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Stimulus Payments

STIMULUS PAYMENTS: IRS released IR-2020-61 regarding the $1,200 payments for each taxpayer and $500 for each qualifying child. They will start going out in the next three weeks, but only to taxpayers who have filed 2018 or 2019 returns. Taxpayers who have not filed will need to file 2018 or 2019 in order to get the stimulus, but the stimulus will still be paid out throughout the rest of 2020. The IRS will be setting up a portal for taxpayers to enter or change their bank information, but it is not ready yet, so don’t get scammed.

SBA Economic Injury Disaster Loans $10,000 Advance

Due to the economic impact of the coronavirus, the US Government has authorized the Small Business Administration to offer Economic Injury Disaster Loans to any business with 500 or less employees, non-profits, self-employed, independent contractors, and landlords of commercial or residential rentals.

The Disaster Loans come with a provision that an Advance of $10,000 is offered to any applicant, whether the loan is approved or denied. The Advance does not have to be paid back.

 The application can be found at https://covid19relief.sba.gov/#/

I suggest that your business apply for the loan and advance as soon as possible.

If you need assistance with the application, a potential Paycheck Protection Loan, or the SBA Loan Forgiveness, please contact us.

We will be continuing the review the options to assist our clients through this difficult time.

If you have any questions, please contact us.

Oregon 2019

Oregon Governor Brown has extended the deadline for filing Oregon returns to July 15, 2020. More details will be released this afternoon by the Department of Revenue.

2019 IRS Changes

The latest information from the IRS can be found at https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers

Quick info:

  • The filing date for 2019 returns was April 15, 2020, and is now July 15, 2020.
  • 1st Quarter 2020 Estimated taxes which were due April 15, 2020 are now due July 15, 2020.
  • 2nd Quarter 2020 Estimated taxes which were due June 15, 2020 are still due June 15, 2020 – however can be combined with the 1st quarter payment and paid on July 15, 2020
  • IRA, HSA, Employer pension contributions can be made up until July 15, 2020
  • IRS is still processing refunds within 21 days

Please let us know if you have any questions. Our offices are open for telephone calls, video chats, and email.

Stay safe, and Wash Your Hands.

 

Tax Practitioners’ Bill of Rights

For many years Congress and the IRS have been shifting the heavy burden of making our

nation’s tax system work onto the shoulders of tax practitioners. Retroactive tax laws,

deteriorating IRS service, and undue IRS demands during tax filing seasons now increasingly

define the world where tax practitioners work. Members of our hard working profession are

frustrated and have been asking for help for years. NSA has listened and has taken the

initiative to develop a Tax Practitioners’ Bill of Rights as a first step towards reversing this

trend. (See http://www.nsacct.org/blogs/julene-joy/2015/06/16/nsa-proposes-tax-practitionersbill-

of-rights.)

To give Congress and the IRS a sense of how serious the current situation is and to express

support for the Tax Practitioners’ Bill of Rights, NSA has launched an electronic petition

available online where tax practitioners and taxpayers can add their names in support as well

as offer additional comments. The more people who sign the petition, the more weight it will

carry when NSA presses for changes with Congress and the IRS. That is why I am asking for

your help now. Please join me in spreading the word and signing the petition. The petition is

available at http://www.ipetitions.com/petition/nsa-bill. Please share this petition with your

fellow members, colleagues, and any taxpayers you know who might agree with the Tax

Practitioners’ Bill of Rights.

Thank you for your support!

Very truly yours,

Marilyn M. Niwao

Marilyn M. Niwao, J.D., CPA, ATA, CGMA

NSA President