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COVID-19 Update from CPA Partners

Posted by Admin Posted on Apr 24 2020
We continue to be here for you working remotely and as the stay at home and social distancing 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. New Cares Act Funding coming  for both Paycheck Protection Program and EIDL Grants and Loans thru the SBA
    1. We anticipate later this week
      1. If you haven’t applied yet, now is the time to get the documents together as we anticipate these funds will go fast as well
  2. If you have received funding thru the SBA grant, EIDL loan, or PPP program – please let us know and provide us a copy of the signed final documents, each program has their own requirements on what you can use the funds for and we are here to assist you in coordination of making sure you meet the requirements.
  3. Stimulus Checks – Still seeing IRS errors and hoping it will be improved, but if you need to enter your direct deposit information the link is here:
  4. 2019 Tax Returns
    1. Rumors are future stimulus packages will be based off if you have completed your 2019 tax returns, so we highly recommend getting your 2019 information in and your return prepared sooner than later
  5. IRS Collections
    1. Have been temporarily suspended for most collections unless the taxpayer has agreed to an action or risk of permanent loss to the expiration of a statute
  6. Retirement Plan Distributions
    1. Required Minimum Distributions (RMD)- for 2020 are suspended for certain defined contribution plans and IRAs, including 401(k), 403(b), and governmental 457(b) plans as well as SEP IRAs, SIMPLE IRAs, and traditional IRAs. This includes the first RMD, which individuals may have delayed from 2019 until April 1, 2020.  Certain beneficiaries taking distributions from inherited IRAs may also skip the 2020 distribution when calculating their 5-year distribution period
    2. IRA Withdrawals - Affected, eligible participants in workplace retirement plans and IRA owners can take an aggregate distribution in 2020 of up to $100,000 from all retirement accounts without incurring the usual 10% early withdrawal penalty.  In addition, the income tax on the distributions may be spread evenly over 3 years. Or, the distribution may be repaid to an eligible retirement plan within a 3-year period
  7. Government Student Loans
    1. If you have student loans, please connect with your lender if you have any questions regarding the 0% interest and/or continued payments even though you thought the payments were suspended automatically thru September 30th.   Also, If you are close to being able to request forgiveness on your loans, you may want to continue to make payments on the loans.
  8. IRS Paper Returns are currently not being accepted
    1. If you have an amended return or other paper return you are waiting on the IRS to process, they have advised it may be returned, so please keep copies of all the returned envelopes and original mailing dates for the IRS when they open back accepting the paper returns
  9. Scanning Documents from your phone – this can be extremely helpful when you are at home instead of sending a .jpeg:
    1. iPhone:
    2. Android:
Hope you stay healthy!

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