Author Archives: c08689714

๐ˆ๐‘๐’ ๐’๐„๐„๐Š๐ˆ๐๐† ๐‡๐„๐‹๐ ๐ฐ๐ข๐ญ๐ก ๐‚๐‘๐˜๐๐“๐Ž๐‚๐”๐‘๐‘๐„๐๐‚๐˜ ๐€๐”๐ƒ๐ˆ๐“๐’ (๐Ÿ”/๐Ÿ/๐Ÿ๐ŸŽ๐Ÿ๐ŸŽ)

CryptoTrader.Tax, a cryptocurrency tax software company that helps taxpayers report their taxes, revealed that they received an email on May 12 from the IRS soliciting their assistance in audits.

The IRS solicitation, called a Statement of Work, details what the IRS would require. In short, it needs audit support dealing with virtual currency calculations in audits.

In reply, CryptoTrader.Tax has stated:

โ€The CryptoTrader.Tax team will not be pursuing this contract. Our full focus is on serving our customers and making the cryptocurrency tax reporting process as seamless as possible.โ€

For more info, see https://cryptotrader.tax/blog/irs-hires-tax-professionals-to-audit-crypto-tax-returns

If you need help, contact us at https://tjcarroll-law.com/contact/

๐“๐ก๐จ๐ฆ๐š๐ฌ ๐‰๐š๐ฆ๐ž๐ฌ ๐‚๐š๐ซ๐ซ๐จ๐ฅ๐ฅ, ๐.๐‚. ๐ข๐ฌ ๐š ๐ฅ๐š๐ฐ ๐Ÿ๐ข๐ซ๐ฆ ๐Ÿ๐จ๐œ๐ฎ๐ฌ๐ข๐ง๐  ๐จ๐ง ๐Ÿ๐ž๐๐ž๐ซ๐š๐ฅ ๐š๐ง๐ ๐ฌ๐ญ๐š๐ญ๐ž ๐ญ๐š๐ฑ๐ž๐ฌ ๐ญ๐ก๐š๐ญ ๐ฉ๐ซ๐จ๐ฏ๐ข๐๐ž๐ฌ ๐ข๐ง๐๐ข๐ฏ๐ข๐๐ฎ๐š๐ฅ๐ฌ ๐š๐ง๐ ๐›๐ฎ๐ฌ๐ข๐ง๐ž๐ฌ๐ฌ๐ž๐ฌ ๐ฐ๐ข๐ญ๐ก ๐ญ๐š๐ฑ ๐ก๐ž๐ฅ๐ฉ ๐š๐ง๐ ๐ฌ๐จ๐ฅ๐ฎ๐ญ๐ข๐จ๐ง๐ฌ ๐Ÿ๐จ๐ซ ๐ญ๐จ๐๐š๐ฒ ๐š๐ง๐ ๐ญ๐จ๐ฆ๐จ๐ซ๐ซ๐จ๐ฐ.

๐Ž๐ฏ๐ž๐ซ ๐Ÿ‘๐ŸŽ ๐˜๐ž๐š๐ซ๐ฌ ๐จ๐Ÿ ๐„๐ฑ๐ฉ๐ž๐ซ๐ข๐ž๐ง๐œ๐ž ๐ข๐ง ๐ˆ๐‘๐’, ๐๐˜ & ๐๐‰ ๐“๐š๐ฑ ๐€๐ฎ๐๐ข๐ญ๐ฌ, ๐€๐ฉ๐ฉ๐ž๐š๐ฅ๐ฌ & ๐“๐š๐ฑ ๐๐ฅ๐š๐ง๐ง๐ข๐ง๐ .

๐–๐–๐–.๐“๐‰๐‚๐€๐‘๐‘๐Ž๐‹๐‹-๐‹๐€๐–.๐‚๐Ž๐Œ

๐„๐‚๐Ž๐๐Ž๐Œ๐ˆ๐‚ ๐ˆ๐Œ๐๐€๐‚๐“ ๐๐€๐˜๐Œ๐„๐๐“๐’ ๐’๐„๐๐“ ๐ญ๐จ ๐˜๐Ž๐”๐‘ ๐๐‘๐„๐๐€๐ˆ๐ƒ ๐ƒ๐„๐๐ˆ๐“ ๐‚๐€๐‘๐ƒ (๐Ÿ“/๐Ÿ๐Ÿ–/๐Ÿ๐ŸŽ๐Ÿ๐ŸŽ)

Unless your Economic Impact Payment has already been scheduled or paid, itโ€™s possible to have it sent to your prepaid debit card. Many reloadable prepaid cards have account and routing numbers that you could provide to the IRS through the Get My Payment application or on-Filers: Enter Payment Info Here tool.

But check with the financial institution to ensure your card can be re-used and to obtain the routing number and account number, which may be different from the card number.

If you obtained your prepaid debit card through the filing of a federal tax return, you must contact the financial institution that issued your prepaid debit card to get the correct routing number and account number. Do not use the routing number and account number shown on your copy of the tax return filed. When providing this information to the IRS, you should indicate that the account and routing number provided are for a checking account unless your financial institution indicates otherwise.

For more info, see https://www.irs.gov/newsroom/economic-impact-payments-being-sent-by-prepaid-debit-cards-arrive-in-plain-envelope-irsgov-answers-frequently-asked-questions

If you need help, contact us at https://tjcarroll-law.com/contact/

๐“๐ก๐จ๐ฆ๐š๐ฌ ๐‰๐š๐ฆ๐ž๐ฌ ๐‚๐š๐ซ๐ซ๐จ๐ฅ๐ฅ, ๐.๐‚. ๐ข๐ฌ ๐š ๐ฅ๐š๐ฐ ๐Ÿ๐ข๐ซ๐ฆ ๐Ÿ๐จ๐œ๐ฎ๐ฌ๐ข๐ง๐  ๐จ๐ง ๐Ÿ๐ž๐๐ž๐ซ๐š๐ฅ ๐š๐ง๐ ๐ฌ๐ญ๐š๐ญ๐ž ๐ญ๐š๐ฑ๐ž๐ฌ ๐ญ๐ก๐š๐ญ ๐ฉ๐ซ๐จ๐ฏ๐ข๐๐ž๐ฌ ๐ข๐ง๐๐ข๐ฏ๐ข๐๐ฎ๐š๐ฅ๐ฌ ๐š๐ง๐ ๐›๐ฎ๐ฌ๐ข๐ง๐ž๐ฌ๐ฌ๐ž๐ฌ ๐ฐ๐ข๐ญ๐ก ๐ญ๐š๐ฑ ๐ก๐ž๐ฅ๐ฉ ๐š๐ง๐ ๐ฌ๐จ๐ฅ๐ฎ๐ญ๐ข๐จ๐ง๐ฌ ๐Ÿ๐จ๐ซ ๐ญ๐จ๐๐š๐ฒ ๐š๐ง๐ ๐ญ๐จ๐ฆ๐จ๐ซ๐ซ๐จ๐ฐ.

๐Ž๐ฏ๐ž๐ซ ๐Ÿ‘๐ŸŽ ๐˜๐ž๐š๐ซ๐ฌ ๐จ๐Ÿ ๐„๐ฑ๐ฉ๐ž๐ซ๐ข๐ž๐ง๐œ๐ž ๐ข๐ง ๐ˆ๐‘๐’, ๐๐˜ & ๐๐‰ ๐“๐š๐ฑ ๐€๐ฎ๐๐ข๐ญ๐ฌ, ๐€๐ฉ๐ฉ๐ž๐š๐ฅ๐ฌ & ๐“๐š๐ฑ ๐๐ฅ๐š๐ง๐ง๐ข๐ง๐ .

๐–๐–๐–.๐“๐‰๐‚๐€๐‘๐‘๐Ž๐‹๐‹-๐‹๐€๐–.๐‚๐Ž๐Œ

๐ˆ๐‘๐’ ๐๐‡๐Ž๐๐„ ๐‡๐„๐‹๐ ๐จ๐ง ๐„๐‚๐Ž๐๐Ž๐Œ๐ˆ๐‚ ๐ˆ๐Œ๐๐€๐‚๐“ ๐๐€๐˜๐Œ๐„๐๐“ ๐๐”๐„๐’๐“๐ˆ๐Ž๐๐’ (๐Ÿ“/๐Ÿ๐Ÿ/๐Ÿ๐ŸŽ๐Ÿ๐ŸŽ)

The IRS is starting to add 3,500 telephone representatives to answer some of the most common questions about Economic Impact Payments.

IRS telephone assistance and other services will remain limited, and answers for most of the common questions related to Economic Impact Payments are available on IRS.gov. The IRS anticipates bringing back additional assistors as state and local advisories permit.

Answers for most Economic Impact Payment questions are available on the automated message for people who call the phone number provided in the letter (Notice 1444). Those who need additional assistance at the conclusion of the message will have the option of talking to a telephone representative.

For more info, see https://www.irs.gov/newsroom/irs-adds-phone-operators-to-answer-economic-impact-payment-questions

If you need help, contact us at https://tjcarroll-law.com/contact/

๐“๐ก๐จ๐ฆ๐š๐ฌ ๐‰๐š๐ฆ๐ž๐ฌ ๐‚๐š๐ซ๐ซ๐จ๐ฅ๐ฅ, ๐.๐‚. ๐ข๐ฌ ๐š ๐ฅ๐š๐ฐ ๐Ÿ๐ข๐ซ๐ฆ ๐Ÿ๐จ๐œ๐ฎ๐ฌ๐ข๐ง๐  ๐จ๐ง ๐Ÿ๐ž๐๐ž๐ซ๐š๐ฅ ๐š๐ง๐ ๐ฌ๐ญ๐š๐ญ๐ž ๐ญ๐š๐ฑ๐ž๐ฌ ๐ญ๐ก๐š๐ญ ๐ฉ๐ซ๐จ๐ฏ๐ข๐๐ž๐ฌ ๐ข๐ง๐๐ข๐ฏ๐ข๐๐ฎ๐š๐ฅ๐ฌ ๐š๐ง๐ ๐›๐ฎ๐ฌ๐ข๐ง๐ž๐ฌ๐ฌ๐ž๐ฌ ๐ฐ๐ข๐ญ๐ก ๐ญ๐š๐ฑ ๐ก๐ž๐ฅ๐ฉ ๐š๐ง๐ ๐ฌ๐จ๐ฅ๐ฎ๐ญ๐ข๐จ๐ง๐ฌ ๐Ÿ๐จ๐ซ ๐ญ๐จ๐๐š๐ฒ ๐š๐ง๐ ๐ญ๐จ๐ฆ๐จ๐ซ๐ซ๐จ๐ฐ.

๐Ž๐ฏ๐ž๐ซ ๐Ÿ‘๐ŸŽ ๐˜๐ž๐š๐ซ๐ฌ ๐จ๐Ÿ ๐„๐ฑ๐ฉ๐ž๐ซ๐ข๐ž๐ง๐œ๐ž ๐ข๐ง ๐ˆ๐‘๐’, ๐๐˜ & ๐๐‰ ๐“๐š๐ฑ ๐€๐ฎ๐๐ข๐ญ๐ฌ, ๐€๐ฉ๐ฉ๐ž๐š๐ฅ๐ฌ & ๐“๐š๐ฑ ๐๐ฅ๐š๐ง๐ง๐ข๐ง๐ .

๐–๐–๐–.๐“๐‰๐‚๐€๐‘๐‘๐Ž๐‹๐‹-๐‹๐€๐–.๐‚๐Ž๐Œ

๐ˆ๐‘๐’ ๐€๐”๐ƒ๐ˆ๐“๐’ & ๐ญ๐ก๐ž ๐‚๐Ž๐•๐ˆ๐ƒ-๐Ÿ๐Ÿ— ๐’๐‡๐”๐“๐ƒ๐Ž๐–๐ (๐Ÿ“/๐Ÿ๐Ÿ–/๐Ÿ๐ŸŽ๐Ÿ๐ŸŽ)

As a result of the shutdown, the IRS is limiting its audit activities and focusing on taxpayer relief with its People First Initiative. Until the filing and payment deadline of Wednesday, July 15, 2020, here is what taxpayers can expect with respect to IRS exams or audits-

Field, office and correspondence audits โ€“ Generally, the IRS wonโ€™t start new field, office and correspondence audits. The agency will continue to work refund claims, where possible, without in-person contact. However, the IRS may start new audits if needed to preserve the statute of limitations.

In-person meetings โ€“ In-person meetings for current field and office audits are on hold. However, examiners will continue their work remotely, where possible. Taxpayers should respond to any requests for information during this period, if possible.

Unique situations โ€“ Corporations and businesses may want to begin a previously scheduled audit while people and records are available. When it’s in the best interest of both parties and appropriate people are available, the IRS may move forward with an audit.

For more info, see https://content.govdelivery.com/accounts/USIRS/bulletins/28b927a

If you need help, contact us at https://tjcarroll-law.com/contact/

๐“๐ก๐จ๐ฆ๐š๐ฌ ๐‰๐š๐ฆ๐ž๐ฌ ๐‚๐š๐ซ๐ซ๐จ๐ฅ๐ฅ, ๐.๐‚. ๐ข๐ฌ ๐š ๐ฅ๐š๐ฐ ๐Ÿ๐ข๐ซ๐ฆ ๐Ÿ๐จ๐œ๐ฎ๐ฌ๐ข๐ง๐  ๐จ๐ง ๐Ÿ๐ž๐๐ž๐ซ๐š๐ฅ ๐š๐ง๐ ๐ฌ๐ญ๐š๐ญ๐ž ๐ญ๐š๐ฑ๐ž๐ฌ ๐ญ๐ก๐š๐ญ ๐ฉ๐ซ๐จ๐ฏ๐ข๐๐ž๐ฌ ๐ข๐ง๐๐ข๐ฏ๐ข๐๐ฎ๐š๐ฅ๐ฌ ๐š๐ง๐ ๐›๐ฎ๐ฌ๐ข๐ง๐ž๐ฌ๐ฌ๐ž๐ฌ ๐ฐ๐ข๐ญ๐ก ๐ญ๐š๐ฑ ๐ก๐ž๐ฅ๐ฉ ๐š๐ง๐ ๐ฌ๐จ๐ฅ๐ฎ๐ญ๐ข๐จ๐ง๐ฌ ๐Ÿ๐จ๐ซ ๐ญ๐จ๐๐š๐ฒ ๐š๐ง๐ ๐ญ๐จ๐ฆ๐จ๐ซ๐ซ๐จ๐ฐ.

๐Ž๐ฏ๐ž๐ซ ๐Ÿ‘๐ŸŽ ๐˜๐ž๐š๐ซ๐ฌ ๐จ๐Ÿ ๐„๐ฑ๐ฉ๐ž๐ซ๐ข๐ž๐ง๐œ๐ž ๐ข๐ง ๐ˆ๐‘๐’, ๐๐˜ & ๐๐‰ ๐“๐š๐ฑ ๐€๐ฎ๐๐ข๐ญ๐ฌ, ๐€๐ฉ๐ฉ๐ž๐š๐ฅ๐ฌ & ๐“๐š๐ฑ ๐๐ฅ๐š๐ง๐ง๐ข๐ง๐ .

๐–๐–๐–.๐“๐‰๐‚๐€๐‘๐‘๐Ž๐‹๐‹-๐‹๐€๐–.๐‚๐Ž๐Œ

๐„๐‚๐Ž๐๐Ž๐Œ๐ˆ๐‚ ๐ˆ๐Œ๐๐€๐‚๐“ ๐๐€๐˜๐Œ๐„๐๐“ (๐„๐ˆ๐) ๐ƒ๐ˆ๐…๐…๐„๐‘๐„๐๐“ ๐“๐‡๐€๐ ๐„๐—๐๐„๐‚๐“๐„๐ƒ ? (๐Ÿ“/๐Ÿ๐Ÿ‘/๐Ÿ๐ŸŽ๐Ÿ๐ŸŽ)

The EIP youโ€™re expecting may be different from the one you get for the following reasons –

๐Ÿ. ๐˜๐จ๐ฎ ๐๐ข๐๐งโ€™๐ญ ๐Ÿ๐ข๐ฅ๐ž ๐š ๐Ÿ๐ŸŽ๐Ÿ๐Ÿ— ๐ญ๐š๐ฑ ๐ซ๐ž๐ญ๐ฎ๐ซ๐ง ๐ฒ๐ž๐ญ ๐จ๐ซ ๐ญ๐ก๐ž ๐ˆ๐‘๐’ ๐ก๐š๐ฌ ๐ง๐จ๐ญ ๐Ÿ๐ข๐ง๐ข๐ฌ๐ก๐ž๐ ๐ฉ๐ซ๐จ๐œ๐ž๐ฌ๐ฌ๐ข๐ง๐  ๐ฒ๐จ๐ฎ๐ซ ๐Ÿ๐ŸŽ๐Ÿ๐Ÿ— ๐ซ๐ž๐ญ๐ฎ๐ซ๐ง. Under both of these circumstances, the IRS used the 2018 tax return and missed changes in your circumstances.

๐Ÿ. ๐‚๐ฅ๐š๐ข๐ฆ๐ž๐ ๐๐ž๐ฉ๐ž๐ง๐๐ž๐ง๐ญ๐ฌ ๐š๐ซ๐ž ๐ง๐จ๐ญ ๐ž๐ฅ๐ข๐ ๐ข๐›๐ฅ๐ž ๐Ÿ๐จ๐ซ ๐š๐ง ๐š๐๐๐ข๐ญ๐ข๐จ๐ง๐š๐ฅ $๐Ÿ“๐ŸŽ๐ŸŽ ๐ฉ๐š๐ฒ๐ฆ๐ž๐ง๐ญ. Only children eligible for the Child Tax Credit qualify for the additional payment of up to $500 per child. Additional requirements apply (see below reference.)

๐Ÿ‘. ๐ƒ๐ž๐ฉ๐ž๐ง๐๐ž๐ง๐ญ๐ฌ ๐š๐ซ๐ž ๐œ๐จ๐ฅ๐ฅ๐ž๐ ๐ž ๐ฌ๐ญ๐ฎ๐๐ž๐ง๐ญ๐ฌ. Not eligible for the $500 amount as a dependent but maybe eligible for the $1,200 amount on filing their own 2020 return.

๐Ÿ’. ๐‚๐ฅ๐š๐ข๐ฆ๐ž๐ ๐๐ž๐ฉ๐ž๐ง๐๐ž๐ง๐ญ๐ฌ ๐š๐ซ๐ž ๐ฉ๐š๐ซ๐ž๐ง๐ญ๐ฌ ๐จ๐ซ ๐ซ๐ž๐ฅ๐š๐ญ๐ข๐ฏ๐ž๐ฌ, ๐š๐ ๐ž ๐Ÿ๐Ÿ• ๐จ๐ซ ๐จ๐ฅ๐๐ž๐ซ. Not eligible for the $500 amount as a dependent but maybe eligible for the $1,200 amount on filing their own 2020 return.

๐Ÿ“. ๐๐š๐ฌ๐ญ-๐๐ฎ๐ž ๐œ๐ก๐ข๐ฅ๐ ๐ฌ๐ฎ๐ฉ๐ฉ๐จ๐ซ๐ญ ๐ฐ๐š๐ฌ ๐๐ž๐๐ฎ๐œ๐ญ๐ž๐ ๐Ÿ๐ซ๐จ๐ฆ ๐ญ๐ก๐ž ๐„๐ˆ๐ ๐š๐ฆ๐จ๐ฎ๐ง๐ญ. Injured spouse claims change the EIP amount.

๐Ÿ”. ๐†๐š๐ซ๐ง๐ข๐ฌ๐ก๐ฆ๐ž๐ง๐ญ๐ฌ ๐›๐ฒ ๐œ๐ซ๐ž๐๐ข๐ญ๐จ๐ซ๐ฌ ๐ซ๐ž๐๐ฎ๐œ๐ž๐ ๐ญ๐ก๐ž ๐„๐ˆ๐ ๐š๐ฆ๐จ๐ฎ๐ง๐ญ.

For more detailed info, see https://www.irs.gov/newsroom/why-the-economic-impact-payment-amount-could-be-different-than-anticipated

If you need help, contact us at https://tjcarroll-law.com/contact/

๐“๐ก๐จ๐ฆ๐š๐ฌ ๐‰๐š๐ฆ๐ž๐ฌ ๐‚๐š๐ซ๐ซ๐จ๐ฅ๐ฅ, ๐.๐‚. ๐ข๐ฌ ๐š ๐ฅ๐š๐ฐ ๐Ÿ๐ข๐ซ๐ฆ ๐Ÿ๐จ๐œ๐ฎ๐ฌ๐ข๐ง๐  ๐จ๐ง ๐Ÿ๐ž๐๐ž๐ซ๐š๐ฅ ๐š๐ง๐ ๐ฌ๐ญ๐š๐ญ๐ž ๐ญ๐š๐ฑ๐ž๐ฌ ๐ญ๐ก๐š๐ญ ๐ฉ๐ซ๐จ๐ฏ๐ข๐๐ž๐ฌ ๐ข๐ง๐๐ข๐ฏ๐ข๐๐ฎ๐š๐ฅ๐ฌ ๐š๐ง๐ ๐›๐ฎ๐ฌ๐ข๐ง๐ž๐ฌ๐ฌ๐ž๐ฌ ๐ฐ๐ข๐ญ๐ก ๐ญ๐š๐ฑ ๐ก๐ž๐ฅ๐ฉ ๐š๐ง๐ ๐ฌ๐จ๐ฅ๐ฎ๐ญ๐ข๐จ๐ง๐ฌ ๐Ÿ๐จ๐ซ ๐ญ๐จ๐๐š๐ฒ ๐š๐ง๐ ๐ญ๐จ๐ฆ๐จ๐ซ๐ซ๐จ๐ฐ.

๐Ž๐ฏ๐ž๐ซ ๐Ÿ‘๐ŸŽ ๐˜๐ž๐š๐ซ๐ฌ ๐จ๐Ÿ ๐„๐ฑ๐ฉ๐ž๐ซ๐ข๐ž๐ง๐œ๐ž ๐ข๐ง ๐ˆ๐‘๐’, ๐๐˜ & ๐๐‰ ๐“๐š๐ฑ ๐€๐ฎ๐๐ข๐ญ๐ฌ, ๐€๐ฉ๐ฉ๐ž๐š๐ฅ๐ฌ & ๐“๐š๐ฑ ๐๐ฅ๐š๐ง๐ง๐ข๐ง๐ .

๐–๐–๐–.๐“๐‰๐‚๐€๐‘๐‘๐Ž๐‹๐‹-๐‹๐€๐–.๐‚๐Ž๐Œ

๐‡๐Ž๐– ๐ญ๐จ ๐‘๐„๐“๐”๐‘๐ ๐š๐ง ๐„๐‚๐Ž๐๐Ž๐Œ๐ˆ๐‚ ๐ˆ๐Œ๐๐€๐‚๐“ ๐๐€๐˜๐Œ๐„๐๐“ (๐Ÿ“/๐Ÿ๐Ÿ/๐Ÿ๐ŸŽ๐Ÿ๐ŸŽ)

The IRS has told us how to return an economic impact payment (EIP).

If the payment was a paper check:
1. Write “Void” in the endorsement section on the back of the check.
2. Mail the voided Treasury check immediately to the appropriate IRS location listed at the website (see below).
3. Don’t staple, bend, or paper clip the check.
4. Include a note stating the reason for returning the check.

If the payment was a paper check and you have cashed it, or if the payment was a direct deposit:
1. Submit a personal check, money order, etc., immediately to the appropriate IRS location listed at the website.
2. Write on the check/money order made payable to โ€œU.S. Treasuryโ€ and write 2020EIP, and the taxpayer identification number (social security number, or individual taxpayer identification number) of the recipient of the check.
3. Include a brief explanation of the reason for returning the EIP.

For more info and mailing addresses, see the IRS website-Economic Impact Payment Information Center, Question 41 at https://www.irs.gov/coronavirus/economic-impact-payment-information-center

If you need help, contact us at https://tjcarroll-law.com/contact/

๐“๐ก๐จ๐ฆ๐š๐ฌ ๐‰๐š๐ฆ๐ž๐ฌ ๐‚๐š๐ซ๐ซ๐จ๐ฅ๐ฅ, ๐.๐‚. ๐ข๐ฌ ๐š ๐ฅ๐š๐ฐ ๐Ÿ๐ข๐ซ๐ฆ ๐Ÿ๐จ๐œ๐ฎ๐ฌ๐ข๐ง๐  ๐จ๐ง ๐Ÿ๐ž๐๐ž๐ซ๐š๐ฅ ๐š๐ง๐ ๐ฌ๐ญ๐š๐ญ๐ž ๐ญ๐š๐ฑ๐ž๐ฌ ๐ญ๐ก๐š๐ญ ๐ฉ๐ซ๐จ๐ฏ๐ข๐๐ž๐ฌ ๐ข๐ง๐๐ข๐ฏ๐ข๐๐ฎ๐š๐ฅ๐ฌ ๐š๐ง๐ ๐›๐ฎ๐ฌ๐ข๐ง๐ž๐ฌ๐ฌ๐ž๐ฌ ๐ฐ๐ข๐ญ๐ก ๐ญ๐š๐ฑ ๐ก๐ž๐ฅ๐ฉ ๐š๐ง๐ ๐ฌ๐จ๐ฅ๐ฎ๐ญ๐ข๐จ๐ง๐ฌ ๐Ÿ๐จ๐ซ ๐ญ๐จ๐๐š๐ฒ ๐š๐ง๐ ๐ญ๐จ๐ฆ๐จ๐ซ๐ซ๐จ๐ฐ.

๐Ž๐ฏ๐ž๐ซ ๐Ÿ‘๐ŸŽ ๐˜๐ž๐š๐ซ๐ฌ ๐จ๐Ÿ ๐„๐ฑ๐ฉ๐ž๐ซ๐ข๐ž๐ง๐œ๐ž ๐ข๐ง ๐ˆ๐‘๐’, ๐๐˜ & ๐๐‰ ๐“๐š๐ฑ ๐€๐ฎ๐๐ข๐ญ๐ฌ, ๐€๐ฉ๐ฉ๐ž๐š๐ฅ๐ฌ & ๐“๐š๐ฑ ๐๐ฅ๐š๐ง๐ง๐ข๐ง๐ .

๐–๐–๐–.๐“๐‰๐‚๐€๐‘๐‘๐Ž๐‹๐‹-๐‹๐€๐–.๐‚๐Ž๐Œ

๐‹๐Ž๐–-๐ˆ๐๐‚๐Ž๐Œ๐„ ๐ˆ๐๐ƒ๐ˆ๐•๐ˆ๐ƒ๐”๐€๐‹๐’ ๐„๐‹๐ˆ๐†๐ˆ๐๐‹๐„ ๐Ÿ๐จ๐ซ ๐„๐‚๐Ž๐๐Ž๐Œ๐ˆ๐‚ ๐ˆ๐Œ๐๐€๐‚๐“ ๐๐€๐˜๐Œ๐„๐๐“๐’ (๐Ÿ“/๐Ÿ•/๐Ÿ๐ŸŽ๐Ÿ๐ŸŽ)

Low-income individuals are eligible for an Economic Impact Payment. Those who do not have a regular filing requirement can use the free, online tool Non-Filers: Enter Payment Info to quickly register to receive their payment. And a Spanish language version of the tool is available.

The Non-Filers tool is for married couples with incomes below $24,400 or single people with income below $12,200. This includes couples and individuals who are homeless. Married couples usually qualify to receive $2,400 while single people qualify to get $1,200. People with dependents under 17 can get up to an additional $500 for each child.

Even if a person doesnโ€™t work, they can still qualify for an Economic Impact Payment. But not if they were claimed as a dependent by someone else.

For more information, see https://www.irs.gov/newsroom/low-income-people-are-eligible-to-get-an-economic-impact-payment

If you need help, contact us at https://tjcarroll-law.com/contact/

๐“๐ก๐จ๐ฆ๐š๐ฌ ๐‰๐š๐ฆ๐ž๐ฌ ๐‚๐š๐ซ๐ซ๐จ๐ฅ๐ฅ, ๐.๐‚. ๐ข๐ฌ ๐š ๐ฅ๐š๐ฐ ๐Ÿ๐ข๐ซ๐ฆ ๐Ÿ๐จ๐œ๐ฎ๐ฌ๐ข๐ง๐  ๐จ๐ง ๐Ÿ๐ž๐๐ž๐ซ๐š๐ฅ ๐š๐ง๐ ๐ฌ๐ญ๐š๐ญ๐ž ๐ญ๐š๐ฑ๐ž๐ฌ ๐ญ๐ก๐š๐ญ ๐ฉ๐ซ๐จ๐ฏ๐ข๐๐ž๐ฌ ๐ข๐ง๐๐ข๐ฏ๐ข๐๐ฎ๐š๐ฅ๐ฌ ๐š๐ง๐ ๐›๐ฎ๐ฌ๐ข๐ง๐ž๐ฌ๐ฌ๐ž๐ฌ ๐ฐ๐ข๐ญ๐ก ๐ญ๐š๐ฑ ๐ก๐ž๐ฅ๐ฉ ๐š๐ง๐ ๐ฌ๐จ๐ฅ๐ฎ๐ญ๐ข๐จ๐ง๐ฌ ๐Ÿ๐จ๐ซ ๐ญ๐จ๐๐š๐ฒ ๐š๐ง๐ ๐ญ๐จ๐ฆ๐จ๐ซ๐ซ๐จ๐ฐ.

๐Ž๐ฏ๐ž๐ซ ๐Ÿ‘๐ŸŽ ๐˜๐ž๐š๐ซ๐ฌ ๐จ๐Ÿ ๐„๐ฑ๐ฉ๐ž๐ซ๐ข๐ž๐ง๐œ๐ž ๐ข๐ง ๐ˆ๐‘๐’, ๐๐˜ & ๐๐‰ ๐“๐š๐ฑ ๐€๐ฎ๐๐ข๐ญ๐ฌ, ๐€๐ฉ๐ฉ๐ž๐š๐ฅ๐ฌ & ๐“๐š๐ฑ ๐๐ฅ๐š๐ง๐ง๐ข๐ง๐ .

๐–๐–๐–.๐“๐‰๐‚๐€๐‘๐‘๐Ž๐‹๐‹-๐‹๐€๐–.๐‚๐Ž๐Œ

๐๐Ž ๐ƒ๐„๐ƒ๐”๐‚๐“๐ˆ๐Ž๐ ๐Ÿ๐จ๐ซ ๐„๐—๐๐„๐๐’๐„๐’ ๐’๐”๐๐๐Ž๐‘๐“๐ˆ๐๐† ๐…๐Ž๐‘๐†๐ˆ๐•๐„๐๐„๐’๐’ ๐จ๐Ÿ ๐๐๐/๐‚๐€๐‘๐„๐’ ๐€๐‚๐“ ๐‹๐Ž๐€๐๐’ (๐Ÿ“/๐Ÿ“/๐Ÿ๐ŸŽ๐Ÿ๐ŸŽ)

Under the Cares Act, a recipient of a Payroll Protection Program (PPP) loan can receive forgiveness of indebtedness on the loan in an amount equal to the sum of payments made for the following expenses during the 8-week โ€œcovered periodโ€ beginning on the loanโ€™s origination date: (1) payroll costs, (2) any payment of interest on any covered mortgage obligation, (3) any payment on any covered rent obligation, and (4) any covered utility payment.

However, the IRS clarified that no deduction is allowed for an expense if the payment of the expense results in forgiveness of a PPP loan and the income associated with the forgiveness is excluded from gross income under the CARES Act.

SO expenses to substantiate the above amounts that can be forgiven arenโ€™t deductible.

For more information, see https://www.irs.gov/pub/irs-drop/n-20-32.pdf

If you need help, contact us at https://tjcarroll-law.com/contact/

๐“๐ก๐จ๐ฆ๐š๐ฌ ๐‰๐š๐ฆ๐ž๐ฌ ๐‚๐š๐ซ๐ซ๐จ๐ฅ๐ฅ, ๐.๐‚. ๐ข๐ฌ ๐š ๐ฅ๐š๐ฐ ๐Ÿ๐ข๐ซ๐ฆ ๐Ÿ๐จ๐œ๐ฎ๐ฌ๐ข๐ง๐  ๐จ๐ง ๐Ÿ๐ž๐๐ž๐ซ๐š๐ฅ ๐š๐ง๐ ๐ฌ๐ญ๐š๐ญ๐ž ๐ญ๐š๐ฑ๐ž๐ฌ ๐ญ๐ก๐š๐ญ ๐ฉ๐ซ๐จ๐ฏ๐ข๐๐ž๐ฌ ๐ข๐ง๐๐ข๐ฏ๐ข๐๐ฎ๐š๐ฅ๐ฌ ๐š๐ง๐ ๐›๐ฎ๐ฌ๐ข๐ง๐ž๐ฌ๐ฌ๐ž๐ฌ ๐ฐ๐ข๐ญ๐ก ๐ญ๐š๐ฑ ๐ก๐ž๐ฅ๐ฉ ๐š๐ง๐ ๐ฌ๐จ๐ฅ๐ฎ๐ญ๐ข๐จ๐ง๐ฌ ๐Ÿ๐จ๐ซ ๐ญ๐จ๐๐š๐ฒ ๐š๐ง๐ ๐ญ๐จ๐ฆ๐จ๐ซ๐ซ๐จ๐ฐ.

๐Ž๐ฏ๐ž๐ซ ๐Ÿ‘๐ŸŽ ๐˜๐ž๐š๐ซ๐ฌ ๐จ๐Ÿ ๐„๐ฑ๐ฉ๐ž๐ซ๐ข๐ž๐ง๐œ๐ž ๐ข๐ง ๐ˆ๐‘๐’, ๐๐˜ & ๐๐‰ ๐“๐š๐ฑ ๐€๐ฎ๐๐ข๐ญ๐ฌ, ๐€๐ฉ๐ฉ๐ž๐š๐ฅ๐ฌ & ๐“๐š๐ฑ ๐๐ฅ๐š๐ง๐ง๐ข๐ง๐ .

๐–๐–๐–.๐“๐‰๐‚๐€๐‘๐‘๐Ž๐‹๐‹-๐‹๐€๐–.๐‚๐Ž๐Œ

๐•๐€ & ๐’๐’๐ˆ ๐‘๐„๐‚๐ˆ๐๐ˆ๐„๐๐“๐’ ๐“๐‡๐€๐“ ๐ƒ๐Ž๐โ€™๐“ ๐…๐ˆ๐‹๐„ ๐‘๐„๐“๐”๐‘๐๐’-๐€๐‚๐“ ๐›๐ฒ ๐Œ๐€๐˜ ๐Ÿ“ (๐Ÿ’/๐Ÿ‘๐ŸŽ/๐Ÿ๐ŸŽ๐Ÿ๐ŸŽ)

SSI and VA recipients who have children and who werenโ€™t required file a tax return in 2018 or 2019 should visit the โ€œNon-Filers: Enter Payment Info Hereโ€ tool on IRS.gov. And by entering the needed information by May 5th on this site, get the economic impact payments theyโ€™re entitled to.

By entering information on the IRS website about them and their qualifying children, they can receive the $500 per dependent child payment automatically in addition to their $1,200 individual payment. Otherwise, their payment at this time will be $1,200 and, by law, the additional $500 per eligible child amount would be paid in association with a return filing for tax year 2020.

For more information, see https://www.irs.gov/newsroom/va-ssi-recipients-with-eligible-children-need-to-act-by-may-5-to-quickly-add-money-to-their-automatic-economic-impact-payment-plus-500-push-continues

If you need help, contact us at https://tjcarroll-law.com/contact/

๐“๐ก๐จ๐ฆ๐š๐ฌ ๐‰๐š๐ฆ๐ž๐ฌ ๐‚๐š๐ซ๐ซ๐จ๐ฅ๐ฅ, ๐.๐‚. ๐ข๐ฌ ๐š ๐ฅ๐š๐ฐ ๐Ÿ๐ข๐ซ๐ฆ ๐Ÿ๐จ๐œ๐ฎ๐ฌ๐ข๐ง๐  ๐จ๐ง ๐Ÿ๐ž๐๐ž๐ซ๐š๐ฅ ๐š๐ง๐ ๐ฌ๐ญ๐š๐ญ๐ž ๐ญ๐š๐ฑ๐ž๐ฌ ๐ญ๐ก๐š๐ญ ๐ฉ๐ซ๐จ๐ฏ๐ข๐๐ž๐ฌ ๐ข๐ง๐๐ข๐ฏ๐ข๐๐ฎ๐š๐ฅ๐ฌ ๐š๐ง๐ ๐›๐ฎ๐ฌ๐ข๐ง๐ž๐ฌ๐ฌ๐ž๐ฌ ๐ฐ๐ข๐ญ๐ก ๐ญ๐š๐ฑ ๐ก๐ž๐ฅ๐ฉ ๐š๐ง๐ ๐ฌ๐จ๐ฅ๐ฎ๐ญ๐ข๐จ๐ง๐ฌ ๐Ÿ๐จ๐ซ ๐ญ๐จ๐๐š๐ฒ ๐š๐ง๐ ๐ญ๐จ๐ฆ๐จ๐ซ๐ซ๐จ๐ฐ.

๐Ž๐ฏ๐ž๐ซ ๐Ÿ‘๐ŸŽ ๐˜๐ž๐š๐ซ๐ฌ ๐จ๐Ÿ ๐„๐ฑ๐ฉ๐ž๐ซ๐ข๐ž๐ง๐œ๐ž ๐ข๐ง ๐ˆ๐‘๐’, ๐๐˜ & ๐๐‰ ๐“๐š๐ฑ ๐€๐ฎ๐๐ข๐ญ๐ฌ, ๐€๐ฉ๐ฉ๐ž๐š๐ฅ๐ฌ & ๐“๐š๐ฑ ๐๐ฅ๐š๐ง๐ง๐ข๐ง๐ .

๐–๐–๐–.๐“๐‰๐‚๐€๐‘๐‘๐Ž๐‹๐‹-๐‹๐€๐–.๐‚๐Ž๐Œ

โ€œ๐†๐„๐“ ๐Œ๐˜ ๐๐€๐˜๐Œ๐„๐๐“โ€ ๐Ž๐๐‹๐ˆ๐๐„ ๐€๐๐๐‹๐ˆ๐‚๐€๐“๐ˆ๐Ž๐ (๐Ÿ’/๐Ÿ๐Ÿ•/๐Ÿ๐ŸŽ๐Ÿ๐ŸŽ)

With the โ€œGet My Paymentโ€ application, recipients of economic impact payments can track their payments and provide bank account information to ensure direct deposit.

๐…๐จ๐ซ ๐ญ๐š๐ฑ๐ฉ๐š๐ฒ๐ž๐ซ๐ฌ ๐ญ๐จ ๐ญ๐ซ๐š๐œ๐ค ๐ญ๐ก๐ž ๐ฌ๐ญ๐š๐ญ๐ฎ๐ฌ ๐จ๐Ÿ ๐ญ๐ก๐ž๐ข๐ซ ๐ฉ๐š๐ฒ๐ฆ๐ž๐ง๐ญ, the application will show taxpayers the scheduled delivery date by direct deposit or mail and the last four digits of the bank account being used if the IRS has direct deposit information. They will need to enter basic information including:
โ€ข Social Security number
โ€ข Date of birth, and
โ€ข Mailing address used on their tax return.

๐“๐š๐ฑ๐ฉ๐š๐ฒ๐ž๐ซ๐ฌ ๐ง๐ž๐ž๐๐ข๐ง๐  ๐ญ๐จ ๐š๐๐ ๐ญ๐ก๐ž๐ข๐ซ ๐›๐š๐ง๐ค ๐š๐œ๐œ๐จ๐ฎ๐ง๐ญ ๐ข๐ง๐Ÿ๐จ๐ซ๐ฆ๐š๐ญ๐ข๐จ๐ง to speed receipt of their payment will also need to provide the following additional information:
โ€ข Their Adjusted Gross Income from their most recent tax return submitted, either 2019 or 2018
โ€ข The refund or amount owed from their latest filed tax return
โ€ข Bank account type, account and routing numbers

๐‚๐š๐ฎ๐ญ๐ข๐จ๐ง.The application is only available at IRS.gov.

For more information, see https://www.irs.gov/newsroom/irs-enhances-get-my-payment-online-application-to-help-taxpayers

If you need help, contact us at https://tjcarroll-law.com/contact/

๐“๐ก๐จ๐ฆ๐š๐ฌ ๐‰๐š๐ฆ๐ž๐ฌ ๐‚๐š๐ซ๐ซ๐จ๐ฅ๐ฅ, ๐.๐‚. ๐ข๐ฌ ๐š ๐ฅ๐š๐ฐ ๐Ÿ๐ข๐ซ๐ฆ ๐Ÿ๐จ๐œ๐ฎ๐ฌ๐ข๐ง๐  ๐จ๐ง ๐Ÿ๐ž๐๐ž๐ซ๐š๐ฅ ๐š๐ง๐ ๐ฌ๐ญ๐š๐ญ๐ž ๐ญ๐š๐ฑ๐ž๐ฌ ๐ญ๐ก๐š๐ญ ๐ฉ๐ซ๐จ๐ฏ๐ข๐๐ž๐ฌ ๐ข๐ง๐๐ข๐ฏ๐ข๐๐ฎ๐š๐ฅ๐ฌ ๐š๐ง๐ ๐›๐ฎ๐ฌ๐ข๐ง๐ž๐ฌ๐ฌ๐ž๐ฌ ๐ฐ๐ข๐ญ๐ก ๐ญ๐š๐ฑ ๐ก๐ž๐ฅ๐ฉ ๐š๐ง๐ ๐ฌ๐จ๐ฅ๐ฎ๐ญ๐ข๐จ๐ง๐ฌ ๐Ÿ๐จ๐ซ ๐ญ๐จ๐๐š๐ฒ ๐š๐ง๐ ๐ญ๐จ๐ฆ๐จ๐ซ๐ซ๐จ๐ฐ.

๐Ž๐ฏ๐ž๐ซ ๐Ÿ‘๐ŸŽ ๐˜๐ž๐š๐ซ๐ฌ ๐จ๐Ÿ ๐„๐ฑ๐ฉ๐ž๐ซ๐ข๐ž๐ง๐œ๐ž ๐ข๐ง ๐ˆ๐‘๐’, ๐๐˜ & ๐๐‰ ๐“๐š๐ฑ ๐€๐ฎ๐๐ข๐ญ๐ฌ, ๐€๐ฉ๐ฉ๐ž๐š๐ฅ๐ฌ & ๐“๐š๐ฑ ๐๐ฅ๐š๐ง๐ง๐ข๐ง๐ .

๐–๐–๐–.๐“๐‰๐‚๐€๐‘๐‘๐Ž๐‹๐‹-๐‹๐€๐–.๐‚๐Ž๐Œ