Broker Check

Covid-19

Dear Client, 

The personal tax extension for 2019 is fast approaching and has a deadline of October 15, 2020. 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- 

KWG Advisors

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

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-

https://www.consumerfinance.gov/about-us/blog/guide-coronavirus-mortgage-relief-options/

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.

Learn more