automatically deposited into their bank accounts.
“Social Security recipients who are not typically required to file a tax return do not need to take an action, and will receive their payment directly to their bank account,” said Secretary Steven T. Mnuchin.
The IRS will use the information on the Form SSA-1099 and Form RRB-1099 to generate $1,200 Economic Impact Payments to Social Security recipients who did not file tax returns in 2018 or 2019. Recipients will receive these payments as a direct deposit or by paper check, just as they would normally receive their benefits.
[update as of 4/1/20] Here is what we know as of today regarding the stimulus checks for those who have not needed to file in recent years:
We are still awaiting guidance on how the IRS will support filing ‘Simple Tax Returns.’
On Monday, March 30, the IRS indicated that those who normally aren’t required to file taxes will need to file a ‘simple tax return’ in order to get a stimulus payment. At this time, the IRS has not provided instruction on how this should be done. By filing these types of returns before you have IRS guidance, you may create more challenges for those taxpayers. We strongly advise preparers against creating small refund amounts by manipulating numbers on the return in order to e-file ‘simple tax returns.’
In addition, the IRS also indicated it would provide a web-based portal in the coming weeks for taxpayers to provide direct deposit information if they didn’t provide it on either their 2018 or 2019 tax return. This portal is not yet available. Taxpayers should be on alert for phishing scams that try to take advantage of this situation.
We will provide more information on how to file taxes for those who need a simple return as soon as we receive it.
[update as of 3/25/20] Georgia has officially extended its income tax payment AND filing deadline to July 15. This extension is automatic and no further action is needed on the taxpayer’s part. The extension also applies to estimated taxes due on April 15. In addition, there is also a vehicle registration extension to May 15, 2020 for all that expire between March 16, 2020 and May 14, 2020. More information can be found at this link:
[update as of 3/20/20] According to Treasury Secretary Mnuchin, the deadline to FILE has been extended by 90 days, along with the deadline to PAY. Any income tax payments due on April 15, 2020 (including estimated taxes) will now be due on July 15, 2020. No additional interest or penalties, or late filing penalties, will accrue until this date. More information can be found at this link: https://www.irs.gov/newsroom/payment-deadline-extended-to-july-15-2020
-Heritage Accounting and Tax Services