Monthly Archives: April 2020

IRS’s “Get My Payment” App Now Works for Filers Who Neither Owed Tax Nor Received a Refund

Posted on April 27, 2020 by Russ

Kudos to the IRS. The IRS’s “Get My Payment” App was updated again this weekend, and now works for just about everyone. The last group of individuals who couldn’t use the app–those who filed returns and neither owed tax nor … Continue reading →

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Professional Gamblers (and Other Gambling Businesses) Now Eligible for PPP Loans

Posted on April 24, 2020 by Russ

The Small Business Administration today released new guidance on the Paycheck Protection Plan (PPP) loans. Included in the guidance is an FAQ that states: Are businesses that receive revenue from legal gaming eligible for a PPP Loan? A business that … Continue reading →

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IRS’s “Get My Payment” App Now Works for Most 2018 Filers

Posted on April 24, 2020 by Russ

If you filed your 2018 return but haven’t filed 2019, and you wanted to update your information on the IRS’s “Get My Payment” App, you’ve been frustrated because it hasn’t worked. Last night, the IRS updated the information to include … Continue reading →

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When Will the Stimulus Checks be Mailed?

Posted on April 23, 2020 by Russ

Something I missed was an article in the Washington Post giving details of mailing stimulus payments. The Motley Fool took it and laid out the dates that stimulus payments will be mailed. I note those dates below. But there’s another … Continue reading →

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Why “Get My Payment” Doesn’t Work for 2018 Filers who Owed Tax and Haven’t Filed 2019 Returns

Posted on April 16, 2020 by Russ

UPDATE: The IRS updated the app; as of April 24th, the app now works for most 2018 filers. See my new post. So let’s say your income was low enough in 2018 so you qualify for a Recovery Rebate/Economic Impact … Continue reading →

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“Get My Payment” Is Up, But…

Posted on April 15, 2020 by Russ

The IRS’s new app, “Get My Payment,” is now active. In theory, if you use this app you can update your banking information and check to see when your Recovery Rebate payment will be made. If you need to add … Continue reading →

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April 15th Deadlines

Posted on April 14, 2020 by Russ

Yes, the tax deadline for the IRS (and federal estimated payments for the first two quarters) is July 15th. However, not all states conformed to this–especially for estimated payments. The following states all have first quarter estimated payments for individuals … Continue reading →

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IRS: “Don’t Call Us. Don’t Expect Us to Read Your Mail for a While.”

Posted on April 13, 2020 by Russ

In May, 2019 clients amended their 2016-2018 returns. They had forgotten to tell me about a spousal nondeductible IRA contribution. We amended, included Form 5329 for each year, and expected to receive letters noting that the IRS made the changes. … Continue reading →

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On Stimulus Payments and Tax Deadlines

Posted on April 13, 2020 by Russ

One of my clients emailed me this morning that they received (via direct deposit) their “Recovery Rebate” (aka stimulus) payment. So the IRS is distributing those. The IRS promises a tool on Friday to check your payment and for individuals … Continue reading →

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IRS Extends More Deadlines

Posted on April 9, 2020 by Russ

The IRS released Notice 2020-23 this afternoon, formally extending lots more tax deadlines. I’m going to copy the language as it matters: The Secretary of the Treasury has determined that any person (as defined in section 7701(a)(1) of the Code) … Continue reading →

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