COVID-19 Tax & Stimulus Package Information

Updated July 1, 2020

I hope everyone is staying safe and keeping their distance so we can get through this crisis together and back to work to move this economy forward. Morse Tax is working remotely now - around the clock - to help file all of our clients taxes. Please do NOT call or mail the office or leave a message.

The deadline to pay and file has been extended to July 15 for 2019 taxes and we are under the assumption that most clients want to get their taxes done while they are at home.

Below you will find information that will help make filing your 2019 taxes easier as well as information regarding the stimulus package.

Be safe and healthy,

Dexter A. Morse, CPA CFP

completing your 2019 taxes

  1. Upload your tax documents

  2. Setup a phone appointment following this link: www.morsetax.com/contact-us.

STIMULUS PACKAGE INFORMATION

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted to provide relief to individuals and businesses adversely affected by the COVID-19 pandemic. Here’s what it could mean for you:

Small Business (500 or fewer employees)

You are granted enhanced access to and expedited advances from the U.S. Small Business Administration. For more information about the SBA loan programs, please visit their website: https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources.

Individual

All U.S. residents or citizens with adjusted gross income under $75,000 ($112,500 for head of household and $150,000 married), who are not the dependent of another taxpayer and have a work-eligible Social Security Number, are eligible for the full $1,200 ($2,400 married) rebate. They are also eligible for an additional $500 per child.

For the vast majority of Americans, no action on their part will be required to receive a rebate check since the IRS will use a taxpayer’s 2019 tax return if filed or their 2018 return if they haven’t filed their 2019 return.

According to Treasury Secretary Steven Mnuchin, most people should expect to get their payments within three weeks. The CARES Act requires that you get a paper notice in the mail within a few weeks after your payment has been disbursed; that notice will contain information about where the payment ended up in and in what form it was made. If at that point your expected payment is missing, contact the IRS.

For New Yorkers looking for paid family leave option, please visit https://paidfamilyleave.ny.gov/covid19.