Padgett Business Services

Employers eligible for the new Employee Retention Credit include those experiencing a significant decline in gross receipts. The IRS has posted FAQs to help you figure out this new credit: www.irs.gov/coronavirus #COVIDreliefIRS

Attention: This is a bit speculative, but here are some things to at least consider with the stimulus package that should pass shortly. What you should know about the Government Stimulus Checks! Adults get $1,200 each, with an additional $500 per child. The payment is progressively reduced for higher-income earners, starting at $75,000 for single, or $150,000 for a joint return. The IRS will look first at the 2019 tax return, if filed, otherwise the 2018 return will determin...e the amount of the check. Taxpayers who have not filed in either year will not receive a check. Clearly, delinquent filers should file asap! Depending on the taxpayer situation, some taxpayers may wait to file 2019 so the IRS will refer to their 2018 return, others may want to file 2019 as their benchmark. We do NOT know when the IRS will be looking at returns to determine the dollar amount! So act fast if you need to file. We expect money to be sent out in about two weeks. The IRS will send money via direct deposit to the bank account shown on the return. If banking information is not present, checks will be mailed to the address on the tax return. Prepare yourself for delays if you closed your bank account or moved to another address. See more

Hello everyone, a quick update. It appears that they have updated the list of life sustaining businesses and accountants are in the green. We expect to be back in the office on Monday.

Hi all, it appears that the IRS has just announced that the filing deadline, not just the payment date, for federal income tax returns will be July 15.

Hello, just a tax update. While the IRS has announced that income tax payments for 2019 tax returns will not be due until July 15, the deadline for filing the return or extension is still April 15. Hopefully they will change this date as well, but this is where things stand for now. If you do not file your return or extension on time you will not be able to take advantage of the grace period.