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Tax Day 2020 & COVID-19 Update

Posted by Admin Posted on Apr 15 2020
Happy Tax Day (April 15th!).  Today is the most unusual tax day and as stay at home orders continue, our main objective continues to be to support you in this ever-changing environment together. With the fast changing information, here is the latest summary of changes:
 
  1. Stimulus Checks are being paid, CPA Partners is able to calculate your stimulus check payment at CPA Partners if you contact us, or you can use this online tool: https://www.aarp.org/money/investing/info-2020/coronavirus-stimulus-payment-calculator.html
    1. The full stimulus amount is:
      1. Single/Married Filing Separate/Head of Household - $1,200
      2. Married Filing Jointly - $2,400
      3. Dependents under 17 - $500 (up to three)
    2. To Qualify for the full stimulus your adjusted gross income must be under:
      • Single/Married Filing Separate –  $75,000
      • Head of Household - $112,500
      • Married Filing Jointly –$150,000
    3. Your stimulus is reduced by $5 for every $100 in the following adjusted gross income ranges:
      • 0 dependents: Single/MFS $75,000 to $99,000; HoH $112,500 to $136,500; MFS $150,000 to $198,000
      • 1 dependent: Single/MFS $75,000 to $109,000; HoH $112,500 to $146,495; MFJ $150,000 to $208,000
      • 2 dependents: Single/MFS $75,000 to $119,000; HoH $112,500 to $156,495; MFJ $150,000 to $218,000
      • 3 dependents: Single/MFS $75,000 to $129,000; HoH $112,500 to $166,495; MFJ $150,000 to $228,000
    4. The stimulus checks are not taxable to you and do not have to be refunded and are based on 2018 or 2019 tax returns, whichever was most recently filed.
    5. If you need to provide your direct deposit information if you qualify go to: https://www.irs.gov/coronavirus/get-my-payment
  2. Current Business COVID Loan programs and IRS business tax credits being offered can be found here:
    1. https://www.cpapartnersllc.com/index.jsp?page=blog&postId=25132
  3. Stimulus Phase Four Bill
    1. Has been introduced, including potential provisions for ages 16+, monthly payments to certain individuals, CARES 2 ACT, additional PPP funding, expanded SNAP, removing the state/local income tax cap, and a few other items have been introduced as provisions.  We are continuing to watch for changes and will update you as we find out more and the bill is finalized, which is looking like will be sometime in May.
 

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