Programs To Help Small Business And Taxpayers Navigate Through Uncharted Territory
We’re living in an unprecedented time.
No doubt this COVID-19 pandemic is the most devastating event that those of us living today are likely to experience. We thought 9/11 was the singular most tragic event of the century, and while it was totally tragic, it was very localized and the result of a specific group of people. However, what we are fighting now is a virus. It is completely impartial, meaning that no one is immune. No matter how much money you have, you can still be felled by it. No matter where you live, who you know or how “good” you’ve been – none of those things matter. What matters is that we all do our best to stay safe, follow protocols and try to keep our heads above water.
To this end, tax filing and payment deadlines have been pushed to July 17th. And Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The programs and initiatives in the CARES Act are intended to help small and micro-business owners as well as the self-employed with a variety of immediate needs. You may have seen some information detailing the program, but if you haven’t, you can find everything you need to know HERE.
Economic Impact Payment
In addition to helping small business owners, every taxpayer who earns less than $75k will be getting a check from the Federal government. The amount you receive will be based upon your income as stated on your 2018 or 2019 tax returns and the number of people in your family. Those checks should be deposited in your bank account by April 17th. Since the checks are being distributed based on tax returns, you must have filed a 2018 or 2019 return in order to receive it.
People who do not typically file a tax return will need to file a simple tax return to receive an economic impact payment. This may include veterans, individuals with disabilities and those who live below the poverty line.
If you haven’t filed a return in a few years and you’re worried about money that you already owe and cannot pay, the IRS recommends consulting a tax professional to help you request an alternative payment plan or some other resolution. That’s where we at IRS AllSTAR can be of assistance to you.
Beware of Scammers
As always, the scammers will be busy trying to steal your economic impact payment. They have already been using coronavirus fears and the Census count to steal personal information.
A recent advisory reported a scam claiming that Floridians must respond to the 2020 Census to get the coronavirus stimulus payment. The message shares a link to a fake website that asks for personal information. It’s time to be on high alert for these criminals who take advantage during the worst of times.