We wanted to let you know that we are still processing 2019 tax returns. It has been quite a year between shutting down the office because of Covid-19, all of our staff continuing to work from home, the stimulus packages passed by Congress and the myriad of loans and employee protection programs we have had to navigate over the past few months for our clients.
News and Updates
By: Ryan Jenkins
Tax Year 2019
Stimulus payment on a prepaid Visa card?
Did you receive a strange looking Visa card in the mail and you’re not sure where it came from and worried it might be a scam or junk mail? Well as it turns out, it just might be your stimulus payment. Instead of sending you a paper check the Treasury Department is issuing prepaid Visa debit cards with your stimulus payment loaded on it. Who gets the card and who gets the paper check is still anyone’s guess. Some cards have also been issued with incorrect names on them so please, if you receive them, verify everything is correct.
By: Ryan Jenkins
Tax Year 2019
Maryland Unemployment BEACON One-Stop Video Tutorials
The Maryland Department of Labor’s Division of Unemployment Insurance has posted four new tutorial videos on their website, social media pages, and YouTube to help Marylanders navigate the new BEACON One-Stop. All four videos can be found directly on their homepage at MDunemployment.com.
By: Ryan Jenkins
Tax Year 2019
Unemployment Benefits for the Self-Employed
You may be eligible for up to 39 weeks of unemployment benefits if you are self-employed and your business income has been affected by COVID-19.
Recent legislation now provides small business owners the opportunity to collect unemployment which is not something they are normally able to do. As the majority of our clients are in Maryland we are going to cover how this is working in Maryland. If you live in a different state, please check with your state’s unemployment office.
By: Ryan Jenkins
Tax Year 2019
Frequently Asked Questions
- What are the filing deadlines now?
The filing deadline for tax year 2019 is now July 15th for Federal and most state taxes. Quarter 1 and Quarter 2 estimated tax payments deadlines have also shifted to July 15th. Exceptions to the new deadline are Hawaii, Idaho, Mississippi, and Virginia. See this post for more details.
- When will I get my stimulus payment?
By: Ryan Jenkins
Tax Year 2019
Small Business Administration Loans
The COVID-19 pandemic has upended all aspects of life around the world, including the world of business here in the U.S.
If your business is struggling, you may be able to get some help from the federal Small Business Administration (SBA), which is authorized to provide loans to small businesses on an as-needed basis.
By: Ryan Jenkins
Tax Year 2019
Extended Filing Season Update
On March 21, the Treasury Department and the IRS announced that the federal income filing due date is automatically extended from April 15 to July 15, 2020. Taxpayers can also defer federal tax payments that were originally due on April 15 to the new deadline of July 15, meaning if you owed money to the IRS for your 2019 tax return then you’ll have a few extra months to make that payment to them without penalties and interest regardless of the amount owed. This also means that since the deadline has been pushed back to the middle of summer the need to file extensions for clients this season will primarily be for clients that we have not received their documents by July 1st or we need additional time to process all the returns that we have received. Clients wishing to make contributions to IRAs for 2019 also now can extend this date to July as well.
By: Ryan Jenkins
Coronavirus, Tax Year 2019
Coronavirus Policy and Office Closings
Believe us when we say a global pandemic was definitely not on our radar if you asked us how we’d like to end the 2019 tax season. That being said, it’s unfortunately the world we live in right at the moment. And while we know over time the spread of this virus will hopefully be contained, we must act accordingly in this moment.
As of Wednesday, March 18, we are officially cancelling all in-office appointments for all clients until the end of the tax season. We are encouraging clients to either mail their tax documents to our office or to upload them to our client portal in lieu of coming in for their appointment. Our staff will be continuing to complete returns before the filing deadline in April unless federal or state government issues a mandate for us to close. In the event your return can not be completed before the deadline, we will file an extension for you. We will notify you at that time whether any money will need to be sent with your extension to protect you from other penalties and interest.