If you had scheduled a direct debit for April 15 and want to delay it until July 15 you need to let the IRS know. Call them at 888-353-4537 and tell them you you want to cancel your scheduled direct debit payment.
The IRS’s website currently does not have information available regarding how the stimulus checks will be distributed. I will make updates as more information is made available to us.
Who is eligible for a stimulus payment
- Single taxpayers who have an adjusted gross income of $75,000 or less
- Head of household who earns $112,500 or less
- Married taxpayers who earn $150,000 or less
- The credit is $1,200 per adult, and 500 per child
As income increases over these thresholds, the amount of credit received will diminish.
I didn’t file a 2019 tax return
You should be okay. If the IRS doesn’t have 2019 on file, they will base it on the 2018 return.
Who should consider filing a 2019 return
There are some instances where it may be in your best interest to file a 2019 return.
- Your income was abnormally high in 2018. Maybe you unloaded stocks, sold property, or cashed in retirement to buy a house. If your income was over the threshold you won’t receive a payment.
- You don’t normally file a tax return. This doesn’t apply to people receiving veterans benefits or social security. There are some taxpayers who don’t file a return. Maybe you graduated college and didn’t have income yet. The way I’m reading it, you won’t get a stimulus payment if they don’t have a return on record.
- You closed your bank account that was used on your 2018 return. So far they’re saying if you provided direct deposit information on your return the stimulus payment will go into that account. When a direct deposit is rejected the IRS cuts a check and mails it to you. This usually takes months.
- You moved after 2018 and didn’t have direct deposit. If the IRS mails a check to the wrong address a couple of things could happen. It might get forwarded if you still have a forward on your mail (might want to renew that if your in this situation). The check might also get returned. Again, there will probably be a lengthy process to have it reissued.
I’m currently prioritizing any clients who meet the above criteria. This process will probably change as the IRS provides more information.
What if I was underpaid or overpaid?
So far if your advance payment is LESS than what you’re owed when you compute your 2020 return, you’ll get the excess as a credit on that return. But if your advance credit is GREATER than what you’re actually owed when you file your 2020 return, there currently is no mechanism to 1) repay the excess payment, or 2) recognize the excess amount as income.
All filings can be delayed until July 15. I’m also hearing from clients in emergency positions that a shelter and place order is going to be announced.
If there is a shelter in place order and it’s similar to New York I should be able to go back and forth to the office. I’d ask clients to utilize Intuit Link when possible. It’s safest and quickest.
I shifted to preparing returns from home. My wife is working at her job remotely and the kiddos can be a handful 🙂 All in all, we’re doing quite well. I hope you are as well.
Let’s work together for the best possible outcome.
EDIT: I recommend working through Intuit Link. It’s fast and secure. The IRS and State has extended the deadline to July 15.
Covid 19 is quickly changing the way everyone does business. I am not having face to face appointments. 10-20 clients are submitting paper documents daily. So I’m observing social distancing, but is that enough?
I’ve asked several people who specialize in the field. I’ve received several different answers. Here’s what I’m doing. –
- When documents come in they are quarantined for three days.
- My work space (desk, keyboard, mouse) is sanitized between files.
- I am changing disposable gloves between client files.
I’d like to wear a mask, but they are not available. I hope I’m over reacting, but I’m 44, and I have asthma. I also have a lot of clients who are high risk. I want to be proactive. I hope you do as well. Here’s a couple of ways you can help…
Submit your documents online
This is the safest way to do it. We have a secure system through intuit link. All you need is a phone camera or a scanner. Mike is working from home and will be happy to walk you through it. This also avoids us surcharging you for shipping.
Only send paper
Please, no plastic, staples, or paperclips. The virus lasts longer on those surfaces.
I’ll be updating as this progresses. So far, it’s going quite well. Thank you for your support in these matters.
Out of concern for all I stopped having in office appointments last week. Clients can –
- (Our Preference) Share documents online via Intuit Link. This is the safest way to do it.
- Drop their materials through our mail slot
- Mail their materials to our office at 916 Main St in Millis
How we’re handling returns
Documents received are processed 2-3 days after they arrive. They are returned to clients via priority mail with signature forms and an invoice.
How much will it cost for preparation
Except for unique circumstances where someones return changed you will be billed the same as last year plus $10 for shipping.
Can I just come in and sign?
No. That defeats the purpose of social distancing. We’re handling all documents individually and keeping things as sterile as possible. It’s our sincere hope that we are over reacting. But we’ve decided to be proactive in uncertain times.
There’s changes from last year. I need to talk to Jim about them.
No problem. Let us know what is going on and we will be happy to help.
Thank you for supporting this effort. We need to take measures to contain the virus. I’ve spoken to many healthcare workers, and they are concerned. Let’s do all we can to make their jobs manageable in these challenging times.