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UPDATE #3
Recovery Rebates & Unemployment for Self-Employed/Independent Contractors
To Our Valued Clients:
New information is becoming available multiple times per day and we are committed to getting it to you as quickly as possible.
The IRS has announced a new page on their website for updated information to help taxpayers and businesses affected by coronavirus:
How will the IRS know where to send my payment?
The vast majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible.
For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.
The IRS does not have my direct deposit information. What can I do?
In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.
I am not typically required to file a tax return. Can I still receive my payment?
Yes. People who typically do not file a tax return will need to file a simple tax return to receive an economic impact payment. Low-income taxpayers, senior citizens, Social Security recipients, some veterans and individuals with disabilities who are otherwise not required to file a tax return will not owe tax.
How can I file the tax return needed to receive my economic impact payment?
IRS.gov/coronavirus will soon provide information instructing people in these groups on how to file a 2019 tax return with simple, but necessary, information including their filing status, number of dependents and direct deposit bank account information.
I have not filed my tax return for 2018 or 2019. Can I still receive an economic impact payment?
Yes. The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment. Taxpayers should include direct deposit banking information on the return.
I need to file a tax return. How long are the economic impact payments available?
For those concerned about visiting a tax professional or local community organization in person to get help with a tax return, these economic impact payments will be available throughout the rest of 2020.
We do not have any additional information at this time regarding the timing of these payments, etc.
Unemployment Benefits & Pandemic Unemployment Benefits for Self-Employed and Independent Contractors.
The CARES Act states that self-employed and independent contractors are eligible for these benefits due to the pandemic.
From what we are able to see on the FL Department of Economic Opportunity, it does not appear that they have updated their platform to include benefits for these individuals.
We have tried to call, however the line drops the call so I have sent an email to try to have an answer on when this will be set up.
We will communicate with you as we receive this information and thank you in advance for your continued patience as the government programs update their systems and websites.
It has also been brought to our attention that FL unemployment website is running slow due to the large volume of applications being processed.
We will continue to become educated on all of the assistance available and will send additional updates on an ongoing basis.
Please feel free to contact us with any questions and thank you for your continued support as we navigate all of this new information.
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