Katherine Murray, CPA

President signed relief bill December 27

Finally a stimulus package has passed Congress.

Warning from the New York State Office of Information Technology Services The New York State Office of Information Technology Services has issued a warning to the public to be aware of phishing schemes related to NY.gov, the citizen-facing portal for New York State services. The phishing email directs users to a site collecting personal information under the false promise of a stimulus check. If you receive such an email, do not click any links or provide any personal information. Immediately delete the message and then clear it from your Deleted Messages folder. For more information, see Consumer Alert: NYS ITS Warns Public of NY.gov Phishing Scheme.

IRS to Send Tax Refund Interest: The IRS has announced that it will be sending interest payments to about 13.9 million individual taxpayers who timely filed their 2019 federal income tax returns and are receiving refunds. The interest payments, averaging about $18, will be made to individuals who filed a 2019 return by this year's July 15 deadline and either received a refund in the past three months or will receive a refund. In most cases, taxpayers who received their refun...d by direct deposit will have their interest payment direct deposited in the same account. Everyone else will receive a check. The IRS reminds taxpayers that these interest payments are taxable and must be reported on the individual's Form 1040 for 2020. In January 2021, the IRS will send a Form 1099-INT to anyone who receives interest totaling at least $10. News Release IR 2020-183 . See more

Another update on PPP forgiveness.

Update on PPP Forgiveness application

Interest on individual refunds to run from April 15 Interest from April 15. On its website, IRS says, "Interest on individual 2019 refunds reflected on returns filed by July 15, 2020 will generally be paid from April 15, 2020 until the date of the refund."... The IRS notes that interest payments may be received separately from the refund.

New PPP Loan Forgiveness Application. Super information!