The IRS has launched an online tool for non-filers to receive their stimulus payment. If you think that you are eligible to receive the stimulus payment, but you have not filed your 2018 or 2019 tax return, then follow the link below in order to register with the IRS.
https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here
As the coronavirus (COVID-19) continues to affect local communities and global economies, you may have concerns about your financial well-being. Or you may be wondering about how recently passed legislation impacts you. We’re providing a high-level summary of some of the key provisions impacting individuals and recommend discussing your particular circumstances with us in more detail.
Relief available
There are several recently enacted tax changes and new or expanded benefits that might be helpful to you.
Income tax provisions:
Recovery rebates:
Retirement accounts:
Other benefits:
The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for tax returns remains April 15, 2020. The IRS urges taxpayers who are owed a refund to file as quickly as possible. For those who can’t file by the April 15, 2020 deadline, the IRS reminds individual taxpayers that everyone is eligible to request a six-month extension to file their return.
This payment relief includes:
Individuals: Income tax payment deadlines for individual returns, with a due date of April 15, 2020, are being automatically extended until July 15, 2020, for up to $1 million of their 2019 tax due. This payment relief applies to all individual returns, including self-employed individuals, and all entities other than C-Corporations, such as trusts or estates. IRS will automatically provide this relief to taxpayers. Taxpayers do not need to file any additional forms or call the IRS to qualify for this relief.
Corporations: For C Corporations, income tax payment deadlines are being automatically extended until July 15, 2020, for up to $10 million of their 2019 tax due.
This relief also includes estimated tax payments for tax year 2020 that are due on April 15, 2020.
Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. If you file your tax return or request an extension of time to file by April 15, 2020, you will automatically avoid interest and penalties on the taxes paid by July 15.
The IRS reminds individual taxpayers the easiest and fastest way to request a filing extension is to electronically file Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov. Businesses must file Form 7004.
This relief only applies to federal income tax (including tax on self-employment income) payments otherwise due April 15, 2020, not state tax payments or deposits or payments of any other type of federal tax. Taxpayers also will need to file income tax returns in 42 states plus the District of Columbia. State filing and payment deadlines vary and are not always the same as the federal filing deadline. The IRS urges taxpayers to check with their state tax agencies for those details. More information is available at https://www.taxadmin.org/state-tax-agencies.
The IRS established a special webpage on IRS.gov/coronavirus to include the above tax-related information. This page will be updated as more information is available.
The Georgia Department of Labor (GDOL) has adopted an emergency Rule 300-2-4-0.5 Partial Claims, effective March 16, 2020. The rule mandates all Georgia employers to file partial claims online on behalf of their employees for any week during which an employee (full-time/part-time) works less than full-time due to a partial or total company shutdown caused by the COVID-19 public health emergency. Any employer found to be in violation of this rule will be required to reimburse GDOL for the full amount of unemployment insurance benefits paid to the employee. Download the How Employers File Partial Claims Desk-Aid found on the GDOL Alert Page and follow the step-by-step instructions.
Filing partial claims results in your employees receiving unemployment insurance (UI) benefit payments faster, usually within 48 hours for claims filed electronically. Employees for whom you file a partial claim are NOT required to report to a Georgia Department of Labor career center, register for employment services, or look for other work.
Please continue to monitor our website at gdol.ga.gov for any updates to these guidelines.
Hello!
Like you, we’re closely monitoring developments related to the COVID-19 virus, particularly the guidance offered by local, state, and federal health officials. The health and safety of our clients and our employees remain our top priority. With that said, we’d like to make you aware of a few items:
Whether we are in our office or working remotely, we have the ability to continue to provide responsive, high-level service to you, our valued clients.
Rest assured that the Loggins, Kern & McCombs team is prepared to support our clients during this challenging time. Thank you for your trust in us.
Miranda Kern
Gina McCombs
Brandy Hatfield
Kimberly Fourman
Partners, Loggins Kern and McCombs PC
“As we’re all well aware of around here, the tax deadline is coming up. Many taxpayers will end up needing an extension in order to have more time to gather their information and prepare their personal tax return. But, did you know that an extension only gives you more time to file your return, not more time to pay the amount owed? If you owe an amount on your personal return, it is due on April 15th. Every effort should be made to reasonably estimate this amount and make a payment into the IRS by April 15th. If you are not able to do this, then there will be a late payment penalty added to the amount due when it is paid. Here is some more information on penalties from the irs: https://www.irs.gov/businesses/small-businesses-self-employed/understanding-penalties-and-interest”
We understand that taxes can be confusing to many people, and it especially doesn’t help when the law changes! It’s inevitable that taxpayers will go check the internet for answers to tax questions – and there is lots of good information out there! However, there are a few things that we would recommend as you go to Google. First is to check the date of the article you are reading. There are tax law changes all the time, and even an article that is just a year old could be out of date. Second, would be to check with a tax professional before making a decision regarding your taxes if you are unsure. Our clients are always free to get in touch with us to follow up about things that may be unclear. We feel that well informed taxpayers make the best decisions. Happy tax season!
Under the new tax law, small business owners can get up to a 20% deduction on their net business income. The great news is that this also includes landlords with rental properties! But, the catch is that you have to treat your rental like it’s a business. You need to have a separate bank account, keep separate records for your rental, and you need to issue 1099s from your rental property. 1099s are required to be issued to any non-corporate entity (or attorney) that you pay $600 or more in the year for rent or for services by cash or by check. Make sure that you get a W-9 from your vendors so that you can properly complete the 1099 in January! As always, please give our office a call if you have further questions. If you are not a client, we can setup an initial one hour consultation to see how we can help!
2018 Extended deadlines are coming up!! Partnership and S Corporation tax returns for 2018 are due by 9/16/2019, and personal returns and C Corporations are due by 10/15/19! If you haven’t filed your 2018 returns yet, be sure to give your CPA at Loggins, Kern & McCombs a call today!
HAVE YOU RECEIVED YOUR GEORGIA REFUND YET?
We have had instances where client’s refunds were being held by the Georgia Department of Revenue for various reasons. Sometimes, just a quick phone call is all that is needed to get the refund released. If you should have received a refund and you haven’t yet received it, please give your CPA a ring, and we can assist in this matter.
