COVID-19 Tax Updates

COVID-19 Tax Updates

Quick Information on Taxpayer Updates

We know that these are challenging times and that there has been a lot of news out there regarding the coronavirus (COVID-19). Not to worry though, Toro Taxes has your back with daily updated news and facts about any changes in tax filing deadlines or tax updates in general, with tools and resources to give you peace of mind.

IRS has extended the filing deadline and federal tax payments to July 15!

The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.

  • Taxpayers who owe the IRS do not need to file an extension to qualify for the new deadline.
  • Taxpayers who need additional time to file beyond the July 15 deadline, can request a filing extension.
  • The IRS urges taxpayers who are due a refund to file as soon as possible. Most tax refunds are still being issued within 21 days.

Stimulus Checks! What do you need to know?

On March 27, 2020 the president signed The CARES Act (Coronavirus Aid, Relief, and Economic Security Act). The $2 Trillion aid package will provide financial aid to families and businesses impacted by the Covid-19 Coronavirus Pandemic.

  • No action needed by most people at this time.
  • The IRS will disburse the funds according to the direct-deposit information on your latest tax return or social security benefits statement.
  • If you don't have a tax filing obligation you will have to submit a Simple Tax Return to provide your direct-deposit information. Call 1.800.TOROTAX or download our Mobile App and do it from the comfort of your home completely FREE! A Toro Taxes professional will help you live at NO COST.
  • If you do not provide direct-deposit information you will receive a check.
  • In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.

Social Security Recipients Will Automatically Receive Economic Impact Payments

On Wednesday the IRS and Treasury Department announced that taxpayers receiving Social Security benefits who are not typically required to file tax returns will not need to file an abbreviated tax return to receive an Economic Impact Payment. These payments will be automatically deposited into their bank accounts.

Get My Payment shows Economic Impact Payment date!

To help everyone check on the status of their payments, the IRS is building a second new tool expected to be available for use by April 17. Get My Payment will provide people with the status of their payment, including the date their payment is scheduled to be deposited into their bank account or mailed to them.

An additional feature on Get My Payment will allow eligible people a chance to provide their bank account information so they can receive their payment more quickly rather than waiting for a paper check. This feature will be unavailable if the Economic Impact Payment has already been scheduled for delivery.

IRS urges taxpayers to use electronic options!

  • Not processing paper returns until further notice.
  • "Reduced response" for paper correspondence.
  • "Longer than usual wait times."
  • Customer service representatives are not available.

**Information is updated frequently and subject to change!**

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