James F. Hundshamer, CPA

Straight from the IRS-- WASHINGTON The Internal Revenue Service, state tax agencies and the tax industry today warned of a new text scam created by thieves that trick people into disclosing bank account information under the guise of receiving the $1,200 Economic Impact Payment. The IRS, states and industry, working together as the Security Summit, remind taxpayers that neither the IRS nor state agencies will ever text taxpayers asking for bank account information so that a...n EIP deposit may be made. Criminals are relentlessly using COVID-19 and Economic Impact Payments as cover to try to trick taxpayers out of their money or identities, said IRS Commissioner Chuck Rettig. This scam is a new twist on those we’ve been seeing much of this year. We urge people to remain alert to these types of scams. The scam text message states: You have received a direct deposit of $1,200 from COVID-19 TREAS FUND. Further action is required to accept this payment into your account. Continue here to accept this payment The text includes a link to a fake phishing web address. This fake phishing URL, which appears to come from a state agency or relief organization, takes recipients to a fraudulent website that impersonates the IRS.gov Get My Payment website. Individuals who visit the fraudulent website and then enter their personal and financial account information will have their information collected by these scammers. People who receive this text scam should take a screen shot of the text message that they received and then include the screenshot in an email to [email protected] with the following information: Date/Time/Timezone that they received the text message The number that appeared on their Caller ID The number that received the text message The IRS does not send unsolicited texts or emails. The IRS does not call people with threats of jail or lawsuits, nor does it demand tax payments on gift cards. People who believe they are eligible for the Economic Impact Payment should go directly to IRS.gov. People who do not have a filing requirement but who are eligible for EIP can use a non-filers tool on IRS.gov until Nov. 21 to claim their payment.

July 15 tax payment deadline approaching; Plan on scheduling multiple payments now. As the 2019 tax filing and payment deadline approaches, the IRS reminds taxpayers and businesses that 2019 income tax liabilities as well as postponed April 15 and June 15, 2020 estimated tax payments are due July 15, 2020. This postponement provided temporary tax relief in response to the COVID 19 pandemic. Taxpayers who owe a 2019 income tax liability, as well as estimated tax for...Continue reading

A variety of tax-filing and payment deadlines falling on or after April 1, 2020, and before July 15, 2020, are postponed until July 15, 2020. This means that federal tax payments can be deferred to July 15 without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts, estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax. Taxpayers do not need to file any ad...ditional forms or call the IRS to qualify for this automatic federal tax filing and payment relief. Taxpayers can schedule their payment electronically online, by phone or using their mobile device and the IRS2Go app. Taxpayers who can't pay the full amount owed by July 15 may qualify for a payment plan or can apply for an offer in compromise. Penalties and interest will begin to accrue on unpaid tax liability beginning July 16. Individual taxpayers who need additional time to file beyond the July 15 deadline, can request a filing extension two ways: Filing Form 4868 through their tax professional.. Submitting an electronic payment with Direct Pay, Electronic Federal Tax Payment System or by debit, credit card or digital wallet options and selecting Form 4868 or extension as the payment type. The automatic extension of time to file will process when they pay all or part of their taxes electronically by the July 15 due date. An extension to file is not an extension to pay. Taxes are still due by the July 15 due date. Estimated tax payments for tax year 2020, due April 15 and June 15, are now due July 15. IRS Form 1040-ES, Estimated Tax for Individuals, includes instructions to help taxpayers figure their estimated taxes. They can also visit IRS.gov/payments to pay electronically. IRS offers two free electronic payment options where taxpayers can schedule their estimated federal tax payments up to 30 days in advance, with Direct Pay or up to 365 days in advance, with the Electronic Federal Tax Payment System (EFTPS). For more information about paying taxes due July 15, see frequently asked questions available on IRS.gov.