Issue Number: IR-2020-92
Act by Wednesday May 13, 2020 for chance to get quicker Economic Impact Payment; timeline for payments continues to accelerate
WASHINGTON – With a variety of steps underway to speed Economic Impact Payments, the Treasury Department and the Internal Revenue Service urged people to use Get My Payment by noon Wednesday, May 13, for a chance to get a quicker delivery.
The IRS, working in partnership with Treasury Department and the Bureau of Fiscal Services (BFS), continues to accelerate work to get Economic Impact Payments to even more people as soon as possible. Approximately 130 million individuals have already received payments worth more than $200 billion in the program’s first four weeks.
Starting later this month, the number of paper checks being delivered to taxpayers will sharply increase. For many taxpayers, the last chance to obtain a direct deposit of their Economic Impact Payment rather than receive a paper check is coming soon. People should visit Get My Payment on IRS.gov by noon Wednesday, May 13, to check on their payment status and, when available, provide their direct deposit information.
“We’re working hard to get more payments quickly to taxpayers,” said IRS Commissioner Chuck Rettig. “We want people to visit Get My Payment before the noon Wednesday deadline so they can provide their direct deposit information. Time is running out for a chance to get these payments several weeks earlier through direct deposit.”
After noon Wednesday, the IRS will begin preparing millions of files to send to BFS for paper checks that will begin arriving through late May and into June. Taxpayers who use Get My Payment before that cut-off can still take advantage of entering direct deposit information.
How Get My Payment works
The Get My Payment tool provides eligible taxpayers with a projected Economic Impact Payment deposit date. The information is updated once daily, usually overnight. There is no need to check more than once a day. Taxpayers who did not choose direct deposit on their last tax return can use this tool to input bank account information to receive their payment by direct deposit, expediting receipt.
Non-Filers portal remains available
For those not required to file a federal tax return, the Non-Filers: Enter Payment Info Here tool helps them submit basic information to receive an Economic Impact Payment quickly to their bank account. Developed in partnership between the IRS and the Free File Alliance, this tool provides a free and easy option for those who don’t receive Social Security retirement, survivor or disability benefits (SSDI), Railroad Retirement benefits, Supplemental Security Income (SSI) and VA Compensation and Pension (C&P) benefits. The Non-filers tool is also available in Spanish.
Eligible taxpayers who filed tax returns for 2019 or 2018 will receive the payments automatically. Automatic payments will also be sent to those receiving Social Security retirement, disability benefits, Railroad Retirement benefits, Veterans Affairs benefits or Supplemental Security Income soon.
Watch out for scams related to Economic Impact Payments
The IRS urges taxpayers to be on the lookout for scams related to the Economic Impact Payments. To use the new app or get information, taxpayers should visit IRS.gov. People should watch out for scams using email, phone calls or texts related to the payments. Be careful and cautious: The IRS will not send unsolicited electronic communications asking people to open attachments, visit a website or share personal or financial information.
Small Business Guide and Checklist
Updated: April 1, 2020
Cash Payments and Unemployment Assistance
2020 Recovery Payment: All U.S. residents with adjusted gross income up to $75,000 ($150,000 joint filers) are eligible for a $1,200 ($2,400) payment, as well as an additional $500 per
child (under age 17).
PAYCHECK PROTECTION PROGRAM (PPP) INFORMATION SHEET:
The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone.
The loan amounts will be forgiven as long as:
The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and
Employee and compensation levels are maintained.
Coronavirus (COVID-19): Small Business Guidance & Loan Resources
Health and government officials are working together to maintain the safety, security, and health of the American people. Small businesses are encouraged to do their part to keep their employees, customers, and themselves healthy.
Economic Injury Disaster Loan Program
Small business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19). https://disasterloan.sba.gov/ela/
Find more information on the SBA’s Economic Injury Disaster Loans at: SBA.gov/Disaster.
The SBA will work directly with state Governors to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19). The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
IRS postpones 2019 IRA contributions to July 15, 2020
Individual Retirement Accounts (IRAs) and workplace-based retirement plans
Q17. Does this relief provide me more time to contribute money to my IRA for 2019?
A17. Yes. Contributions can be made to your IRA, for a particular year, at any time during the year or by the due date for filing your return for that year. Because the due date for filing Federal income tax returns has been postponed to July 15, the deadline for making contributions to your IRA for 2019 is also extended to July 15, 2020. For more details on IRA contributions, see Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs).
Due to the state mandated stay at home and the IRS and FTB changing the filing deadlines to July 15, 2020, Mission Oaks Tax and Accounting will have new hours Monday thorough Friday 10AM to 1PM for drop off and pick up ONLY. Please call (805) 482-1715 to confirm that someone is at the office before you show up. This is effective as of 03/21/2020 until the mandated stay at home orders are lifted. Thank you for your understanding.
IMPORTANT ANNOUNCEMENT: CORONAVIRUS
Mission Oaks Tax & Accounting is committed to caring for the health and well-being of our clients and staff and endavour to assist in a constructive role in supporting local health authorities and government leaders. Please visit our website to check for updates about the latest decisions being made by the firm and the actions being taken in preparation for COVID-19.
03/20/2020 - In lieu of the COVID-10 Emergency:
Our office will be open for drop-off and pick-up of your tax documents only - All in person appointments will need to be rescheduled. Alternatively, if you are already a client, you can upload your documents via our SmartVault portal here:
If you do not have access to SmartVault, please call our office at (805) 482-1715 and we will help you get access to SmartVault.
The State of California has extended filing dates and payment dates to July 15th 2020 for more information click here: https://www.ftb.ca.gov/about-ftb/newsroom/news-releases/2020-3-state-postpones-tax-deadlines-until-july-15-due-to-the-covid-19-pandemic.html
March 18, 2020
The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for tax returns remains April 15, 2020.
Protect your self: Reference Issue Number: IR-2020-56
Tax Time Guide: Guard personal, financial and tax information year-round
WASHINGTON — The Internal Revenue Service today reminded taxpayers to remain vigilant with their personal information by securing computers and mobile phones. Proper cybersecurity protection and scam recognition can reduce the threat of identity theft inside and outside the tax system.
This news release is part of a series called the Tax Time Guide, a resource to help taxpayers file an accurate tax return. Additional help is available in Publication 17, Your Federal Income Tax.
The IRS doesn’t initiate contact with taxpayers by email, text messages or social media channels to request personal or financial information. People should be alert to scammers posing as the IRS to steal personal information. There are ways to know if it’s really the IRS calling or knocking on someone’s door.
The IRS also works with the Security Summit, a partnership with state tax agencies and the private-sector tax industry, to help protect taxpayer information and defend against identity theft. Taxpayers and tax professionals can take steps to help in this effort.
Below are a few tips to help minimize exposure to fraud and identity theft:
- Protect personal information. Treat personal information like cash – don’t hand it out to just anyone. Social Security numbers, credit card numbers, bank and even utility account numbers can be used to help steal a person’s money or open new accounts.
- Avoid phishing scams. The easiest way for criminals to steal sensitive data is simply to ask for it. IRS urges people to learn to recognize phishing emails, calls or texts that pose as familiar organizations such as banks, credit card companies or even the IRS. Keep sensitive data safe and:
- Be aware that an unsolicited email with a request to download an attachment or click on a URL could appear to come from someone that you know like a friend, work colleague or tax professional if their email has been spoofed or compromised.
- Don’t assume internet advertisements, pop-up ads or emails are from reputable companies. If an ad or offer looks too good to be true, take a moment to check out the company behind it.
- Never download “security” software from a pop-up ad. A pervasive ploy is a pop-up ad that indicates it has detected a virus on the computer. Don’t fall for it. The download most likely will install some type of malware. Reputable security software companies do not advertise in this manner.
- Safeguard personal data. Provide a Social Security number, for example, only when necessary. Only offer personal information or conduct financial transactions on sites that have been verified as reputable, encrypted websites.
- Use strong passwords. The longer the password, the tougher it is to crack. Use at least 10 characters; 12 is ideal for most home users. Mix letters, numbers and special characters. Try to be unpredictable – don’t use names, birthdates or common words. Don’t use the same password for many accounts and avoid sharing them. Keep passwords in a secure place or use password management software.
Set password and encryption protections for wireless networks. If a home or business Wi-Fi is unsecured, it allows any computer within range to access the wireless network and potentially steal information from connected devices. Whenever it is an option for a password-protected account, users also should opt for a multi-factor authentication process.
- Use security software. An anti-virus program should provide protection from viruses, Trojans, spyware and adware. The IRS urges people, especially tax professionals, to use an anti-virus program and always keep it up to date.
Set security software to update automatically so it can be updated as threats emerge. Educate children and those with less online experience about the threats of opening suspicious web pages, emails or documents.
- Back up files. No system is completely secure. Copy important files, including federal and state tax returns, onto removable discs or back-up drives and cloud storage. Store discs, drives and any paper copies in secure, locked locations.
- ID Theft Central. New on IRS.gov. Designed to improve online access to information on identity theft. Serves taxpayers, tax professionals and businesses.
Taxpayers can find answers to questions, forms and instructions and easy-to-use tools online at IRS.gov. They can use these resources to get help when it’s needed at home, at work or on the go.
Listen to what some of our clients have say about us:
“I'm so happy I found a great CPA! There is a specific stress reserved only for tax season…John and his staff at Mission Oaks Tax and Accounting help totally relieve that stress. John also helped counsel me on my small business and the best way to structure it. I actually found this place by looking up the best reviewed CPA in Camarillo on Yelp. This place certainly lived up to their reputation.”
~ Ryan F. on Yelp!
"Excellent accountants. John and staff are heaven sent. After being to four accountants to assist with a non-profit, John figured out the issue within 30 minutes and resolved my issue with the CA FTB. The entire team is highly professional. organized and even better, John explains everything clearly. HIGHLY recommend!" ~ Christine Owens
"Thank you for "handling" my taxes with diligence, focus to detail and customer care. I know it's your job, but I do appreciate you." ~ Cheryl Nigro
Cloud based Bookkeeping, Tax Preparation, Tax Planning & Consulting, Tax Resolution and Trust and Estate Tax Issues
We are a team of accounting professionals that understand the challenges of running a business.
We work with estate planning attorneys and probate attorneys dealing with accounting/tax issues pertaining to estate planning / and probate accounting issues.
Starting with your bookkeeping, we help you transition and manage your accounts harnessing the power of the cloud-based bookkeeping so that you can access your numbers from any place on any device.
We provide accounting services for doctor's offices.
We listen to you and then develop an effective tax strategy and help you implement it.
Trouble with the Internal Revenue Service IRS? Or are you being audited by the Franchise Tax Board (TB)? How about Payroll penalties caused due to improper withholding? Our tax experts are waiting to help you...click on this link to learn more about how we can help you with your Tax Resolution issue with the IRS and FTB
Are you experiencing problems with payment of sales tax in multiple states? if you are then we can help you. click on this link to learn more about how we can help you with your sales tax issues in multiples states.
Here is what yet another client has to say about us:
"John did a great job last year and answered all my questions in a timely manner. I am going to use him again this year. It is good to know that you have someone that can get the job done right especially when dealing with your taxes." ~ Tim M. on Yelp!
When life gives you a bowl of sour lemons (tax liability, tax liens, tax levies, wage garnishments, etc.) Mission Oaks Tax & Accounting, Inc. makes the best lemonade! When the IRS or Franchise Tax Board comes calling, we are there to represent you in Tax Court. When you owe payroll penalties, we can assist you negotiate them.
IRS & FTB Problem-Solving
Tax liabilities lead to tax liens if ignored. Tax liabilities could also unfortunately lead to tax levies. Should your tax account fall into a collection status, the assistance of a seasoned tax professional is an option worth exploring. Find out how we can help you if you are experiencing tax hardship. Don’t spend endless nights tossing and turning worrying about how to solve your bookkeeping and tax resolution problems. Call us today at (805) 482-1715 or email us at email@example.com to find out how we can help you because, you will be glad you did.
ACCURATE BOOKS: It all starts with an accurate set of books: An accurate set of books is the best defense in an audit. We can help you get control of your bookkeeping challenges. Our Certified bookkeeping experts in QuickBooks, Xero and HubDoc are just a call away. They are waiting to help you.
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