To our Valued Clients and Friends,

We continue to strive to bring you the latest updates from the IRS on provisions related to the Coronavirus.

Below are the latest updates from the IRS regarding stimulus payments and other extensions of time to file and business provisions:

 
Stimulus Payments Update
 
This week, the IRS is starting to distribute the first of the Economic Impact Payments to taxpayers, first to those who have filed tax returns for either 2019 or 2018 and had selected direct deposit on their filed tax returns.   Subsequently, payments will be distributed to those who do not have a tax filing requirement, but receive Social Security retirement or disability benefits and Railroad Retirement benefits.

For taxpayers who did not select direct deposit on their tax return, on April 17, the IRS is also planning on releasing a web tool called Get My Payment, which will allow eligible people to provide their bank account information so they can receive their payment more quickly than waiting for a mailed check. Taxpayers will also be able to check the status of the payment and the date they can expect the payment to be direct deposited or mailed to them.

Others who are not required to file a tax return may visit IRS.gov and look for the link for  Non-Filers: Enter Payment Info Here.  Basic information of the person will be requested, and the IRS will use this information to determine eligibility.  

 
Extended Deadlines

The IRS has now extended ALL filing and tax payment deadlines to July 15, 2020. This extension includes second quarter estimated tax payments that were previously due on June 15, 2020.

Also, for taxpayers who have not yet filed their 2016 tax returns, the deadline to file and receive a refund has been extended to July 15, 2020.

990 (non-profit) tax filings have been granted an extension to July 15, 2020.

Individuals, businesses, or non-profits who need more time to file their 2019 tax returns can request an extension of time to file by filing the appropriate form. This is not an extension to pay any taxes owed and taxpayers should estimate their tax liability and pay any taxes owed by July 15, 2020.

 
2019 and Other Return Filings

While operating in a limited scope, the IRS is still processing tax returns and issuing refunds. If we have received your tax return information, we are working diligently to prepare and file your returns in a timely manner so that you are aware of any taxes owed or may receive your refund as soon as possible. 



Please contact us if you have any questions or if you would like us to run an evaluation of how these provisions might apply to you or your organization. We will be happy to assist with any tax matter, related to COVID-19 or not.




 

Ronald Blue & Co. |  CPAs                                                  
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