
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?
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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?
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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?
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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?
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Payroll protection loans with loan forgiveness
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SBA disaster relief loans
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Wage and payroll tax credits for employers
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Ability to carry back net operating losses
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Unemployment benefits for owners
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Are there any other benefits available to individuals?
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The CARES act provides many other benefits to individuals including the following.
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Stimulus advance tax credits​
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Deferred tax and waiver of early withdrawal penalty for IRA distributions up to $100,000 (check with your retirement plan administrator)
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Temporary waiver of required minimum distributions for the year 2020
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$300 above-the-line charitable donation deduction
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Certain relief for mortgages and student loans (in most cases you must apply with your lender)
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Suspension of IRS collection activity and penalties for past due balances.
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