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 yearstax 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
The IRS will begin sending theEconomic 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
KRC is one of the leading firms in and throughout Austin, TX. By combining our expertise, experience and the team mentality of our staff, we assure that every client receives the close analysis and attention they deserve. Our dedication to high standards, hiring of seasoned tax professionals, and work ethic is the reason our client base returns year after year.