April 20, 2020

Thank you for your understanding during this unprecedented time. Our phones have been overwhelmed with calls - many with the same questions.

To better serve everyone, we ask that you please email your request. If this is a request for a second copy of your return, a fee may apply.

Navigating the IRS Website During COVID-19
The IRS has had to shift gears rapidly as the COVID crisis turned our economic stability on its head. Finding answers in this uncertain time can be frustrating. 

Here are some key links that answer some of the most common questions we are getting from clients.

Stimulus Checks – FAQs, Click Here

Non-filers that do NOT get Social Security – To register for stimulus check, Click Here

Who Should Use the Non-filers Tool? Click Here to Learn More

Check the Status of My Stimulus Check, Click Here

How to Use the Tools on IRS.gov to Get Your Economic Impact Payment, Click Here

To change your address or banking information with the IRS, Click Here to view the IRS Instructions. 

COVID-19 and Stimulus Payment Resources, Click Here
The IRS created a Stimulus Check Calculator. To view the document, please click on blue button.
The Amount of My Stimulus Check is Wrong
What do I do?

If you did not receive the full amount to which you believe you are entitled, you will be able to claim the additional amount when you file your 2020 tax return. 

This is particularly important for individuals who may be entitled to the additional $500 per qualifying child dependent payments.

For VA and SSI recipients who don’t have a filing requirement and have a child, they need to use the Non-Filers tool on IRS.gov by May 5 in order to have the $500 added automatically to their $1,200 Economic Impact payment.
I am a US Citizen Living Abroad - Do I receive a Payment?

Yes, U.S. citizens living outside the country are eligible for the Payment.

Anyone eligible to file Form 1040 or Form 1040-SR is an eligible person if they have a valid SSN and can’t be claimed as a dependent of another taxpayer.
Nonresident Aliens Not Eligible for Stimulus Check

Nonresident aliens who file or would file Form 1040-NR or Form 1040-NR-EZ are not eligible for the payment.
I Received My PPP - Now What?
Spending the Funds
Once the loan is funded, you have eight weeks to spend the money on authorized expenses.
Documentation Needed for PPP
  • Companies need to document every dollar spent with the proceeds of the loan and provide documentation to the lender at the end of the eight weeks.
  • NOTE: The government considers funds spent on anything other than the approved expenses to be fraudulent.
Monitoring Spending in the Next Eight Weeks
  • Per the most recent US Treasury SBA Interim Final rules, 75% of the loan proceeds need to be on payroll with only 25% allowed on the specific operational expenses.
  • Here is a direct link to the US Treasury SBA Interim Final Rules.
Resources for Businesses
US Chamber Small Business Resources During COVID, Click Here
State by State Small Business Financial Assistance During COVID, Click Here
CARES ACT information for Independent Contractors & 1099 workers, Click Here

Employee Retention Credit Information, Click Here

Form 7200, Advance Payment of Employer Credits Due to COVID-19, Click Here

US Chamber Live Blog Updates, Click Here
Paycheck Protection Program
Ensuring it is for Small Business
For the second round of funding, the SBA and the Treasury Department pledged to ensure the loans will only go out to small businesses that qualify for the program.

Both groups have promised to audit the loans to make sure the terms were met and have now prohibited the use of robotic process automation technology to submit the loans.

The SBA has been flooded with applications from banks that have been able to leverage RPA technology to get their clients’ loan applications submitted ahead of competitors.
US Chamber Exec. VP Encourages Small Business Owners to Continue to Apply for PPP Loans
Chamber Executive Vice President and Chief Policy Officer Neil Bradley encouraged small business owners not to worry about recent news focused on increased scrutiny of Paycheck Protection Program (PPP) loans for larger companies.

Bradley added he doesn't expect another funding bill from Congress before Memorial Day, but such a bill could include a small business component, money for healthcare providers and state and local governments, and clarifications on issues that arise during reopening.
Lapse in Appropriations EIDL
There is a Lapse in Appropriations for Economic Injury Disaster Loans

SBA is unable to accept new applications at this time for the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding.

Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.
Questions?
Bookmark our COVID-19 Related Tax Updates Page: