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CURRENT TAX LAW UPDATES

With constant changes this information is correct as of 4/13/2020:

I hope In this "new normal" you have been able to spend some time quality time with your loved ones.  Currently our office continues to stay closed due to the COVID19.  However, we do have a drop box and have essential staff coming in to process your information.  Our staff is working remotely and processing your information.   Each one of us are committed to work hard for you, your family and your company during this time.  

I wanted to be sure you are aware that the IRS did move this years tax deadline.  Here is an update of deadlines as of today: 

  • Individual Income Tax Returns previously due 4/15/20 are now due 7/15/20
  • ​1120 Corporate Tax Returns previously due 4/15/20 are now due 7/15/20
  • Quarter 1 Estimated Tax Returns previously due 4/15/20 are now due 7/15/20
  • Any tax payments due on 4/15/20 are now due 7/15/20

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The IRS will begin sending the Economic Impact Payments (Stimulus Checks) soon, here is some helpful info for you to know:

  • Most taxpayers will receive these payments you do not need to register or request payments, payments will be direct deposited to the account you have on file with the IRS
  • U.S. residents will receive the Economic Impact Payment of $1,200 for individual or head of household filers, and $2,400 for married filing jointly if they are not a dependent of another taxpayer and have a work eligible Social Security number with adjusted gross income up to:

$75,000 for individuals

 

$150,000 for married couples filing joint returns

$112,500 for head of household filers and

Taxpayers will receive a reduced payment if their AGI is between:

                                            $75,000 and $99,000 if their filing status was single or married filing separately

                                           $112,500 and $136,500 for head of household

                                           $150,000 and $198,000 if their filing status was married filing jointly

  • The amount of the reduced payment will be based upon the taxpayers specific adjusted gross income.
  • Eligible retirees and recipients of Social Security, Railroad Retirement, disability or veterans' benefits as well as taxpayers who do not make enough money to normally have to file a tax return will receive a payment. This also includes those who have no income, as well as those whose income comes entirely from certain benefit programs, such as Supplemental Security Income benefits.
  • Retirees who receive either Social Security retirement or Railroad Retirement benefits will also receive payments automatically.
  • In addition, you may be eligible for an additional $500 per qualifying child.​
  • If you have not filed your 2018 or 2019 tax return or do not receive your SSA/SSI check by direct deposit, you can enter your information here to register as a NON FILER
  • Here is a great website to help answer your questions with Stimulus Payments, you can also update your address on this page
  • The IRS is working on setting up a website to check the status of your Economic Payments, we will send info once we have a link

 

Texas Workforce Commission has been required to make adjustments due to Covid 19 for UNEMPLOYMENT BENEFITS

 

Be on the lookout for upcoming information, information is updated daily, every day we have more and more information.  We will be updating you on Tax Law Updates, Tax Credits, SBA Loan packages, etc. 

 

Keep in mind for Accounting concerns email the accounting team at accountant@kristyrcortezcpa.com, for Tax concerns email the tax team at tax@kristyrcortezcpa.com, to schedule virtual appointments or conference calls email Rocio at info@kristyrcortezcpa.com.