Last updated: December 28, 2020
For your information, here is our General COVID-19 Update regarding changes to our office hours and availability. See additional information below:
Filing and Payment Deadlines Extended
Federal (and Most States) filing deadlines have been extended to July 15th. This includes both return balances due and first quarter estimated tax payments originally due April 15, 2020. Please click here for additional state information. For clients making estimated tax payments, please note, no guidance has been given for second quarter estimated tax payments normally due June 15, 2020. The extension only states filing and payments due April 15th.
Economic Impact Payment (aka Stimulus check)
Most people do not need to do anything to receive this payment. If you filed a 2018 or 2019 tax return and are within the income guidelines, the IRS will send the money automatically. The payments will be direct deposited if bank information is on your federal return.
For seniors who collect Social Security, the IRS already has your direct deposit information and nothing needs to be done to get your stimulus check.
The IRS now has a secure portal for stimulus payment information.
Here you can:
Four things to know about the stimulus payment:
If you would like us to calculate your likely stimulus payment, please complete our COVID-19 Stimulus Information Request.
Additional information can be found on the IRS Economic Impact Payment website.
More Unemployment for More People
Please note that this is closed to new applications, as of December 2020.
Unemployment benefit have been expanded and will soon include an additional $600 per week based on a federal grant. The $600 will be paid retroactively to March 29th, so expect a bigger check the first week this payment goes through. Please keep in mind that unemployment benefits are taxable and there is currently no indication that the addtional $600 payment will be treated differently than normal unemployment. Even if you choose to have taxes taken out, the default 10% withholding rate will likely not be enough to cover taxes on your unemployment income. The 10% option is the only one that Mass DOR currently offers, and is only added on request. If you don't ask for witholding they won't withold any tax. Please contact us if you have questions about withholding or making estimated tax payments.
For the first time ever, self-employed individuals will be elgible for unemployment benefits. Mass DOR has announced they are accepting applications, however, not through the traditional system. Please visit Mass DOR website for details.
IRA and 401k Changes
Please be aware that loans or early withdrawals from retirement accounts will affect your long term savings and can have a negative impact on when you may retire. Although they are available, please use with caution.
Student Loan Payment Deferrals
Loans administed by the US Dept of Education (US ED), will automatically be placed on administrative forbearance from March 13, 2020 through September 30, 2020. During this time period, additional interest does not accrue. This includes Direct Loans, FFEL and Federal Perkins loans and is available for both current loans and loans in default.
For private and other loans not through US ED, we suggest that you contact your lender. State that you are calling due to the Coronavirus pandemic and that you need help with loan payments and ask what relief programs they are available. Some lenders may offer either forbearance or lower (even 0%) interest rates.
Scams about the Stimulus payments are already popping up. Please be aware that the IRS will NOT call or email you for direct deposit information. In most cases, they already have it. If not, there will be a secure portal later in April to provide the IRS this information. Seniors are often targeted, so please tell all the seniors in your life to guard their personal information.
Check out the IRS website for more information on scams and phishing schemes.
COVID-19 Stimulus Payment Information Request
We offer a broad range of services for business owners, executives,
and independent professionals. We are affordable, experienced, and friendly.
Please call us today at (888) 829-7367. Thanks for visiting!