Heritage Accounting & Tax Service, Inc

A few examples of well-meaning tax laws that have some side effects.

Looking at it from a different angle. .... Wait, no. The camera is looking at ME from a different angle.

Did the Bidens skirt Medicare taxes?

Our new main entrance is looking nice. Come and see us!

What do you mean by "pay taxes?"

The Treasury Department has provided the worksheet to apply for the PPP loan forgiveness. If you have received the PPP Loan to cover your payroll costs during the downturn, please take a look at the worksheet/application. https://home.treasury.gov//3245-0407-SBA-Form-3508-PPP-For

Tomorrow is the deadline to register for direct deposit of the stimulus payment. If you would like direct deposit but you're unsure/don't have it on file with the IRS, follow the official link here: https://www.irs.gov/coronavirus/get-my-payment

It looks like there was some confusion, even among the professional organizations. The Bill reads such that the Economic Stimulus Payment will be treated as though it is a refund of tax you paid for 2020 taxes. If you received too little, it will be reconciled on your 2020 return. If you received too much, it will be treated as their error and you keep it. At least that's what I make of the text of that section of the bill. See for yourself: https://uscode.house.gov/view.xhtml

If you receive any emails saying you can check your stimulus payment or SBA loan status if you just "click here," DO NOT CLICK. There are many scams going around right now trying to get your personal information (I just received one this morning). Delete the email and move on. You can find most all the information you need, including your payment status, at the IRS website, here: https://www.irs.gov/coronavirus-tax-relief-and-economic-imp

Regarding the stimulus payments: it looks like they will be treated as an advance of any tax ..... This post has been updated with a more recent post.

We're taking a much needed break, but we will be back in the office on Monday, April 20th. Thank you all!

The IRS has a helpful guide for information regarding the stimulus payments. Still no definitive dates set for payments, though. (first link in the post) https://heritageaccounting.net//2/03/covid-19-coronavirus/

Thank you to NATP for a very good video!