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.

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).

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/

 

 

 

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

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.