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Message about COVID-19

Update 4/15/20:
 

The IRS has changed the first quarter 2020 estimated payment due date to July 15.  This means both first quarter and second quarter 2020 estimated payments are now due July 15.

Also, Individual Economic Impact Payments (EIPs) have started showing up in taxpayers’ bank accounts.  Please see the links below for additional information regarding these payments.

If you received a direct deposit of your last refund your EIP will be deposited in that account.

If you have not listed your bank on a previous tax return for a refund, the Get My Payment link below will take you to the IRS page where you can enter your bank information for direct deposit of your EIP.  There are two buttons on this page; be sure to select the correct button.  One button is for individuals who do not file taxes, the “Non-Filers”; you most likely would not be one of our clients if you are a “Non-Filer”.  The other button, “Get My Payment”, is for individuals who usually send or receive a check to/from the IRS for their taxes and would like to receive the EIP via direct deposit. The “Get My Payment” button is  also for taxpayers who want to know the status of their EIP.  Be sure to click on the correct button to enter your information.

The Get My Payment link went live today; be patient as there appear to be some issues.  If you are not getting the information you are looking for, check back periodically to see if it has been updated.

Economic Impact Payments:  What you need to know

https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know

Economic Impact Payments

https://www.irs.gov/coronavirus/economic-impact-payments

Get My Payment

https://www.irs.gov/coronavirus/get-my-payment

Update 3/26/20:

Our office is currently closed and we are working from home.  You can reach us as usual via email: Marianne - marianned@northtxcpa.com or Stephanie - stephaniev@northtxcpa.com.  We will be checking our voicemail remotely; however, email is the fastest way to get a hold of us.  Thank you for your patience during this unprecedented time.

Update 3/24/20:

IRA and HSA contributions that were originally due April 15 are now due July 15.

Update 3/23/20:

We hope this update finds you and your family safe and healthy.  As we all work through the stress, anxiety and emotions of our changing world, stay strong; we will get through this together.  I will try to keep this as informative and brief as possible.  Please reach out to us to discuss any questions or concerns in further detail.

Thank you for your patience and flexibility as we implement various processes to make sure we are prepared for unknown situations and continue to maintain productivity and be here for you as you need us.    The impact and results of the COVID-19 pandemic continue to evolve at a very rapid pace.  We are committed to providing you continuity of service while helping you proactively navigate these challenging times. 

As of this morning, we continue to work in the office but have closed our office to the public.  Our small team allows us to still maintain social distancing practices within our office.  We anticipate Collin County to implement “shelter in place” sometime this week and at that time we will implement our Work From Home environment.  We are utilizing multiple forms of communication to allow for flexibility should the office close:  email, phone, secure portals and video conferencing.  Fax communications are available while our offices are open only.  As you have seen from our communication this year, security of your data is a high priority for us and that continues even should we move to remote only.  This becomes an even higher priority in times such as these as it creates an opening for the hackers to get in.  We have not let security faulter to work remotely and will continue to have the security of your data our top priority.  Please help us maintain the security of your data and use the secure portal for any documents you send to us that have a SSN, EIN, date of birth or any other pertinent information.  Stephanie is available to assist you if you have problems with the portal.  You can email her at stephaniev@northtxcpa.com.

Below is a summary of the most recent US Treasury announcement:

As stated in Notice 2020-18, albeit not complete, the details are as follows:

  1. The April 15, 2020 income tax filing and payment date has been pushed to July 15, 2020.  There is no longer a tax liability threshold and it does not require any filings to get the 3-month relief.
  2. This 3-month relief applies to individuals, trusts, estates, partnerships, corporations, associations and companies along with quarter 1 estimates.
  3. This relief is strictly for income tax returns and does not apply to federal information returns or any tax (e.g. payroll tax) other than income tax.

There remains needed clarification on a number of items.  Included is the impact of this relief and the due dates for 2019 IRA and HSA contributions originally due by 4/15/20.  Since this was not specifically addressed, currently these contributions must still be made by 4/15/2020 in order to benefit your 2019 income tax return.

Families First Coronavirus Response Act (H.R.6201)

This act was signed into law on Wednesday, March 18, 2020.  It provides for additional funding related to the COVID-19 public health emergency.  It also provides waivers and modifications of Federal nutrition programs, employment-related protections & benefits, health programs and insurance coverage requirements along with related employer tax credits and exemptions.  This can help your business, your employees, you or a family member that missed work because of a COVID-19 diagnosis or related quarantine, an employer’s resulting closure or a child’s school related closure.  In order to take full advantage of these benefits, the key will be to document everything related to your missed days of work.  The more thorough your documentation the better.  A listing of highlights from this act are below.  I am available to discuss any and all of these in greater detail with you.  I will also put a summary of them on our website under the resources section for you to review.

  • Emergency paid sick leave
  • Emergency family and medical leave
  • Tax credits for paid sick and family and medical leave
  • Comparable credit for self-employed
  • Unemployment insurance
  • Increase in Medicaid funding

Relief for Businesses to act on sooner than later:

The US Small Business Administration (SBA) is providing some relief to small businesses with the goal of getting cash into their hands.  The SBA is offering disaster loans of up to $2M at an interest rate of 3.75% and a term of up to 30 years.  Unfortunately, they just cannot get the cash to the businesses fast enough.  The SBA hopes to process these loan requests in 3-4 weeks, but I expect it will take longer to get the cash in the hands of small businesses.  However, I would highly recommend starting the process of applying sooner than later if you think you may need it.  You must apply directly with SBA at:

               https://disasterloan.sba.gov/ela/declarations/index

My TOP Recommendations:

  • Keep your business financials up to date.  It is imperative you know where you stand as you have to quickly make big decisions.
  • Spend wisely!  Hoard your cash and don’t spend when you don’t need to.  You may need that cash a few months from now. 
  • Apply NOW for an SBA loan, don’t procrastinate.
  • Make IRA/HSA contributions if you intend to do so.
  • Develop a plan on how to navigate these waters, both business and personal.

I encourage you to reach out to me as a resource to help you work through these recommendations and any other concerns and questions you have.  I am here to support you and together we can pull through these unbelievably difficult times.

Update (3/20/20):

Yes, you heard that correct, the filing date of all income tax returns due on April 15, 2020 is now July 15, 2020.  There are still many unknown details regarding this announcement.  Clarification should be coming out in the days ahead.  At that time we will provide you with all the information you need to know.  For now, we continue to move forward in preparing for a secure work-from-home environment which will allow us to continue moving forward with our work.

Update (3/19/20):

IRS Notice 2020-17 has laid out much of the details regarding the announcement on Tuesday afternoon.  However, there still remain some unanswered questions and areas that are vague.  I will continue to keep you updated as we get clarification on those items.  Here is what we know:

  • The April 15th tax filing deadline has NOT been extended
  • For those non-corporate taxpayers that owe up to $1,000,000 in Federal Income & Estimated Tax, your April 15th payment due date has been pushed back to July 15th
  • For those C-Corporate taxpayers that owe up to $10,000,000 in Federal Income & Estimated Tax, your April 15th payment due date has been pushed back to July 15th
  • During this time (4/15 – 7/15) interest and penalty will not accrue on that amount.
  • None of this relief applies to payroll tax payments or any other tax payments not mentioned above, including prior year payments.
  • This relief from interest and penalties only applies to payments for Federal Income Tax for 2019 and Federal Estimated Tax for 2020 Quarter 1.
  • Again, this is NOT a postponement of the income tax filing deadline at this time.

What does this mean for you today:

  • We remain committed to the health and safety of ourselves, our team, our family, our friends and all of you.  We are working to do our part to “flatten the curve” while still meeting the filing obligations. 
  • We are a small office which allows us to still stay at the 10 person recommendation and still be at the office working.  However, that also means that if one of us has potential exposure we all do.  Therefore, our office situation could change quickly.
  • During this critical time in the world, it is imperative that we all maintain the proper rest to keep our immune system as strong as possible.  I anticipate this will require more extensions to be filed.  With the payment relief, there will be no disadvantage to our clients.
  • I am committed to completing our work for you with the same level of service, security and accuracy that you expect.  All files will remain in our locked file room and will not leave this office.  To do that, we have focused this week on getting all of the documents you have provided scanned in so that our work can continue remotely when needed. 
  • I am also committed to being a resource for you as you navigate this difficult time and for many, especially businesses, will have to make some very difficult decisions.  I am working on a quick-look resource list.  Please reach out to me with questions or concerns and we will work together to get answers and plans in place.

We are all facing these challenging times together and by working together we will get through it.  Compassion and patience will be driving forces in this success. 

Please continue to check our website and Facebook page for updates.

We wish you, your family and all those important to you safety and good health.

Update (3/17/20):

The U.S. Treasury has announced a possible extension to the tax filing deadline and tax payments.  Official guidance and details have not yet been released.  That is expected to happen in the coming days.  Once the details are official and released, we will update this page with the pertinent information.  Until then further discussion is speculation and subject to change.

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As the world, our country and our communities face unprecedented times we wanted to take a moment to reach out to you.  Our primary focus is the health and well being of our families, our team, our clients and ourselves.  We are committed to doing our part to stop the spread of COVID:19.  We are in an ever-changing environment and our plans may need to be adjusted in a moments notice.  We are prepared to do so when needed.

We are operating our office as usual as we still have a major tax deadline today, March 16th as well as on April 15th.  While there is talk of extending the April 15th due date, it has not currently been confirmed.  With that in mind, we are trying to solidify the best processes for this busy time to meet your needs while keeping the health of all as our focus.

We ask that our communications with each other are electronically or by phone rather than in person.  Many of you do this already and won’t feel this change.  For those of you who prefer to drop-off/pick-up we ask that you refrain from doing so at this time.  Email will typically be the fastest method to reach out to us.  We will check voicemails multiple times a day but anticipate that the call volume will increase.  We will be monitoring the documents that are mailed and continue to notify you as we receive them via USPS, FedEx or UPS. 

In an effort to maintain security of all your information we are urging you to use your secure portal that can be accessed at www.northtxcpa.com.  You can use the NetClient CS app to take pictures and upload your documents to your portal.  Stephanie is available to help you if you are having issues. 

We have operated in a cloud environment for nearly 2 years and are equipped to move many of our tasks remotely.  While not everything can be done remotely, we will be working to make this as seamless for you as we can.  Please be patient as we work to create new systems and processes during one of our busiest times of the year. 

We will keep you informed as situations arise that require changes to our operations.  We are also monitoring the status of tax filing and payment deadlines and will notify you of confirmed changes.  We hope you continue to stay safe and healthy as we all navigate this unchartered territory.

Please check our website for the most up to date information.