Haila J. Conant, CPA, P.C

https://www.marketwatch.com//irs-has-1-million-unprocessed

The federal agency, which wants to make sure there are no issues for taxpayers, will begin accepting and processing 2020 tax year returns on Feb. 12.

Millions of taxpayers will receive their second Economic Impact Payments by debit card The Treasury Department and the IRS are issuing millions of second Economic Impact Payments by prepaid debit card to speed delivery of the payments to as many people as possible. If the Get My Payment tool on IRS.gov shows a date that a recipient’s payment was mailed, they should watch their mail for either a paper check or debit card. The debit cards arrive in a white envelope that promine...ntly displays the U.S. Department of the Treasury seal. The prepaid debit card, called the Economic Impact Payment card, is issued by Treasury's financial agent, MetaBank, N.A. The IRS does not determine who receives a card. The form of payment for the second mailed EIP may be different than the first mailed EIP. Some people who received a paper check last time might receive a prepaid debit card this time, and some people who received a prepaid debit card last time may receive a paper check. EIP Cards are safe, convenient and secure These cards provide certain protections against fraud, loss and other errors. They can be used to make purchases online or in stores anywhere Visa Debit Cards are accepted. Cardholders can also use the cards to do any of the following without paying a fee: Transfer funds to a personal bank account Make signature or PIN-debit purchases anywhere Visa Debit Cards are accepted in stores, online or over the phone Get cash back with a PIN debit purchase where available Get cash from in-network ATMs Get a replacement EIP Card, if needed Check their card balance online, through a mobile app or by phone People should watch their mail carefully EIP Cards are being sent in a white envelope that prominently displays the U.S. Department of the Treasury seal. The envelope also states Not a bill or an advertisement. Important information about your Economic Impact Payment. The EIP Card has the Visa name on the front of the card and the issuing bank name, MetaBank, N.A. on the back. Each mailing will include instructions on how to securely activate and use the EIP Card. These cards are being issued to eligible recipients across all 50 states and the District of Columbia.

Businesses that received PPP loans and had them forgiven will be allowed to deduct the costs covered by those loans on their federal tax returns. While the issue had been a point of contention, Sen. John Thune (R-S.D.) said the costs would be deductible under the final agreement. https://apple.news/AVxGg7_WrTn6rOFAAMiT2qw

Worried you won’t get a relief check because you weren’t required to file taxes last year? Send the IRS your information https://www.irs.gov//economic-impact-payments-what-you-nee

New things taxpayers should consider as they get ready to file taxes in 2021 When people get ready to file their federal tax return there are new things to consider when it comes to which credits to claim and what deductions to take. These things can affect the size of any refund the taxpayer may receive. Here are some new key things people should consider when filing their 2020 tax return.... Recovery rebate credit Taxpayers may be able to claim the recovery rebate credit if they met the eligibility requirements in 2020 and one of the following applies to them: They didn't receive an Economic Impact Payment in 2020. They are single and their payment was less than $1,200. They are married, filed jointly for 2018 or 2019 and their payment was less than $2,400. They didn't receive $500 for each qualifying child. Refund interest payment People who received a federal tax refund in 2020 may have been paid interest. The IRS sent interest payments to individual taxpayers who timely filed their 2019 federal income tax returns and received refunds. Most interest payments were received separately from tax refunds. Interest payments are taxable and must be reported on 2020 federal income tax returns. In January 2021, the IRS will send a Form 1099-INT, Interest Income, to anyone who received interest of at least $10. New charitable deduction allowance New this year, taxpayers who don't itemize deductions can take a charitable deduction of up to $300 for cash contributions made in 2020 to qualifying organizations. For more information, people should review Publication 526, Charitable Contributions. Other refund-related reminders Taxpayers shouldn’t rely on receiving a refund by a certain date, especially when making major purchases or paying bills. Some tax returns may require additional review and processing may take longer. Refunds for taxpayers claiming the earned income tax credit or additional child tax credit can’t be issued before mid-February. This applies to the entire refund, not just the portion associated with this credit. The fastest and most secure way to receive a refund is to combine direct deposit with electronic filing, including the IRS Free File program. Taxpayers can track the status of their refund using the Where’s My Refund? tool.

https://labor.ny.gov/ui/cares-act.shtm

Pandemic Unemployment Assistance If you are self employed and not working there maybe some relief for you in the new bill. https://www.nelp.org//unemployment-insurance-provisions-c/

https://www.npr.org//whats-inside-the-senate-s-2-trillion-

https://fortune.com//stimulus-check-coronavirus-relief-bi/