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Are my 2019 tax returns affected by COVID-19?

Refunds for 2019 are not affected. The IRS urges taxpayers who are owed a refund to file as quickly as possible.

Are my tax payments that are due April 15, 2020 still due on that date?

As of March 21, taxpayers can defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers.

AVOID SCAMS - How do I avoid COVID-19 Tax Scams?

On June 8, the Internal Revenue Service (IRS) issued more warnings for taxpayers against being victimized by a rising current of scams related to COVID-19. While the majority of schemes have been cover for stealing COVID-19 Economic Impact Payments, a variety of scams have been seen, domestically and internationally including: Organized selling of fake at-home test kits Offers to sell fake cures, vaccines, and pills Selling large quantities of medical supplies Fake shops, websites, social media accounts Setting up fake charities soliciting donations Fake companies offering COVID-19 tax stimulus services Find out more about scams here: https://bit.ly/NO_SCAMS

C-19 SCAM Alert - Am I required to sign up or pay a fee in order to receive a stimulus payment?

No, please beware of phishing schemes from identity thieves claiming to be the IRS or another government agency. You are not required to sign up or pay a fee in order to receive a stimulus payment. Please visit the IRS website for more details.

C-19 SCAM Alert - Is the IRS going to call me asking for my bank account information?

No. The IRS or any other government agency will never call you and ask for your Social Security Number (SSN) or any banking information. If this happens, DO NOT provide your SSN, bank information or any other information to anyone claiming to be an agent of the IRS or any government organization.

C-19 SCAM Alert - Is the IRS going to text or email me to verify my bank account information?

No, please beware of phishing schemes from identity thieves claiming to be the IRS or another government agency. Do not click on a link or email if you do not recognize who it is from. The IRS will never text or email you asking to provide your bank account information or verify your bank account information.

CARES Act - Can you explain what the CARES Act is?

The Coronavirus Aid, Relief, and Economic Security (CARES) Act is the result of a $2 trillion coronavirus response bill signed into law by President Trump on March 27 that is providing relief to several economic sectors severely affected by the spread of Coronavirus. These sectors include:

  • Individuals (Est $560 billion)
  • Small Businesses ($377 billion)
  • Health Care Industry ($153.5 billion)
  • Big Corporations ($500 billion)
  • State & Local Governments ($339.8 billion)
For further details regarding the distribution of the relief funding please visit theVisit the IRS Website

CARES Act - What are the provisions made for married couples filing jointly??

Cash payments to married couples filing jointly will be determined based on the Adjusted Gross Income (AGI) of the filer. Check amounts will be determined by the following income amounts:

  • Combined income up to $150,000 will receive $2,400
  • Combined income up to to $160,000 will receive $1,900
  • Combined income up to $170,000 will receive $1,400
  • Combined income up to $180,000 will receive $900
  • Combined income up to $190,000 will receive $400
  • Combined income up to $198,000+ will receive $0

CARES Act - What are the provisions made for those filing as individuals?

A major focus of the CARES Act is on individual taxpayers and keeping them engaged in the economy. The quickest way to accomplish this is direct cash stimulus payments to those who qualify as well as expanded unemployment benefits to address job loss and new guidelines for tax filing and contributions to retirement accounts due to the slowing of the economy. Cash payments to individuals will be determined based on the Adjusted Gross Income (AGI) of the filer. Check amounts will be determined by the following income amounts:

  • Individual income up to $75,000 will receive $1,200
  • Individual income up to $80,000 will receive $950
  • Individual income up to $85,000 will receive $700
  • Individual income up to $90,000 will receive $450
  • Individual income up to $95,000 will receive $200
  • Individual income up to $100,000 will receive $0

Did the tax filing deadline change this year because of COVID-19?

The tax filing deadline has officially been extended to July 15, 2020, for the filing of 2019 tax returns. However, the deadline extension does not apply to and previous filing year.

People's First Initiative (PFI) - Is this part of the stimulus package and what does it involve?

Yes, this is a part of the overall stimulus package specifically for people who are having tax issues. On March 25, the IRS announced several steps it was taking to provide relief to taxpayers directly impacted by the COVID-19 that range from postponing compliance actions and deadlines to easing payment guidelines.

PFI - Do I still have to make payments on my existing installment agreement?

For taxpayers under an existing Installment Agreement, payments due between April 1 and July 15, 2020, are suspended. Taxpayers who are currently unable to comply with the terms of an Installment Payment Agreement, including a Direct Debit Installment Agreement, may suspend payments during this period if they prefer. Furthermore, the IRS will not default any Installment Agreements during this period. By law, interest will continue to accrue on any unpaid balances.

PFI - Does the relief package change the condition of my Offer In Compromise?

The IRS is taking several steps to assist taxpayers in various stages of the OIC process:

  • Pending OIC applications – The IRS will allow taxpayers until July 15 to provide requested additional information to support a pending OIC. In addition, the IRS will not close any pending OIC request before July 15, 2020, without the taxpayer's consent.
  • OIC Payments – Taxpayers have the option of suspending all payments on accepted OICs until July 15, 2020, although by law interest will continue to accrue on any unpaid balances.
  • Delinquent Return Filings - The IRS will not default an OIC for those taxpayers who are delinquent in filing their tax return for tax year 2018. However, taxpayers should file any delinquent 2018 return (and their 2019 return) on or before July 15, 2020.
  • New OIC Applications – The IRS reminds people facing a liability exceeding their net worth that the OIC process is designed to resolve outstanding tax liabilities by providing a "Fresh Start." Further information is available at IRS.gov

Will the IRS garnish my wages or levy my bank account?

They can contact your bank notifying them that you have a tax liability that is delinquent. Once that happens, the bank account is then frozen and all funds in the account will be turned over to the IRS in 21 days. The IRS can also contact your employer notifying them as well to send them the money from your paycheck. Don’t become a victim, call us immediately.

 

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