COVID19

STIMULUS CHECK ALERT:

NON-FILER PORTAL – OPEN
DIRECT DEPOSIT / STATUS PORTAL – OPEN IN Mid-April

Info on:
Meetings / Stimulus Checks / Small Business Relief

TAX RETURN PREP MEETINGS

We are classified as an essential business and plan to remain open
during regular business hours:

Mon-Thurs 9:00-5:00
Fri 9:00-3:00
most Saturdays (hours vary)

PLEASE NOTE: the Deadline to file and pay taxes due is now July 15.
We are continuing to schedule appointments throughout the extended tax season.
However, considering the concerns associated with COVID-19, we are urging clients to take advantage of the following “virtual” options:

Get us your documents:
* drop off / mail
7855 S Emerson Ave
Suite U
Indianapolis, IN  46227
(there is a drop box outside the door)
* Secure Upload
* Fax:  317-912-1511
and pick up your return when it is complete.
We can also manage the entire process online using our portal.
If you feel as though you need to speak to your tax preparer
about items in your return or questions you may have,
you may schedule a phone appointment rather than an in-person
meeting.

Tax Season Info including scheduling calendar

We are following the guidance of the Centers for Disease Control (CDC) and have:
Increased the cleaning and sanitation of our offices
Added additional alcohol-based sanitizer
Informed our staff – if anyone is feeling ill, they need to stay home.



STIMULUS CHECKS / ECONOMIC IMPACT PAYMENTS

IRS Newsroom – Info on Economic Impact Payments / Stimulus Checks

Who and How Much

US Residents with valid Social Security #s who are not claimed as dependents on another return:
$1,200 for individual – AGI under $75,000
$1,200 head of household – AGI under $112,500
$2,400 for married filing jointly – AGI under $150,000
additional $500 per qualifying child
Some higher income taxpayers will receive a reduced payment.

When

The IRS will start sending payments to most Americans in April.

Payment

In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.

Action Needed

No additional action is needed by taxpayers who filed a tax return for 2019 or 2018.
If you have not filed 2018 or 2019, see info below.
Some individuals who aren’t required to file a tax return are still eligible for the Economic Impact Payments. Check the IRS.gov tool:  Do I Need to File a Tax Return?

Related Articles:

COVID-19 SCAMS

If you receive calls, emails, or other communications claiming to be from the Treasury Department and offering COVID-19 related grants or stimulus payments in exchange for personal financial information, or an advance fee, or charge of any kind, including the purchase of gift cards, please do not respond.  These are scams.  Please contact the FBI at www.ic3.gov so that the scammers can be tracked and stopped. MORE INFO

IRS Newsroom:
Warning about COVID19-related scams tied to economic impact payments
Advice on avoiding scams

Non-Filers may have issues with their Stimulus Checks

If you have not filed a return for 2018, it could affect mailing of your stimulus check.
If you have not filed a return for 2016, the deadline is still 4/15/2020.
The IRS urges everyone who hasn’t filed to act now, and consider contacting a tax professional.

If you haven’t filed a tax return for a previous year, take steps now.
The IRS encourages anyone with a tax filing obligation who hasn’t filed a tax return for 2018 or a previous year to act now. – Pending legislation includes certain potential credits and rebates for those who have filed a return for 2018 and/or 2019. Those without 2018 tax filings on record could potentially affect mailings of stimulus checks. And more than 1 million people who haven’t filed tax returns for Tax Year 2016 and are owed a refund still face an April 15, 2020, deadline to file their return. This deadline hasn’t been extended. Current law requires the 2016 return to be filed by April 15, 2020.
Many non-filers should consider contacting a tax professional to consider various available options since the time to receive such refunds is limited by statute. Once delinquent returns have been filed, most taxpayers have the opportunity to resolve any outstanding liabilities by entering into an Installment Agreement or an Offer in Compromise with the IRS to obtain a “Fresh Start.” See IRS.gov for further information.

IRS Newsroom – Non-Filing Issues

DEPARTMENT OF THE TREASURY | IRS


HELP FOR SMALL BUSINESSES

COVID-19 Small Business Guidance & Loan Resources
US Small Business Administration

Relief Options

Paycheck Protection Program
This loan program provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program.

Economic Injury Disaster Loan Emergency Advance
This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.

SBA Express Bridge Loans
Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.

SBA Debt Relief
The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic.

Contact us:
317-886-7456
judd@lawriecpagroup.com / betsy@lawriecpagroup.com