Happy April 15th! …which means absolutely nothing this year. We hope you all are staying healthy and sane during these crazy times. We wanted to update you on what would have been TAX DAY, on some developments that have occurred since our last outreach.
The IRS has updated their website with the ability to check your stimulus payment status, confirm the method you will receive the payment and to enter your banking information if it is not already on file with the IRS, even for non-filers: https://www.irs.gov/coronavirus/economic-impact-payments
The second 2020 estimated tax due for federal and SC, normally due June 15th, has now been extended to July 15th, along with the first 2020 estimated tax payment and the 2019 balance due. Many states have followed suit with this payment schedule but check your state’s Department of Revenue website for further confirmation.
The SC Future Scholars 529 plan has extended its 2019 contribution deadline to mirror that of the tax filing deadline of July 15th.
For business owners that had filed or will file for the Economic Injury Disaster Loan through the SBA, we’ve had clients tell us that the SBA’s customer service number is well-maned. Call 800-659-2955 if you have any specific inquiries.
For any questions about unemployment as an employee, employer, or a self-employed individual, please start with the SCDEW website: https://dew.sc.gov/ They have provided a thorough guide to unemployment during Covid-19. They are updating it on a regular basis. The last update was 04.14.20 https://dew.sc.gov/docs/default-source/covid-19/ui-during-covid-19.pdf?sfvrsn=b653150c_4
Note of correction: we stated in a previous update that RMDs will not be required for 2020, which is still the case; however, we also stated that you could return the RMD already taken. This is only true if you return one distribution taken within 60 days of distribution. You cannot use this provision more than once each year so it will only work for one distribution taken in 2020, not several.
We thank you all for your patience and generosity during this time. The Hinske Clarey team is still plugging away at tax preparation so rest assured, we will be in touch!
If you have any questions about the 2020 tax season and COVID-19 related tax-relief programs, please get in touch.