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What you need to know:
There’s plenty of information circulating about the tax ramifications of the Coronavirus outbreak—some of it accurate, and some of it not. Below, we’ve compiled the latest breaking news and FAQs regarding taxes and financial changes due to the Coronavirus.
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FOR INDIVIDUALS Featured Article
Wondering how COVID-19 will affect your taxes?
COMMUNITY TAX ALERT: Economic Impact Payments The following special alert from Community Tax contains important information regarding the stimulus payment you are entitled to. As you may have heard, the…
READ MOREWondering how Covid-19 will affect your taxes? Call us today to find out.
Wondering how Covid-19 will affect your business taxes? Call us today to find out.
Individual Taxpayer Posts
Learn about how COVID-19 will impact your taxes.
The Latest Stimulus Payment: Five Things You Should Know
On March 11, 2021, Congress signed The American Rescue Plan, the latest COVID relief bill. Among other provisions, the bill provides another stimulus payment, or Economic Impact Payment, to qualifying…
How to Claim the 2020 Recovery Rebate Credit
Wondering what the 2020 Recovery Rebate Credit is all about? When congress passed the CARES Act, there was a multitude of excitement over the provision for direct stimulus payments to…
What You Need to Know About the New COVID Relief Bill
On December 27, 2020, President Trump signed the $900 billion Covid Relief Bill after it passed Congress. Notably, the bill authorizes a second round of stimulus payments for taxpayers —…
FAQs: Taxes and COVID-19
Will tax refunds be delayed due to Coronavirus?
No. The IRS is continuing to process tax returns and issue refunds. If you’re able to file your taxes, you should do so. Filing online is the fastest way to receive your tax refund, and the IRS says that those who file online typically receive their refunds within 21 days via direct deposit.
Does everyone get a Coronavirus tax relief check?
To be eligible for a stimulus payment from the Feds, you need to meet the following requirements:
- You must have filed a tax return for tax year 2018, 2019 or have a 2019 Form SSA-1099, Social Security Benefit Statement, or Form RRB-1099, Social Security Equivalent Benefit Statement
- Your AGI in 2018 (or 2019) must be below the threshold for your filing status
- You must be a legal resident
- You must not be claimed as a dependent on someone else’s tax return*
- Everyone on your return must have a valid SSN
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