COVID-19 Pandemic: Are you positioned to start receiving Economic Impact Payments from the IRS?
On the 30th of March, 2020, the US Treasury and the IRS announced that they will start distributing economic impact payments in the next 3 weeks. In making the announcement, we discovered that there are a few things you need to know first;
- It will be easy to receive payments if the IRS already has your information with them.
- For the IRS to have your information, you must have been already tax compliant. Are you?
- Again, tax filers (for example, with an adjusted gross income of up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment).
The question now is, are you already a tax filer? Is your business already tax compliant together with its employees?
If not, here is what is likely to happen to your business in the wake of the COVID-19 pandemic;
- You might lose out on the impact payments, together with your employees. Now that’s not too good for business.
- You must start filing with the IRS now, to avoid future losses because disaster has a tendency of hitting overtime. However, filing means you are going to have to lose that part of the income you already were withholding in the upcoming tax season. In short, you need to start cutting costs and come up with new revenue lines for your small business.
Ps: If you have a question about what is happening? And what needs to be done get Coronavirus Stimulus check. Go to our Coronavirus FAQ: The Cares Act. Don’t forget that we can help you file your taxes! Have a Free Quick tax Chat with your Dave Ramsey Endorsed number 1 Tax Accountant. And to claim your COVID-19 tax relief.
