BRN TAX

Many individual taxpayers whose 2019 tax returns show refunds will receive interest income from the IRS. The regular April 15 due date for filing returns and paying income taxes was postponed to July 15, 2020, as part of the IRS response to the COVID-19 pandemic. Therefore, the IRS is required by law to pay interest on those tax refunds. The average amount of the interest payment is $18

If you mailed a check, with or without a tax return, it may be unopened and in the backlog of mail (due to Covid-19) that the IRS is processing. Any payments will be posted as the date the IRS received them rather than the date the agency processed them. To avoid penalties and interest, taxpayers should not cancel their checks and should ensure funds remain available so the IRS can process them

Remember that RMDs taken in 2020 are considered eligible for rollover. Therefore, RMDs can be rolled over to another IRA, another qualified retirement plan, or returned to the original plan by Aug. 31, to avoid paying taxes on that distribution

If you have a small business affected by Covid-19, we can help set you back on track for a successful year. Make an appointment today! (619) 422-6181If you have a small business affected by Covid-19, we can help set you back on track for a successful year. Make an appointment today! (619) 422-6181

There is no provision in the law requiring you to repay your stimulus money, even if you received too much

Keep in mind that if you use a 529 plan and you receive a refund from the school, you must deposit the funds into another 529 account for the same beneficiary within 60 days

For security reasons, the IRS plans to mail a letter about the economic impact payment to the taxpayer’s last known address within 15 days after the payment is paid. The letter will provide information on how the payment was made and how to report any failure to receive the payment.

This link will let you know your stimulus payment status, payment type, and whether the IRS needs more information from you https://www.irs.gov/coronavirus/get-my-payment

In the coming weeks, the IRS plans to develop a web-based portal for individuals to provide their banking info to the IRS online, so that individuals can receive the stimulus payments immediately as opposed to checks in the mail. No action is required at this time.

With the new stimulus payments expected by many, the scammers are already trying to find ways to get your personal information. Please remember, the IRS will never contact you via phone or email!

Have you heard? The IRS has extended the date to PAY, not to file. The filing deadline is still April 15th and we are still open!! You can make an appointment, drop off, email or fax your tax documents. Please call us with any questions! 619-422-6181Have you heard? The IRS has extended the date to PAY, not to file. The filing deadline is still April 15th and we are still open!! You can make an appointment, drop off, email or fax your tax documents. Please call us with any questions! 619-422-6181

Just a reminder that the due date for S-Corps and Partnerships is March 15th! Make sure to bring in your business info asap to ensure timely filing.

IT’S TAX TIME!!! Make your appointment today!IT’S TAX TIME!!! Make your appointment today!