Latest Updates on the COVID Crisis

April 11, 2020 Posted by: Category: Blog, COVID-19 No comments
As of 4/9/20, the IRS has already begun depositing stimulus money for those with direct deposit/direct debit information on file with the IRS (based on your 2019 or 2018 tax return), so don’t be alarmed if you see a deposit amount from the IRS that doesn’t match your 2019 tax refund!
 
We will post a link to track your stimulus payment once the IRS makes it available.

NON FILER PORTAL CREATED BY THE IRS

For non-filers who want to give the IRS Bank information to get their stimulus check faster, you can now go here:  https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here

NOTE:  there are many scammers out there trying to get your bank information and or redirect your stimulus check.
Never accept phone calls, emails or texts that ask for your information to “help” you get your money.

Massachusetts’ unemployment system is not ready to provide unemployment benefits to self-employed until April 30, 2020.
No guidance was provided whether you should file now or wait.  Since it is an online system, I suspect you cannot file yet.
Check the MA DUA website for more information: https://www.mass.gov/lists/unemployment-and-covid-19

I suspect many other states are also not ready for this change. Please check your state’s unemployment website.

 

IRS Notice 2020-23 has sweeping extensions of items

  • IRS now allows 2020 First Quarter Estimates to be paid 7/15/2020.  Unfortunately, that means 2 Estimates due on the same day!
  • 1031 Exchanges have been given relief?   The language below seems to indicate that if you have an expiring 1031 exchange deadline as to identifying a property in 45 days or closing the sale in 180 days that this language covers you if the deadline would have happened on or after April 1, 2020.
  • 2016 returns extended.  Yes, 2016!  If you have an unfiled 2016 return and are due a refund, you have until 7/15/2020 to file and still get your refund back.

The language in IRS notice 2020-23 is as follows:

C. Relief With Respect to Specified Time-Sensitive Actions Affected Taxpayers also have until July 15, 2020, to perform all Specified TimeSensitive Actions, that are due to be performed on or after April 1, 2020, and before July 15, 2020. This relief includes the time for filing all petitions with the Tax Court, or for review of a decision rendered by the Tax Court, filing a claim for credit or refund of any tax, and bringing suit upon a claim for credit or refund of any tax. This notice does not provide relief for the time period for filing a petition with the Tax Court, or for filing a claim or bringing a suit for credit or refund if that period expired before April 1, 2020.

 

Keep checking our Facebook and COVID-19 Updates pages for the latest information regarding Coronavirus/Covid-19 legislation.

About 

Paul Dion - Speaker, Author, and Tax Advisor - has been planning and preparing returns for business owners for over 25 years with a specialty in helping real estate agents and investors. His passion is to help business owners legally pay the least amount of tax using court-tested and IRS-approved tax strategies. In addition, he continues to advance service offerings to include income saving strategies designed to deliver higher profits to your business.

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