IQ Tax Preparation

No you cannot write off that appetizer as an office expense. Only 3 more days to file partnership and corporate returns. And 31 days to file your personal return! Have you filed yet? Reach out to us today to start preparing your return! We make it fast and easy.

Did you know that if you you were a non resident of Philadelphia who worked in the city but was forced to work from home last year that you could be entitled to a wage tax refund from Philadelphia? Make your tax season brighter by filing with IQ Tax!

Less than two weeks until the deadline to have your partnerships and S Corps filed. Don’t have enough time to get everything together? Ask us to file an extension for your business.

Today is March 1st. The 2020 tax season filing deadline is April 15th 2021. Have you filed your taxes yet?

I’ll allow it.

The deadline to collect your tax refund for 2016 is July 15th. It’s not to late to collect your refund.

Here is a post from the IRS stimulus payment FAQ stating that if they send the funds to an incorrect bank account or a closed account that you no longer use the bank will reject the funds back to the IRS and they will mail you a check.

Below is an updated statement from our bank partner regarding the recent update of IRS stimulus payments being resent to the refund transfer account for the 24th. The IRS has verbally agreed to our bank partner that they will no longer be sending stimulus payments to the refund transfer accounts which is something that they never intended on doing to begin with. "Update Concerning Economic Impact Payments (EIP) April 20, 2020... We were very concerned to learn over the weekend that the messaging on the Get My Payment website is now telling customers their payments are scheduled to be distributed back to the same temporary refund transfer accounts at the end of this week (April 24), with no option to take any action. This is NOT the direction that the IRS has given us. We believe the messaging was posted in error and we have communicated as such to the IRS. We, along with other banks in the industry, are trying to get clarification from the IRS, and requesting changes are made to this update as soon as possible. We will update our customers and partners as soon as we get clarification from the IRS. Here is the most recent language on the IRS site regarding the returned direct deposits being redistributed as a check: Source: IRS Economic Impact Payment Information Center: Q30. I requested a direct deposit of my Payment. Why are you mailing it to me as a check? A30. It is possible we do not have the correct bank account information for you, or your financial institution rejected the direct deposit. In either case, your Payment will be mailed to the address we have on file for you. Last week, the IRS erroneously sent a portion of the Economic Impact Payments (EIPs) to temporary refund transfer accounts. These accounts only process standard tax refunds owed to taxpayers as a result of a tax filing. As we are required, and by request of the IRS, any EIPs sent to these accounts are being immediately sent back to the IRS so that the IRS can distribute directly to consumers. We are deeply concerned that this error will delay consumers from receiving EIP payments during this difficult time. The IRS has verbally committed to all refund transfer banks that they will not be sending any more EIPs to temporary refund transfer accounts going forward."

Attention all self employed and 1099 recipients! The Pennsylvania Pandemic Unemployment Assistance (PAUCA) Portal is now live. If you are self employed and normally not eligible to receive unemployment benefits, you can now apply to receive unemployment compensation through the state. Below is the website with information regarding the program and how to apply for unemployment. https://www.uc.pa.gov/unemployment-be//Filing-for-PUA.aspx

Here is a statement from our bank partner regarding the possible delay of stimulus payments due to an IRS error in how they sent the payments. IQ Tax is not responsible for the distribution of stimulus payments and we are not accepting any stimulus payments from the IRS. https://www.metabank.com/metabank-statement-regarding-econo

Article explaining some of the hardships the IRS is facing with getting people their stimulus check. Some of our customers will be affected by this. https://www.washingtonpost.com//coronavirus-cares-stimul/

Hello everyone! Below are some common questions we are getting from customers who chose to have the tax preparation fees deducted from their refund. Below are questions and answers directly by our bank partner TPSC. If you would like to call in regards to your stimulus check call them at 888-782-0860 Where is my stimulus payment? ... The IRS will be releasing these payments directly to you over the next few weeks. No exact timeframe has been given on when everyone can expect their payment. In select instances, the IRS is inadvertently distributing EIP to the temporary account at TPSC. These payments have been returned to the IRS so that they can be distributed directly to the individual. These payments should not have been deposited to our bank, and we have an automated process in place to return these payments as quickly to the IRS so that they can deliver to the proper recipient. Neither TPSC or the tax preparer have access to these payments or any information about payments. If my EIP has been returned to the IRS, what are the next steps? We have a process in place to quickly return those payments to the IRS for distribution to the recipient. Our system and agents do not have visibility into these payments. It historically takes the IRS 7-10 business days to have visibility into the returned funds. Please contact the IRS for directly for further details, neither your tax preparer nor TPSC have any information about these payments. Can you process my EIP payment or update my account information? EIP payments will be distributed directly by the IRS. Neither your tax preparer nor TPSC can process your payment for you or update your deposit account information. The IRS will handle distributing these payments directly to you, including updating your information.

Pennsylvania will be giving small businesses 0% interest loans up to $100K. All businesses must be current on federal, state and local taxes. If you need to file your taxes to make yourself eligible for these loan reach out to IQ Tax for help. https://www.inquirer.com//covid-19-small-business-loans-pe

Here’s a great article explaining why it could be very important to file your 2018 and 2019 taxes before the stimulus checks start coming. Especially if your address has changed! https://www.google.com//when-you-file-your-2019-tax-r/amp/

The IRS has extended the deadline to file a you and pay your taxes until July 15th. Tax refunds will still be issued and will not be affected. IQ Tax is dedicated to serving our clients remotely through our easy to use client portal. Feel free to call us at 267-748-2020 or email us at [email protected] to answer any question or concerns you might have regarding your taxes. A tax refund is a great way to support yourself and your family if you are currently not working due to the COVID-19 virus.

Don’t let this nice weather stop you from coming in to file your taxes. Drop your documents off and come back later to sign your completed tax return!

There’s still time to file and apply for a $6000 refund advance! Now through the end of February.