Coronavirus Stimulus Checks:
*Still subject to change - There are still several holes and unanswered questions regarding how to calculate the Stimulus Check* (Updated 4/23/20)
**The stimulus check is a prepayment of a refundable "Coronavirus Credit" that will be calculated and settled on your 2020 tax return.
**$1,200 per adult. $500 per child under 17. Stimulus amounts to be reduced above certain income levels.
**The government will use 2019 tax returns to set the payment amounts or 2018 tax returns if 2019 isn't available.
**The final amount of the Coronavirus credit will be determined based on 2020 income and settled on the 2020 tax return. So people who ultimately qualify for more money in 2020 due to a decrease in income, would get the rest when they file their 2020 tax return. You will not have to pay it back if you receive the stimulus prepayment, and then don't qualify for the credit in 2020.
**The IRS also will have the ability to get information from the Social Security Administration about people who get SS Benefits but don't typically file tax returns. These non-filers are still eligible to receive stimulus payments.
If you owed on your 2018/2019 federal tax returns, the IRS does not have your bank account information for direct deposit. The IRS only has direct deposit information for stimulus payments for individuals who had refunds being directly deposited during the applicable tax year.
If we have already filed your 2019 tax returns, we cannot retroactively add/change your bank account information in our system for stimulus payments. You will need to visit the IRS's website to see if you are eligible to change this information with them before they issue your payment.
For answers to frequently asked questions, see the IRS's information center.
Here is the official IRS link for checking on the status of your stimulus payment and editing your bank account information on file with the IRS.
Here's a good article containing FAQ details.
Another good article dissecting issues with dependents.
*The IRS will report more details about the mechanics and other issues*
Should you wait to file in 2019 if doing so would disqualify you when you qualified back in 2018? Should your child file their own tax return to possibly get their own "Coronavirus Credit in 2020?"
All qualifying individuals that apply will receive Federal Unemployment Insurance (UI) Benefit: (Updated 3/28/20)
Benefits will be calculated based on previous income, using a formula from the Disaster Unemployment Assistance program (DUA) according to a congressional aide.
**Applying for your State UI is all that is required to apply for the Fed benefit.
**The Federal weekly benefit is $600/ week across the board.
**Under the DUA, Self-Employed workers will also be eligible for the additional $600/ week benefit.
**The Fed benefit period will last as long as your state benefit period, plus 13 weeks beyond your state benefit period if you still qualify to receive unemployment.
**The Fed benefit is not taxable income.
All qualifying individuals that apply will receive State Unemployment Insurance (UI):
*Oregon is still not paying state UI benefits to Self-employed workers* (Updated 3/28/20)
The US Dept of Labor has asked states to be more lenient in the application of UI regulations, but it is ultimately up to the Oregon Employment Dept, whether or not you qualify. Here is Oregon's latest UI Benefits Overview which includes new COVID-19 regulations.
**Either way, to qualify for the Fed UI Benefit you still need to apply using the Oregon system, through the Oregon Employment Dept.
**The Oregon UI benefit range is $126/ week Min, and $538/ week Max.
**Use the Oregon Benefit Calculator to estimate your UI benefits.
Here are some ways to show proof of Self-employed income:
**Bookkeeping records reconciled to your bank statements.
**Business bank statements showing flow of income and expenses.
**Annual Tax Returns. (bookkeeping is usually required to prepare your return)
**It's still not entirely clear on how to report your Self-Employed income.
Our office is currently closed to the public. However, we are remaining open for business to be handled REMOTELY. Due to the virus, we are short-staffed and working from home, as such we are experiencing delays in prep and review time, and we ask for your patience and understanding. You can rest assured that you will not owe your tax payment to the IRS/ODR until 7/15.
Nearly all steps of your tax prep and payment process can be handled remotely, especially if you have access to a printer. Please contact us if you need help navigating that process.
If your return is already complete and awaiting signature or pick-up, please let us know ASAP if you would like us to now send you everything electronically. You can mail us your 8879 with a check payment or send it to us via e-mail and pay over the phone with your credit card. If you'd prefer, we can also mail out the hard copies of your returns and signature forms for you to sign and return to our office.
If you have already dropped off your return for preparation, we plan to continue working and to answer your questions and send you updates. We are currently experiencing heavy call loads and have multiple staff members working remotely, so please respond via e-mail whenever possible, and we will get back to you as soon as we're able.
If you still need to drop off any or all of your 2019 tax documents, please send us everything electronically when possible. If you need to deliver your documents in person, please use the mail slot on our building next to our door and contact us via phone or e-mail with any details that we should know about. If your documents are too large to fit in our mail slot, please call us from your vehicle, and we will come get your documents.