Search This Blog

Showing posts with label sba. Show all posts
Showing posts with label sba. Show all posts

April 15, 2020

Status on Covid Stimulous Payments As of Today


Note that all US tax filings normally due on April 15 or June 15 have been automatically extended to July 15 by the government.  No extension form was or is required.  FBAR filings are automatically extended to October 15.

You may be asking about your stimulus payment.  If so, you can check the status at https://www.irs.gov/coronavirus/get-my-payment and click on "Get My Payment".

We are finding that some clients who are indeed eligible for a stimulus are receiving this message when they go on the website: 
Payment Status Not Available
Acccording to information that we have on file, we cannot determine your eligibility for a payment at this time.

However, this does not mean you are ineligible for the stimulus payment.  It also does not mean you will not shortly be receiving a stimulus payment. 

We are finding that those who are in the following categories (who qualify for the stimulus) are receiving the above message - those who
-are qualifying based on their 2018 filing,
-have negative income in 2018 or 2019,
-filed their 2019 return after April 3,
-haven't received a direct deposit from the IRS before; and
-those who use a foreign address.

We expect that within a few days (perhaps by Friday) that this will have changed for those who indeed qualify, and you may receive more information.  It is expected that some payments will be released in a second or third wave of payments and/or paper checks by the government later this month.

The IRS system is supposed to allow the input of direct deposit information for those who have not utilized direct deposited in the past.  That functionality does not appear to be available yet on the IRS website.  Keep checking as the website is a work in progress.


April 6, 2020

GREAT SUMMARY OF THREE TYPES OF COVID DISASTER RELIEF LOANS FROM GOVERNMENT FOR YOUR BUSINESS

Farmers and Merchants bank has put together a great summary of the three types of Covid disaster READ THE DETAILS HERE.   If you need help applying for these loans Kauffman Nelson CPAs  may be able to help you.  These loans are generally restricted to businesses conducted in the US.  Many of our expat clients do live abroad but operate all or part of their business through US corporations, etc.
relief loans available for small businesses during these hard times. Email us HERE