03/31/2020
Coronovirus and Taxes.
As you are aware, the IRS has extended the deadline for you to file your 2019 Tax Return until July 15, 2020. I am sure that you are also aware that Congress passed a Bill last Friday that the President signed into Law that provides taxpayers with monetary relief in the face of the Coronovirus pandemic. The 2 Trillion dollar economic stimulus includes a provision to provide economic impact payment to most American taxpayers. Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment of $1,200 for individuals and $2,400 for married couples. In addition, parents also receive $500 for each qualifying child.
The IRS published guidelines today to clarify that individuals must file a Tax Return for either 2018 or 2019 in order to be eligible to receive the payments. The IRS also stated that a process will be put in place to allow seniors and other who typically do not file returns to submit simple returns in order to receive the stimulus payments. IRS.gov/coronavirus will soon provide information instructing people in these groups on how to file a 2019 tax return with simple, but necessary, information including their filing status, number of dependents and direct deposit bank account information.
If you need help filing your 2018 or 2019 Tax Return, I am here to assist you. I know that we all need to take this virus seriously and make sure that we are taking the necessary precautions to protect ourselves from infection. This means, in part, that we need to avoid unnecessary contact with others. Putting these safety precautions into practice makes it difficult for you to sit down face-to-face with a Tax Professional and get your taxes prepared. In my Tax Practice, I make use of a secure client portal that makes personal contact unnecessary (for the present). You are able to upload your tax documents to the portal where I can retrieve them and prepare your Tax Return, which I then upload to the portal for your review. When you are satisfied that your return is complete and ready to file, we can use the secure portal to obtain your signature(s) for the Electronic Filing process and then for me to deliver to you a copy of the completed and filed Tax Return. We can do all of this without either of us being exposed to potential germs. There is no additional charge for this convenience.
If you are interested in having me help you with your tax return for either 2018 or 2019 please contact me today.
Mark Fuss
Mark Fuss Accounting & Tax Service
[email protected]
(941) 830-3240