With daily Covid-19 cases still occurring in the State of Mn, our firm is taking precautionary measures per the recommendation of the Minnesota Department of Health to limit our interactions to help prevent the spread of Covid-19. We are able to conduct face-to-face client appointments- Both client and office employees are required to wear face coverings and/or practice social distancing guidelines. We are also available for video conferencing, emails and by phone. We will continue to process tax filings and will be here to assist our clients while operating under regular business hours. We are allowing drop offs and electronic transferring of information through our secure portal. Please call or email us to make the appropriate arrangements so we can still provide you with great service in a safe and timely manner.
Thank you for your understanding-
How to Return a Stimulus Check if the IRS Sent a Check to a Deceased Individual
The IRS started sending out stimulus checks in mid-April and did not have safeguards in place to prevent sending checks to those who had recently passed away. While both President Trump and Secretary of the Treasury Steve Mnuchin had publicly stated the IRS would be requesting the checks issued to decedents to be returned, the IRS did not issue guidance until recently on how to return such checks. The information below comes from the IRS Economic Impact Payment Information Center.
If you received a paper stimulus check on behalf of a deceased individual:
Write “Void” in the endorsement section on the back of the check.
Mail the voided Treasury check immediately to the appropriate IRS location.
Don’t staple, bend, or paper clip the check.
Include a note stating the reason for returning the check.
If you received a paper stimulus check and have cashed it or if the payment was a direct deposit:
Submit a personal check, money order, etc., immediately to the appropriate IRS location listed below.
Write on the check/money order made payable to “U.S. Treasury” and write 2020 EIP, and the taxpayer identification number (social security number, or individual taxpayer identification number) of the recipient of the check.
Include a brief explanation of the reason for returning the EIP.
While guidance has been issued as to how to return these checks, the IRS has not publicly laid out consequences for not returning a decedent’s stimulus check.
Mailing address for Minnesota Residents:
Kansas City Internal Revenue Service
333 West Pershing Rd
Kansas City, MO 64108
A17. Yes. Contributions can be made to your IRA, for a particular year, at any time during the year or by the due date for filing your return for that year. Because the due date for filing Federal income tax returns has been postponed to July 15, the deadline for making contributions to your IRA for 2019 is also extended to July 15, 2020. For more details on IRA contributions, see Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs).
Mortgage Relief Programs
If you’re among those financially impacted by the coronavirus pandemic, you might be concerned about how to pay your mortgage or rent. Federal and state governments have announced plans to help struggling homeowners during this time. Read this to get information on what to do now, and what your options are for mortgage and rental relief.
Please follow the link below for further information-
In line with the state’s continued peacetime emergency response to COVID-19, the Minnesota Department of Revenue has announced that taxpayers filing their annual Minnesota Individual Income Tax return for tax year 2019 now have until Wednesday, July 15, 2020, to file and make their payments without any penalties or interest.
When must I file and pay my 2019 individual income taxes?
Both the IRS and Revenue will accept individual income tax returns through July 15, 2020, without assessing penalties or interest.
Why is the department offering more time to make payment?
As Minnesota responds to the COVID-19 situation, the State of Minnesota is providing this filing and payment grace period for 2019 to those who need it. We encourage Minnesotans who expect refunds to file as soon as they are ready.
We also encourage Minnesotans who do not need extra time to pay, to file and pay as soon as possible to do your part in providing on-going support to COVID-19 response across the state.
Are 2020 estimated state income tax payments included in this grace period?
This grace period does not include state estimated tax payments for individual income taxes due April 15, 2020, for the 2020 tax year.
10 Takeaways on the PPP loan forgiveness application.
On May 15, 2020, the SBA published the Paycheck Protection Program Loan Forgiveness Application (SBA Form 3508). While the application clears up several of the outstanding questions that borrowers may have with regards to forgiveness eligibility, there are still some questions left unaddressed.