Winnie Chan EA Inc.

Happy Holidays!!! Tonight at 8pm EST with Sandy Boktin, we don't want to miss it. Topic: Year End Tax Deductions Speakers: Live With Sandy Botkin (Author of Best Seller "Lower Your Taxes Big Time", CPA & Former IRS Attorney)... Registration Info: Registration will Close at 5pm EST. Please pre-register below and we'll send out the Zoom Meeting information to you via email. https://docs.google.com//1FAIpQLSdk9lGN5GWyfv69q8/viewform WeChat Image_20201130124834.jpg

Taxpayers act now to receive Economic Impact Payments by direct deposit People must use Get My Payment by noon Wednesday, May 13, for a chance to get their Economic Impact Payment by direct deposit.... After noon Wednesday, the IRS will begin preparing to mail millions of additional payments to those who haven’t received one yet. Taxpayers can expect to receive these payments beginning in late May. https://www.irs.gov/coronavirus/get-my-payment

For those who does not normally file a tax return, please use this guideline to receive your C.A.R.E. Act stimulus check! https://www.irs.gov/cor/non-filers-enter-payment-info-here

CARES Act 2020 Stimulus Checks Please find following link regarding the stimulus check questions: https://www.kiplinger.com//T063-C000-S001-stimulus-checks-... The Senate unanimously passed the Coronavirus Aid, Relief, and Economic Security Act (CARES). The House is expected to pass this legislation tomorrow morning and the president to sign it into law shortly after. Included in the legislation are 2020 recovery rebates for individuals. According to the Senate Committee on Finance summary: All U.S. residents with adjusted gross income up to $75,000 ($150,000 married), who are not a dependent of another taxpayer and have a work eligible Social Security number are eligible for the full $1,200 ($2,400 married) rebate. In addition, they are eligible for an additional $500 per child. This is true even for those who have no income, as well as those whose income comes entirely from non-taxable, means-tested benefit programs, such as SSI benefits. For the majority of Americans, no action on their part will be required to receive a rebate check as the IRS will use a taxpayer’s 2019 tax return if filed, or alternatively, their 2018 return. This includes many low-income individuals who file a tax return in order to take advantage of the refundable earned income tax credit and child tax credit. The rebate amount is reduced by $5 for each $100 that a taxpayer’s income exceeds the phaseout threshold. The amount is completely phased out for single filers with incomes exceeding $99,000, $146,500 for head of household filers with one child, and $198,000 for joint filers with no children. Additional relief provided in the Act includes: ** Special rules for use of retirement funds (waives the 10% early withdrawal penalty for distributions up to $100,000) ** Temporary waiver of required minimum distribution rules ** Allowance of partial above-the-line deduction for up to $300 of charitable contributions in 2020 ** Modification of limitations on charitable contributions during 2020 ** Employee retention credit for employers subject to closure due to COVID-19 ** Delay of payment of employer payroll taxes ** Modifications for net operating losses ** Modification of limitation on losses for taxpayers other than corporations ** Modification of credit for prior year minimum tax liability of corporations