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Stimulus C.A.R.E.S. Act

Frequently Asked Questions

My income went down in 2019 but I have not filed my tax return yet.  Will my stimulus payment be lost?

  • No.  You can receive your advance payment through the end of 2020, and any unused credit can be settled on your 2020 tax filing.

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The IRS does not have my direct deposit information!  How do I give it to them?

  • The IRS now has a live portal where you can add your direct deposit information (see link below).  Your tax preparer has no way of updating this information other than on a filed tax return.  If your address changed and you have not filed your 2019 tax return, set up your forwarding address at the post office (USPS.com).

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I am self-employed.  How do I access unemployment benefits?

  • All unemployment benefits including benefits outlined in the CARES act will be issued at the state level.  Please check with Washington State Employment Security Department for up-to-date information at https://esd.wa.gov/

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My business has been shut down or severely impacted.  What credits and relief are available to me?

  • Payroll protection loans with loan forgiveness

  • SBA disaster relief loans

  • Wage and payroll tax credits for employers

  • Ability to carry back net operating losses

  • Unemployment benefits for owners

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Are there any other benefits available to individuals?

  • The CARES act provides many other benefits to individuals including the following.  

    • Stimulus advance tax credits​

    • Deferred tax and waiver of early withdrawal penalty for IRA distributions up to $100,000 (check with your retirement plan administrator)

    • Temporary waiver of required minimum distributions for the year 2020

    • $300 above-the-line charitable donation deduction

    • Certain relief for mortgages and student loans (in most cases you must apply with your lender)

    • Suspension of IRS collection activity and penalties for past due balances.

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