California is now accepting Unemployment Claims for Self-Employed
In the past, if you were not a W2 employee and lost your job, you were not able to get any unemployment assistance. Due to the Coronavirus pandemic, that has has now changed. Non-W2 workers may apply for Unemployment Insurance (UI). In California the EDD manages unemployment claims and today is the first day they are […]
Updates made to Get My Payment (IRS website for stimulus payments)
The IRS announced yesterday that it has been making enhancements to the Get My Payment website over the past week. So, if the website failed you last week, please try again. If it fails you this week, then try again next week. Worst case, you will get a paper check between now and August. To […]
Updated guidance on PPP loan amounts
PPP loan calculations for self-employed individuals and partnerships The SBA has finally issued guidelines on calculating monthly payroll costs for Paycheck Protection Program loans for all entities, including self-employed taxpayers and partnerships. Self-employed individuals Self-employed individuals with no employees determine their monthly payroll costs by dividing their Schedule C, line 31 net profit amount, up to […]
Mo Money, Mo Money – 2nd Round of PPP funding may be coming soon
The Senate has passed the Paycheck Protection Program and Health Care Enhancement Act, which will add an additional $320 billion to the Paycheck Protection Program (PPP). This is in addition to the $349 billion that was previously authorized under the CARES Act. According to bill summaries we have seen, this latest legislation will also add […]
Where is my stimulus check??!!!
The IRS sent a note out to tax preparers yesterday telling us that the Get My Payment system is operating “smoothly and effectively” and every tax preparer just laughed and laughed and laughed.. because we know that a very large percentage of the population who SHOULD be getting a payment is receiving a “Status Not […]
Guidance issued on PPP for Self-Employed
The SBA has issued a second set of Interim Final Rules for the Paycheck Protection Program (PPP), this time focusing on how these loans work for self-employed individuals. The guidance clarifies the following issues: Individuals who are partners in a partnership (or LLC taxed as a partnership) should include their self-employment income from the partnership […]
Go to Get My Payment to see the status of your stimulus check
The IRS released Get My Payment today which is a tool you can use to: Check the status of your stimulus check; Confirm the payment type: direct deposit or check; and Update your bank account information. Here is the link to Get My Payment: https://www.irs.gov/coronavirus/get-my-payment Taxpayers wanting to add their bank account information to speed up […]
I hear people are starting to get their stimulus checks.. where is mine?
Direct deposit of the stimulus checks started yesterday (April 12th). There are only so many payments they can process in one day so it will take many weeks to complete the direct deposit of payments. I have heard from an unofficial source that for people without direct deposit info on record with the IRS, paper […]
How to get your Stimulus Check if you do not normally file a tax return
Today the Treasury Department and the Internal Revenue Service today launched a new web tool allowing quick registration for Economic Impact Payments for those who don’t normally file a tax return. How do I use the Non-Filers: Enter Payment Info tool? For those who don’t normally file a tax return, the process is simple and […]
Federal Estimated tax payments for Q1 & Q2 delayed until 7/15/2020
In a moment of logic, the IRS announced today that both Q1 and Q2 2020 estimated tax payments will be due on July 15, 2020. Before today, the payment schedule was Q1 was due July 15th but Q2 was due June 15th. (This is good news, because my clients thought I kept making typos when […]