Manada Tax Service, PC

Pennsylvania just released an updated Pandemic Unemployment Assistance Portal for small business owners. https://pua.benefits.uc.pa.gov/vosnet/Default.aspx

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2020 Second Quarter Estimated Payments for Federal 1040s have now also been extended to July 15, 2020. https://www.irs.gov//irs-extends-more-tax-deadlines-to-cov

Small Business Administration Loan Comparison

The IRS is finally starting to update their website. In two weeks, you should be able to enter your direct deposit info, if it's not already on your prior returns. https://www.irs.gov/coronavirus/economic-impact-payments

Infographic showing PA unemployment claim options

Stimulus Facts: The IRS just posted information regarding the stimulus checks. https://www.irs.gov//economic-impact-payments-what-you-nee

Stimulus Plan Facts: The bill temporarily stops the required minimum distribution (RMD) rules for 2020. Seniors therefore do not have to withdraw money from their retirement accounts this year. If they do withdraw money from a traditional account, it will be added to taxable income as usual.

Stimulus Bill Facts: If you authorized the US Treasury to direct deposit your tax refund since January 1, 2018, your stimulus payment will be sent electronically. Otherwise, you will receive a check to your last address on file with the IRS. Assumptions: If your bank account has changed since your last direct deposit, your stimulus payment will likely "bounce". In this scenario, you'll have to contact the IRS directly to have them re-issue your payment as a check. Do not expect them to automatically re-issue bounced payments.

Stimulus Bill Facts: The direct payments to taxpayers are being treated as a 2020 tax credit that is being paid in advance. Individuals will receive $1,200, joint filers $2,400, as well as $500 for each qualifying child. The credit is phased out with adjusted gross income above $75,000 for individuals, $150,000 for joint filers, and $112,500 for heads of household. Assumptions: The credit will be based on either your 2019 or 2018 tax return values. If you were not sent... a high enough credit, you will get the full amount when filing your 2020 return. (i.e. you had a child in 2019/2020 that wasn't counted) My understanding is that this credit will not work like the healthcare premium subsidy. The government will not take back an over payment if your income goes over the threshold. This scenario is not directly spelled out in the bill. See more

PA Business Tax License and Certifications Extension Notice: The Department of Revenue’s offices and customer service call centers are currently closed as the commonwealth takes steps to help slow the spread of COVID-19 in Pennsylvania. As a result, the Department of Revenue is extending all business tax licenses and certifications that are set to expire until further communication is received from the department. This extension applies to:... - Sales, Use and Hotel Occupancy tax licenses - Public Transportation Assistance (PTA) Fund taxes and fees - Small Games of Chance Manufacturer Certificates - Sales Tax Exemption Certificates See more