IRS got its “Get My Payment, Economic Impact Payment Tool” online this morning. Clients can use this tool to input direct deposit info if none on file as of now, to get faster stimulation. Also can “check status of stimulus payment” using this tool (no guarantee though that will actually work, since this is brand new today).
Last night, the SBA released additional “guidance” about how Schedule C clients can access these forgivable PPP loans. Here’s a link to the guidance with my highlights of the most important parts. Expect more info about these PPP loans on Friday’s weekly training webinar.
IRS previously said they would “bypass” the third party banks for bank product clients (if you know what I’m talking about, you know, if not just ignore this). It now appears IRS is funding “some portion” of bank products into the third party bank’s bank account.
If you deal with bank product clients, you better figure out QUICK how your bank is dealing with this, because clients are going to literally be hunting us trying to get their stimulus money if they see that it has been deposited to the third party bank.
Other than that, nothing much really going on today… 🙂
If you have not gotten the below tax training with “Tax Mama”® Eva Rosenberg yet, please check it out now.
Back Up, Wait A Minute
Perhaps we should make sure we understand what’s in Stimulus Part 1 before they drop another thousand pages on our heads?
Yes please! But how? Just. So. Much. Info!!!
If you’d like to solidify and clarify your understanding of the Stimulus Part 1 (The CARES Act), consider attending this week’s FREE training webinar.
Last week, “Tax Mama”® Eva Rosenberg broke down the crucial CARES Act provisions that apply to 1040 individual tax clients.
For this week’s training webinar, Eva will break down the CARES Act provisions that apply to your business tax clients.
Although EIDL and PPP Loan programs have gotten the vast majority of the attention, there are a lot of business tax relief options available through the CARES Act, and many of these “interrelate” in decidedly tricky ways.
Thanks to Tax Mama’s notoriously smooth and clear teaching style, you’ll emerge from this free training with a greater grasp on the relief options available to your self-employed / small business / entrepreneur clients.
Originally airing on Friday, April 17 at 3pm EST / 12pm PST.
2020 Vision for Business Tax Relief Options
Delve Into the Numerous Business Tax Relief Options to Make Sure Your Clients Get Every Tax Break They Can and You Look Super Smart
What you’ll learn on this webinar:
- Obscure business tax breaks that most tax pros don’t know about, and could help your small business clients (and/or their employees) pay less tax in 2020.
- How to evaluate the different tax credits and small business loan programs available and determine which one(s) fit best for particular client situations.
- How self-employed / small business / entrepreneur clients can reduce cash flow problems by using tricky new tax breaks to drastically reduce tax costs.
The way these weekly webinars work is you can attend the live broadcast session FREE.
And then you can upgrade if you want to ALSO receive:
- The webinar recording.
- The webinar presentation slides.
- 1 hour of CE / CPE
- Q & A (I personally go through and answer any questions that happen during the webinar.)
- Plus you get any links, tools, templates, and bonuses we mention or include
If you want all those “extras,” you chip in to Upgrade.
You’re ALWAYS welcome to attend live free (subscribe here to get notified), and then if you want those extras, you’re always welcome to upgrade. Anyone who doesn’t upgrade, it’s all good! Anyone who does upgrade, it’s all good too because we are very confident of the value you’ll receive!
Hang in there, and, oh yeah, Happy April 15th to you!