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$2 Trillion Stimulus Breakdown

Due to the effects of the coronavirus, a $2 trillion stimulus package was passed to help relieve the strain that it has put on businesses and individuals. While the $2 trillion stimulus provides relief for many individuals and businesses, it doesnít provide relief to all. Here us a breakdown of the stimulus package. Loan to industries: $500 Billion An inspector general and accountability...

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2020 Stimulus Checks

“The CARES Act sends a $1,200 check to eligible adults earning up to $75,000. It sends $2,400 to couples earning up to $150,000.12 The income is based on 2019 adjusted gross income (or 2018 AGI if you havenít yet filed your 2019 tax return). Eligible families will receive an additional $500 for each child under the age of...

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Q&A From IRS Website

Q11. I havenít filed my 2019 income tax return that would have been due on April 15 yet, but I expect to file it by July 15. What do I need to do?   A11. Nothing, except file and pay any tax due with your return by July 15.† You donít need to file any additional forms or call the IRS to qualify for this automatic Federal tax filing and payment relief. If you expect a refund, you are...

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New Deadline Date for Filing is July 15, 2020

“Treasury Secretary Steven Mnuchin announced that tax day will be delayed from April 15 to July 15. He made the announcement on Twitter on Friday, days after announcing a deferral on tax payments but not on filing day. ďAll taxpayers and businesses will have this additional time to file and make payments without interest or penalties,Ē Mnuchin tweeted.”  

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Just In

“Treasury Secretary†Steven Mnuchin†on Tuesday said that individuals will be able to defer up to $1 million in tax payments to the IRS for 90 days in light of the coronavirus outbreak. Mnuchin said that the $1 million threshold was chosen to take into account for pass-through businesses that pay taxes through the individual code on their owners’ returns. He said that corporations...

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IRS to Extend April 15 Tax Deadline

Due to the coronavirus, the April 15, 2020 deadline for filing federal income tax returns has been extended. While the new deadline has not been determined yet, it will be for this year only. For certain individuals and business that have been negatively impacted, tax payments will be deferred without any interest or penalties. President Trump has announced that assistance will be offered to...

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