Professional Income Tax Service, Inc. - Barneveld, NY

04/15/2020

Based on the information published by the IRS today (very VERY limited at that), we put together a little tool that may help you figure out your specific Stimulus Payment "situation". It's a few Yes/No questions. As the situation may change, we will try to incorporate it into this tool. NO personal information is collected, and you may use it as many times as you like.

This form is for FILERS only - NOT those who are not required to file a tax return.

04/15/2020

URGENT INFO REGARDING STIMULUS PAYMENTS -

If the IRS doesn’t have your direct deposit information from your 2018 or 2019 return – and they HAVE NOT YET SENT your payment – use the Get My Payment application to let them know where to send your direct deposit.

2019 Filers: The IRS will send your payment using the information you provided with your 2019 tax return. You will not be able to change it.

2018 Filers: If you need to change your account information or mailing address, file your 2019 taxes electronically as soon as possible. That is the only way to let the IRS know your new information.

Use Get My Payment to get information about your payment status and payment type.

04/10/2020

STIMULUS PAYMENT UPDATE, PLEASE READ AND SHARE: We are hearing of taxpayers having pending Stimulus payments in their bank accounts. The U.S. Treasury said today that most stimulus payments via direct deposit would be made by April 15. If you have ALREADY filed your 2019 or 2018 personal income tax returns and have direct deposit information on it, be watching your bank accounts.

**The IRS also announced that currently there is a tool available NOW for NON-FILERS to provide direct deposit information.

**NEXT WEEK the tool for FILERS who did not provide direct deposit information on their recent tax returns will be available. Both tools can be located here: https://www.irs.gov/coronavirus/economic-impact-payments

04/07/2020

A nice graphic from our software provider, Drake Software.

Economic Impact Payment Info

04/03/2020

Distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. For more information, be sure to check the IRS' page on updates regarding Coronavirus Tax Relief. Also, get your 2019 tax returns filed ASAP, we are still open for drop-offs. Let us help you get what you need during this difficult time for all of us. Give us a call, visit our website, or send us an e-mail. Stay safe and healthy.

https://www.irs.gov/coronavirus

04/02/2020

BREAKING NEWS: Social Security and Railroad Retirement Benefit recipients will NOT be required to file a 2018 or 2019 income tax return to get their stimulus payment. The IRS will use the information on file with to obtain banking or mailing information. Payments for dependents will not be given at this time. Click below to read more.

Social Security recipients will get economic impact payment without filing taxes for 2018 or 2019. will instead use the information on their Form SSA-1099 and Form RRB-1099. More at www.irs.gov/coronavirus

03/30/2020

UPDATED, NEW INFORMATION RELEASED BY IRS TODAY:

It is still unclear how those that did NOT file an income tax return for tax years 2018 and 2019, but are recipients of any type of Social Security or Railroad Retirement Benefits (or are low-income and did not need to file), will be able to receive their stimulus payments.

RECOMMENDATION: File your 2019 and/or federal income tax return NOW, even if no tax is due; banking information provided on those tax returns will be used for stimulus payments.

POSSIBILITY: It's **possible** the IRS will ask individuals that have no requirement to file to file an abbreviated federal tax return, showing $1 in income and $1 of adjusted gross income (AGI), even though none exists. Again, the process is not clear yet for low-income individuals, seniors, and others who have no requirement to file an income tax return. This has happened previously, but is not officially a recommendation as of this posting.

IR-2020-61, March 30, 2020 – The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people.

03/28/2020

FROM OUR SOFTWARE PROVIDER, DRAKE SOFTWARE:

Beware of Stimulus Payment Scams

Here’s what taxpayers need to know about stimulus payment processing in order to protect themselves from scammers:

1. Be alert for phone scams.
The Internal Revenue Service (IRS), Treasury Department, or any other government agency will not contact you by phone to collect information for stimulus payment processing. Period.

2. Be alert for phishing scams.
Government agencies will not email or text you to collect information for stimulus payment processing. Watch for suspicious emails or texts with links or attachments requesting information for processing stimulus deposits or checks. If you receive one, do not click the link or open the attachment. It’s a scam. Delete it.

3. Be alert for state-related scams.
State agencies will also not call, email or text you to collect information or a fee to process a stimulus payment. To date, no state has introduced their own version of a stimulus payment.

As of now, we are only aware of one communication a taxpayer will receive from the IRS. No later than 15 days after distributing a stimulus payment, the IRS is required to mail a notice to the taxpayer indicating the payment amount, whether the payment was mailed or deposited, and a phone number to call if the taxpayer did not receive the payment.

Victims or targets of stimulus payment scams should report it immediately to the Federal Trade Commission, www.ftc.gov/complaint.

03/28/2020

The CARES Act (also known as the Coronavirus Stimulus Package) was signed by the President yesterday. Key points:

*Each taxpayer who isn’t claimed as a dependent on someone’s return will receive $1,200 (married couples $2,400), but there are income limitations. A taxpayer/couple will also receive $500 for each child under 17 on your 2019 return (goes with the Child Tax Credit).

*The one-time payment will be made by direct deposit, if it was provided on your 2019 income tax return. If you haven’t filed it yet, do so quickly if you want direct deposit. If 2019 hasn’t been filed, the IRS will use the files 2018 tax return information. No direct deposit listed on either, neither year filed, or you owed both years? Then you will be MAILED a paper check.

*Do you collect Social Security as a retiree, but haven’t filed for 2019 or 2018? You’ll still receive a payment, and it will go direct deposit, or paper check if that’s how you receive your Social Secirity payments.

*Income limit for a single taxpayer: $75,000; Head of Household filer, $112,500; Married Filing Joint, $150,000. Above those income levels, the stimulus payment you receive will start to be phased out.

Here is a helpful article with more detailed information, as well as a “Check Calculator” to help you determine how much you may receive. As more information is finalized with the IRS, we will share it here for you.

People have a lot of questions about the economic checks that were just approved by the Senate. 

03/27/2020

Governor Cuomo announced today that the deadline to file a New York State tax return and pay a balance due is now July 15, 2020, which coincides with the federal deadline.

03/20/2020

Treasury Secretary Steve Mnuchin has announced that the deadline for filing U.S. income taxes has been moved from April 15 to July 15.