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COVID-19

Status and non-filer tools launched by IRS

The IRS recently announced the launch of web sites for non-tax filers to register to receive their economic impact payment and a new Get My Payment tool. Here is what you need to know.

Background

As a response to the coronavirus pandemic, the government is sending $1,200 to single taxpayers with income less than $75,000 ($98,000 with phaseouts). $2,400 is being sent to married taxpayers with income less than $150,000 ($198,000 with phaseouts). An additional $500 is being sent for each child under the age of 17.

The Problem

The payments are being made based on 2019 or 2018 tax returns. If you do not need to file a tax return, you run the risk of not receiving this payment. Additionally, getting payments out to everyone is technically complex. The IRS must look at both 2019 tax returns and 2018 tax returns, PLUS they are directed by Congress to match these files against two years of Social Security filings for seniors. Not an easy task!

The Coronavirus Aid, Relief, and Economic Security (CARES) Act recently signed into law provides a one-time payment, among other items, to individuals to help ease the economic strain caused by the coronavirus epidemic.

Here are the details of the stimulus payment initiative.

Who qualifies to receive a payment? A one-time payment of $1,200 will be sent to most adults. For every qualifying child under age 17, families will receive an additional $500. Retirees and people on disability are also eligible to receive a payment.

We are compiling the current due dates for various types of tax returns in this space. As information is received from or released by the various states and taxing agencies we will update this space. Some of these states have noted that guidance will be forthcoming, but until it is issued we can not rely upon it. As this is a very uncertain time and information continues to fly around, continue to check back for updates.

At the direction of Governor Ned Lamont, and in recognition of the impact of COVID-19, the Department of Revenue Services (DRS) is providing immediate administrative tax relief to Connecticut small businesses. DRS is granting an automatic extension of filing and payment deadlines for Sales Tax and Room Occupancy Tax.

The U.S. Dpeartment of the Treasury and the Internal Revenue Service announced on April 1, 2020 that Social Security beneficiaries who are not typically required to file tax returns will not need to file an abbreviated tax return to receive an Economic Impact Payment. Instead, payments will be automatically deposited into their bank accounts. If you receive other typically non-taxable benefits, you should file a simple return at this time. 

 

Several aspects of the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was signed into law late Friday March 27, 2020 provides for various programs to be made available to small business owners and operators through the Small Buiness Administration (SBA).

Wednesday, 8th July 2020
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