HomeTown Business Services Tax and Accounting

IRS just put out a notice that stimulus payment send out to deceased people must be returned. If your spouse passed away and you were filing joint, you must return only the 1200.00 that you received for your spouse.

Employee Retention Credit Eligible employers can claim the employee retention credit, a refundable tax credit equal to 50 percent of up to $10,000 in qualified wages (including health plan expenses), paid after March 12, 2020 and before January 1, 2021. Eligible employers are those businesses with operations that have been partially or fully suspended due to governmental orders due to COVID-19, or businesses that have a significant decline in gross receipts compared to 2019.... The refundable credit is capped at $5,000 per employee and applies against certain employment taxes on wages paid to all employees. Eligible employers can reduce federal employment tax deposits in anticipation of the credit. They can also request an advance of the employee retention credit for any amounts not covered by the reduction in deposits. The advanced payments will be issued by paper check to employers. See more

Economic Impact Payments (EIP) Update: IRS to Mail Checks April 21, 2020 Last night the IRS made an update to its Get My Payments website, confirming customers will receive their Economic Impact Payments (EIP) by mail to their addresses on file. This is the correct and updated payment status message. The IRS only updates once a day at night, and all records are not updated yet.... Contrary to this weekend’s update, the IRS does NOT intend to send payments back to the same temporary refund transfer accounts from where those payments were returned. This message was an error and is being corrected by the IRS. In yesterday’s update, we said the messaging on the Get My Payment website telling customers their payments are scheduled to be distributed back to the same temporary refund transfer account at the end of this week (April 24) was posted in error. We asked the IRS to correct and clarify that answer with more information about the check distribution. The IRS has now confirmed that this message was given in error and are updating the Get My Payments website each day at night. PLEASE NOTE: not all individuals have had their Get My Payment status updated yet. The date for checks to mail may vary from individual to individual. We are deeply concerned that your customers were delayed in getting their EIP payments. We hope this update from the IRS will provide more clarity and comfort about your customer's expectations on receiving their EIP. And we hope this updated news provides you, our partners, with the information you need to inform your customers. We expect the IRS will continue to update the Get My Payment status for all impacted customers. Additionally, the IRS is maintaining an ongoing FAQ with answers to common EIP questions. Check their site daily with updates that will address this and many other questions. Get My Payment Frequently Asked Questions Economic Impact Payment Information Center Thank you, again, for your partnership and patience as we work through these challenges presented to us all.

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. Resources: The IRS is maintaining two pages with answers to EIP questions. We have been told these sites will be updated on a regular basis. Get My Payment Frequently Asked Questions Economic Impact Payment Information Center Last week we sent secure email communication with a listing of impacted customers to our preparers. We understand that some people did not receive this email due to spam blockers and firewalls, so we've added a report to your Direct account called "Returned EIP Customers." This can be accessed at any time. Thank you again for your partnership and patience as we work through this challenging and uncertain time. ________________________________________

Information Regarding EIP In order to address questions about EIP payments for bank product customers, we offer the following information as it stands today. The IRS plan was to send payments directly to taxpayers via mail or the taxpayer's personal bank account. It was not the intention of the IRS to send money to your RT provider, Meta Bank. However, some of the early payments did, in fact, go to Meta Bank. Meta Bank's position is that most taxpayers will get their money fa...ster if they return the money to IRS and let IRS distribute the money directly to the taxpayer. So, that is what they are doing - returning the payments to IRS. Some payments, however, were not identified as EIP and, thus, were treated as refund payments. In those cases, the money would be distributed to the taxpayer in the same manner the tax refund was distributed, whether by ERO-printed check, direct deposit, or prepaid debit card. If you get check print authorizations, you should attempt to get those checks to taxpayers, as that is the quickest way for those taxpayers to get their money. Information We received from our Tax Software People This Morning.

Tax payers that did not have a bank account number on their tax return in 2018 or 2019. You can go to IRS.gov choose get my payment, or get info on economic impact payments. Then choose my payment. A screen will pop up, wait a few minutes for it to load. If it states additional information is needed. Then you can follow the steps to add the additional information. (bank account). THIS IS NOT FOR EVERYONE. THIS IS ONLY IF YOU DID NOT USE A BANK ACCOUNT FOR 2018 OR 2019. THIS IS NOT TO CHANGE YOUR BANK ACCOUNT. OR GET AN ADVANCE THROUGH YOUR TAX OFFICE.

Anyone that received an advance on their refund check through their "tax office", your stimulus check may be going to the bank where the advance originated. . That bank is sending your stimulus check back to the IRS. The IRS will then issue you a check by mail. If you have any questions call the IRS at 1-800-829-1040.

Thank you very much for your continued support of the Georgia Department of Labor. We are in uncharted waters with claims for unemployment and we appreciate your help with Employer Filed Claims. This helps us to get benefits out to your employees quicker, faster, and more efficiently. We are here to help you as we all come together to help Georgians. Employer Filed (Partial) Claims: All Georgia employers are required to file partial claims online on behalf of their full-time...Continue reading

DUE TO THE COVID19 OUTBREAK WE ARE FOLLOWING STATE AND FEDERAL REGULATIONS FOR OUR SAFETY AND YOURS. OUR OFFICE WILL BE CLOSED FRIDAY MARCH 27TH, RETURNING ON MONDAY APRIL 13TH. THE TAX FILING DEADLINE HAS CHANGED FROM APRIL 15TH TO JULY 15TH. THIS IS FOR FILING AND PAYING.... SANDRA WILL BE IN AND OUT OF THE OFFICE. SHOULD YOU NEED ASSISTANCE PLEASE TEXT OR CALL: SANDRA ELLIOTT AT 404-520-1164

Businesses that are closing can go on-line to the Georgia Department of Labor and do the paperwork to get their employees unemployment. This will not impact your unemployment rate if it is coronavirus related lay offs.

President Trump has now extended tax filing season to July 15. Everyone has until July 15th to file and pay 2019 taxes.

NEWS RELEASE Disaster Field Operations Center East Release Date: March 18, 2020 Contact: Michael Lampton (404) 331-0333 [email protected] reading

President Trump has extended the time to pay your taxes for 90 days from April 15th. He has not extended the time to file. You still need to file by April 15th.President Trump has extended the time to pay your taxes for 90 days from April 15th. He has not extended the time to file. You still need to file by April 15th.