Coronavirus Tax Relief [up-to-date IRS page on stimulus checks, biz Employee Retention Credit, and other very useful info]

IRS ^ | 3/31/2020 | IRS

[catnipman]

The IRS has established a special section focused on steps to help taxpayers, businesses and others affected by the coronavirus. This page will be updated as new information is available. For other information about the COVID-19 virus, people should visit the Centers for Disease Control and Prevention (CDC) (https://www.coronavirus.gov) for health information. Other information about actions being taken by the U.S. government is available at https://www.usa.gov/coronavirus and in Spanish at https://gobierno.usa.gov/coronavirus. The Department of Treasury also has information available at Coronavirus: Resources, Updates, and What You Should Know.

Economic Impact Payments: What you need to know

The distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment. Please do not call the IRS about this. When more specific details become available, we will update this page.

News Releases

IR-2020-62, IRS: Employee Retention Credit available for many businesses financially impacted by COVID-19

IR 2020-61, Economic impact payments: What you need to know

IR-2020-59, IRS unveils new People First Initiative; COVID-19 effort temporarily adjusts, suspends key compliance program

IR-2020-58, Tax Day now July 15: Treasury, IRS extend filing deadline and federal tax payments regardless of amount

IR-2020-57, Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave

Treasury News Release: Treasury and IRS Issue Guidance on Deferring Tax Payments Due to COVID-19 Outbreak

IR-2020-54, IRS: High-deductible health plans can cover coronavirus costs

[catnipman]

The IRS will be handling pretty much all stimulus payments except SBA loans and stuff for the big corporations

This is the starting page for all of that

covers individual stimulus payments,Retention Tax Credits for businesses and other issues

having studied this for stimulus payments to individuals, it looks to me that to quickly get your stimulus check for those who don't normally have to file taxes because they don't owe anything (or even those who do file but wouldn't get a refund), the ONLY method at this point for quick direct deposit (rather than waiting weeks or months for a check) is to file 2019 taxes (even if you don't owe anything) and to be sure to attach Form 8888, which is the form for specifying direct deposit information, even if you're not going to get a normal refund for 2019, but note that you can't just submit that form by itself, but MUST attach it to one of the completed 1040 forms ...

also, though the IRS will use any 2018 filing in the absence of a 2019 filing to decide if you're eligible for a stimulus check, it's not clear to me that they would attempt to use any direct deposit information you might have included on a 2018 filing because it might be out of date.

at any rate, i hope this information will be useful ...

[dp0622]

I have to fill out the forms for mom for 2019.

She is on SS and small pension but not enough to pay taxes so she doesn’t file.

IRS said they will send info about forms but can’t I do it now? And which forms if anyone knows? thanks

[Fido969]

Early info said they would use social security info if they didn’t have a tax return, but they are still trying to figure it out.

[redshawk]

Thanks for the info. ....
Also mentioned on the website. ... The IRS will be developing a special web page to help folks who normally don’t file a return. They said it will take a few weeks. ...so you can check back later. .....

[dp0622]

Yeah my mom said she saw that early on but then didn’t see it anymore.

thanks

[Tom in SFCA]

From the IRS page -

The IRS does not have my direct deposit information. What can I do?

In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.

[wastedyears]

I’ll be putting a guitar together with mine.

[catnipman]

“IRS said they will send info about forms but can’t I do it now?”

sure you can ... but you’ll need to fill out a full return + form 8888, but that should all be super simple, might even be able to use free turbotax online or free H&R Block online to do that ... if not (e.g., no Form 8888 for free), plenty of deals for inexpensive H&R Block PC software, which i personally like better than turbotax anyway ... also, you used to be able to get the paper forms at post offices ...

[catnipman]

“Early info said they would use social security info if they didn’t have a tax return, but they are still trying to figure it out”

yeah, i saw some early stuff alluding to that, but the IRS itself hasn’t said a word about that, and the IRS has exclusive domain over how this is handled ...

[catnipman]

indeed ... a few weeks ... my post was mainly for those wanting their money ASAP and are not willing to wait a few weeks ... looks to be even worse for anyone wanting paper checks mailed ...

[catnipman]

“I’ll be putting a guitar together with mine.”

good ... you’ll be putting the money into the economy, which is one of the purposes for the money ... i don’t need my check so will give it to some poorer relatives who WILL spend it ...

[Atilla_the_Hun]

From SSA.gov site,

“The Department of the Treasury will soon provide information about economic impact payments under the recently enacted law, the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act. Treasury, not Social Security, will be making direct payments to eligible people. Please do not call Social Security about these payments as the agency does not have information to share.”

From https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know

....
“The IRS does not have my direct deposit information. What can I do?

In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.

I am not typically required to file a tax return. Can I still receive my payment?

Yes. People who typically do not file a tax return will need to file a simple tax return to receive an economic impact payment. Low-income taxpayers, senior citizens, Social Security recipients, some veterans and individuals with disabilities who are otherwise not required to file a tax return will not owe tax.

How can I file the tax return needed to receive my economic impact payment?

IRS.gov/coronavirus will soon provide information instructing people in these groups on how to file a 2019 tax return with simple, but necessary, information including their filing status, number of dependents and direct deposit bank account information.“

[dp0622]

I tried a few of the “free” sites.

Downloading mom’s 1099 pdf didn’t work, other sits malfunctioned, it ain’t 10,000 dollars.

Mom will survive without it.

I have ZERO patience.

[steve86]

Had my “simple tax return” (2018) out in Monday morning mail. Have finished 2019 now also.

[dp0622]

Bet you $100 that nothing useful or nothing at all is added in the weeks to come.

Tried to do a basic return for mother but files crash and online pages a mess.

Like I said, 1,200 isn’t gonna change mom’s life.

It ain’t worth the headache

[Salamander]

We haven’t done 2019 taxes yet but they have our 2018 records.
Do we have to do our 2019 taxes *now* or are our 2018 records okay?
We were happy about the extension as it costs it $200 to have them filed and we don’t have it right now.

[wastedyears]

Gonna make a copy as close to this guy's Jackson Strat as I can. Dave Murray is my favorite guitar player.

[Ez2BRepub]

I filed my 2018 and 2019 taxes but I was not due a refund, so I did not fill out any direct deposit info. So my tax returns would be worthless for them to send a direct deposit.

I have SSI and VA disability, that are direct deposited, so it makes sense for them to use that, instead, to deposit the money. Of course this is the Gov't, so nothing will make sense or go easily.

[The Westerner]

Thanks a million for this info! Just how much is this cash giveaway? If big enough, I might finish my return sooner rather than later.

Also read that 1st Q estimated taxes aren’t due til the July date, but 2nd Q is due on time. Strange.

[cherry]

we still have bills so I’ll use some of it for that, but the rest I’ll probably send to my adult children who have been greatly disrupted by this massive shutdown..