LK Tax & Accounting Service

03/17/2021

Anyone with unemployment that haven't been filed yet - need to wait till the State of Ohio finalizes whether or not they will follow the federal exclusion of $10,200...stay tuned!

03/17/2021

Stimulus information:
irs.gov/coronavirus/get-my-payment

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

01/04/2021

The IRS "get my payment" information tool is up and running as of today to find out when your stimulus money will be issued.

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

12/30/2020

Today, the IRS announced that the $600 payments (or calculated qualified amount) will begin being directly deposited into people's bank accounts tonight. HOWEVER - the deposits might say "pending" or "provisional" and are not actually spendable until January 4th, 2021. If you did not get a payment earlier this year - you will most likely NOT receive one now - but WILL receive the money when you do the 2021 tax return.

08/31/2020

In case you get a random check from the US Treasury for somewhere close to $10.00 or more - it is REAL. The IRS announced this:

Due to COVID-19, the tax deadline had a disaster-related postponement. That means will pay tax refund interest, calculated from 4/15, if an individual filed by the postponed deadline of 7/15. Details:

IR-2020-183, August 18, 2020 — This week the Treasury Department and the Internal Revenue Service will send interest payments to about 13.9 million individual taxpayers who timely filed their 2019 federal income tax returns and are receiving refunds.

07/29/2020

July 28th tax update:
Have you been receiving unemployment from the state or the PUA? If you have been receiving those checks - remember the money will all be included in your taxable income for 2020. If you have not had federal tax withheld - keep it in the back of your head - that it WILL be taxed. The State of Ohio does NOT withhold any tax for you but DOES tax the money - so also be mindful of that for 2020 State of Ohio income tax (it will cost you about 2.5-3.5%)

The new stimulus package has NOT been approved or voted on yet - so don't believe what you are hearing on the news or internet.

05/13/2020

UPDATE FOR OHIO:
If you pre-registered as a self-employed person, business or contractor with Ohio Unemployment - you MUST wait until you receive your email from the state to apply for your PUA. They are trying to keep the system from crashing. They will be adding 2 more call centers by the end of the week to help you apply via phone as well.
IF you did not yet pre-register - you can start applying for your unemployment now.

Coronavirus and Unemployment Insurance Benefits: Expanded Eligibility Resource HubThe new federal Pandemic Unemployment Assistance (or "PUA") program provides benefits for ma

04/27/2020

UPDATE AS OF 4/27:
The IRS "get my payment" tool is back online & working much better!!!!

Unemployment for self employed people, contractors & anyone due the payments thru the federal program is up & working!!

Links below:

https://www.irs.gov/coronavirus/get-my-payment

https://unemploymenthelp.ohio.gov/

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

04/24/2020

Updates:
1- If you were denied for the small business help - you can re-apply
2-If you have been checking the IRS "get my payment" tool & you've been getting the error message that the IRS can't determine if you are eligible - the IRS is taking the site down to update & fix it - hopefully to be back giving correct information in 3 days.
3-The expanded Unemployment (for self employed people, business owners & contractors) is supposed to be live later today - here is the link - here's to hoping! Make sure you click on "expanded unemployment"

true Coronavirus and Unemployment Insurance Benefits Resource Hubs Please review our employee and employer resource hubs for more information on unemployment benefits related to COVID-19. Apply for Unemployment Now Employee 1099 Employee Employer

04/15/2020

The Economic Impact Payment checker/updater is now active & working - you can check your impact payment info yourself at:

We’re committed to helping you get your economic impact, or stimulus, payment as soon as possible. See if you are eligible for an Economic Impact Payment.

04/11/2020

NEW UPDATES:

The IRS will begin depositing Economic Impact Payments next week (Week of April 13th). You can check the status of your payment & enter direct deposit information if you are a non-filer (meaning you don't need to file taxes every year)

We’re committed to helping yout get your economic impact, or stimulus, payment as soon as possible. See if you are eligible for an Economic Impact Payment.

04/03/2020

IF you are looking for economic help & answers - here are three good resources thru the IRS & state of Ohio:

If applying for Ohio unemployment (and you've been laid off or not working due to the virus - use the MASS LAYOFF CASE #2000180 (per Jon Husted, Lt. Gov Ohio)

https://coronavirus.ohio.gov/wps/portal/gov/covid-19/home/resources-for-economic-support/econ

https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know

https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources