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.