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TAX UPDATES & ASSISTANCE

 

Here is the link to change your address and add your bank information. Stay safe out there

https://www.irs.gov/coronavirus/economic-impact-payment-information-cente

Our goal is to take the worry off of you and make filing your taxes a smooth process.

Scroll for Tax Stimulus Update

WHAT WE DO

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STRENGTHEN YOUR FINANCES

  Business mentors are key—that’s why when it comes to client selection, we’re choosy. We want to give each of you the time and guidance you deserve.  Whether you’re seeking a strategic alliance with the right partner or a special skillset or tool, call us today. Together we’ll create and refine your plan for success. We didn’t get there alone. And neither will you.   

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PLAN FOR TAX SEASON

Plan now, save later. One way we do our best to ensure you get the biggest tax refund within the law is by planning ahead. How do you plan? The #1 things is to Keep track of your expenses throughout the year. Contact us for expense forms. 2. Make sure enough taxes are being withheld by your employer. 3. Contact us in advance with any concerns regarding your taxes.

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OPEN YEAR ROUND

We are here for you to assist you with planning, Prepare your taxes and assist you with any letters or audit from the IRS. Refer your friends and family and save on your fee or receive cash. Thank you for your continued support.

ECONOMIC IMPACT PAYMENT UPDATE

April 21, 2020

The IRS has announced that Veterans Affairs recipients that did not file tax returns in 2018 and 2019 will automatically receive Economic Impact Payments. Veterans and their beneficiaries who receive compensation and pension benefit payments from VA will recieve a $1200 Economic Impact Payment with no further action needed on their part. 


April 15, 2020 UPDATE

An IRS-issued check will be mailed to taxpayers that requested a check printed from their tax professional's office, Walmart Direct2Cash or a Walmart MoneyCard issued by their tax professional.

If a payment is returned to the IRS (Ex. bank account is closed), the IRS will mail a check to the taxpayer.

In the rare event that payments are inadvertently sent to TPG (Our tax bank), a plan is in place to help identify and expedite the return of these payments to the IRS so that the IRS can reissue payments directly to affected taxpayers as soon as possible. If we are unable to identify the payment as an Economic Impact Payment, the deposit will be processed as a federal refund, with all associated fees withheld from the deposit amount.

We understand that taxpayers need their refund or EIP more than ever, so we are committed to getting money to taxpayers as quickly and easily as possible.

 

What do I need to do to receive a stimulus payment?

If you have not filed your 2018 or 2019 return the IRS recommends that you file back taxes for 2018. If you are someone that doesn't normally need to file visit the IRS Non-Filers Payment Info page

 

How much will I receive?

The amount you are eligible to receive is determined by your Adjusted Gross Income (AGI). The IRS will look at your 2019 return first. If you have not filed a 2019 return, the IRS will use your 2018 AGI to determine eligibility. The eligibility, amount and status of your stimulus payment can be found at IRS.gov/coronavirus.


Taxpayers to begin receiving payments this week


The IRS has begun issuing payments to taxpayers with direct deposits, and the lowest income (AGI) taxpayers first. The IRS has indicated most payments will be received by April 15. They will issue payments weekly until payments are complete.


Direct Deposit

Taxpayers who utilized direct deposit will receive payment to the bank account used for the federal refund. 

If a payment is returned to the IRS (Ex. bank account is closed), the IRS will mail a check to the taxpayer.


IRS-issued checks

Taxpayers who received their refund by Walmart MoneyCard, Walmart Direct2Cash or check (IRS, ERO site print or bank print) will receive a check from the IRS mailed to the address indicated on the tax return. Because of the resource demand of printing checks and the time of mailing it will take longer for checks to arrive to taxpayers.

In the rare event that payments are inadvertently sent to TPG, a plan is in place to help identify and expedite the return of these payments to the IRS so that the IRS can reissue payments directly to affected taxpayers as soon as possible. If we are unable to identify the payment as an Economic Impact Payment, the deposit will be processed as a federal refund, with all associated fees withheld from the deposit amount; however, the associated fees that are withheld may need to be returned to some taxpayers on a case-by-case basis.
 

We understand that taxpayers need their refund or EIP more than ever, so we are committed to helping the IRS get money to taxpayers as quickly and easily as possible.


IRS releasing tools to help taxpayers

Last week the IRS and Treasury Department released the Non-Filers: Enter Payment Info tool for those who don't normally file a tax return.

The IRS plans to release a Get My Payment tool by April 17 which will provide people with the status of their payment, including the date their payment is scheduled to be deposited into their bank account or mailed to them.

We will continue to update our website as more details are available. 

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HOW WILL I GET MY STIMULUS CHECK

ECONOMIC IMPACT (STIMULUS) PAYMENT

  

In the coming weeks the Treasury Department plans to distribute automatically economic impact (stimulus) payments, with no action requires for most people.

Social security recipients and railroad retirees who are otherwise not required to file a tax return are automatically eligible and will no be required to file a return.

  

“Simple Returns” for Economic Impact Payments- What You Need to Know


However, some individuals such as low income worker and certain veterans and individuals with disabilities who typically do not file returns will need to submit a “simple” tax return to receive the stimulus money.

What is a “Simple” Return?

A “simple return is a quick way to submit money. Only qualifying taxpayers without a filing requirement and did not file a “simple” return in order to receive stimulus money.

The IRS is expected to start accepting “simple” returns around April 13

What Information Will You Need To File

To file a simple tax return you will need the following information:

1. Full mane and valid work SSN of taxpayer ( and spouse if filing joint)

2. Current address 

3. Name, SSN (ATINs), and relationship of children under age 17. Children with ITINs do not qualify for stimulus money.

4. Bank account information if requesting direct deposit. 

5. Determine if the taxpayer is married or single. Only a filing status of single or married filing joint is allowed.

You Can Not file a “simple” return with the following:

1. Individuals that do not have a valid work SSN

2.  Individuals that can be claimed as a dependent on another’s return

3. Dependents who are ages 17, 18 or students from ages 19 – 23

4. A state return. A simple return is filed for federal purposes only

5.  If you need to file a state return, you must file the federal return in the 

Filing a Simple Return electronically and including Direct Deposit information will allow the IRS to process and send the economic impact payment to the taxpayer in the least amount of time. If you don’t have Direct Deposit you will receive a check.

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TAX & CORONAVIRUS UPDATES

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EXTENDED FILING & PAYMENT DEADLINE

I The Treasury Department and Internal Revenue Service has extended the filing due date from April 15 to July 15, 2020. Taxpayers who owe can also defer payments due on April 15 to July 15, 2020 without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including trust & estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.

CORONAVIRUS STIMULUS UPDATE

 

Coronavirus Stimulus Update

With the Senate approving the $2 trillion stimulus bill, and the House and President indicating their pending approval, we are having frequent conversations with the IRS about how stimulus disbursements will be issued.
It is the position of the Tax Bank that stimulus recipients are best served receiving their payment directly from the IRS rather than from their Tax Pro.
We will provide updates as more information is available.

WHO WILL GET A STIMULUS CHECK & WHEN

Your eligibility is based on your most recent tax return and your adjusted gross income. If you already filed your 2019 taxes, your eligibility will be based on that. If not the Internal Revenue Service will use your 2018 taxes to determine if you qualify.

The benefit us available not only to those who have filed taxes, but those who receive Social Security benefits as long as they've received their SSA-1099 form.

Internal Revenue Service will start distributing Stimulus check April 6.

PROTECT YOUR FAMILY AND YOUR ASSETS

FIVE STEPS TAXPAYERS CAN TAKE NOW TO PROTECT AGAINST IDENTITY THEFT

7 DAY FREE TRIAL CLICK

All taxpayers should make sure they’re doing everything they can to prevent a thief from stealing their identity.

Tax-related ID theft occurs when someone uses a taxpayer’s stolen personal information to file a tax return claiming a fraudulent refund. The thieves use personal information like a stolen Social Security number.

The IRS and its partners are constantly working to combat these types of crimes, but they can’t do it alone. Taxpayers play an important role when it comes to preventing identify theft.

Here are some tips to help taxpayers protect themselves against identity theft. Taxpayers should:

  • Always use security software. This software should have firewall and anti-virus protections.

  • Use strong, unique passwords. They should also consider using a password manager.

  • Learn to recognize and avoid phishing emails, threatening calls and texts from thieves. These scammers pose as legitimate organizations such as banks, credit card companies, and even the IRS.

  • Not click on links in unsolicited emails or messages from unknown senders. Also, people shouldn’t click on links or download attachments from emails that seem suspicious, even if they appear to be from senders they know.

  • Protect personal information and that of any dependents. For example, people shouldn’t routinely carry around their Social Security cards. They should also make sure tax records are secure.

PROTECT YOUR IDENTITY CLICK HERE

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