Tag Archives: stimulus

Update on the Stimulus Payments

Worried about your stimulus payment?
The IRS announced that they are resending stimulus funds to accounts that were closed after the last stimulus.
This announcement means that if you received your tax return via a bank account that has been closed, you should receive a check in the mail or a deposit soon although it might not be till the first week of February. You can check your stimulus status at the Get My Payment tool.
Receiving your stimulus through this resending process will still be faster than waiting until the IRS starts issuing tax returns in mid to late February.
For customers who need access to funds earlier than the end of January, we recommend our tax advance through Republic Bank. Bring your W-2 and other tax documents in to file your taxes and you can receive a direct deposit from Republic Bank using your refund as collateral.
Little Giant Tax Service has offered the Early Advance product for years and many of our customers have used it to help navigate tough situations. Whether you wait for the stimulus or get a tax advance now, Little Giant Tax Service is here to help you get your taxes done right!

Tax Updates April 13

The IRS is Not Accepting Paper Applications

Little Giant Tax Services are are here to help you with your tax filing throughout the next few months of stay at home orders. At this time, the IRS is not accepting physical returns. If you want to have one of our staff help you e-file your return, please call or email us.

Extensions Extended To Trusts, Estates, Corporations

The IRS recently extended the filing and payment deadline for most individual taxpayers to July 15, from April 15. Now they have extended that same relief to trusts, estates, corporations, and other non-corporate filers. Additionally, those with estimated tax payments typically due June 15, 2020 can wait until July 15 to make that payment, without penalty.

Registration Tool For Non-Filers

The Treasury and IRS have released a new tool for certain individuals to register to receive economic impact payments. Those who have not filed taxes for 2018 or 2019, and also did not receive Social Security payments or Railroad Retirement benefits will need to use the new web tool to register and input their information in order to receive payment. This may apply to individual and joint filers who do not make enough to file a tax return, but will not apply to students or others who are claimed as dependents on another tax return. A new tool is being built to check the status and expected date of all economic impact payments, and should be online by the end of this week.

Reschedule April 15 Payments Now

Taxpayers who have scheduled quarterly payments for April 15 have until midnight eastern time on the 13th to reschedule their payment for July 15, 2020. Those who have scheduled electronic funds transfer (EFT) or debit, credit, or digital wallet payments can reschedule those payments, but those adjustments must be made right away. 

Reminder: Up-To-Date Coronavirus Tax Relief 

The IRS is aggregating all pertinent tax information regarding Coronavirus tax relief in one central site. Whether you are a taxpayer, employer, small business owner, health plan administrator, or just wanting to know the latest deadline updates, you can find it here.