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Author Archives: Russ
Why “Get My Payment” Doesn’t Work for 2018 Filers who Owed Tax and Haven’t Filed 2019 Returns
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
Posted in IRS
Tagged 2020.Tax.Season, Get.My.Payment
Comments Off on Why “Get My Payment” Doesn’t Work for 2018 Filers who Owed Tax and Haven’t Filed 2019 Returns
“Get My Payment” Is Up, But…
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
April 15th Deadlines
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
Posted in Arkansas, District of Columbia, Hawaii, Illinois, Iowa, Kentucky, Michigan, Minnesota, New Hampshire, New Jersey, North Carolina, Oregon
Tagged 2020.Tax.Season
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IRS: “Don’t Call Us. Don’t Expect Us to Read Your Mail for a While.”
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
Posted in IRS
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On Stimulus Payments and Tax Deadlines
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
Posted in IRS, Virginia
Tagged 2020.Tax.Season
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IRS Extends More Deadlines
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
Can a Professional Gambler Apply for a PPP or EIDL Loan?
The CARE Act added Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) for businesses to recover from the COVID-19 pandemic. A question many of our clients have asked is, “I’m a professional gambler. Can I apply for one … Continue reading
Posted in Gambling, SBA
Tagged 2020.Tax.Season
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Individual Return Deadlines (Probably Final)
We prepare tax returns for individuals throughout the United States, so we have to keep track of the deadlines–and that’s a task right now. So we created a spreadsheet with the information so we can see this at a glance … Continue reading
Seniors Won’t Have to File Tax Returns, SBA Loan Update, and New Jersey
Earlier this week the IRS posted that to obtain the Recovery Rebate that seniors and others would have to file a tax return. When news of that got out–especially given that the law that was passed says otherwise–organizations representing seniors … Continue reading
Posted in IRS, New Jersey, SBA
Tagged 2020.Tax.Season
Comments Off on Seniors Won’t Have to File Tax Returns, SBA Loan Update, and New Jersey
A Catch-22 On SBA Loans
catch-22 (noun): A dilemma or difficult circumstance from which there is no escape because of mutually conflicting or dependent conditions. The CARES Act allows for all sorts of SBA (Small Business Administration) loans to help with the virus pandemic. Sounds … Continue reading