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Protecting Real Estate Investors in COVID

Below is a link for Real Estate Investors to learn more about starting and maintaining llc's from attorney Lee Phillips.  Lee has a wealth of information on youtube for real estate investors.

https://www.llcwizard.com/llc-packages

 

Economic Impact Payments

Get the latest information and guidance on economic impact payments, organized by type for quick reference at the link below.

https://www.irs.gov/newsroom/economic-impact-payments-partner-and-promotional-materials

Stimulus Checks

Most Social Security and Railroad Retirment recipients don't need to fille a return or provide information to get Economic Impact Payent.

Eligible Social Security (including SSDI) and Railroad Retirment beneficiaries whose benefits are reported on a Form 1099 SSA or RRB will not need to file a tax return or provide information to receive a payment.  However, those recipients who have qualifying children under age 17 must provide information through the Non-Filers: Enter Payment info tool to claim the $500 payment per child.  Even though these beneficiaries aren't typically required to file a tax return, they will still receive a payment.  Social security (including SSDI) and Railroad Retirement beneficiaries who don't file a tax return who have qualifying children under age 17 must use Non-Filers: Enter Payment Info to claim the $500 payment per child.  Economic Impact Payments will be sent automatically to this group of people the same way they receive their Social Security retirement, disability (SSDI), or survivor benefits or their Railroad Retirment benefits.

Stimulus Checks Deposit Instructions for Non Filers

Go to www.irs.gov look in the upper left corner and click on Non-Filers: enter your deposit information here and follow the instructions.

Installment Agreement Direct Debit Frequently Asked Questions

To help people facing the challenges of COVID-19 issues, the IRS will temporarily adjust and suspend key compliance programs.

For taxpayers under an existing Installment Agreement, payments due between April 1 and July 15, 2020 are suspended.  Taxpayers who are currently unable to compy with the terms of an Installment Payment Agreement, including a Diredt Debit Installment Agreement, may suspend payments during this period if they prefer.  Futhhermore, the IRS will not default any Installment Agreements during this period.  By law interest will continue to accrue on any unpaid balances.

Q.  Will direct payments continue to be deducted from my bank for Direct Debit Instalment Agreements (DDIAs) during the suspension period?

A. Yes.  IRS will continue to debit payment from the bank for Direct Debit Installment Agreements during the suspension period.  However, taxpayers who are unable to comply with terms of their Installment Agreement may suspend payments during this period.  Installment Agreements will not default due to missing payments during the suspension period through July 15.

Q. If necessary, what is the best way to suspend debit payments for a Direct Debit Installment Agreement (DDIA)?

A.  Taxpayers should contact their bank directly to stop payments if they prefer to suspend direct payments during the suspension period.  Banks are required to comply with customer requests to stop recurring payments within a specified time frame.  IRS may be able to suspend certain single DDIA payments upon request, but due to disruptions caused by COVID-19 issues it may be difficult to reach and assistor.  Note that if payments are stopped, in order to avoid possible default of the agreement once the suspension period expires on July 15, 2020, taxpayers must inform their bank to allow the debits to resume at least two weeks before their next payment is due.

Economic Injury disaster Loan Emergency Advance

Economic Injury Disaster Loan Emergency Advance

This loan advance will provide up to $10,000 of economic relief to businesses that are experiencing temporary difficulties.

Overview

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan Advance of up to $10,000.  This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue.  Funds will be made available following a successful application.  This loan advance will not have to be repaid.

Elgibility

This program is for small businesses with less than 500 employees (including sole proprietorships, independent contractors, and self-employed persons) private non-profit organization or (501(c)19 Veteran organizations affected by COVID-19.

Bsinesses in certain industries may have more than 500 employees if they meet the SBA's standards for those industries.

The Economic Injury disaster Loan advance funds will be made available within days of a successful application, and this loan advance will not have to be repaid.

IRS Encourages Non-filers to File 2018 Now for Potential Stimulus

IRS encourages anyone with a tax filing obligations who hasn't file a tax return for 2018 or a previous year to act now- Pending legislation includes certain potential credits and rebates for those who have filed a return for 2018 and or 2019.  Those without a 2018 tax filings on record could potentially affect mailings of stimulus checks.  And more than 1 million people who haven't filed tax returns for Tax year 2016 and are owed a refund  still face an April 15, 2020 dealine to file their return.  This deadline hasn't been extended.  Current law requires 2016 returns to be filed by April 15, 2020.

 

IRS is encouraging non-filiers to contact a tax professional to consider various options since the time to receive such refund is limited by statute.  Once delinquent returns have been filed, most taxpayers have the opportunities to resolve any outstanding liabilities by entering into an installment agreement or an Offer in Compromise with the IRS to obtain Fresh Start.

Please refer to my page title IRS Debt Relief.

Coronavirus response: Trump is delaying tax payments and extended filing deadline to July 15

On Tuesday White House announced how taxpayers will be able to defer any tax payments they may have.

"If you owe the IRS you can defer up to $1million as an individual," said Treasury Secretary Steve Mnuchin, adding that the payments would be "interest free and penalty free for 90days."

All you have to do is file your taxes, you'll automatically not get charged interest and penalties.

Filing and pay deadline extended until July 31st

Coronavirus Tips

From the World Health Organization:

            Do The Five

1. Hands Wash them often

2. Elbow Cough into them

3. Face Don't touch it

4. Feet Stay more than 3 feet apart

5. Feel sick? Stay at home

 

Office safety Tips from D Jones Professional Services

1. Clients Clean the desk, chair arms, bathrooms and door knobs after each client.

2. At the end of the day clean office thoroughly and disinfect

Taxpayers should find out if they can benefit from the earned income tax credit

The earned income tax credit benefits working individual and families with low to moderate incomes.  EITC can lower a taxpqyer's taxes, and even result in a refund.

To take advantage of this credit, taxpayers must file a tax return and claim the credit.  They should do so even if they don't owe tax and aren't required to file.   EITC can be owrth up to $6,557 for tax year 2019.

Taxpayers should first find out if they qualify for the credit.  Here are things for  taxpayers to consider.

  • Major life events may cause taxpayers to move in and out of eligibility for the credit from year to year.  Because of this, it's a good idea for people to see if they qualify.
  • Eligible taxpayers must have earned income form working for an employer or from running or owning a business or farm.  They must also meet basic rules.
  • Taxpayers without children may also qualify for EITC.
  • Taxpayers can't claim EITC if their filing status is married filing separately.
  • Taxpayers must have valid Social Security numbers for themselves, their spouse, and any qualifying child listed for the credit on their tax return.

Before claiming the credit, taxpayers should also learn the EITC rules:

  • Taxpayes may be married or unmarried.  If married, they must file a joint return.
  • Those who claim the credit without a qualifying child umust meet rules for age, residency and dependency.
  • For a child to qualify, they must live with the taxpayer for more than six months of the year.
  • In addition, the child must meet rules for age, relationship, support, citzenship and joint return.
  • Special rules apply for members of the U.S. military serving in a combat zone.

Taxpayers can use the EITC Assistant to determine if they're eligible for the credit.  This tool also estimates the amount of the taxpayer's criedit.  Assistant is available in English or

Go to IRS.GOV and type EITC Assistant in search window.