Tax Payments and Credits

Telephone: (303) 449-3060

Helping people achieve their financial goals since 1991

THIS WEEK'S UPDATES

The filing and payment deadline for Gift and GST tax returns (Form 709) has now been extended to July 15.
We encourage you to file 2019 taxes as soon as you have all your necessary documents - you can still defer payments until July 15.
Any payments previously scheduled for April 15 will NOT be automatically extended! If you want to defer them, here's how:

If you scheduled a payment through IRS Direct Pay, you can use your confirmation number from the payment to access the Look Up a Payment feature. You can modify or cancel a scheduled payment until two business days before the payment date. The email notification you received when you scheduled the payment will contain the confirmation number.
If you scheduled a payment through Electronic Federal Tax Payment System (EFTPS), click on Payments from the EFTPS home page, login, then click Cancel a Tax Payment from the left menu and follow the instructions. You must do so at least two business days before the scheduled payment date.
If you scheduled a payment as part of filing your tax return (authorizing an electronic funds withdrawal), you may revoke (cancel) your payment by contacting the U.S. Treasury Financial Agent at 888-353-4537. You must call to make a payment cancellation request no later than 11:59 p.m. ET two business days prior to the scheduled payment date.
If you scheduled a payment by credit card or debit card, contact the card processor to cancel the card payment.
For Colorado payments, send an email to [email protected] before April 9 with the subject line: Request Cancellation of Direct Debit Payment.

BEWARE OF SCAMS!

Fraud attempts are increasing about as fast as coronavirus diagnoses, unfortunately. Don't be victimized by a visitor (posing as military, utility or law enforcement), phone call, email, text or social media post that is tempting you with hot topics related to rebate or stimulus checks, unemployment benefits, COVID-19 tests or cures, loan forgiveness, etc. Click here for more information from the IRS.

HELP FOR SMALL BUSINESSES

The new programs are rolling out faster than they can be administered and detailed,

but we are here to provide the best guidance we have at this moment !

These are the key provisions of the CARES Act offering relief to eligible small businesses, non-profits, and the self-employed who have suffered economic hardship as a result of COVID-19:

Paycheck Protection Program (PPP) - provides zero-fee loans to cover up to 8 weeks of average payroll and other costs. Loan forgiveness is non-taxable and can be applied for (mostly to cover payroll costs), and any amounts not forgiven carry forward with a maximum term of 10 years, at a maximum rate of 4%. You must apply with an SBA-approved lender. Here is a FACT SHEET .
Economic Injury Disaster Loan (EIDL) - provides lower interest loans of up to $2 million with an emergency grant of $10,000 within 3 days of applying for the loan, to be used for operating expenses, including payroll. You can apply for both PPP and EIDL programs but cannot use them to cover the same expenses. Apply online with the SBA.
Employee Retention Credit - provides a refundable payroll tax credit for 50% of qualified wages and health benefits paid through 12/31/2020, up to $10,000 per employee. This credit is NOT available to employers receiving PPP assistance.
Delay of Payment of Employer Payroll Taxes - allows the deferral of the employer's portion of Social Security taxes, half to be paid by 12/31/2021 and the rest by 12/31/2022. This deferral is also NOT available to employers receiving PPP assistance.